UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

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

Date of Report (Date of earliest event reported): July 29, 2025

UNUM GROUP
(Exact name of registrant as specified in its charter)
Delaware	001-11294	62-1598430
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1 Fountain Square

Chattanooga, Tennessee 37402

(Address of principal executive offices) (Zip Code)

(423) 294-1011

(Registrant's telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	UNM	New York Stock Exchange
6.250% Junior Subordinated Notes due 2058	UNMA	New York Stock Exchange

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2025, Unum Group (the "Company") issued a news release reporting its results for the second quarter of 2025, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on July 29, 2025, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the second quarter of 2025. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	News release of Unum Group dated July 29, 2025, concerning earnings for the second quarter of 2025.
99.2	Statistical Supplement of Unum Group for the second quarter of 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

	Unum Group
	(Registrant)
Date: July 29, 2025	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

Document

			Exhibit 99.1
			1 Fountain Square<br>Chattanooga, TN 37402<br>www.unum.com
	FOR IMMEDIATE RELEASE
	Contacts
	MEDIA		Dottie McCallen<br><br>dmccallen@unum.com
INVESTORS		Matt Royal<br><br>investorrelations@unum.com

Unum Group Reports Second Quarter 2025 Results

•Net income of $335.6 million ($1.92 per diluted common share) for the second quarter of 2025; after-tax adjusted operating income was $361.1 million ($2.07 per diluted common share).

•Operating results include solid core operations trends with premium growth of of 4.6 percent on a constant currency basis, and adjusted operating return on equity of 20.9 percent; after-tax adjusted operating income per share outlook revised to approximately $8.50 for full-year 2025.

•Successfully closed previously announced long-term care reinsurance transaction, a significant milestone in reducing the company’s exposure to the closed block.

•Strong balance sheet with holding company liquidity of $2.0 billion and weighted average risk-based capital ratio of approximately 485 percent, well in excess of targets; traditional U.S. life insurance statutory operating earnings of $291.8 million.

•Repurchased $300 million of shares in the quarter, bringing year-to-date purchases to $500 million; full year share repurchase expectation revised to the top end of our outlook range of $500 million to $1.0 billion.

•Book value per common share of $65.76 grew 18.2 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $77.62 grew 9.7 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (July 29, 2025) - Unum Group (NYSE: UNM) today reported net income of $335.6 million ($1.92 per diluted common share) for the second quarter of 2025, compared to net income of $389.5 million ($2.05 per diluted common share) for the second quarter of 2024.

Included in net income for the second quarter of 2025 are the after-tax amortization of the cost of reinsurance of $7.7 million ($0.05 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $3.9 million ($0.02 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $13.9 million ($0.08 per diluted common share). Included in net income for the second quarter of 2024 are the after-tax amortization of the cost of reinsurance of $8.2 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $5.5 million ($0.03 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $8.2 million ($0.04 per diluted common share). Excluding the items above, after-tax adjusted operating income was $361.1 million ($2.07 per diluted common share) in the second quarter of 2025, compared to $411.4 million ($2.16 per diluted common share) in the second quarter of 2024.

“During the quarter we made meaningful progress against our strategic priorities, despite earnings results that did not meet our expectations,” said Richard P. McKenney, president and chief executive officer. “Core fundamentals remain solid and we continued to deliver strong premium growth in our capital-efficient, high-return businesses. We continue to execute on our risk management and capital deployment priorities, returning substantial capital to shareholders through dividends and share repurchases while closing our long-term care reinsurance transaction. Looking ahead, we remain confident in our resilient business model and strong capital position to focus on executing our growth strategy.”

RESULTS BY SEGMENT

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

Unum US Segment

Unum US reported adjusted operating income of $318.2 million in the second quarter of 2025, a decrease of 11.0 percent from $357.5 million in the second quarter of 2024. Premium income increased 3.9 percent to $1,798.6 million in the second quarter of 2025, compared to $1,730.9 million in the second quarter of 2024. Net investment income decreased 1.9 percent to $155.1 million in the second quarter of 2025, compared to the $158.1 million in the second quarter of 2024.

Within the Unum US operating segment, the group disability line of business reported an 18.5 percent decrease in adjusted operating income to $124.8 million in the second quarter of 2025, compared to $153.2 million in the second quarter of 2024. Premium income for the group disability line of business was $797.1 million in the second quarter of 2025, which was generally consistent compared to $797.8 million in the second quarter of 2024, driven primarily by the expected decline in medical stop-loss premium and lower persistency, mostly offset by prior period sales. Net investment income decreased 4.9 percent to $74.5 million in the second quarter of 2025, compared to $78.3 million in the second quarter of 2024, due to a lower level of invested assets. The benefit ratio for the second quarter of 2025 was 62.2 percent, compared to 59.1 percent in the second quarter of 2024, due to lower recoveries in our long-term disability product line and higher average claims size in our short-term disability product line. Group long-term disability sales were $45.1 million in the second quarter of 2025, a decrease of 30.4 percent from $64.8 million in the second quarter of 2024. Group short-term disability sales were $39.3 million in the second quarter of 2025, a decrease of 7.1 percent from $42.3 million in the second quarter of 2024. Persistency in the group long-term disability product line was 90.6 percent for the first half of 2025, compared to 93.1 percent for the first half of 2024. Persistency in the group short-term disability product line was 88.2 percent for the first half of 2025, compared to 91.8 percent for the first half of 2024.

The group life and accidental death and dismemberment line of business reported a 21.2 percent decrease in adjusted operating income to $70.2 million in the second quarter of 2025 compared to $89.1 million in the second quarter of 2024. Premium income for this line of business increased 5.1 percent to $519.2 million in the second quarter of 2025, compared to the $493.9 million in the second quarter of 2024 due to prior period sales and in-force block growth, partially offset by lower persistency. Net investment income decreased 6.2 percent to $21.1 million in the second quarter of 2025, compared to $22.5 million in the second quarter of 2024 due to a lower level of invested assets as well as a decrease in the yield on invested assets. The benefit ratio in the second quarter of 2025 was 69.7 percent, compared to 65.4 percent in the second quarter of 2024, due to higher average claim size in our group life product line and less favorable waiver of premium benefits experience. The unfavorability is partially offset by lower incidence in our group life product line and lower incidence and lower average claims size in our accidental death and dismemberment product line. Group life and accidental death and dismemberment sales were $77.2 million in the second quarter of 2025, a decrease of 5.7 percent from $81.9 million in the second quarter of 2024. Persistency in the group life product line was 89.7 percent for the first half of 2025, compared to 92.1 percent for the first half of 2024. Persistency in the accidental death and dismemberment product line was 88.3 percent for the first half of 2025, compared to 91.6 percent for the first half of 2024.

The supplemental and voluntary line of business reported an increase of 6.9 percent in adjusted operating income to $123.2 million in the second quarter of 2025, compared to $115.2 million in the second quarter of 2024. Premium income for the supplemental and voluntary line of business increased 9.8 percent to $482.3 million in the second

quarter of 2025, compared to $439.2 million in the second quarter of 2024, due to the continued impacts from the recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025, favorable persistency in the voluntary benefits and dental and vision product lines, and higher prior period sales in the voluntary benefits and individual disability product lines. Net investment income increased 3.8 percent to $59.5 million in the second quarter of 2025, compared to $57.3 million in the second quarter of 2024 primarily due to an increase in the yield on invested assets and an increase in the level of invested assets. The benefit ratio for the voluntary benefits product line was 44.3 percent in the second quarter of 2025, compared to 45.1 percent in the second quarter of 2024, due to favorable benefit experience in the critical illness and hospital indemnity products, partially offset by unfavorable benefit experience in the life and accident products. The benefit ratio for the individual disability product line was 40.3 percent, for the second quarter of 2025, compared to 39.0 percent in the second quarter of 2024, due primarily to lower recoveries. The benefit ratio for the dental and vision product line was 77.7 percent for the second quarter of 2025, compared to 75.3 percent in the second quarter of 2024, due primarily to higher claims incidence. Relative to the second quarter of 2024, sales in the voluntary benefits product line decreased 21.8 percent in the second quarter of 2025 to $62.2 million. Sales in the individual disability product line decreased 8.2 percent to $23.4 million in the second quarter of 2025. Sales in the dental and vision product line decreased 20.8 percent in the second quarter of 2025 to $15.2 million. Persistency in the voluntary benefits product line was 76.4 percent for the first half of 2025, compared to 76.3 percent for the first half of 2024. Persistency in the individual disability product line was 88.0 percent for the first half of 2025, compared to 89.0 percent for the first half of 2024. Persistency in the dental and vision product line was 82.4 percent for the first half of 2025, compared to 81.1 percent for the first half of 2024.

Unum International Segment

The Unum International segment reported adjusted operating income of $41.6 million in the second quarter of 2025, a decrease of 2.1 percent from $42.5 million in the second quarter of 2024. Premium income increased 18.5 percent to $271.1 million in the second quarter of 2025, compared to $228.8 million in the second quarter of 2024. Net investment income increased 21.6 percent to $46.2 million in the second quarter of 2025, compared to $38.0 million in the second quarter of 2024. Sales increased 1.1 percent to $65.0 million in the second quarter of 2025, compared to $64.3 million in the second quarter of 2024.

The Unum UK line of business reported adjusted operating income, in local currency, of £29.4 million in the second quarter of 2025, a decrease of 9.5 percent from £32.5 million in the second quarter of 2024. Premium income was £166.9 million in the second quarter of 2025, an increase of 9.9 percent from £151.8 million in the second quarter of 2024, due primarily to in-force block growth in the group life and supplemental product lines. Net investment income was £31.9 million in the second quarter of 2025, an increase of 14.3 percent from £27.9 million in the second quarter of 2024, primarily due to higher income from inflation index-linked bonds. The benefit ratio was 75.0 percent in the second quarter of 2025, compared to 69.5 percent in the second quarter of 2024, due primarily to higher inflation-linked experience in benefits and higher incidence in the group long-term disability product line, partially offset by favorable incidence in the group life product line. Sales decreased 13.5 percent to £38.3 million in the second quarter of 2025, compared to £44.3 million in the second quarter of 2024. Persistency in the group long-term disability product line was 92.3 percent for the first half of 2025, compared to 92.7 percent for the first half of 2024. Persistency in the group life product line was 89.9 percent for the first half of 2025, compared to 88.2 percent for the first half of 2024. Persistency in the supplemental product line was 93.0 percent for the first half of 2025, compared to 89.4 percent for the first half of 2024.

Colonial Life Segment

Colonial Life reported adjusted operating income of $117.4 million in the second quarter of 2025, a 0.4 percent increase compared to $116.9 million in the second quarter of 2024. Premium income increased 3.6 percent to $462.1 million in the second quarter of 2025, compared to $446.2 million in the second quarter of 2024, due to prior period sales and favorable overall persistency. Net investment income increased 5.2 percent to $42.6 million in the second quarter of 2025, compared to $40.5 million in the second quarter of 2024, due to an increase in the level of invested assets and an increase in the yield on invested assets. The benefit ratio was 48.3 percent in the second quarter of 2025, compared to 47.8 percent in the second quarter of 2024, primarily due to unfavorable benefit experience in the

accident, sickness, and disability product line. Sales increased 2.9 percent to $126.5 million in the second quarter of 2025, compared to $122.9 million in the second quarter of 2024. Persistency in the Colonial Life segment was 78.5 percent for the first half of 2025, compared to 78.2 percent for the first half of 2024.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $3.9 million in the second quarter of 2025, which excludes the amortization of the cost of reinsurance of $9.7 million and the impact of non-contemporaneous reinsurance of $5.0 million related to the Closed Block individual disability reinsurance transaction, compared to $51.6 million in the second quarter of 2024, which excludes the amortization of the cost of reinsurance of $10.3 million and the impact of non-contemporaneous reinsurance of $7.0 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 2025, premium income for long-term care was generally consistent with the same period of 2024. Net investment income decreased 3.3 percent to $284.5 million in the second quarter of 2025, compared to $294.2 million in the second quarter of 2024, driven primarily by lower miscellaneous investment income, primarily related to smaller increases in the NAV on our private equity partnerships, and a decrease in the level of invested assets, partially offset by an increase in yield on invested assets.

Policy benefits including remeasurement loss, excluding the impacts of non-contemporaneous reinsurance, for the Closed Block segment were higher during the second quarter of 2025 relative to the same period of 2024 driven primarily by lower claimant mortality, higher average new claim size, and an increase in benefits expense resulting from the higher net premium ratio and the impact of capped cohorts in the long-term care product line. The net premium ratio for long-term care at June 30, 2025 of 94.9 percent was generally consistent with the net premium ratio of 94.7 percent as of March 31, 2025.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $31.7 million in the second quarter of 2025, compared to an adjusted operating loss of $45.3 million in the second quarter of 2024, due primarily to an increase in net investment income, driven by an increase in miscellaneous investment income and an increase in the level of invested assets.

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 174.4 million for the second quarter of 2025, compared to 190.3 million for the second quarter of 2024. Shares outstanding totaled 172.1 million at June 30, 2025. During the second quarter of 2025, the Company repurchased 3.8 million shares at a total cost of $303.3 million.

Capital Management

At June 30, 2025, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 485 percent, and the holding companies had available holding company liquidity of $1,955.7 million.

Book Value

Book value per common share as of June 30, 2025 was $65.76, compared to $55.63 at June 30, 2024. Book value per common share excluding AOCI as of June 30, 2025 was $77.62, compared to $70.76 at June 30, 2024.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 19.6 percent in the second quarter of 2025, compared to 21.4 percent in the second quarter of 2024. The decrease in the rate was driven primarily by more favorable tax credits in 2025.

Outlook

Full-year 2025 outlook for after-tax adjusted operating income per share revised to approximately $8.50, compared to $8.44 in full-year 2024.

NON-GAAP FINANCIAL MEASURES

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

•After-tax adjusted operating income or loss, which excludes investment gains or losses, the amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates;

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

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

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

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more

comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, July 30, 2025, at 8:00 am (Eastern Time) to discuss the results of operations for the second quarter of 2025. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

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

https://registrations.events/direct/Q4I330794. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, August 6, 2025 by using the registration URL noted above.

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

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ABOUT UNUM GROUP

Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2024, Unum Group reported revenues of $12.9 billion and paid $8.0 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.

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

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, claim payments, and pricing due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (9) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) changes in our financial strength and credit ratings; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet sustainability standards and expectations of investors, regulators, customers, and other stakeholders.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

( in millions, except share data)
				Six Months Ended June 30
		2024		2025		2024
Revenue
Premium Income	2,748.0	$	2,627.2	$	5,450.9	$	5,237.5
Net Investment Income		545.1		1,073.9		1,058.6
Net Investment Loss		(10.4)		(224.5)		(11.6)
Other Income		71.5		152.7		149.2
Total Revenue		3,233.4		6,453.0		6,433.7
Benefits and Expenses
Policy Benefits Including Remeasurement Loss (Gain)		1,809.5		3,847.1		3,594.8
Commissions		319.1		686.7		632.7
Interest and Debt Expense		49.9		104.0		99.4
Deferral of Acquisition Costs		(165.1)		(347.5)		(332.0)
Amortization of Deferred Acquisition Costs		127.9		257.6		254.1
Other Expenses		596.6		1,244.5		1,193.5
Total Benefits and Expenses		2,737.9		5,792.4		5,442.5
Income Before Income Tax		495.5		660.6		991.2
Income Tax Expense		106.0		135.9		206.5
Net Income	335.6	$	389.5	$	524.7	$	784.7
PER SHARE INFORMATION
Net Income Per Common Share
Basic	1.93	$	2.05	$	2.98	$	4.10
Assuming Dilution	1.92	$	2.05	$	2.97	$	4.09
Weighted Average Common Shares - Basic (000s)		189,894.1		176,142.6		191,302.5
Weighted Average Common Shares - Assuming Dilution (000s)		190,329.3		176,598.6		191,878.5
Outstanding Shares - (000s)				172,138.4		188,114.9

All values are in US Dollars.

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended June 30
	2025				2024
	(in millions)		per share *		(in millions)		per share *
Net Income	$	335.6	$	1.92	$	389.5	$	2.05
Excluding:
Net Investment Loss
Net Investment Loss Related to the Reinsurance Agreement (net of tax benefit of $1.9; $—)	(6.6)		(0.04)		—		—
Net Investment Loss, Other (net of tax benefit of $1.9; $2.2)	(7.3)		(0.04)		(8.2)		(0.04)
Total Net Investment Loss	(13.9)		(0.08)		(8.2)		(0.04)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.1)	(7.7)		(0.05)		(8.2)		(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.1; $1.5)	(3.9)		(0.02)		(5.5)		(0.03)
After-tax Adjusted Operating Income	$	361.1	$	2.07	$	411.4	$	2.16
* Assuming Dilution									June 30
---	---	---	---	---	---	---	---	---
	2025				2024
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	11,320.0	$	65.76	$	10,464.6	$	55.63
Excluding:
Net Unrealized Loss on Securities	(2,253.7)		(13.09)		(2,723.8)		(14.48)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,058.9		6.15		712.3		3.79
Net Loss on Derivatives	(285.0)		(1.66)		(164.6)		(0.87)
Subtotal	12,799.8		74.36		12,640.7		67.19
Excluding:
Foreign Currency Translation Adjustment	(220.7)		(1.28)		(328.4)		(1.75)
Subtotal	13,020.5		75.64		12,969.1		68.94
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(340.2)		(1.98)		(341.7)		(1.82)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,360.7	$	77.62	$	13,310.8	$	70.76
	Three Months Ended
---	---	---	---	---	---	---	---
	June 30, 2025		June 30, 2024
	Premium Income		Premium Income in Local Currency1		Weighted Average Premium Income Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK	$	223.0	£	151.8	1.336	$	202.8
Unum Poland	48.1		zł	148.4	0.266	39.5
Total	271.1					242.3
Unum US	1,798.6		$	1,730.9		1,730.9
Colonial Life	462.1		$	446.2		446.2
Core Operations	$	2,531.8				$	2,419.4

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

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

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Annualized Adjusted Operating Return on Equity
Three Months Ended June 30, 2025
Unum US	$	251.5	$	4,470.3	22.5	%
Unum International	34.1		784.5		17.4	%
Colonial Life	92.6		1,986.1		18.6	%
Core Operating Segments	378.2		7,240.9		20.9	%
Closed Block	0.9		4,758.3
Corporate	(18.0)		777.4
Total	$	361.1	$	12,776.6	11.3	%

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

Average allocated equity is computed as follows:

	6/30/2025		3/31/2025
Total Stockholders' Equity	$	11,320.0	$	11,214.0
Excluding:
Net Unrealized Loss on Securities	(2,253.7)		(2,333.2)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,058.9		1,019.1
Net Loss on Derivatives	(285.0)		(225.2)
Total Adjusted Stockholders' Equity	$	12,799.8	$	12,753.3
	Three Months Ended
	6/30/2025
Average Adjusted Stockholders' Equity	$	12,776.6
10
---

Document

Unum Group

Statistical Supplement Second Quarter 2025

TABLE OF CONTENTS

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

Interim Results are Unaudited

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

Unum Group Financial Highlights

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Consolidated U.S. GAAP Results¹
Premium Income	$	2,748.0		$	2,627.2		$	5,450.9		$	5,237.5		$	10,497.4		$	10,046.0
Adjusted Operating Revenue	$	3,379.1		$	3,243.8		$	6,677.5		$	6,445.3		$	12,921.9		$	12,421.9
Net Investment Loss	(17.7)			(10.4)			(224.5)			(11.6)			(34.6)			(36.0)
Total Revenue	$	3,361.4		$	3,233.4		$	6,453.0		$	6,433.7		$	12,887.3		$	12,385.9
Net Income	$	335.6		$	389.5		$	524.7		$	784.7		$	1,779.1		$	1,283.8
Net Income Per Common Share:
Basic	$	1.93		$	2.05		$	2.98		$	4.10		$	9.49		$	6.53
Assuming Dilution	$	1.92		$	2.05		$	2.97		$	4.09		$	9.46		$	6.50
Assets							$	62,843.8		$	62,044.4		$	61,959.3		$	63,255.2
Liabilities							$	51,523.8		$	51,579.8		$	50,998.2		$	53,603.8
Stockholders' Equity							$	11,320.0		$	10,464.6		$	10,961.1		$	9,651.4
Adjusted Stockholders' Equity							$	12,799.8		$	12,640.7		$	12,801.6		$	12,292.6
Adjusted Operating Return on Equity
Unum US	22.5		%	25.5		%	22.6		%	26.3		%	25.2		%	23.1		%
Unum International	17.4		%	17.6		%	16.1		%	16.0		%	15.6		%	16.5		%
Colonial Life	18.6		%	20.1		%	18.7		%	20.0		%	19.7		%	18.1		%
Core Operating Segments	20.9		%	23.2		%	20.9		%	23.6		%	22.7		%	21.2		%
Consolidated	11.3		%	13.1		%	11.4		%	13.2		%	12.7		%	12.7		%	Traditional U.S. Life Insurance Companies' Statutory Results2
---	---	---	---	---	---	---	---	---	---	---	---	---
Net Gain from Operations, After Tax	$	291.8	$	366.1	$	781.6	$	716.6	$	1,337.0	$	1,351.5
Net Realized Capital Loss, After Tax	(28.1)		(12.4)		(66.6)		(4.6)		(14.6)		(21.6)
Net Income	$	263.7	$	353.7	$	715.0	$	712.0	$	1,322.4	$	1,329.9
Capital and Surplus					$	4,414.1	$	4,403.9	$	3,909.7	$	3,751.3
Weighted Average Risk-based Capital Ratio					~ 485%		~ 470%		~ 430%		~ 415%

1 Generally Accepted Accounting Principles

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

Unum Group Capital Metrics

	6/30/2025				6/30/2024				12/31/2024				12/31/2023
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	11,320.0	$	65.76	$	10,464.6	$	55.63	$	10,961.1	$	61.38	$	9,651.4	$	49.91
Excluding:
Net Unrealized Loss on Securities	(2,253.7)		(13.09)		(2,723.8)		(14.48)		(2,755.2)		(15.43)		(1,919.1)		(9.92)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,058.9		6.15		712.3		3.79		1,185.4		6.64		(648.4)		(3.35)
Net Loss on Derivatives	(285.0)		(1.66)		(164.6)		(0.87)		(270.7)		(1.51)		(73.7)		(0.39)
Subtotal	12,799.8		74.36		12,640.7		67.19		12,801.6		71.68		12,292.6		63.57
Excluding:
Foreign Currency Translation Adjustment	(220.7)		(1.28)		(328.4)		(1.75)		(343.0)		(1.93)		(321.1)		(1.66)
Subtotal	13,020.5		75.64		12,969.1		68.94		13,144.6		73.61		12,613.7		65.23
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(340.2)		(1.98)		(341.7)		(1.82)		(340.2)		(1.90)		(345.7)		(1.79)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,360.7	$	77.62	$	13,310.8	$	70.76	$	13,484.8	$	75.51	$	12,959.4	$	67.02
Dividends Paid	$	151.5	$	0.840	$	141.6	$	0.73	$	296.6	$	1.57	$	277.1	$	1.39	Three Months Ended	Six Months Ended	Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	6/30/2025		6/30/2024		6/30/2025			6/30/2024			12/31/2024			12/31/2023
Shares Repurchased (millions)1	3.8		3.5		7.1			6.0			15.7			5.7
Cost of Shares Repurchased (millions)2	$	303.3	$	179.8	$	505.9		$	302.8		$	979.3		$	252.0
Price (UNM closing price on last trading day of period)					$	80.76		$	51.11		$	73.03		$	45.22
Leverage Ratio					23.0		%	21.8		%	22.9		%	22.1		%
Holding Company Liquidity (millions)					$	1,956		$	1,281		$	1,987		$	1,650

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

2Includes commissions of $0.4 million and $0.9 million for the three and six months ended June 30, 2025, respectively, a de minimis amount for the three and six months ended June 30, 2024, respectively, and year ended December 31, 2024, and $0.1 million for the year ended December 31, 2023. There was excise tax of $2.9 million and $5.0 million for the three and six months ended June 30, 2025, respectively, $1.7 million and $2.8 million for the three and six months ended June 30, 2024, respectively, and $8.3 million and $1.9 million for the years ended December 31, 2024 and December 31, 2023, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement.

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Outlook	Stable	Positive	Stable	Stable
Senior Unsecured Debt Ratings	bbb+	BBB	Baa2	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company	A	A	A2	A
Unum Life Insurance Company of America	A	A	A2	A
First Unum Life Insurance Company	A	A	A2	A
Colonial Life & Accident Insurance Company	A	A	A2	A
The Paul Revere Life Insurance Company	A	A	A2	A
Unum Insurance Company	A	A	A2	NR
Provident Life and Casualty Insurance Company	A	A	NR	NR
Starmount Life Insurance Company	A	NR	NR	NR
Unum Limited	NR	NR	NR	A-

NR = not rated

Unum Group Consolidated Statements of Income

	Three Months Ended				Six Months Ended				Year Ended
	6/30/2025		6/30/2024		6/30/2025		6/30/2024		12/31/2024		12/31/2023
Revenue
Premium Income	$	2,748.0	$	2,627.2	$	5,450.9	$	5,237.5	$	10,497.4	$	10,046.0
Net Investment Income	560.7		545.1		1,073.9		1,058.6		2,130.0		2,096.7
Net Investment Loss	(17.7)		(10.4)		(224.5)		(11.6)		(34.6)		(36.0)
Other Income	70.4		71.5		152.7		149.2		294.5		279.2
Total Revenue	3,361.4		3,233.4		6,453.0		6,433.7		12,887.3		12,385.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,976.1		1,809.5		3,847.1		3,594.8		6,917.9		7,257.1
Commissions	343.5		319.1		686.7		632.7		1,258.6		1,170.1
Interest and Debt Expense	52.0		49.9		104.0		99.4		201.1		194.8
Deferral of Acquisition Costs	(174.9)		(165.1)		(347.5)		(332.0)		(651.5)		(632.2)
Amortization of Deferred Acquisition Costs	132.2		127.9		257.6		254.1		521.0		481.4
Other Expenses	615.5		596.6		1,244.5		1,193.5		2,388.9		2,274.6
Total Benefits and Expenses	2,944.4		2,737.9		5,792.4		5,442.5		10,636.0		10,745.8
Income Before Income Tax	417.0		495.5		660.6		991.2		2,251.3		1,640.1
Income Tax Expense	81.4		106.0		135.9		206.5		472.2		356.3
Net Income	$	335.6	$	389.5	$	524.7	$	784.7	$	1,779.1	$	1,283.8
Weighted Average Shares Outstanding
Basic	174.1		189.9		176.1		191.3		187.5		196.7
Assuming Dilution	174.4		190.3		176.6		191.9		188.1		197.6
Actual Number of Shares Outstanding					172.1		188.1		178.6		193.4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025		6/30/2024		% Change		6/30/2025		6/30/2024		% Change		12/31/2024		12/31/2023
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	45.1	$	64.8	(30.4)	%	$	88.2	$	119.4	(26.1)	%	$	298.3	$	292.7
Group Short-term Disability	39.3		42.3		(7.1)		71.2		78.2		(9.0)		216.5		229.5
Group Life and AD&D	77.2		81.9		(5.7)		121.6		124.7		(2.5)		361.5		305.4
Subtotal	161.6		189.0		(14.5)		281.0		322.3		(12.8)		876.3		827.6
Supplemental and Voluntary
Voluntary Benefits	62.2		79.5		(21.8)		185.1		187.4		(1.2)		293.7		263.2
Individual Disability	23.4		25.5		(8.2)		47.1		46.7		0.9		101.7		108.9
Dental and Vision	15.2		19.2		(20.8)		26.7		30.9		(13.6)		95.3		84.1
Subtotal	100.8		124.2		(18.8)		258.9		265.0		(2.3)		490.7		456.2
Total Sales	$	262.4	$	313.2	(16.2)		$	539.9	$	587.3	(8.1)		$	1,367.0	$	1,283.8
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	95.2	$	117.7	(19.1)	%	$	166.1	$	195.0	(14.8)	%	$	512.6	$	521.3
Large Case Market	66.4		71.3		(6.9)		114.9		127.3		(9.7)		363.7		306.3
Subtotal	161.6		189.0		(14.5)		281.0		322.3		(12.8)		876.3		827.6
Supplemental and Voluntary	100.8		124.2		(18.8)		258.9		265.0		(2.3)		490.7		456.2
Total Sales	$	262.4	$	313.2	(16.2)		$	539.9	$	587.3	(8.1)		$	1,367.0	$	1,283.8

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Six Months Ended						Year Ended
(in millions of dollars)	6/30/2025		6/30/2024		% Change		6/30/2025		6/30/2024		% Change		12/31/2024		12/31/2023
Sales by Product
Unum UK
Group Long-term Disability	$	14.1	$	16.8	(16.1)	%	$	21.1	$	31.9	(33.9)	%	$	47.3	$	48.3
Group Life	24.9		26.2		(5.0)		35.9		36.1		(0.6)		68.3		61.4
Supplemental	11.9		12.7		(6.3)		20.6		25.3		(18.6)		34.9		28.0
Unum Poland	14.1		8.6		64.0		24.3		16.6		46.4		36.4		33.2
Total Sales	$	65.0	$	64.3	1.1		$	101.9	$	109.9	(7.3)		$	186.9	$	170.9
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	13.5	$	11.4	18.4	%	$	24.7	$	20.7	19.3	%	$	41.8	$	51.2
Large Case Market	25.5		31.6		(19.3)		32.3		47.3		(31.7)		73.8		58.5
Subtotal	39.0		43.0		(9.3)		57.0		68.0		(16.2)		115.6		109.7
Supplemental	11.9		12.7		(6.3)		20.6		25.3		(18.6)		34.9		28.0
Unum Poland	14.1		8.6		64.0		24.3		16.6		46.4		36.4		33.2
Total Sales	$	65.0	$	64.3	1.1		$	101.9	$	109.9	(7.3)		$	186.9	$	170.9
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	10.6	£	13.4	(20.9)	%	£	16.2	£	25.3	(36.0)	%	£	37.2	£	38.8
Group Life	18.8		20.8		(9.6)		27.5		28.6		(3.8)		53.4		49.4
Supplemental	8.9		10.1		(11.9)		15.9		20.0		(20.5)		27.5		22.6
Total Sales	£	38.3	£	44.3	(13.5)		£	59.6	£	73.9	(19.4)		£	118.1	£	110.8
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	10.1	£	9.0	12.2	%	£	19.0	£	16.4	15.9	%	£	32.8	£	41.2
Large Case Market	19.3		25.2		(23.4)		24.7		37.5		(34.1)		57.8		47.0
Subtotal	29.4		34.2		(14.0)		43.7		53.9		(18.9)		90.6		88.2
Supplemental	8.9		10.1		(11.9)		15.9		20.0		(20.5)		27.5		22.6
Total Sales	£	38.3	£	44.3	(13.5)		£	59.6	£	73.9	(19.4)		£	118.1	£	110.8

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025		6/30/2024		% Change		6/30/2025		6/30/2024		% Change		12/31/2024		12/31/2023
Sales by Product
Accident, Sickness, and Disability	$	78.0	$	75.8	2.9	%	$	144.2	$	140.4	2.7	%	$	326.3	$	329.5
Life	30.5		29.8		2.3		55.5		54.6		1.6		127.9		132.1
Cancer and Critical Illness	18.0		17.3		4.0		32.1		30.9		3.9		78.0		78.0
Total Sales	$	126.5	$	122.9	2.9		$	231.8	$	225.9	2.6		$	532.2	$	539.6
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)	$	79.3	$	78.8	0.6	%	$	149.1	$	150.5	(0.9)	%	$	331.9	$	347.4
Large Case Market	14.3		12.1		18.2		23.6		21.3		10.8		65.1		62.3
Subtotal	93.6		90.9		3.0		172.7		171.8		0.5		397.0		409.7
Public Sector	32.9		32.0		2.8		59.1		54.1		9.2		135.2		129.9
Total Sales	$	126.5	$	122.9	2.9		$	231.8	$	225.9	2.6		$	532.2	$	539.6

Unum Group Consolidated Balance Sheets

	June 30		December 31
	2025		2024
Assets
Investments
Fixed Maturity Securities - at fair value	$	35,966.0	$	35,629.9
Mortgage Loans	2,172.5		2,224.5
Policy Loans	3,604.8		3,617.2
Other Long-term Investments	1,659.9		1,694.4
Short-term Investments	2,286.6		2,540.3
Total Investments	45,689.8		45,706.3
Other Assets
Cash and Bank Deposits	1,194.8		162.8
Accounts and Premiums Receivable	1,582.7		1,459.0
Reinsurance Recoverable	7,974.9		8,296.4
Accrued Investment Income	702.9		649.8
Deferred Acquisition Costs	2,940.3		2,842.8
Goodwill	353.3		349.1
Property and Equipment	499.1		487.6
Deferred Income Tax	305.6		369.7
Other Assets	1,600.4		1,635.8
Total Assets	$	62,843.8	$	61,959.3

Unum Group Consolidated Balance Sheets - Continued

	June 30		December 31
	2025		2024
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits	$	37,182.9	$	36,806.4
Policyholders' Account Balances	5,633.3		5,633.7
Unearned Premiums	538.3		384.0
Other Policyholders’ Funds	1,513.1		1,526.7
Income Tax Payable	261.6		226.5
Deferred Income Tax	36.7		31.0
Short-term Debt	274.8		274.6
Long-term Debt	3,469.1		3,465.2
Other Liabilities	2,614.0		2,650.1
Total Liabilities	51,523.8		50,998.2
Stockholders’ Equity
Common Stock	19.6		19.5
Additional Paid-in Capital	1,578.4		1,489.6
Accumulated Other Comprehensive Loss	(2,040.7)		(2,523.7)
Retained Earnings	13,287.2		12,914.0
Treasury Stock - at cost	(1,524.5)		(938.3)
Total Stockholders’ Equity	11,320.0		10,961.1
Total Liabilities and Stockholders’ Equity	$	62,843.8	$	61,959.3

Unum Group Balance Sheets by Segment - June 30, 2025

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	5,699.9	$	1,866.8	$	4,565.9	$	12,132.6	$	3,270.3	$	3,336.8	$	24,309.4	$	2,640.7	$	45,689.8
Deferred Acquisition Costs	67.3		59.1		1,167.8		1,294.2		66.4		1,579.7		—		—		2,940.3
Goodwill	8.9		—		271.1		280.0		45.6		27.7		—		—		353.3
Reinsurance Recoverable	28.8		10.8		89.2		128.8		97.9		5.4		7,742.8		—		7,974.9
All Other	568.1		261.6		148.5		978.2		232.6		162.7		1,228.1		3,283.9		5,885.5
Total Assets	$	6,373.0	$	2,198.3	$	6,242.5	$	14,813.8	$	3,712.8	$	5,112.3	$	33,280.3	$	5,924.6	$	62,843.8
Liabilities
Future Policy Benefits	$	4,739.5	$	800.3	$	3,102.2	$	8,642.0	$	2,411.0	$	1,968.9	$	24,161.0	$	—	$	37,182.9
Policyholders' Account Balances	—		—		671.1		671.1		—		858.5		4,103.7		—		5,633.3
Unearned Premiums	3.1		6.1		54.8		64.0		307.1		46.8		120.4		—		538.3
Other Policyholders' Funds	40.7		782.8		30.4		853.9		58.8		12.2		588.2		—		1,513.1
Debt	—		—		—		—		—		—		—		3,743.9		3,743.9
All Other	36.2		25.1		54.5		115.8		124.2		69.4		601.5		2,001.4		2,912.3
Total Liabilities	4,819.5		1,614.3		3,913.0		10,346.8		2,901.1		2,955.8		29,574.8		5,745.3		51,523.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,504.4		650.5		2,311.0		4,465.9		805.2		1,990.0		4,772.8		765.9		12,799.8
Net Unrealized Loss on Securities and Net Loss on Derivatives	(134.5)		(85.3)		(169.2)		(389.0)		(133.1)		(101.8)		(1,328.2)		(586.6)		(2,538.7)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	183.6		18.8		187.7		390.1		139.6		268.3		260.9		—		1,058.9
Total Allocated Stockholders' Equity	1,553.5		584.0		2,329.5		4,467.0		811.7		2,156.5		3,705.5		179.3		11,320.0
Total Liabilities and Allocated Stockholders' Equity	$	6,373.0	$	2,198.3	$	6,242.5	$	14,813.8	$	3,712.8	$	5,112.3	$	33,280.3	$	5,924.6	$	62,843.8

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

Unum Group Balance Sheets by Segment - December 31, 2024

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

Unum Group Financial Results by Segment

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

	Three Months Ended						Six Months Ended
	6/30/2025		6/30/2024		% Change		6/30/2025		6/30/2024		% Change
Premium Income
Unum US	$	1,798.6	$	1,730.9	3.9	%	$	3,579.5	$	3,438.3	4.1	%
Unum International	271.1		228.8		18.5		517.8		460.5		12.4
Colonial Life	462.1		446.2		3.6		919.4		893.1		2.9
Closed Block	216.2		221.3		(2.3)		434.2		445.6		(2.6)
	2,748.0		2,627.2		4.6		5,450.9		5,237.5		4.1
Net Investment Income
Unum US	155.1		158.1		(1.9)		304.0		315.1		(3.5)
Unum International	46.2		38.0		21.6		74.7		64.1		16.5
Colonial Life	42.6		40.5		5.2		84.8		79.8		6.3
Closed Block	284.5		294.2		(3.3)		554.2		567.3		(2.3)
Corporate	32.3		14.3		125.9		56.2		32.3		74.0
	560.7		545.1		2.9		1,073.9		1,058.6		1.4
Other Income
Unum US	58.0		58.2		(0.3)		129.9		118.8		9.3
Unum International	0.3		0.5		(40.0)		0.4		0.8		(50.0)
Colonial Life	0.3		0.2		50.0		0.7		3.2		(78.1)
Closed Block	12.1		12.2		(0.8)		22.0		25.3		(13.0)
Corporate	(0.3)		0.4		(175.0)		(0.3)		1.1		(127.3)
	70.4		71.5		(1.5)		152.7		149.2		2.3
Total Adjusted Operating Revenue
Unum US	2,011.7		1,947.2		3.3		4,013.4		3,872.2		3.6
Unum International	317.6		267.3		18.8		592.9		525.4		12.8
Colonial Life	505.0		486.9		3.7		1,004.9		976.1		3.0
Closed Block	512.8		527.7		(2.8)		1,010.4		1,038.2		(2.7)
Corporate	32.0		14.7		117.7		55.9		33.4		67.4
	$	3,379.1	$	3,243.8	4.2		$	6,677.5	$	6,445.3	3.6

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Six Months Ended
	6/30/2025		6/30/2024		% Change		6/30/2025		6/30/2024		% Change
Benefits and Expenses
Unum US	$	1,693.5	$	1,589.7	6.5	%	$	3,366.1	$	3,129.5	7.6	%
Unum International	276.0		224.8		22.8		512.6		445.5		15.1
Colonial Life	387.6		370.0		4.8		771.8		745.5		3.5
Closed Block	523.6		493.4		6.1		1,013.2		997.2		1.6
Corporate	63.7		60.0		6.2		128.7		124.8		3.1
	2,944.4		2,737.9		7.5		5,792.4		5,442.5		6.4
Income (Loss) Before Income Tax and Net Investment Loss
Unum US	318.2		357.5		(11.0)		647.3		742.7		(12.8)
Unum International	41.6		42.5		(2.1)		80.3		79.9		0.5
Colonial Life	117.4		116.9		0.4		233.1		230.6		1.1
Closed Block	(10.8)		34.3		(131.5)		(2.8)		41.0		(106.8)
Corporate	(31.7)		(45.3)		(30.0)		(72.8)		(91.4)		(20.4)
	434.7		505.9		(14.1)		885.1		1,002.8		(11.7)
Income Tax Expense Before Net Investment Loss	85.2		108.2		(21.3)		183.1		209.1		(12.4)
Income Before Net Investment Loss	349.5		397.7		(12.1)		702.0		793.7		(11.6)
Net Investment Loss (net of tax benefit of $3.8; $2.2; $47.2; $2.6)	(13.9)		(8.2)		69.5		(177.3)		(9.0)		N.M.
Net Income	$	335.6	$	389.5	(13.8)		$	524.7	$	784.7	(33.1)

Unum Group Quarterly Historical Financial Results by Segment

	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Premium Income
Unum US	$	1,798.6	$	1,780.9	$	1,721.4	$	1,723.5	$	1,730.9	$	1,707.4
Unum International	271.1		246.7		242.4		246.6		228.8		231.7
Colonial Life	462.1		457.3		448.9		441.9		446.2		446.9
Closed Block	216.2		218.0		218.4		216.8		221.3		224.3
	2,748.0		2,702.9		2,631.1		2,628.8		2,627.2		2,610.3
Net Investment Income
Unum US	155.1		148.9		156.1		161.0		158.1		157.0
Unum International	46.2		28.5		34.3		30.4		38.0		26.1
Colonial Life	42.6		42.2		42.1		39.6		40.5		39.3
Closed Block	284.5		269.7		297.3		284.3		294.2		273.1
Corporate	32.3		23.9		13.8		12.5		14.3		18.0
	560.7		513.2		543.6		527.8		545.1		513.5
Other Income
Unum US	58.0		71.9		57.0		60.1		58.2		60.6
Unum International	0.3		0.1		0.4		0.4		0.5		0.3
Colonial Life	0.3		0.4		0.4		0.4		0.2		3.0
Closed Block	12.1		9.9		14.0		12.4		12.2		13.1
Corporate	(0.3)		—		0.2		—		0.4		0.7
	70.4		82.3		72.0		73.3		71.5		77.7
Total Adjusted Operating Revenue
Unum US	2,011.7		2,001.7		1,934.5		1,944.6		1,947.2		1,925.0
Unum International	317.6		275.3		277.1		277.4		267.3		258.1
Colonial Life	505.0		499.9		491.4		481.9		486.9		489.2
Closed Block	512.8		497.6		529.7		513.5		527.7		510.5
Corporate	32.0		23.9		14.0		12.5		14.7		18.7
	$	3,379.1	$	3,298.4	$	3,246.7	$	3,229.9	$	3,243.8	$	3,201.5

Unum Group Quarterly Historical Financial Results by Segment - Continued

	6/30/2025		3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Benefits and Expenses
Unum US	$	1,693.5	$	1,672.6	$	1,601.3	$	1,437.7	$	1,589.7	$	1,539.8
Unum International	276.0		236.6		239.5		244.6		224.8		220.7
Colonial Life	387.6		384.2		368.7		322.5		370.0		375.5
Closed Block	523.6		489.6		517.2		320.4		493.4		503.8
Corporate	63.7		65.0		64.4		77.2		60.0		64.8
	2,944.4		2,848.0		2,791.1		2,402.4		2,737.9		2,704.6
Income (Loss) Before Income Tax and Net Investment Loss
Unum US	318.2		329.1		333.2		506.9		357.5		385.2
Unum International	41.6		38.7		37.6		32.8		42.5		37.4
Colonial Life	117.4		115.7		122.7		159.4		116.9		113.7
Closed Block	(10.8)		8.0		12.5		193.1		34.3		6.7
Corporate	(31.7)		(41.1)		(50.4)		(64.7)		(45.3)		(46.1)
	434.7		450.4		455.6		827.5		505.9		496.9
Income Tax Expense Before Net Investment Loss	85.2		97.9		98.7		172.0		108.2		100.9
Income Before Net Investment Loss	349.5		352.5		356.9		655.5		397.7		396.0
Net Investment Loss	(17.7)		(206.8)		(10.1)		(12.9)		(10.4)		(1.2)
Tax Benefit on Net Investment Loss	(3.8)		(43.4)		(1.9)		(3.1)		(2.2)		(0.4)
Net Income	$	335.6	$	189.1	$	348.7	$	645.7	$	389.5	$	395.2
Net Income Per Common Share - Assuming Dilution	$	1.92	$	1.06	$	1.92	$	3.46	$	2.05	$	2.04

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income	$	1,798.6		$	1,730.9		$	3,579.5		$	3,438.3		$	6,883.2		$	6,579.2
Net Investment Income	155.1			158.1			304.0			315.1			632.2			639.9
Other Income	58.0			58.2			129.9			118.8			235.9			220.5
Total	2,011.7			1,947.2			4,013.4			3,872.2			7,751.3			7,439.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,092.2			1,006.6			2,155.4			1,975.9			3,864.7			3,808.5
Commissions	203.8			187.1			409.4			369.3			729.3			664.4
Deferral of Acquisition Costs	(85.7)			(82.5)			(170.4)			(165.8)			(320.9)			(314.7)
Amortization of Deferred Acquisition Costs	71.6			71.2			136.8			141.0			292.5			267.6
Other Expenses	411.6			407.3			834.9			809.1			1,602.9			1,529.5
Total	1,693.5			1,589.7			3,366.1			3,129.5			6,168.5			5,955.3
Income Before Income Tax and Net Investment Gains and Losses	318.2			357.5			647.3			742.7			1,582.8			1,484.3
Reserve Assumption Updates	—			—						—			(143.6)			(128.8)
Adjusted Operating Income	$	318.2		$	357.5		$	647.3		$	742.7		$	1,439.2		$	1,355.5
Operating Ratios (% of Premium Income):
Benefit Ratio1	60.7		%	58.2		%	60.2		%	57.5		%	58.2		%	59.8		%
Other Expense Ratio2	22.2		%	22.8		%	22.6		%	22.8		%	22.5		%	22.5		%
Income Ratio													23.0		%	22.6		%
Adjusted Operating Income Ratio	17.7		%	20.7		%	18.1		%	21.6		%	20.9		%	20.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
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
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	507.8		$	521.5		$	1,012.3		$	1,038.2		$	2,086.1		$	2,057.2
Group Short-term Disability	289.3			276.3			567.6			539.4			1,084.0			1,012.3
Total Premium Income	797.1			797.8			1,579.9			1,577.6			3,170.1			3,069.5
Net Investment Income	74.5			78.3			148.5			156.1			311.2			324.8
Other Income	56.6			57.5			112.6			116.2			232.1			211.6
Total	928.2			933.6			1,841.0			1,849.9			3,713.4			3,605.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	496.1			471.7			979.8			920.3			1,781.8			1,693.2
Commissions	63.9			62.3			128.9			124.1			244.4			230.5
Deferral of Acquisition Costs	(16.2)			(16.2)			(32.3)			(32.7)			(62.2)			(60.2)
Amortization of Deferred Acquisition Costs	15.7			14.2			26.1			28.6			64.7			57.6
Other Expenses	243.9			248.4			494.5			491.6			973.5			936.1
Total	803.4			780.4			1,597.0			1,531.9			3,002.2			2,857.2
Income Before Income Tax and Net Investment Gains and Losses	124.8			153.2			244.0			318.0			711.2			748.7
Reserve Assumption Updates	—			—						—			(90.0)			(121.0)
Adjusted Operating Income	$	124.8		$	153.2		$	244.0		$	318.0		$	621.2		$	627.7
Operating Ratios (% of Premium Income):
Benefit Ratio1	62.2		%	59.1		%	62.0		%	58.3		%	59.0		%	59.1		%
Other Expense Ratio2	28.6		%	29.0		%	29.2		%	29.0		%	28.6		%	28.5		%
Income Ratio													22.4		%	24.4		%
Adjusted Operating Income Ratio	15.7		%	19.2		%	15.4		%	20.2		%	19.6		%	20.4		%
Persistency:
Group Long-term Disability							90.6		%	93.1		%	93.3		%	90.8		%
Group Short-term Disability							88.2		%	91.8		%	91.7		%	88.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

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

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Group Life	$	470.0		$	447.5		$	936.2		$	890.1		$	1,784.7		$	1,679.0
Accidental Death & Dismemberment	49.2			46.4			97.4			92.2			186.1			175.5
Total Premium Income	519.2			493.9			1,033.6			982.3			1,970.8			1,854.5
Net Investment Income	21.1			22.5			39.3			44.5			88.3			90.1
Other Income	0.4			0.1			0.5			1.1			1.5			1.0
Total	540.7			516.5			1,073.4			1,027.9			2,060.6			1,945.6
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	362.1			323.1			718.8			656.3			1,294.2			1,347.7
Commissions	47.5			42.7			94.5			84.4			168.0			155.9
Deferral of Acquisition Costs	(12.1)			(10.5)			(23.7)			(21.0)			(40.6)			(38.6)
Amortization of Deferred Acquisition Costs	9.6			10.2			15.7			17.1			38.4			39.0
Other Expenses	63.4			61.9			128.7			123.2			243.0			229.9
Total	470.5			427.4			934.0			860.0			1,703.0			1,733.9
Income Before Income Tax and Net Investment Gains and Losses	70.2			89.1			139.4			167.9			357.6			211.7
Reserve Assumption Updates	—			—						—			(13.0)			—
Adjusted Operating Income	$	70.2		$	89.1		$	139.4		$	167.9		$	344.6		$	211.7
Operating Ratios (% of Premium Income):
Benefit Ratio1	69.7		%	65.4		%	69.5		%	66.8		%	66.3		%	72.7		%
Other Expense Ratio	12.2		%	12.5		%	12.5		%	12.5		%	12.3		%	12.4		%
Income Ratio													18.1		%
Adjusted Operating Income Ratio	13.5		%	18.0		%	13.5		%	17.1		%	17.5		%	11.4		%
Persistency:
Group Life							89.7		%	92.1		%	92.0		%	89.6		%
Accidental Death & Dismemberment							88.3		%	91.6		%	91.2		%	88.7		%
1Excludes the reserve assumption update that occurred during the third quarter of 2024.

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	234.5		$	222.9		$	468.6		$	445.8		$	879.2		$	850.1
Individual Disability	166.7			142.2			335.4			284.2			566.0			527.0
Dental and Vision	81.1			74.1			162.0			148.4			297.1			278.1
Total Premium Income	482.3			439.2			966.0			878.4			1,742.3			1,655.2
Net Investment Income	59.5			57.3			116.2			114.5			232.7			225.0
Other Income	1.0			0.6			16.8			1.5			2.3			7.9
Total	542.8			497.1			1,099.0			994.4			1,977.3			1,888.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	234.0			211.8			456.8			399.3			788.7			767.6
Commissions	92.4			82.1			186.0			160.8			316.9			278.0
Deferral of Acquisition Costs	(57.4)			(55.8)			(114.4)			(112.1)			(218.1)			(215.9)
Amortization of Deferred Acquisition Costs	46.3			46.8			95.0			95.3			189.4			171.0
Other Expenses	104.3			97.0			211.7			194.3			386.4			363.5
Total	419.6			381.9			835.1			737.6			1,463.3			1,364.2
Income Before Income Tax and Net Investment Gains and Losses	123.2			115.2			263.9			256.8			514.0			523.9
Reserve Assumption Updates - Voluntary Benefits	—			—						—			12.2			(10.4)
Reserve Assumption Updates - Individual Disability	—			—						—			(52.8)			2.6
Adjusted Operating Income	$	123.2		$	115.2		$	263.9		$	256.8		$	473.4		$	516.1
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1	44.3		%	45.1		%	44.2		%	39.5		%	43.0		%	39.8		%
Individual Disability1	40.3		%	39.0		%	37.9		%	40.0		%	41.0		%	44.3		%
Dental and Vision	77.7		%	75.3		%	75.7		%	73.9		%	73.9		%	73.1		%
Other Expense Ratio	21.6		%	22.1		%	21.9		%	22.1		%	22.2		%	22.0		%
Income Ratio													29.5		%	31.7		%
Adjusted Operating Income Ratio	25.5		%	26.2		%	27.3		%	29.2		%	27.2		%	31.2		%
Persistency:
Voluntary Benefits							76.4		%	76.3		%	76.0		%	75.5		%
Individual Disability							88.0		%	89.0		%	89.0		%	89.0		%
Dental and Vision							82.4		%	81.1		%	81.4		%	77.1		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Six Months Ended				Year Ended
	6/30/2025		6/30/2024		6/30/2025		6/30/2024		12/31/2024		12/31/2023
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	107.9	$	102.3	$	208.1	$	205.8	$	418.0	$	396.1
Group Life	68.1		48.8		129.7		97.5		211.3		169.3
Supplemental	47.0		40.6		88.9		83.7		165.6		141.5
Unum Poland	48.1		37.1		91.1		73.5		154.6		118.3
Total Premium Income	271.1		228.8		517.8		460.5		949.5		825.2
Net Investment Income	46.2		38.0		74.7		64.1		128.8		137.2
Other Income	0.3		0.5		0.4		0.8		1.6		1.6
Total	317.6		267.3		592.9		525.4		1,079.9		964.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	196.4		156.2		360.5		312.1		656.7		579.8
Commissions	25.1		20.4		47.5		40.0		82.5		72.5
Deferral of Acquisition Costs	(5.6)		(4.3)		(10.9)		(8.6)		(17.8)		(14.6)
Amortization of Deferred Acquisition Costs	2.6		2.4		5.1		4.8		9.5		8.4
Other Expenses	57.5		50.1		110.4		97.2		198.7		177.7
Total	276.0		224.8		512.6		445.5		929.6		823.8
Income Before Income Tax and Net Investment Gains and Losses	41.6		42.5		80.3		79.9		150.3		140.2
Reserve Assumption Updates			—		—		—		7.5		17.9
Adjusted Operating Income	$	41.6	$	42.5	$	80.3	$	79.9	$	157.8	$	158.1

Unum Group Financial Results for Unum UK

	Three Months Ended						Six Months Ended						Year Ended
(in millions of pounds, except exchange rate)	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	80.8		£	81.0		£	160.2		£	162.6		£	327.0		£	318.5
Group Life	50.9			38.7			99.8			77.1			165.1			136.1
Supplemental	35.2			32.1			68.4			66.1			129.5			113.7
Total Premium Income	166.9			151.8			328.4			305.8			621.6			568.3
Net Investment Income	31.9			27.9			52.0			46.3			91.9			102.4
Other Income (Loss)	(0.1)			—			—			0.1			0.1			0.2
Total	198.7			179.7			380.4			352.2			713.6			670.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	125.2			105.5			233.6			210.3			440.2			408.5
Commissions	10.7			9.7			20.8			19.1			38.2			37.4
Deferral of Acquisition Costs	(0.9)			(0.9)			(2.1)			(2.0)			(3.8)			(3.9)
Amortization of Deferred Acquisition Costs	1.1			1.4			2.4			2.8			5.2			5.2
Other Expenses	33.2			31.5			66.8			61.3			122.4			115.4
Total	169.3			147.2			321.5			291.5			602.2			562.6
Income Before Income Tax and Net Investment Gains and Losses	29.4			32.5			58.9			60.7			111.4			108.3
Reserve Assumption Updates	—			—			—			—			6.4			16.3
Adjusted Operating Income	£	29.4		£	32.5		£	58.9		£	60.7		£	117.8		£	124.6
Weighted Average Pound/Dollar Exchange Rate	1.333			1.265			1.299			1.265			1.278			1.243
Operating Ratios (% of Premium Income):
Benefit Ratio1	75.0		%	69.5		%	71.1		%	68.8		%	69.8		%	69.0		%
Other Expense Ratio	19.9		%	20.8		%	20.3		%	20.0		%	19.7		%	20.3		%
Income Ratio													17.9		%	19.1		%
Adjusted Operating Income Ratio	17.6		%	21.4		%	17.9		%	19.8		%	19.0		%	21.9		%
Persistency:
Group Long-term Disability							92.3		%	92.7		%	92.0		%	92.5		%
Group Life							89.9		%	88.2		%	89.1		%	83.0		%
Supplemental							93.0		%	89.4		%	90.4		%	91.7		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	249.1		$	241.7		$	496.2		$	484.9		$	969.5		$	946.1
Life	122.1			115.2			242.0			229.5			458.0			426.5
Cancer and Critical Illness	90.9			89.3			181.2			178.7			356.4			353.5
Total Premium Income	462.1			446.2			919.4			893.1			1,783.9			1,726.1
Net Investment Income	42.6			40.5			84.8			79.8			161.5			153.5
Other Income	0.3			0.2			0.7			3.2			4.0			1.2
Total	505.0			486.9			1,004.9			976.1			1,949.4			1,880.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	223.2			213.4			441.3			430.5			804.7			798.1
Commissions	98.6			94.0			195.9			189.2			378.4			359.4
Deferral of Acquisition Costs	(83.6)			(78.3)			(166.2)			(157.6)			(312.8)			(302.9)
Amortization of Deferred Acquisition Costs	58.0			54.3			115.7			108.3			219.0			205.4
Other Expenses	91.4			86.6			185.1			175.1			347.4			340.0
Total	387.6			370.0			771.8			745.5			1,436.7			1,400.0
Income Before Income Tax and Net Investment Gains and Losses	117.4			116.9			233.1			230.6			512.7			480.8
Reserve Assumption Updates	—			—			—			—			(46.0)			(80.7)
Adjusted Operating Income	$	117.4		$	116.9		$	233.1		$	230.6		$	466.7		$	400.1
Operating Ratios (% of Premium Income):
Benefit Ratio1	48.3		%	47.8		%	48.0		%	48.2		%	47.7		%	50.9		%
Other Expense Ratio	19.8		%	19.4		%	20.1		%	19.6		%	19.5		%	19.7		%
Income Ratio													28.7		%	27.9		%
Adjusted Operating Income Ratio	25.4		%	26.2		%	25.4		%	25.8		%	26.2		%	23.2		%
Persistency:
Accident, Sickness, and Disability							74.2		%	73.4		%	73.7		%	73.6		%
Life							84.1		%	84.8		%	84.4		%	85.1		%
Cancer and Critical Illness							82.5		%	82.0		%	82.2		%	82.4		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Six Months Ended						Year Ended
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			12/31/2024			12/31/2023
Adjusted Operating Revenue
Premium Income
Long-term Care	$	175.9		$	173.3		$	352.1		$	347.8		$	696.1		$	696.0
All Other	40.3			48.0			82.1			97.8			184.7			219.5
Total Premium Income	216.2			221.3			434.2			445.6			880.8			915.5
Net Investment Income	284.5			294.2			554.2			567.3			1,148.9			1,066.3
Other Income	12.1			12.2			22.0			25.3			51.7			52.6
Total	512.8			527.7			1,010.4			1,038.2			2,081.4			2,034.4
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	464.3			433.3			889.9			876.3			1,591.8			2,070.7
Commissions	16.0			17.6			33.9			34.2			68.4			73.8
Other Expenses	43.3			42.5			89.4			86.7			174.6			172.7
Total	523.6			493.4			1,013.2			997.2			1,834.8			2,317.2
Income (Loss) Before Income Tax and Net Investment Gain and Losses	(10.8)			34.3			(2.8)			41.0			246.6			(282.8)
Amortization of the Cost of Reinsurance	9.7			10.3			19.3			20.7			41.4			44.1
Non-Contemporaneous Reinsurance	5.0			7.0			11.8			14.2			25.1			34.8
Reserve Assumption Updates - Long-term Care	—			—			—			—			(174.1)			368.1
Reserve Assumption Updates - All Other	—			—			—			—			(1.2)			0.7
Adjusted Operating Income	$	3.9		$	51.6		$	28.3		$	75.9		$	137.8		$	164.9
Long-term Care Net Premium Ratio							94.9		%	93.7		%	94.6		%	93.5		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1	15.5		%	14.6		%	16.1		%	14.8		%	15.1		%	14.0		%
Income (Loss) Ratio	(5.0)		%	15.5		%	(0.6)		%	9.2		%	28.0		%	(30.9)		%
Adjusted Operating Income Ratio	1.8		%	23.3		%	6.5		%	17.0		%	15.6		%	18.0		%
Long-term Care Persistency							95.3		%	95.3		%	95.8		%	95.6		%
1Excludes amortization of the cost of reinsurance.

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Six Months Ended				Year Ended
	6/30/2025		6/30/2024		6/30/2025		6/30/2024		12/31/2024		12/31/2023
Adjusted Operating Revenue
Net Investment Income	$	32.3	$	14.3	$	56.2	$	32.3	$	58.6	$	99.8
Other Income (Loss)	(0.3)		0.4		(0.3)		1.1		1.3		3.3
Total	32.0		14.7		55.9		33.4		59.9		103.1
Interest, Debt, and Other Expenses	63.7		60.0		128.7		124.8		266.4		249.5
Loss Before Income Tax and Net Investment Gains and Losses	(31.7)		(45.3)		(72.8)		(91.4)		(206.5)		(146.4)
Loss on Legal Settlement	—		—		—		—		15.3		—
Adjusted Operating Loss	$	(31.7)	$	(45.3)	$	(72.8)	$	(91.4)	$	(191.2)	$	(146.4)

Unum Group Investments

	6/30/2025						6/30/2025			12/31/2024
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	22,986.5		63.9	%	Earned Book Yield	4.47		%	4.44		%
Mortgage-Backed/Asset-Backed Securities1	1,093.2			3.0		Average Duration (in years)	8.17			8.28
Private Placements	5,831.6			16.2
High Yield	1,452.2			4.1
Government Securities	1,411.0			3.9
Municipal Securities	3,183.7			8.9
Redeemable Preferred Stocks	7.8			—
Total	$	35,966.0		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Private Equity Partnerships	6/30/2025			12/31/2024
Aaa	3.2		%	3.2	%	Private Credit Partnerships	$	263.2		$	289.2
Aa	15.7			14.9		Private Equity Partnerships	656.6			640.2
A	32.1			32.6		Real Asset Partnerships	531.1			521.2
Baa	45.1			45.3		Total	$	1,450.9		$	1,450.6
Below Baa	3.9			4.0
Total	100.0		%	100.0	%
						Non-Current Investments	$	12.4		$	13.0

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

Unum Group Investments at June 30, 2025

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain (Loss)		Fair Value with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,410.8	$	(91.8)	$	1,360.1	$	136.7	$	1,050.7	$	44.9
Capital Goods	3,287.0		(95.1)		1,699.6		179.8		1,587.4		84.7
Communications	2,174.7		(49.8)		964.1		150.4		1,210.6		100.6
Consumer Cyclical	1,358.8		(88.2)		997.5		110.5		361.3		22.3
Consumer Non-Cyclical	6,306.3		(428.6)		3,976.7		564.3		2,329.6		135.7
Energy	2,529.0		27.9		774.1		82.5		1,754.9		110.4
Financial Institutions	3,932.2		(280.0)		3,000.4		311.3		931.8		31.3
Mortgage/Asset-Backed1	1,093.2		(17.6)		540.0		24.5		553.2		6.9
Sovereigns	873.2		(159.1)		423.7		173.1		449.5		14.0
Technology	1,346.4		(105.1)		982.8		117.5		363.6		12.4
Transportation	1,606.2		(104.6)		1,047.4		129.9		558.8		25.3
U.S. Government Agencies and Municipalities	3,721.5		(469.5)		2,370.1		553.9		1,351.4		84.4
Public Utilities	5,326.7		(142.0)		2,383.3		322.2		2,943.4		180.2
Total	$	35,966.0	$	(2,003.5)	$	20,519.8	$	2,856.6	$	15,446.2	$	853.1
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
	Investment-Grade								Below-Investment-Grade
Category	Fair Value		Gross Unrealized Loss						Fair Value		Gross Unrealized Loss
Less than 91 days	$	1,083.9	$	11.1					$	82.0	$	0.3
91 through 180 days	1,090.2		37.1						41.6		0.8
181 through 270 days	1,952.6		97.2						46.7		3.8
271 days to 1 year	1,010.6		65.5						21.6		0.1
Greater than 1 year	14,798.1		2,586.9						392.5		53.8
Total	$	19,935.4	$	2,797.8					$	584.4	$	58.8

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

14.1

Appendix to Statistical Supplement

2025 Significant Items:

•First quarter of 2025 net investment loss of $175.9 million before tax, or $139.0 million after tax, and second quarter of 2025 net investment loss of $8.5 million before tax, or $6.6 million after tax, related to the anticipated reinsurance transaction with Fortitude Reinsurance Company Ltd. which then closed in the third quarter of 2025.

2024 Significant Items:

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

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

2023 Significant Items:

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

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

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

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

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

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

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

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

15.1

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
		June 30		March 31		December 31		September 30		June 30		March 31
	2025					2024
Total Revenue		$	3,361.4	$	3,091.6	$	3,236.6	$	3,217.0	$	3,233.4	$	3,200.3
Excluding:
Net Investment Loss		(17.7)		(206.8)		(10.1)		(12.9)		(10.4)		(1.2)
Adjusted Operating Revenue		$	3,379.1	$	3,298.4	$	3,246.7	$	3,229.9	$	3,243.8	$	3,201.5

15.2

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, 2025
Unum US	$	251.5	$	4,470.3	22.5	%
Unum International	34.1		784.5		17.4	%
Colonial Life	92.6		1,986.1		18.6	%
Core Operating Segments	378.2		7,240.9		20.9	%
Closed Block	0.9		4,758.3
Corporate	(18.0)		777.4
Total	$	361.1	$	12,776.6	11.3	%
Three Months Ended June 30, 2024
Unum US	$	282.4	$	4,432.9	25.5	%
Unum International	33.3		755.6		17.6	%
Colonial Life	92.3		1,832.5		20.1	%
Core Operating Segments	408.0		7,021.0		23.2	%
Closed Block	38.0		5,573.5
Corporate	(34.6)		(33.1)
Total	$	411.4	$	12,561.4	13.1	%

15.3

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, 2025
Unum US	$	511.4	$	4,521.6	22.6	%
Unum International	63.7		790.4		16.1	%
Colonial Life	183.9		1,964.4		18.7	%
Core Operating Segments	759.0		7,276.4		20.9	%
Closed Block	17.6		4,968.7
Corporate	(50.0)		555.6
Total	$	726.6	$	12,800.7	11.4	%
Six Months Ended June 30, 2024
Unum US	$	586.8	$	4,458.3	26.3	%
Unum International	61.3		767.8		16.0	%
Colonial Life	182.0		1,815.7		20.0	%
Core Operating Segments	830.1		7,041.8		23.6	%
Closed Block	54.7		5,545.9
Corporate	(63.5)		(121.0)
Total	$	821.3	$	12,466.7	13.2	%

15.4

Reconciliation of Non-GAAP Financial Measures - Continued

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

15.5

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

	6/30/2025		3/31/2025		12/31/2024		6/30/2024		3/31/2024		12/31/2023		12/31/2022
Total Stockholders' Equity	$	11,320.0	$	11,214.0	$	10,961.1	$	10,464.6	$	10,219.5	$	9,651.4	$	8,735.0
Excluding:
Net Unrealized Loss on Securities	(2,253.7)		(2,333.2)		(2,755.2)		(2,723.8)		(2,360.8)		(1,919.1)		(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,058.9		1,019.1		1,185.4		712.3		225.3		(648.4)		313.9
Net Unrealized Loss on Derivatives	(285.0)		(225.2)		(270.7)		(164.6)		(127.0)		(73.7)		(9.6)
Total Adjusted Stockholders' Equity	$	12,799.8	$	12,753.3	$	12,801.6	$	12,640.7	$	12,482.0	$	12,292.6	$	11,459.1
	Three Months Ended		Six Months Ended		Twelve Months Ended		Three Months Ended		Six Months Ended		Twelve Months Ended
	6/30/2025				12/31/2024		6/30/2024				12/31/2023
Average Adjusted Stockholders' Equity	$	12,776.6	$	12,800.7	$	12,547.1	$	12,561.4	$	12,466.7	$	11,875.9

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended June 30								Six Months Ended June 30
	2025				2024				2025				2024
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	335.6	$	1.92	$	389.5	$	2.05	$	524.7	$	2.97	$	784.7	$	4.09
Excluding:
Net Investment Loss
Net Investment Loss Related to the Reinsurance Agreement (net of tax benefit of $1.9; $—; $38.8; $—)	(6.6)		(0.04)		—		—		(145.6)		(0.82)		—		—
Net Investment Loss, Other (net of tax benefit of $1.9; $2.2; $8.4; $2.6)	(7.3)		(0.04)		(8.2)		(0.04)		(31.7)		(0.18)		(9.0)		(0.05)
Total Net Investment Loss	(13.9)		(0.08)		(8.2)		(0.04)		(177.3)		(1.00)		(9.0)		(0.05)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.1; $4.0; $4.3)	(7.7)		(0.05)		(8.2)		(0.04)		(15.3)		(0.09)		(16.4)		(0.08)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.1; $1.5; $2.5; $3.0)	(3.9)		(0.02)		(5.5)		(0.03)		(9.3)		(0.05)		(11.2)		(0.06)
After-tax Adjusted Operating Income	$	361.1	$	2.07	$	411.4	$	2.16	$	726.6	$	4.11	$	821.3	$	4.28

*Assuming Dilution.

15.7

Reconciliation of Non-GAAP Financial Measures - Continued

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

*Assuming Dilution.

15.8

Reconciliation of Non-GAAP Financial Measures - Continued

	June 30						December 31
	2025			2024			2024			2023
Debt	$	3,743.9		$	3,470.3		$	3,739.8		$	3,430.4
Including:
Lease Liability	79.6			58.2			69.4			62.6
Adjusted Debt and Lease Liability	$	3,823.5		$	3,528.5		$	3,809.2		$	3,493.0
Total Stockholders' Equity	$	11,320.0		$	10,464.6		$	10,961.1		$	9,651.4
Excluding:
Net Unrealized Loss on Securities	(2,253.7)			(2,723.8)			(2,755.2)			(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,058.9			712.3			1,185.4			(648.4)
Net Loss on Derivatives	(285.0)			(164.6)			(270.7)			(73.7)
Equity, As Adjusted	12,799.8			12,640.7			12,801.6			12,292.6
Debt, As Adjusted and Lease Liability	3,823.5			3,528.5			3,809.2			3,493.0
Total Adjusted Capital	$	16,623.3		$	16,169.2		$	16,610.8		$	15,785.6
Leverage Ratio	23.0		%	21.8		%	22.9		%	22.1		%

15.9

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended
	June 30, 2025		June 30, 2024
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK	$	223.0	£	151.8	1.336	$	202.8
Unum Poland	48.1		zł	148.4	0.266	39.5
Total	271.1					242.3
Unum US	1,798.6		$	1,730.9		1,730.9
Colonial Life	462.1		$	446.2		446.2
Core Operations	$	2,531.8				$	2,419.4
	Six Months Ended
---	---	---	---	---	---	---	---
	June 30, 2025		June 30, 2024
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK	$	426.7	£	305.8	1.299	$	397.2
Unum Poland	91.1		zł	293.4	0.259	76.0
Total	517.8					473.2
Unum US	3,579.5		$	3,438.3		3,438.3
Colonial Life	919.4		$	893.1		893.1
Core Operations	$	5,016.7				$	4,804.6

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

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

15.10