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): February 4, 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 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 February 4, 2025, Unum Group issued a news release reporting its results for the fourth quarter of 2024, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Also on February 4, 2025, Unum Group made available on its investor relations website at www.investors.unum.com the Statistical Supplement relating to its financial results for the fourth quarter of 2024. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02, 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 Unum Group'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 7.01 Regulation FD Disclosure.

On February 4, 2025, Unum Group made available on its investor relations website at www.investors.unum.com a slide presentation with 2025 outlook that will accompany its fourth quarter 2024 earnings conference call scheduled for February 5, 2025. A copy of the slide presentation is furnished herewith as Exhibit 99.3 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01, including Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of 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 Unum Group'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 Februaryunm12312024exhibit991.htm4 , 2024, concerning earnings for the fourth quarter of 202 4 .
99.2	Statistical Supplement of Unum Group for the fourth quarter of 202 4 .
99.3	Slide presentation of Unum Group with 202 5 outlook.
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: February 4, 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		Emily Downing<br><br>edowning@unum.com
INVESTORS		Matt Royal<br><br>investorrelations@unum.com

Unum Group Reports Fourth Quarter 2024 Results

•Net income of $348.7 million ($1.92 per diluted common share) for the fourth quarter of 2024; after-tax adjusted operating income was $368.9 million ($2.03 per diluted common share).

•Results for the full year reflect solid growth and sustained margins supported by the favorable operating environment; full year core operations premium growth of 5.0 percent on a constant currency basis and full year after-tax adjusted operating earnings per share growth of 10.2 percent when comparing to 2023.

•Robust balance sheet and liquidity with holding company liquidity of $2.0 billion and weighted average risk-based capital ratio of approximately 430 percent.

•Book value per common share of $61.38 increased 23.0 percent compared to the year-ago quarter; book value per common share excluding accumulated other comprehensive income (loss) (AOCI) grew 12.7 percent over the year-ago quarter to $75.51.

•Positive business trends expected to continue into 2025 with outlook for core operations premium growth of 4 percent to 7 percent and after-tax adjusted operating earnings per share growth of 8 percent to 12 percent.

CHATTANOOGA, Tenn. (February 4, 2025) - Unum Group (NYSE: UNM) today reported net income of $348.7 million ($1.92 per diluted common share) for the fourth quarter of 2024, compared to net income of $330.6 million ($1.69 per diluted common share) for the fourth quarter of 2023.

Included in net income for the fourth quarter of 2024 is the after-tax amortization of the cost of reinsurance of $8.1 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $3.9 million ($0.03 per diluted common share) as well as a net after-tax investment loss on the Company’s investment portfolio of $8.2 million ($0.04 per diluted common share). Included in net income for the fourth quarter of 2023 is 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 $6.6 million ($0.04 per diluted common share), as well as a net after-tax investment loss on the Company’s investment portfolio of $4.6 million ($0.02 per diluted common share).

“We delivered another year of strong performance in 2024, reflecting the continued positioning of our business and focus on our customers. Demand for our solutions remains robust, as reflected in our excellent fourth quarter sales performance,” said Richard P. McKenney, president and chief executive officer. “During the year we executed against our disciplined capital allocation strategy, ending 2024 with robust capital levels, while returning significant capital to our shareholders. Looking ahead to 2025, we are well positioned to execute on our strategy and generate year-over-year premium growth across all segments. Our free cash flow generation allows us to grow our business and continue to return capital to shareholders through dividends and share repurchases.”

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, reserve assumption updates, and certain other items as specified in the reconciliations below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Reserve assumption updates may result in increases or decreases to earnings. These performance measures are in accordance with 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 $333.2 million in the fourth quarter of 2024, a decrease of 2.6 percent from $342.1 million in the fourth quarter of 2023. Premium income for the segment increased 3.0 percent to $1,721.4 million in the fourth quarter of 2024, compared to premium income of $1,670.5 million in the fourth quarter of 2023. Net investment income for the segment decreased 1.5 percent to $156.1 million in the fourth quarter of 2024, compared to $158.4 million in the fourth quarter of 2023.

Within the Unum US operating segment, the group disability line of business reported a 3.7 percent decrease in adjusted operating income to $146.5 million in the fourth quarter of 2024, compared to $152.1 million in the fourth quarter of 2023. Premium income for the group disability line of business increased 2.8 percent to $799.1 million in the fourth quarter of 2024, compared to $777.2 million in the fourth quarter of 2023, driven by favorable persistency and higher prior period sales, excluding medical stop-loss. Net investment income decreased 2.6 percent to $76.4 million in the fourth quarter of 2024, compared to $78.4 million in the fourth quarter of 2023, primarily driven by a decrease in the level of invested assets and lower miscellaneous investment income, partially offset by an increase in the yield on invested assets. The benefit ratio for the fourth quarter of 2024 was 60.4 percent, compared to 59.5 percent in the fourth quarter of 2023, due primarily to higher incidence in our group long-term and group short-term disability product lines and lower recoveries in our group long-term disability product line, partially offset by favorable medical stop loss experience. Group long-term disability sales were $154.5 million in the fourth quarter of 2024, an increase of 13.1 percent from $136.6 million in the fourth quarter of 2023. Group short-term disability sales were $122.4 million in the fourth quarter of 2024, an increase of 8.9 percent from $112.4 million in the fourth quarter of 2023. Persistency in the group long-term disability product line was 93.3 percent for full year 2024, compared to 90.8 percent for full year 2023. Persistency in the group short-term disability product line was 91.7 percent for full year 2024, compared to 88.9 percent for full year 2023.

The group life and accidental death and dismemberment line of business reported a 21.6 percent increase in adjusted operating income to $82.7 million in the fourth quarter of 2024, compared to $68.0 million in the fourth quarter of 2023. Premium income for this line of business increased 5.2 percent to $493.6 million in the fourth quarter of 2024, compared to $469.0 million in the fourth quarter of 2023, driven primarily by favorable persistency and prior period sales. Net investment income was $21.7 million in the fourth quarter of 2024, which is generally consistent with $21.9 million in the fourth quarter of 2023. The benefit ratio in the fourth quarter of 2024 was 66.7 percent, compared to 69.5 percent in the fourth quarter of 2023, due primarily to favorable incidence in the group life product line. Sales of group life and accidental death and dismemberment products increased 37.9 percent in the fourth quarter of 2024 to $210.3 million, compared to $152.5 million in the fourth quarter of 2023. Persistency in the group life product line was 92.0 percent for full year 2024, compared to 89.6 percent for full year 2023. Persistency in the accidental death and dismemberment product line was 91.2 percent for full year 2024, compared to 88.7 percent for full year 2023.

The supplemental and voluntary line of business reported a decrease of 14.8 percent in adjusted operating income to $104.0 million in the fourth quarter of 2024, compared to $122.0 million in the fourth quarter of 2023. Premium income for the supplemental and voluntary line of business increased 1.0 percent to $428.7 million in the fourth quarter of 2024, compared to $424.3 million in the fourth quarter of 2023, due to generally favorable persistency and higher prior period sales across all product lines. Net investment income was $58.0 million in the fourth quarter of 2024, which is generally consistent with $58.1 million in the fourth quarter of 2023. The benefit ratio for the

voluntary benefits product line was 47.3 percent in the fourth quarter of 2024, compared to 45.1 percent for the fourth quarter of 2023, due to unfavorable experience in the hospital indemnity and accident products. The benefit ratio for the individual disability product line was 41.0 percent for the fourth quarter of 2024, compared to 44.4 percent for the fourth quarter of 2023, due primarily to favorable recoveries, partially offset by higher claim size. The benefit ratio for the dental and vision product line was 73.5 percent in the fourth quarter of 2024, compared to 68.7 percent for the fourth quarter of 2023, due primarily to higher claims incidence and higher average claim size. Relative to the fourth quarter of 2023, sales in the voluntary benefits product line increased 19.7 percent in the fourth quarter of 2024 to $60.7 million. Sales in the individual disability product line decreased 8.2 percent in the fourth quarter of 2024 to $25.6 million. Sales in the dental and vision product line totaled $51.9 million for the fourth quarter of 2024, an increase of 24.8 percent compared to the fourth quarter of 2023. Persistency in the voluntary benefits product line was 76.0 percent for full year 2024, compared to 75.5 percent for full year 2023. Persistency in the individual disability product line was 89.0 percent for full year 2024, which was consistent with 2023. Persistency in the dental and vision product line was 81.4 percent for full year 2024, compared to 77.1 percent for full year 2023.

Unum International

The Unum International segment reported adjusted operating income of $37.6 million in the fourth quarter of 2024, a decrease of 4.6 percent from $39.4 million in the fourth quarter of 2023. Premium income increased 11.1 percent to $242.4 million in the fourth quarter of 2024, compared to $218.1 million in the fourth quarter of 2023. Net investment income increased 3.3 percent to $34.3 million in the fourth quarter of 2024, compared to $33.2 million in the fourth quarter of 2023. Sales increased 13.1 percent to $38.8 million in the fourth quarter of 2024, compared to $34.3 million in the fourth quarter of 2023.

The Unum UK line of business reported adjusted operating income, in local currency, of £27.6 million in the fourth quarter of 2024, a decrease of 10.7 percent from £30.9 million in the fourth quarter of 2023. Premium income was £156.9 million in the fourth quarter of 2024, an increase of 5.2 percent from £149.1 million in the fourth quarter of 2023, due to in-force block growth. Net investment income was £24.4 million in the fourth quarter of 2024, which was generally consistent with £24.7 million in the fourth quarter of 2023. The benefit ratio in the fourth quarter of 2024 was 72.1 percent, compared to 67.9 percent in the fourth quarter of 2023, due to unfavorable claim incidence in the group long-term disability and group life product lines, partially offset by favorable claim incidence in the supplemental product line and favorable recoveries in the group long-term disability product line. Sales increased 5.0 percent to £21.1 million in the fourth quarter of 2024, compared to £20.1 million in the fourth quarter of 2023. Persistency in the group long-term disability product line was 92.0 percent for full year 2024, compared to 92.5 percent for full year 2023. Persistency in the group life product line was 89.1 percent for full year 2024, compared to 83.0 percent for full year 2023. Persistency in the supplemental product line was 90.4 percent for full year 2024, compared to 91.7 percent for full year 2023.

Colonial Life Segment

Colonial Life reported a 39.7 percent increase in adjusted operating income to $122.7 million in the fourth quarter of 2024, compared to $87.8 million in the fourth quarter of 2023. Premium income increased 3.2 percent to $448.9 million in the fourth quarter of 2024, compared to $434.8 million in the fourth quarter of 2023, driven by higher prior period sales and generally stable persistency. Net investment income increased 8.2 percent to $42.1 million in the fourth quarter of 2024, compared to $38.9 million in the fourth quarter of 2023, due to an increase in the yield on invested assets as well as an increase in the level of invested assets. The benefit ratio was 46.8 percent in the fourth quarter of 2024, compared to 53.2 percent in the fourth quarter of 2023, driven by a prior year increase in reserves due to model refinements in the life product line and favorable benefit experience in the accident, sickness, and disability product line in the current year. Sales decreased 2.2 percent to $185.4 million in the fourth quarter of 2024, compared to $189.5 million in the fourth quarter of 2023. Persistency in Colonial Life was 78.3 percent for full year 2024, which was consistent with 2023.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $27.7 million in the fourth quarter of 2024, which excludes the amortization of the cost of reinsurance of $10.3 million and the impact of non-contemporaneous reinsurance of $4.9 million related to the Closed Block individual disability reinsurance transaction, compared to $21.3 million in the fourth quarter of 2023, which excludes the amortization of the cost of reinsurance of $11.0 million and the impact of non-contemporaneous reinsurance of $8.4 million related to the Closed Block individual disability reinsurance transaction. Premium income for this segment is largely driven by our long-term care product line, and in the fourth quarter of 2024, premium income for long-term care was generally consistent with the same period of 2023. Net investment income increased 10.0 percent to $297.3 million in the fourth quarter of 2024, compared to $270.3 million in the fourth quarter of 2023, due primarily to an increase in the level of invested assets and higher miscellaneous investment income, primarily related to larger increases in the net asset value on our private equity partnerships.

Policy benefits including remeasurement loss increased to $452.3 million in the fourth quarter of 2024, which excludes the impacts of non-contemporaneous reinsurance of $4.9 million, relative to $438.2 million in the fourth quarter of 2023, which excludes impacts of non-contemporaneous reinsurance of $8.4 million, driven primarily by the increase in the current period benefit expense resulting from unfavorable claim terminations in the long-term care product line. The net premium ratio for long-term care at December 31, 2024 of 94.6 percent was generally consistent with the net premium ratio of 94.5 percent as of September 30, 2024.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $50.4 million in the fourth quarter of 2024, compared to an adjusted operating loss of $36.5 million in the fourth quarter of 2023, due primarily to decreased net investment income, which was driven by increased allocations to our lines of business.

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 181.6 million for the fourth quarter of 2024, compared to 195.5 million for the fourth quarter of 2023. Shares outstanding totaled 178.6 million at December 31, 2024. During the fourth quarter of 2024, the company executed accelerated share repurchase agreements totaling $471.0 million.

Capital Management

At December 31, 2024, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 430 percent, and the holding companies had available holding company liquidity of $1,987.0 million.

Book Value

Book value per common share as of December 31, 2024 was $61.38, compared to $49.91 at December 31, 2023. Book value per common share excluding AOCI as of December 31, 2024 was $75.51, compared to $67.02 at December 31, 2023.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 21.6 percent in the fourth quarter of 2024, and 21.0 percent for full year 2024.

Outlook

Full-year 2025 outlook of an increase in after-tax adjusted operating income per share of 8 percent to 12 percent when comparing to the full-year 2024 result of $8.44 per share.

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, amortization of the cost of reinsurance, non-contemporaneous reinsurance, reserve assumption updates, as well as certain other items, as applicable;

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

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. 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, February 5, 2025, at 8:00 a.m. Eastern Time to discuss the results of operations for the fourth quarter of 2024, and outlook for 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/Q4I330796148. 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 February 12, 2025 by using the registration URL noted above.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the fourth quarter of 2024 and the 2025 Outlook presentation are available on the “Investors” section of the Company’s website.

#

ABOUT UNUM GROUP

Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 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 and core operations premium growth, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5)changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11)

changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.

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

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

( in millions, except share data)
				Year Ended December 31
		2023		2024		2023
Revenue
Premium Income	2,631.1	$	2,551.7	$	10,497.4	$	10,046.0
Net Investment Income		530.8		2,130.0		2,096.7
Net Investment Loss		(6.0)		(34.6)		(36.0)
Other Income		68.6		294.5		279.2
Total Revenue		3,145.1		12,887.3		12,385.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain		1,820.1		6,917.9		7,257.1
Commissions		300.4		1,258.6		1,170.1
Interest and Debt Expense		49.2		201.1		194.8
Deferral of Acquisition Costs		(164.7)		(651.5)		(632.2)
Amortization of Deferred Acquisition Costs		122.7		521.0		481.4
Other Expenses		588.7		2,388.9		2,274.6
Total Benefits and Expenses		2,716.4		10,636.0		10,745.8
Income Before Income Tax		428.7		2,251.3		1,640.1
Income Tax Expense		98.1		472.2		356.3
Net Income	348.7	$	330.6	$	1,779.1	$	1,283.8
PER SHARE INFORMATION
Net Income Per Common Share
Basic	1.93	$	1.70	$	9.49	$	6.53
Assuming Dilution	1.92	$	1.69	$	9.46	$	6.50
Weighted Average Common Shares - Basic (000s)		194,723.8		187,497.7		196,659.7
Weighted Average Common Shares - Assuming Dilution (000s)		195,476.2		188,069.2		197,602.0
Outstanding Shares - (000s)				178,589.0		193,372.1

All values are in US Dollars.

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended December 31
	2024				2023
	(in millions)		per share *		(in millions)		per share *
Net Income	$	348.7	$	1.92	$	330.6	$	1.69
Excluding:
Net Investment Loss (net of tax benefit of $1.9; $1.4)	(8.2)		(0.04)		(4.6)		(0.02)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.3)	(8.1)		(0.04)		(8.7)		(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.0; $1.8)	(3.9)		(0.03)		(6.6)		(0.04)
After-tax Adjusted Operating Income	$	368.9	$	2.03	$	350.5	$	1.79
	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									December 31
---	---	---	---	---	---	---	---	---
	2024				2023
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,961.1	$	61.38	$	9,651.4	$	49.91
Excluding:
Net Unrealized Loss on Securities	(2,755.2)		(15.43)		(1,919.1)		(9.92)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,185.4		6.64		(648.4)		(3.35)
Net Loss on Derivatives	(270.7)		(1.51)		(73.7)		(0.39)
Subtotal	12,801.6		71.68		12,292.6		63.57
Excluding:
Foreign Currency Translation Adjustment	(343.0)		(1.93)		(321.1)		(1.66)
Subtotal	13,144.6		73.61		12,613.7		65.23
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(340.2)		(1.90)		(345.7)		(1.79)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,484.8	$	75.51	$	12,959.4	$	67.02
	Year Ended
---	---	---	---	---	---	---	---	---
	December 31, 2024			December 31, 2023
		Premium Income		Premium Income, Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK		$	794.9	£	568.3	1.279	$	726.9
Unum Poland		154.6		zł	495.5	0.251	124.4
Total		949.5					851.3
Unum US		6,883.2		$	6,579.2		6,579.2
Colonial Life		1,783.9		$	1,726.1		1,726.1
Core Operations		$	9,616.6				$	9,156.6

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.

10

Document

Unum Group

Statistical Supplement Fourth Quarter 2024

TABLE OF CONTENTS

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

Interim Results are Unaudited

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

Unum Group Financial Highlights

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Consolidated U.S. GAAP Results¹
Premium Income	$	2,631.1		$	2,551.7		$	10,497.4		$	10,046.0		$	9,616.5
Adjusted Operating Revenue	$	3,246.7		$	3,151.1		$	12,921.9		$	12,421.9		$	11,999.8
Net Investment Loss	(10.1)			(6.0)			(34.6)			(36.0)			(15.7)
Total Revenue	$	3,236.6		$	3,145.1		$	12,887.3		$	12,385.9		$	11,984.1
Net Income	$	348.7		$	330.6		$	1,779.1		$	1,283.8		$	1,407.2
Net Income Per Common Share:
Basic	$	1.93		$	1.70		$	9.49		$	6.53		$	7.01
Assuming Dilution	$	1.92		$	1.69		$	9.46		$	6.50		$	6.96
Assets							$	61,959.3		$	63,255.2		$	61,148.5
Liabilities							$	50,998.2		$	53,603.8		$	52,413.5
Stockholders' Equity							$	10,961.1		$	9,651.4		$	8,735.0
Adjusted Stockholders' Equity							$	12,801.6		$	12,292.6		$	11,459.1
Adjusted Operating Return on Equity
Unum US	23.0		%	24.3		%	25.2		%	23.1		%	16.4		%
Unum International	14.6		%	16.1		%	15.6		%	16.5		%	20.7		%
Colonial Life	20.2		%	15.5		%	19.7		%	18.1		%	19.9		%
Core Operating Segments	21.4		%	21.1		%	22.7		%	21.2		%	17.7		%
Consolidated	11.4		%	11.5		%	12.7		%	12.7		%	11.8		%
Traditional U.S. Life Insurance Companies' Statutory Results2
---	---	---	---	---	---	---	---	---	---	---
Net Gain from Operations, After Tax	$	304.8	$	228.9	$	1,337.0	$	1,351.5	$	965.4
Net Realized Capital Gain (Loss), After Tax	(13.7)		(17.0)		(14.6)		(21.6)		—
Net Income	$	291.1	$	211.9	$	1,322.4	$	1,329.9	$	965.4
Capital and Surplus					$	3,911.1	$	3,751.3	$	3,816.3
Weighted Average Risk-based Capital Ratio					~ 430%		~ 415%		~ 420%
1 Generally Accepted Accounting Principles
2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, First Unum Life Insurance Company, Colonial Life & Accident Insurance Company, The Paul Revere Life Insurance Company, Unum Insurance Company, Provident Life and Casualty Insurance Company, and Starmount Life Insurance Company.

Unum Group Capital Metrics

	12/31/2024				12/31/2023				12/31/2022
	(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,961.1	$	61.38	$	9,651.4	$	49.91	$	8,735.0	$	44.17
Excluding:
Net Unrealized Loss on Securities	(2,755.2)		(15.43)		(1,919.1)		(9.92)		(3,028.4)		(15.31)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,185.4		6.64		(648.4)		(3.35)		313.9		1.59
Net Loss on Derivatives	(270.7)		(1.51)		(73.7)		(0.39)		(9.6)		(0.05)
Subtotal	12,801.6		71.68		12,292.6		63.57		11,459.1		57.94
Excluding:
Foreign Currency Translation Adjustment	(343.0)		(1.93)		(321.1)		(1.66)		(390.1)		(1.98)
Subtotal	13,144.6		73.61		12,613.7		65.23		11,849.2		59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(340.2)		(1.90)		(345.7)		(1.79)		(334.1)		(1.69)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,484.8	$	75.51	$	12,959.4	$	67.02	$	12,183.3	$	61.61
Dividends Paid	$	296.6	$	1.57	$	277.1	$	1.39	$	255.3	$	1.26
				Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
		12/31/2023		12/31/2024			12/31/2023			12/31/2022
Shares Repurchased (millions)		1.8		15.7			5.7			5.7
Cost of Shares Repurchased (millions)1	474.5	$	76.6	$	979.3		$	252.0		$	200.1
Price (UNM closing price on last trading day of period)				$	73.03		$	45.22		$	41.03
Leverage Ratio				22.9		%	22.1		%	23.4		%
Holding Company Liquidity (millions)				$	1,987		$	1,650		$	1,571
1Includes 80.3 million related to shares which settled in February 2025 in connection with the November 2024 accelerated share repurchase agreement (ASR) for the three months and year ended December 31, 2024, commissions of a de minimis amount for the three months ended December 31, 2024 and 2023, and year ended December 31, 2024, and 0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of 3.5 million and 8.3 million for the three months and year ended December 31, 2024, respectively, 0.7 million, and 1.9 million for the three months and year ended December 31, 2023, respectively, and no excise tax for the three months ended or year ended December 31, 2022.

All values are in US Dollars.

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				Year Ended
	12/31/2024		12/31/2023		12/31/2024		12/31/2023		12/31/2022
Revenue
Premium Income	$	2,631.1	$	2,551.7	$	10,497.4	$	10,046.0	$	9,616.5
Net Investment Income	543.6		530.8		2,130.0		2,096.7		2,122.2
Net Investment Loss	(10.1)		(6.0)		(34.6)		(36.0)		(15.7)
Other Income	72.0		68.6		294.5		279.2		261.1
Total Revenue	3,236.6		3,145.1		12,887.3		12,385.9		11,984.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,861.2		1,820.1		6,917.9		7,257.1		6,994.6
Commissions	310.8		300.4		1,258.6		1,170.1		1,086.4
Interest and Debt Expense	52.5		49.2		201.1		194.8		188.5
Cost Related to Early Retirement of Debt	—		—		—		—		4.2
Deferral of Acquisition Costs	(156.2)		(164.7)		(651.5)		(632.2)		(556.9)
Amortization of Deferred Acquisition Costs	133.1		122.7		521.0		481.4		421.1
Other Expenses	589.7		588.7		2,388.9		2,274.6		2,096.2
Total Benefits and Expenses	2,791.1		2,716.4		10,636.0		10,745.8		10,234.1
Income Before Income Tax	445.5		428.7		2,251.3		1,640.1		1,750.0
Income Tax Expense	96.8		98.1		472.2		356.3		342.8
Net Income	$	348.7	$	330.6	$	1,779.1	$	1,283.8	$	1,407.2
Weighted Average Shares Outstanding
Basic	181.0		194.7		187.5		196.7		200.6
Assuming Dilution	181.6		195.5		188.1		197.6		202.1
Actual Number of Shares Outstanding					178.6		193.4		197.8

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Year Ended
	12/31/2024		12/31/2023		% Change		12/31/2024		12/31/2023		12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	154.5	$	136.6	13.1	%	$	298.3	$	292.7	$	295.3
Group Short-term Disability	122.4		112.4		8.9		216.5		229.5		184.3
Group Life and AD&D	210.3		152.5		37.9		361.5		305.4		232.4
Subtotal	487.2		401.5		21.3		876.3		827.6		712.0
Supplemental and Voluntary
Voluntary Benefits	60.7		50.7		19.7		293.7		263.2		238.7
Individual Disability	25.6		27.9		(8.2)		101.7		108.9		90.8
Dental and Vision	51.9		41.6		24.8		95.3		84.1		73.8
Subtotal	138.2		120.2		15.0		490.7		456.2		403.3
Total Sales	$	625.4	$	521.7	19.9		$	1,367.0	$	1,283.8	$	1,115.3
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	265.5	$	266.2	(0.3)	%	$	512.6	$	521.3	$	457.5
Large Case Market	221.7		135.3		63.9		363.7		306.3		254.5
Subtotal	487.2		401.5		21.3		876.3		827.6		712.0
Supplemental and Voluntary	138.2		120.2		15.0		490.7		456.2		403.3
Total Sales	$	625.4	$	521.7	19.9		$	1,367.0	$	1,283.8	$	1,115.3

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Year Ended
(in millions of dollars)	12/31/2024		12/31/2023		% Change		12/31/2024		12/31/2023		12/31/2022
Sales by Product
Unum UK
Group Long-term Disability	$	7.0	$	9.3	(24.7)	%	$	47.3	$	48.3	$	43.3
Group Life	15.2		11.6		31.0		68.3		61.4		55.5
Supplemental	4.8		4.0		20.0		34.9		28.0		17.1
Unum Poland	11.8		9.4		25.5		36.4		33.2		17.8
Total Sales	$	38.8	$	34.3	13.1		$	186.9	$	170.9	$	133.7
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	11.1	$	10.9	1.8	%	$	41.8	$	51.2	$	42.7
Large Case Market	11.1		10.0		11.0		73.8		58.5		56.1
Subtotal	22.2		20.9		6.2		115.6		109.7		98.8
Supplemental	4.8		4.0		20.0		34.9		28.0		17.1
Unum Poland	11.8		9.4		25.5		36.4		33.2		17.8
Total Sales	$	38.8	$	34.3	13.1		$	186.9	$	170.9	$	133.7
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	5.5	£	7.5	(26.7)	%	£	37.2	£	38.8	£	34.5
Group Life	11.9		9.3		28.0		53.4		49.4		45.4
Supplemental	3.7		3.3		12.1		27.5		22.6		13.5
Total Sales	£	21.1	£	20.1	5.0		£	118.1	£	110.8	£	93.4
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	8.7	£	8.7	—	%	£	32.8	£	41.2	£	34.4
Large Case Market	8.7		8.1		7.4		57.8		47.0		45.5
Subtotal	17.4		16.8		3.6		90.6		88.2		79.9
Supplemental	3.7		3.3		12.1		27.5		22.6		13.5
Total Sales	£	21.1	£	20.1	5.0		£	118.1	£	110.8	£	93.4

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Year Ended
	12/31/2024		12/31/2023		% Change		12/31/2024		12/31/2023		12/31/2022
Sales by Product
Accident, Sickness, and Disability	$	111.2	$	115.0	(3.3)	%	$	326.3	$	329.5	$	310.6
Life	44.8		45.8		(2.2)		127.9		132.1		121.5
Cancer and Critical Illness	29.4		28.7		2.4		78.0		78.0		76.0
Total Sales	$	185.4	$	189.5	(2.2)		$	532.2	$	539.6	$	508.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	111.5	$	115.8	(3.7)	%	$	331.9	$	347.4	$	332.4
Large Case Market	27.8		30.0		(7.3)		65.1		62.3		58.1
Subtotal	139.3		145.8		(4.5)		397.0		409.7		390.5
Public Sector	46.1		43.7		5.5		135.2		129.9		117.6
Total Sales	$	185.4	$	189.5	(2.2)		$	532.2	$	539.6	$	508.1

Unum Group Consolidated Balance Sheets

	December 31
	2024		2023
Assets
Investments
Fixed Maturity Securities - at fair value	$	35,629.9	$	36,833.9
Mortgage Loans	2,224.5		2,318.2
Policy Loans	3,617.2		3,620.2
Other Long-term Investments	1,694.4		1,579.4
Short-term Investments	2,540.3		1,610.7
Total Investments	45,706.3		45,962.4
Other Assets
Cash and Bank Deposits	162.8		146.0
Accounts and Premiums Receivable	1,459.0		1,543.7
Reinsurance Recoverable	8,296.4		9,108.4
Accrued Investment Income	649.8		633.9
Deferred Acquisition Costs	2,842.8		2,714.5
Goodwill	349.1		349.9
Property and Equipment	487.6		485.3
Deferred Income Tax	369.7		649.4
Other Assets	1,635.8		1,661.7
Total Assets	$	61,959.3	$	63,255.2

Unum Group Consolidated Balance Sheets - Continued

	December 31
	2024		2023
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits	$	36,806.4	$	40,009.4
Policyholders' Account Balances	5,633.7		5,667.7
Unearned Premiums	384.0		380.2
Other Policyholders’ Funds	1,526.7		1,615.7
Income Tax Payable	226.5		190.0
Deferred Income Tax	31.0		27.0
Short-term Debt	274.6		—
Long-term Debt	3,465.2		3,430.4
Other Liabilities	2,650.1		2,283.4
Total Liabilities	50,998.2		53,603.8
Stockholders’ Equity
Common Stock	19.5		19.4
Additional Paid-in Capital	1,489.6		1,547.8
Accumulated Other Comprehensive Loss	(2,523.7)		(3,308.0)
Retained Earnings	12,914.0		11,431.5
Treasury Stock - at cost	(938.3)		(39.3)
Total Stockholders’ Equity	10,961.1		9,651.4
Total Liabilities and Stockholders’ Equity	$	61,959.3	$	63,255.2

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 Gain (Loss) on Hedges	(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

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, 2023

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	6,621.9	$	2,076.6	$	4,608.4	$	13,306.9	$	2,806.7	$	3,144.3	$	24,067.0	$	2,637.5	$	45,962.4
Deferred Acquisition Costs	63.6		48.9		1,119.7		1,232.2		46.9		1,435.4		—		—		2,714.5
Goodwill	8.9		—		271.1		280.0		42.2		27.7		—		—		349.9
Reinsurance Receivable	42.9		9.0		174.9		226.8		107.2		5.5		8,768.9		—		9,108.4
All Other	124.8		211.7		178.7		515.2		369.9		217.5		2,436.9		1,580.5		5,120.0
Total Assets	$	6,862.1	$	2,346.2	$	6,352.8	$	15,561.1	$	3,372.9	$	4,830.4	$	35,272.8	$	4,218.0	$	63,255.2
Liabilities
Future Policy Benefits	$	5,200.8	$	923.0	$	3,295.3	$	9,419.1	$	2,305.3	$	1,997.8	$	26,287.2	$	—	$	40,009.4
Policyholders' Account Balances	—		—		678.1		678.1		—		869.8		4,119.8		—		5,667.7
Unearned Premiums	1.7		6.3		46.6		54.6		151.4		44.5		129.7		—		380.2
Other Policyholders' Funds	32.3		813.0		28.6		873.9		66.0		8.0		667.8		—		1,615.7
Debt	—		—		—		—		—		—		—		3,430.4		3,430.4
All Other	32.1		51.2		152.6		235.9		84.4		60.1		505.8		1,614.2		2,500.4
Total Liabilities	5,266.9		1,793.5		4,201.2		11,261.6		2,607.1		2,980.2		31,710.3		5,044.6		53,603.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,549.7		645.1		2,274.4		4,469.2		778.0		1,799.5		5,483.5		(237.6)		12,292.6
Net Unrealized Loss on Securities and Net Gain (Loss) on Hedges	(152.0)		(114.2)		(159.2)		(425.4)		(95.5)		(108.0)		(774.9)		(589.0)		(1,992.8)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	197.5		21.8		36.4		255.7		83.3		158.7		(1,146.1)		—		(648.4)
Total Allocated Stockholders' Equity	1,595.2		552.7		2,151.6		4,299.5		765.8		1,850.2		3,562.5		(826.6)		9,651.4
Total Liabilities and Allocated Stockholders' Equity	$	6,862.1	$	2,346.2	$	6,352.8	$	15,561.1	$	3,372.9	$	4,830.4	$	35,272.8	$	4,218.0	$	63,255.2

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, 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						Year Ended
	12/31/2024		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Premium Income
Unum US	$	1,721.4	$	1,670.5	3.0	%	$	6,883.2	$	6,579.2	4.6	%
Unum International	242.4		218.1		11.1		949.5		825.2		15.1
Colonial Life	448.9		434.8		3.2		1,783.9		1,726.1		3.3
Closed Block	218.4		228.3		(4.3)		880.8		915.5		(3.8)
	2,631.1		2,551.7		3.1		10,497.4		10,046.0		4.5
Net Investment Income
Unum US	156.1		158.4		(1.5)		632.2		639.9		(1.2)
Unum International	34.3		33.2		3.3		128.8		137.2		(6.1)
Colonial Life	42.1		38.9		8.2		161.5		153.5		5.2
Closed Block	297.3		270.3		10.0		1,148.9		1,066.3		7.7
Corporate	13.8		30.0		(54.0)		58.6		99.8		(41.3)
	543.6		530.8		2.4		2,130.0		2,096.7		1.6
Other Income
Unum US	57.0		54.4		4.8		235.9		220.5		7.0
Unum International	0.4		0.6		(33.3)		1.6		1.6		—
Colonial Life	0.4		0.3		33.3		4.0		1.2		N.M.
Closed Block	14.0		12.5		12.0		51.7		52.6		(1.7)
Corporate	0.2		0.8		(75.0)		1.3		3.3		(60.6)
	72.0		68.6		5.0		294.5		279.2		5.5
Total Adjusted Operating Revenue
Unum US	1,934.5		1,883.3		2.7		7,751.3		7,439.6		4.2
Unum International	277.1		251.9		10.0		1,079.9		964.0		12.0
Colonial Life	491.4		474.0		3.7		1,949.4		1,880.8		3.6
Closed Block	529.7		511.1		3.6		2,081.4		2,034.4		2.3
Corporate	14.0		30.8		(54.5)		59.9		103.1		(41.9)
	$	3,246.7	$	3,151.1	3.0		$	12,921.9	$	12,421.9	4.0

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Year Ended
	12/31/2024		12/31/2023		% Change		12/31/2024		12/31/2023		% Change
Benefits and Expenses
Unum US	$	1,601.3	$	1,541.2	3.9	%	$	6,168.5	$	5,955.3	3.6	%
Unum International	239.5		212.5		12.7		929.6		823.8		12.8
Colonial Life	368.7		386.2		(4.5)		1,436.7		1,400.0		2.6
Closed Block	517.2		509.2		1.6		1,834.8		2,317.2		(20.8)
Corporate	64.4		67.3		(4.3)		266.4		249.5		6.8
	2,791.1		2,716.4		2.7		10,636.0		10,745.8		(1.0)
Income (Loss) Before Income Tax and Net Investment Loss
Unum US	333.2		342.1		(2.6)		1,582.8		1,484.3		6.6
Unum International	37.6		39.4		(4.6)		150.3		140.2		7.2
Colonial Life	122.7		87.8		39.7		512.7		480.8		6.6
Closed Block	12.5		1.9		N.M.		246.6		(282.8)		187.2
Corporate	(50.4)		(36.5)		38.1		(206.5)		(146.4)		41.1
	455.6		434.7		4.8		2,285.9		1,676.1		36.4
Income Tax Expense Before Net Investment Loss	98.7		99.5		(0.8)		479.8		364.1		31.8
Income Before Net Investment Loss	356.9		335.2		6.5		1,806.1		1,312.0		37.7
Net Investment Loss (net of tax benefit of $1.9; $1.4; $7.6; $7.8)	(8.2)		(4.6)		78.3		(27.0)		(28.2)		(4.3)
Net Income	$	348.7	$	330.6	5.5		$	1,779.1	$	1,283.8	38.6

Unum Group Quarterly Historical Financial Results by Segment

	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
Premium Income
Unum US	$	1,721.4	$	1,723.5	$	1,730.9	$	1,707.4	$	1,670.5	$	1,657.7	$	1,641.4	$	1,609.6
Unum International	242.4		246.6		228.8		231.7		218.1		210.6		207.9		188.6
Colonial Life	448.9		441.9		446.2		446.9		434.8		431.2		430.6		429.5
Closed Block	218.4		216.8		221.3		224.3		228.3		226.4		229.2		231.6
	2,631.1		2,628.8		2,627.2		2,610.3		2,551.7		2,525.9		2,509.1		2,459.3
Net Investment Income
Unum US	156.1		161.0		158.1		157.0		158.4		166.2		158.0		157.3
Unum International	34.3		30.4		38.0		26.1		33.2		27.3		45.8		30.9
Colonial Life	42.1		39.6		40.5		39.3		38.9		39.3		38.0		37.3
Closed Block	297.3		284.3		294.2		273.1		270.3		274.9		263.9		257.2
Corporate	13.8		12.5		14.3		18.0		30.0		18.3		25.4		26.1
	543.6		527.8		545.1		513.5		530.8		526.0		531.1		508.8
Other Income
Unum US	57.0		60.1		58.2		60.6		54.4		58.0		54.5		53.6
Unum International	0.4		0.4		0.5		0.3		0.6		0.5		0.1		0.4
Colonial Life	0.4		0.4		0.2		3.0		0.3		0.3		0.4		0.2
Closed Block	14.0		12.4		12.2		13.1		12.5		12.8		13.8		13.5
Corporate	0.2		—		0.4		0.7		0.8		—		2.3		0.2
	72.0		73.3		71.5		77.7		68.6		71.6		71.1		67.9
Total Adjusted Operating Revenue
Unum US	1,934.5		1,944.6		1,947.2		1,925.0		1,883.3		1,881.9		1,853.9		1,820.5
Unum International	277.1		277.4		267.3		258.1		251.9		238.4		253.8		219.9
Colonial Life	491.4		481.9		486.9		489.2		474.0		470.8		469.0		467.0
Closed Block	529.7		513.5		527.7		510.5		511.1		514.1		506.9		502.3
Corporate	14.0		12.5		14.7		18.7		30.8		18.3		27.7		26.3
	$	3,246.7	$	3,229.9	$	3,243.8	$	3,201.5	$	3,151.1	$	3,123.5	$	3,111.3	$	3,036.0

Unum Group Quarterly Historical Financial Results by Segment - Continued

	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
Benefits and Expenses
Unum US	$	1,601.3	$	1,437.7	$	1,589.7	$	1,539.8	$	1,541.2	$	1,395.3	$	1,510.8	$	1,508.0
Unum International	239.5		244.6		224.8		220.7		212.5		219.5		210.3		181.5
Colonial Life	368.7		322.5		370.0		375.5		386.2		287.2		353.5		373.1
Closed Block	517.2		320.4		493.4		503.8		509.2		869.0		476.6		462.4
Corporate	64.4		77.2		60.0		64.8		67.3		59.8		62.6		59.8
	2,791.1		2,402.4		2,737.9		2,704.6		2,716.4		2,830.8		2,613.8		2,584.8
Income (Loss) Before Income Tax Expense and Net Investment Gain (Loss)
Unum US	333.2		506.9		357.5		385.2		342.1		486.6		343.1		312.5
Unum International	37.6		32.8		42.5		37.4		39.4		18.9		43.5		38.4
Colonial Life	122.7		159.4		116.9		113.7		87.8		183.6		115.5		93.9
Closed Block	12.5		193.1		34.3		6.7		1.9		(354.9)		30.3		39.9
Corporate	(50.4)		(64.7)		(45.3)		(46.1)		(36.5)		(41.5)		(34.9)		(33.5)
	455.6		827.5		505.9		496.9		434.7		292.7		497.5		451.2
Income Tax Expense Before Net Investment Gain (Loss)	98.7		172.0		108.2		100.9		99.5		66.3		105.3		93.0
Income Before Net Investment Gain (Loss)	356.9		655.5		397.7		396.0		335.2		226.4		392.2		358.2
Net Investment Gain (Loss)	(10.1)		(12.9)		(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Tax Expense (Benefit) on Net Investment Gain (Loss)	(1.9)		(3.1)		(2.2)		(0.4)		(1.4)		(6.6)		0.2		—
Net Income	$	348.7	$	645.7	$	389.5	$	395.2	$	330.6	$	202.0	$	392.9	$	358.3
Net Income Per Common Share - Assuming Dilution	$	1.92	$	3.46	$	2.05	$	2.04	$	1.69	$	1.02	$	1.98	$	1.80

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income	$	1,721.4		$	1,670.5		$	6,883.2		$	6,579.2		$	6,251.4
Net Investment Income	156.1			158.4			632.2			639.9			676.3
Other Income	57.0			54.4			235.9			220.5			196.3
Total	1,934.5			1,883.3			7,751.3			7,439.6			7,124.0
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	1,024.7			995.9			3,864.7			3,808.5			3,970.9
Commissions	177.4			170.7			729.3			664.4			614.4
Deferral of Acquisition Costs	(73.5)			(84.1)			(320.9)			(314.7)			(273.1)
Amortization of Deferred Acquisition Costs	75.8			68.4			292.5			267.6			240.9
Other Expenses	396.9			390.3			1,602.9			1,529.5			1,427.5
Total	1,601.3			1,541.2			6,168.5			5,955.3			5,980.6
Income Before Income Tax and Net Investment Gains and Losses	333.2			342.1			1,582.8			1,484.3			1,143.4
Reserve Assumption Updates	—			—			(143.6)			(128.8)			(170.8)
Adjusted Operating Income	$	333.2		$	342.1		$	1,439.2		$	1,355.5		$	972.6
Operating Ratios (% of Premium Income):
Benefit Ratio1	59.5		%	59.6		%	58.2		%	59.8		%	66.3		%
Other Expense Ratio2	22.3		%	22.6		%	22.5		%	22.5		%	22.2		%
Income Ratio							23.0		%	22.6		%	18.3		%
Adjusted Operating Income Ratio	19.4		%	20.5		%	20.9		%	20.6		%	15.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	525.8		$	517.9		$	2,086.1		$	2,057.2		$	1,911.7
Group Short-term Disability	273.3			259.3			1,084.0			1,012.3			926.3
Total Premium Income	799.1			777.2			3,170.1			3,069.5			2,838.0
Net Investment Income	76.4			78.4			311.2			324.8			349.1
Other Income	57.3			53.5			232.1			211.6			191.8
Total	932.8			909.1			3,713.4			3,605.9			3,378.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	482.5			462.8			1,781.8			1,693.2			1,782.4
Commissions	60.3			57.9			244.4			230.5			211.3
Deferral of Acquisition Costs	(14.1)			(15.5)			(62.2)			(60.2)			(53.1)
Amortization of Deferred Acquisition Costs	17.9			15.5			64.7			57.6			53.0
Other Expenses	239.7			236.3			973.5			936.1			862.3
Total	786.3			757.0			3,002.2			2,857.2			2,855.9
Income Before Income Tax and Net Investment Gains and Losses	146.5			152.1			711.2			748.7			523.0
Reserve Assumption Updates	—			—			(90.0)			(121.0)			(121.0)
Adjusted Operating Income	$	146.5		$	152.1		$	621.2		$	627.7		$	402.0
Operating Ratios (% of Premium Income):
Benefit Ratio1	60.4		%	59.5		%	59.0		%	59.1		%	67.1		%
Other Expense Ratio2	28.0		%	28.4		%	28.6		%	28.5		%	28.5		%
Income Ratio							22.4		%	24.4		%	18.4		%
Adjusted Operating Income Ratio	18.3		%	19.6		%	19.6		%	20.4		%	14.2		%
Persistency:
Group Long-term Disability							93.3		%	90.8		%	90.7		%
Group Short-term Disability							91.7		%	88.9		%	88.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

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

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Group Life	$	446.8		$	424.7		$	1,784.7		$	1,679.0		$	1,669.1
Accidental Death & Dismemberment	46.8			44.3			186.1			175.5			173.7
Total Premium Income	493.6			469.0			1,970.8			1,854.5			1,842.8
Net Investment Income	21.7			21.9			88.3			90.1			100.3
Other Income	0.1			0.3			1.5			1.0			1.6
Total	515.4			491.2			2,060.6			1,945.6			1,944.7
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	329.1			325.9			1,294.2			1,347.7			1,415.9
Commissions	41.5			39.1			168.0			155.9			150.4
Deferral of Acquisition Costs	(9.6)			(9.7)			(40.6)			(38.6)			(37.3)
Amortization of Deferred Acquisition Costs	11.7			9.5			38.4			39.0			41.9
Other Expenses	60.0			58.4			243.0			229.9			231.1
Total	432.7			423.2			1,703.0			1,733.9			1,802.0
Income before Income Tax and Net Investment Gains and Losses	82.7			68.0			357.6			211.7			142.7
Reserve Assumption Update	—			—			(13.0)			—			(34.0)
Adjusted Operating Income	$	82.7		$	68.0		$	344.6		$	211.7		$	108.7
Operating Ratios (% of Premium Income):
Benefit Ratio1	66.7		%	69.5		%	66.3		%	72.7		%	78.7		%
Other Expense Ratio	12.2		%	12.5		%	12.3		%	12.4		%	12.5		%
Income Ratio							18.1		%				7.7		%
Adjusted Operating Income (Loss) Ratio	16.8		%	14.5		%	17.5		%	11.4		%	5.9		%
Persistency:
Group Life							92.0		%	89.6		%	88.9		%
Accidental Death & Dismemberment							91.2		%	88.7		%	87.9		%
1Excludes the reserve assumption update that occurred during the third quarters of 2024 and 2022.

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	214.1		$	212.7		$	879.2		$	850.1		$	833.7
Individual Disability	141.4			140.3			566.0			527.0			461.1
Dental and Vision	73.2			71.3			297.1			278.1			275.8
Total Premium Income	428.7			424.3			1,742.3			1,655.2			1,570.6
Net Investment Income	58.0			58.1			232.7			225.0			226.9
Other Income	(0.4)			0.6			2.3			7.9			2.9
Total	486.3			483.0			1,977.3			1,888.1			1,800.4
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	213.1			207.2			788.7			767.6			772.6
Commissions	75.6			73.7			316.9			278.0			252.7
Deferral of Acquisition Costs	(49.8)			(58.9)			(218.1)			(215.9)			(182.7)
Amortization of Deferred Acquisition Costs	46.2			43.4			189.4			171.0			146.0
Other Expenses	97.2			95.6			386.4			363.5			334.1
Total	382.3			361.0			1,463.3			1,364.2			1,322.7
Income Before Income Tax and Net Investment Gains and Losses	104.0			122.0			514.0			523.9			477.7
Reserve Assumption Updates - Voluntary Benefits	—			—			12.2			(10.4)			(17.0)
Reserve Assumption Updates - Individual Disability	—			—			(52.8)			2.6			1.2
Adjusted Operating Income	$	104.0		$	122.0		$	473.4		$	516.1		$	461.9
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1	47.3		%	45.1		%	43.0		%	39.8		%	43.6		%
Individual Disability1	41.0		%	44.4		%	41.0		%	44.3		%	49.3		%
Dental and Vision	73.5		%	68.7		%	73.9		%	73.1		%	71.6		%
Other Expense Ratio	22.7		%	22.5		%	22.2		%	22.0		%	21.3		%
Income Ratio							29.5		%	31.7		%	30.4		%
Adjusted Operating Income Ratio	24.3		%	28.8		%	27.2		%	31.2		%	29.4		%
Persistency:
Voluntary Benefits							76.0		%	75.5		%	75.8		%
Individual Disability							89.0		%	89.0		%	89.5		%
Dental and Vision							81.4		%	77.1		%	79.9		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Year Ended
	12/31/2024		12/31/2023		12/31/2024		12/31/2023		12/31/2022
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	105.6	$	98.6	$	418.0	$	396.1	$	376.9
Group Life	55.0		44.8		211.3		169.3		138.2
Supplemental	40.5		41.6		165.6		141.5		114.0
Unum Poland	41.3		33.1		154.6		118.3		89.7
Total Premium Income	242.4		218.1		949.5		825.2		718.8
Net Investment Income	34.3		33.2		128.8		137.2		170.1
Other Income	0.4		0.6		1.6		1.6		0.9
Total	277.1		251.9		1,079.9		964.0		889.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	169.3		146.5		656.7		579.8		549.6
Commissions	20.8		18.7		82.5		72.5		56.3
Deferral of Acquisition Costs	(4.6)		(3.8)		(17.8)		(14.6)		(12.0)
Amortization of Deferred Acquisition Costs	2.2		2.3		9.5		8.4		8.2
Other Expenses	51.8		48.8		198.7		177.7		146.1
Total	239.5		212.5		929.6		823.8		748.2
Income Before Income Tax and Net Investment Gains and Losses	37.6		39.4		150.3		140.2		141.6
Reserve Assumption Updates	—		—		7.5		17.9		(7.6)
Adjusted Operating Income	$	37.6	$	39.4	$	157.8	$	158.1	$	134.0

Unum Group Financial Results for Unum UK

	Three Months Ended						Year Ended
(in millions of pounds, except exchange rate)	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	82.4		£	79.6		£	327.0		£	318.5		£	304.6
Group Life	42.9			36.1			165.1			136.1			112.3
Supplemental	31.6			33.4			129.5			113.7			92.3
Total Premium Income	156.9			149.1			621.6			568.3			509.2
Net Investment Income	24.4			24.7			91.9			102.4			131.9
Other Income (Loss)	(0.1)			0.1			0.1			0.2			0.1
Total	181.2			173.9			713.6			670.9			641.2
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	113.1			101.2			440.2			408.5			398.4
Commissions	9.2			9.1			38.2			37.4			31.8
Deferral of Acquisition Costs	(1.0)			(0.9)			(3.8)			(3.9)			(4.2)
Amortization of Deferred Acquisition Costs	1.2			1.4			5.2			5.2			5.3
Other Expenses	31.1			32.2			122.4			115.4			95.6
Total	153.6			143.0			602.2			562.6			526.9
Income Before Income Tax and Net Investment Gains and Losses	27.6			30.9			111.4			108.3			114.3
Reserve Assumption Updates	—			—			6.4			16.3			(5.3)
Adjusted Operating Income	£	27.6		£	30.9		£	117.8		£	124.6		£	109.0
Weighted Average Pound/Dollar Exchange Rate	1.279			1.243			1.278			1.243			1.221
Operating Ratios (% of Premium Income):
Benefit Ratio1	72.1		%	67.9		%	69.8		%	69.0		%	79.3		%
Other Expense Ratio	19.8		%	21.6		%	19.7		%	20.3		%	18.8		%
Income Ratio							17.9		%	19.1		%	22.4		%
Adjusted Operating Income Ratio	17.6		%	20.7		%	19.0		%	21.9		%	21.4		%
Persistency:
Group Long-term Disability							92.0		%	92.5		%	85.1		%
Group Life							89.1		%	83.0		%	87.9		%
Supplemental							90.4		%	91.7		%	92.8		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	244.0		$	238.1		$	969.5		$	946.1		$	948.9
Life	115.4			108.4			458.0			426.5			401.1
Cancer and Critical Illness	89.5			88.3			356.4			353.5			352.0
Total Premium Income	448.9			434.8			1,783.9			1,726.1			1,702.0
Net Investment Income	42.1			38.9			161.5			153.5			152.7
Other Income	0.4			0.3			4.0			1.2			1.1
Total	491.4			474.0			1,949.4			1,880.8			1,855.8
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	210.0			231.2			804.7			798.1			826.1
Commissions	96.2			92.7			378.4			359.4			340.0
Deferral of Acquisition Costs	(78.1)			(76.8)			(312.8)			(302.9)			(271.8)
Amortization of Deferred Acquisition Costs	55.1			52.0			219.0			205.4			172.0
Other Expenses	85.5			87.1			347.4			340.0			321.4
Total	368.7			386.2			1,436.7			1,400.0			1,387.7
Income Before Income Tax and Net Investment Gains and Losses	122.7			87.8			512.7			480.8			468.1
Reserve Assumption Updates	—			—			(46.0)			(80.7)			(55.2)
Adjusted Operating Income	$	122.7		$	87.8		$	466.7		$	400.1		$	412.9
Operating Ratios (% of Premium Income):
Benefit Ratio1	46.8		%	53.2		%	47.7		%	50.9		%	51.8		%
Other Expense Ratio	19.0		%	20.0		%	19.5		%	19.7		%	18.9		%
Income Ratio							28.7		%	27.9		%	27.5		%
Adjusted Operating Income Ratio	27.3		%	20.2		%	26.2		%	23.2		%	24.3		%
Persistency:
Accident, Sickness, and Disability							73.7		%	73.6		%	73.3		%
Life							84.4		%	85.1		%	84.5		%
Cancer and Critical Illness							82.2		%	82.4		%	82.3		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024, 2023, and 2022.

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Year Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023			12/31/2022
Adjusted Operating Revenue
Premium Income
Long-term Care	$	174.6		$	174.8		$	696.1		$	696.0		$	697.4
All Other	43.8			53.5			184.7			219.5			246.9
Total Premium Income	218.4			228.3			880.8			915.5			944.3
Net Investment Income	297.3			270.3			1,148.9			1,066.3			1,070.6
Other Income	14.0			12.5			51.7			52.6			58.0
Total	529.7			511.1			2,081.4			2,034.4			2,072.9
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain	457.2			446.6			1,591.8			2,070.7			1,648.0
Commissions	16.4			18.3			68.4			73.8			75.7
Other Expenses	43.6			44.3			174.6			172.7			172.3
Total	517.2			509.2			1,834.8			2,317.2			1,896.0
Income (Loss) Before Income Tax and Net Investment Gains and Losses	12.5			1.9			246.6			(282.8)			176.9
Amortization of the Cost of Reinsurance	10.3			11.0			41.4			44.1			50.3
Non-Contemporaneous Reinsurance	4.9			8.4			25.1			34.8			34.4
Reserve Assumption Updates - Long-term Care	—			—			(174.1)			368.1			(2.9)
Reserve Assumption Updates - All Other	—			—			(1.2)			0.7			(6.8)
Adjusted Operating Income	$	27.7		$	21.3		$	137.8		$	164.9		$	251.9
Long-term Care Net Premium Ratio							94.6		%	93.5		%	85.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1	15.2		%	14.6		%	15.1		%	14.0		%	12.9		%
Income (Loss) Ratio	5.7		%	0.8		%	28.0		%	(30.9)		%	18.7		%
Adjusted Operating Income Ratio	12.7		%	9.3		%	15.6		%	18.0		%	26.7		%
Long-term Care Persistency							95.8		%	95.6		%	95.7		%
1Excludes amortization of the cost of reinsurance.

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Year Ended
	12/31/2024		12/31/2023		12/31/2024		12/31/2023		12/31/2022
Adjusted Operating Revenue
Net Investment Income	$	13.8	$	30.0	$	58.6	$	99.8	$	52.5
Other Income	0.2		0.8		1.3		3.3		4.8
Total	14.0		30.8		59.9		103.1		57.3
Interest, Debt, and Other Expenses	64.4		67.3		266.4		249.5		221.6
Loss Before Income Tax and Net Investment Gains and Losses	(50.4)		(36.5)		(206.5)		(146.4)		(164.3)
Loss on Legal Settlement	—		—		15.3		—		—
Adjusted Operating Loss	$	(50.4)	$	(36.5)	$	(191.2)	$	(146.4)	$	(164.3)

Unum Group Investments

	12/31/2024						12/31/2024			12/31/2023
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	23,163.2		65.0	%	Earned Book Yield	4.44		%	4.45		%
Mortgage-Backed/Asset-Backed Securities1	917.2			2.6		Average Duration (in years)	8.28			8.41
Private Placements	5,515.7			15.5
High Yield	1,436.2			4.0
Government Securities	1,298.6			3.7
Municipal Securities	3,291.4			9.2
Redeemable Preferred Stocks	7.6			—
Total	$	35,629.9		100.0	%
	Amortized Cost			Fair Value		Private Equity Partnerships	12/31/2024			12/31/2023
Quality Ratings of Fixed Maturity Securities						Private Credit Partnerships	$	289.2		$	283.6
Aaa	2.9		%	2.9	%	Private Equity Partnerships	640.2			571.9
Aa	15.4			14.8		Real Asset Partnerships	521.2			470.7
A	30.5			30.9		Total	$	1,450.6		$	1,326.2
Baa	47.3			47.4
Below Baa	3.9			4.0
Total	100.0		%	100.0	%	Non-Current Investments	$	13.0		$	—

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

Unum Group Investments at December 31, 2024

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain (Loss)		Fair Value with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,470.0	$	(148.1)	$	1,749.5	$	181.7	$	720.5	$	33.6
Capital Goods	3,237.3		(152.3)		2,015.0		222.0		1,222.3		69.7
Communications	2,171.8		(107.1)		1,103.1		193.1		1,068.7		86.0
Consumer Cyclical	1,366.3		(114.1)		1,043.3		132.6		323.0		18.5
Consumer Non-Cyclical	6,256.1		(545.0)		4,457.5		648.3		1,798.6		103.3
Energy	2,514.2		(18.2)		1,044.8		109.6		1,469.4		91.4
Financial Institutions	3,832.6		(353.5)		3,281.1		374.2		551.5		20.7
Mortgage/Asset-Backed1	917.2		(32.2)		485.8		37.2		431.4		5.0
Sovereigns	768.1		(144.0)		438.2		153.5		329.9		9.5
Technology	1,363.6		(135.7)		1,192.7		144.6		170.9		8.9
Transportation	1,617.9		(136.6)		1,234.3		155.1		383.6		18.5
U.S. Government Agencies and Municipalities	3,821.9		(518.3)		2,597.0		597.7		1,224.9		79.4
Public Utilities	5,292.9		(232.1)		2,831.2		364.4		2,461.7		132.3
Total	$	35,629.9	$	(2,637.2)	$	23,473.5	$	3,314.0	$	12,156.4	$	676.8
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	$	5,626.9	$	(188.9)			$	329.3	$	(4.8)
91 through 180 days	840.7		(56.6)				42.6		(1.2)
181 through 270 days	16.5		(3.1)				0.0		—
271 days to 1 year	170.3		(15.2)				5.0		(0.1)
Greater than 1 year	15,954.6		(2,972.4)				487.6		(71.7)
Total	$	22,609.0	$	(3,236.2)			$	864.5	$	(77.8)

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

Appendix to Statistical Supplement

2024 Significant Items:

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

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

2023 Significant Items

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

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

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in a net reserve reduction of $243.3 million before tax, or $192.1 million after tax.

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

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

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

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

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

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.

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
	December 31		September 30		June 30		March 31		December 31		September 30		June 30		March 31
	2024								2023
Total Revenue	$	3,236.6	$	3,217.0	$	3,233.4	$	3,200.3	$	3,145.1	$	3,092.5	$	3,112.2	$	3,036.1
Excluding:
Net Investment Gain (Loss)	(10.1)		(12.9)		(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Adjusted Operating Revenue	$	3,246.7	$	3,229.9	$	3,243.8	$	3,201.5	$	3,151.1	$	3,123.5	$	3,111.3	$	3,036.0

15.3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		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	%
Year Ended December 31, 2022
Unum US	$	768.6	$	4,675.8	16.4	%
Unum International	161.8		781.6		20.7	%
Colonial Life	325.9		1,642.5		19.9	%
Core Operating Segments	1,256.3		7,099.9		17.7	%
Closed Block	194.1		4,873.7
Corporate	(156.2)		(979.8)
Total	$	1,294.2	$	10,993.8	11.8	%

1Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented on page 15.5.

15.4

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity2		Annualized Adjusted Operating Return on Equity
Three Months Ended December 31, 2024
Unum US	$	263.3	$	4,581.8	23.0	%
Unum International	28.4		780.2		14.6	%
Colonial Life	96.8		1,914.3		20.2	%
Core Operating Segments	388.5		7,276.3		21.4	%
Closed Block	19.5		5,485.4
Corporate	(39.1)		178.4
Total	$	368.9	$	12,940.1	11.4	%
Three Months Ended December 31, 2023
Unum US	$	270.3	$	4,451.9	24.3	%
Unum International	31.2		777.0		16.1	%
Colonial Life	69.3		1,789.3		15.5	%
Core Operating Segments	370.8		7,018.2		21.1	%
Closed Block	14.1		5,354.7
Corporate	(34.4)		(198.7)
Total	$	350.5	$	12,174.2	11.5	%

2Excludes unrealized gain (loss) on securities and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented below.

Average allocated equity is computed as follows:

	12/31/2024		9/30/2024		12/31/2023		9/30/2023		12/31/2022		12/31/2021
Total Stockholders' Equity	$	10,961.1	$	10,951.4	$	9,651.4	$	9,618.1	$	8,735.0	$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,755.2)		(1,491.2)		(1,919.1)		(3,948.4)		(3,028.4)		4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,185.4		(527.0)		(648.4)		1,688.5		313.9		(8,570.7)
Net Gain (Loss) on Derivatives	(270.7)		(108.9)		(73.7)		(177.7)		(9.6)		61.8
Total Adjusted Stockholders' Equity	$	12,801.6	$	13,078.5	$	12,292.6	$	12,055.7	$	11,459.1	$	10,528.4
	Three Months Ended		Twelve Months Ended		Three Months Ended		Twelve Months Ended		Twelve Months Ended
	12/31/2024				12/31/2023				12/31/2022
Average Adjusted Stockholders' Equity	$	12,940.1	$	12,547.1	$	12,174.2	$	11,875.9	$	10,993.8

15.5

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended
	December 31					December 31
	2024				2023
	(in millions)		per share*				(in millions)		per share*
Net Income	$	348.7	$	1.92			$	330.6	$	1.69
Excluding:
Net Investment Loss (net of tax benefit of $1.9; $1.4)	(8.2)		(0.04)				(4.6)		(0.02)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.3)	(8.1)		(0.04)				(8.7)		(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.0; $1.8)	(3.9)		(0.03)				(6.6)		(0.04)
After-tax Adjusted Operating Income	$	368.9	$	2.03			$	350.5	$	1.79
*Assuming Dilution.

Reconciliation of Non-GAAP Financial Measures - Continued

	Year Ended December 31
	2024				2023				2022
	(in millions)		per share *		(in millions)		per share *		(in millions)		per share *
Net Income	$	1,779.1	$	9.46	$	1,283.8	$	6.50	$	1,407.2	$	6.96
Excluding:
Net Investment Loss (net of tax benefit of $7.6; $7.8; $3.5)	(27.0)		(0.14)		(28.2)		(0.14)		(12.2)		(0.07)
Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3; $10.6)	(32.7)		(0.17)		(34.8)		(0.18)		(39.7)		(0.20)
Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3; $7.2)	(19.9)		(0.11)		(27.5)		(0.14)		(27.2)		(0.13)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9); $51.2)	282.6		1.50		(139.3)		(0.70)		192.1		0.96
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	$	1,294.2	$	6.40
*Assuming Dilution.

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

	December 31
	2024			2023			2022
Debt	$	3,739.8		$	3,430.4		$	3,429.8
Including:
Lease Liability	69.4			62.6			67.9
Adjusted Debt and Lease Liability	$	3,809.2		$	3,493.0		$	3,497.7
Total Stockholders' Equity	$	10,961.1		$	9,651.4		$	8,735.0
Excluding:
Net Unrealized Loss on Securities	(2,755.2)			(1,919.1)			(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	1,185.4			(648.4)			313.9
Net Loss on Derivatives	(270.7)			(73.7)			(9.6)
Equity, As Adjusted	12,801.6			12,292.6			11,459.1
Debt, As Adjusted and Lease Liability	3,809.2			3,493.0			3,497.7
Total Adjusted Capital	$	16,610.8		$	15,785.6		$	14,956.8
Leverage Ratio	22.9		%	22.1		%	23.4		%	Three Months Ended
---	---	---	---	---	---	---	---	---
	December 31, 2024			December 31, 2023
		Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK		$	201.1	£	149.1	1.282	$	191.1
Unum Poland		41.3		zł	135.7	0.247	33.5
Total		242.4					224.6
Unum US		1,721.4		$	1,670.5		1,670.5
Colonial Life		448.9		$	434.8		434.8
Core Operations		$	2,412.7				$	2,329.9

15.7

	Year Ended
	December 31, 2024			December 31, 2023
		Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK		$	794.9	£	568.3	1.279	$	726.9
Unum Poland		154.6		zł	495.5	0.251	124.4
Total		949.5					851.3
Unum US		6,883.2		$	6,579.2		6,579.2
Colonial Life		1,783.9		$	1,726.1		1,726.1
Core Operations		$	9,616.6				$	9,156.6

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.

	Year Ended
	December 31, 2024
Premium Income	$	10,497.4
Unum US Group Disability Other Income1	232.1
	$	10,729.5
Expenses
Operating Expenses	$	2,388.9
Excluding:
Amortization of the Cost of Reinsurance	(41.4)
Loss on Legal Settlement	(15.3)
Adjusted Operating Expenses	$	2,332.2
Operating Expense Ratio	22.8		%
Adjusted Operating Expense Ratio	21.7		%
1Unum US Group Disability Other Income is primarily related to fee-based services.

15.8

a2025outlook

2024 Results & 2025 Outlook February 5, 2025

SAFE HARBOR STATEMENT 2 Certain information in this presentation 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 are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11) changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third party vendors, including vendors providing web and cloud based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders. For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

2024 KEY MESSAGES 3 • Top-line continued steady, disciplined growth • Strong execution and favorable backdrop drove robust margins • Continued to invest in industry leading capabilities and offerings • Free cash flow generation providing ample flexibility • Maintained strong balance sheet with record level of capital return

4 2025 KEY MESSAGES • Continued trajectory of premium growth • Sustaining product margins with disciplined approach • Expertise and digital leadership position us to win in the market • Adjusted operating earnings per share (EPS) growth of 8-12% • Strong free cash flow supporting dynamic capital deployment • Active management of LTC

Book Value per Share (excluding AOCI) Core Operations Premium 5 RESILIENT BUSINESS MODEL $6.87B $7.19B $7.47B $7.91B $8.33B $8.38B $8.48B $8.67B $9.13B $9.62B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10-yr CAGR: 4% $35.90 $39.24 $42.45 $43.98 $48.92 $51.54 $55.30 $61.61 $67.02 $75.51 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10-yr CAGR: 9% Note: Amounts presented for 2015-2020 are prior to the adoption of LDTI

4Q-24 FY-24 Unum US $333.2 $1,439.2 Unum International $37.6 $157.8 Colonial Life $122.7 $466.7 Core Operations $493.5 $2,063.7 Closed Block $27.7 $137.8 Corporate $(50.4) $(191.2) Unum Group $470.8 $2,010.3 $548M / $1,268M Capital Returned to Shareholders3 3.6% / 5.0% Premium Growth1 1. Core operations; constant currency basis 2. Statutory after-tax net gain from operations 3. Common Stock Dividends + Cost of Shares Repurchased 4. Before-tax adjusted operating earnings, in millions 2024 RESULTS (4Q / FY) $305M / $1,337M Statutory Earnings2 13.8% / 4.3% Sales Growth1 SEGMENT EARNINGS4 6 $2.03 / $8.44 Adj Operating EPS $369M / $1.6B After-tax Adj Operating Earnings

7 LTC PROTECTED AGAINST ADDITIONAL CAPITAL NEEDS • Protection measured as Fairwind excess capital plus statutory reserves relative to our best estimate of the value of the liability • LTC’s excess capital and statutory reserves, combined with actions taken to de-risk, support base and stress scenarios • Fairwind excess capital is available to manage LTC across all legal entities Assumption Change Impact Premium Rate Increases Remove $0.9B Morbidity & Mortality Improvement Remove $0.7B Policy Lapses & Mortality ↓7% $0.3B Claim Incidence ↑3% $0.3B Claim Resolutions ↓2% $0.2B New Money Rate / 30-Year UST Down to 3.25% $0.5B $2.6 billion of protection Sensitivities to key assumptions Note: Changes and impacts are relative to Fairwind best estimate liability as of 9/30/2024

Financial Outlook & Capital Plan 8

9 KEY MESSAGES Sustained sector-leading margins and solid top-line growth drive free cash flow generation and bolsters our capital optionality in 2025 FINANCIAL OUTLOOK • Core operations premium growth fueled by strong sales across all segments • Strong margins expected to sustain in 2025 maintaining high levels of earnings power • EPS expected to grow 8-12% following multiple years of double-digit growth CAPITAL PLAN • Free cash flow generation remains robust, and growing • Dynamic approach for capital return, with our expectation of $0.5-1.0B returned through share repurchase • 2025 year-end capital metrics building and well above targets

10 2025 SEGMENT OUTLOOK 1. Constant currency basis Sales Growth Premium Growth Adjusted Operating ROE Unum U.S. 5-10% 3-6% 23-25% Unum International1 8-12% 10-15% 16-18% Colonial Life 5-10% 2-4% 18-20% Core Operations1 5-10% 4-7% 21-23% Sustained margins support 8-12% EPS growth outlook in 2025

11 2025 EXPECTED FREE CASH FLOW GENERATION OF $1.3B TO $1.6B CAPITAL GENERATION 1. Net gain from operations, after-tax | 2. Non-discretionary, subject to debt management 2025 Outlook US Statutory Earnings1 $1.3-1.6B International Dividends $100-125M Service Agreements & Other $75-100M Capital Generation $1.5-1.8B EXPECTED USAGE 2025 Outlook Longer-Term Interest Expense2 ~$200M Consistent Dividends $300-330M Steady Increases Share Repurchases $0.5-1.0B Dynamic

Our capital target metrics remain constant and support an “A” financial strength rating 1. Interest payments & common stock dividend | 2. Leverage excludes certain AOCI items 12 Longer-Term Target 2024 Year-End Position 2025 Year-End Outlook Risk-Based Capital Ratio >350% ~430% 425-450% Holding Company Liquidity >1x fixed costs1 ~$500M $2.0B $2.0B+ Leverage2 <30% 22.9% 20-22% CONTINUING TO OPERATE FROM A POSITION OF CAPITAL STRENGTH AND RESILIENCY

Closing Comments and Questions 13

Appendix: • LTC Key Metrics • LTC Block Demographic Profile • Non-GAAP Reconciliations 14

15 LTC KEY METRICS Measure Why it’s Important Expectation/Measure Net Premium Ratio (NPR) Expected lifetime benefit ratio. Movement in the NPR captures claim expense trends more accurately over the long-term compared to the benefit ratio due to changes in accounting 94.6% Closed Block Earnings Indicator of health and profitability of segment. Expected claims experience and claims experience deviation not captured in NPR flows through earnings $140M - $170M Progress on Premium Rate Approvals Measures how much we’ve achieved of the rate increase program embedded in our 2024 best estimate ~50% Treasury Yield for New Money Our best estimate expectation for the 30-Year US Treasury rate over the long-term. Informs our internal analysis of statutory reserve adequacy 4.25%

16 • Our LTC block is predominately group-sponsored plans • These group policies generally have less rich benefits (less lifetime benefits, lower avg. daily benefits and less inflation protection) • Approximately 98% of the LTC block is indemnity based (not impacted by cost of care) DEMOGRAPHICS PROFILE (As of 9/30/2024) ILTC GLTC Total LTC Block Overview Average issue date 2002 2004 2003 Number of insureds (approx.) 116,000 773,000 889,000 Number of claims incurred (approx.)1 49,666 21,953 71,619 Persistency 94.7% 95.5% 95.2% Avg annual premiums/insured (approx.)2 $2,291 $553 $781 Attained Age Average attained age of ALR 78 56 59 Average attained age of DLR 87 81 85 Benefits % lifetime benefit by lives count 38% 4% 9% Avg inflated daily benefit $279 $112 $133 Average benefit period (non-lifetime) 4.3 years 3.1 years 3.2 years Average elimination period (days) 81 90 89 Inflation Protection % with 5% compound 21% 10% 11% % with < 5% compound 29% 0% 4% Simple inflation 30% 13% 16% No inflation 20% 77% 69% LTC BLOCK DEMOGRAPHIC PROFILE 1. Approved claims | 2. Average reflects nonforfeiture and paid-up insureds

NON-GAAP FINANCIAL MEASURES 17 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, 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); and • 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 provide a more comparable view of our results. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures. We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. 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.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 18

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 19

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 20

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 21

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 22

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 25