Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

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

Date of Report (Date of earliest event reported): July 30, 2024

UNUM GROUP

(Exact name of registrant as specified in its charter)

Delaware

001-11294

62-1598430

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1 Fountain Square

Chattanooga, Tennessee 37402

(Address of principal executive offices) (Zip Code)

(423) 294-1011

(Registrant's telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.10 par value

UNM

New York Stock Exchange

6.250% Junior Subordinated Notes due 2058

UNMA

New York Stock Exchange

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2024, Unum Group (the "Company") issued a news release reporting its results for the second quarter of 2024, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on July 30, 2024, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the second 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 in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On July 30, 2024, the Company issued a news release announcing that its Board of Directors has authorized the repurchase of up to $1 billion of its outstanding shares of common stock from time to time beginning on August 1, 2024. A copy of the news release concerning the share repurchase authorization is filed herewith as Exhibit 99.3 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description

99.1						News release of Unum Group dated July 30, 2024, concerning earnings for the second quarter of 2024.

99.2						Statistical Supplement of Unum Group for the second quarter of 2024.

99.3						News release of Unum Group dated July 30, 2024, concerning share repurchase authorization.

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

SIGNATURES

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


	Unum Group
	(Registrant)


Date: July 30, 2024	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

Exhibit 99.1

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

FOR IMMEDIATE RELEASE

Contacts

MEDIA

Dottie McCallen

dmccallen@unum.com

INVESTORS

Matt Royal

Investorrelations@unum.com

Unum Group Reports Second Quarter 2024 Results

•Net income of $389.5 million ($2.05 per diluted common share) for the second quarter of 2024; after-tax adjusted operating income was $411.4 million ($2.16 per diluted common share).

•Growing top-line with core operations premium growth of 5.4 percent on a constant currency basis, and robust margins across our businesses.

•Full-year 2024 outlook for after-tax adjusted operating earnings per share increased to 10 percent to 15 percent.

•Strong balance sheet with holding company liquidity of $1.3 billion and weighted average risk-based capital ratio of approximately 470 percent, well in excess of targets; statutory operating earnings of $366.1 million.

•New share repurchase authorization of $1.0 billion effective August 1, 2024, supports dynamic approach to capital deployment; second quarter capital deployment to shareholders totaled $248.8 million, including $179.8 million of shares repurchased, and $69.0 million of common stock dividends.

•Book value per common share of $55.63 grew 18.2 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $70.76 grew 9.4 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (July 30, 2024) - Unum Group (NYSE: UNM) today reported net income of $389.5 million ($2.05 per diluted common share) for the second quarter of 2024, compared to net income of $392.9 million ($1.98 per diluted common share) for the second quarter of 2023.

Included in net income for the second quarter of 2024 are the after-tax amortization of the cost of reinsurance of $8.2 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $5.5 million ($0.03 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $8.2 million ($0.04 per diluted common share). Included in net income for the second quarter of 2023 are the after-tax amortization of the cost of reinsurance of $8.7 million ($0.04 per diluted common share), the after-tax impact of non-contemporaneous reinsurance of $7.9 million ($0.04 per diluted common share), and a net after-tax investment gain on the Company’s investment portfolio of $0.7 million (de minimis amount per diluted common share). Excluding the items above, after-tax adjusted operating income was $411.4 million ($2.16 per diluted common share) in the second quarter of 2024, compared to $408.8 million ($2.06 per diluted common share) in the second quarter of 2023.

“Our team delivered another strong quarter as we continued to execute against our growth strategy, with contributions from across the company and particularly strong results in our Group Life business. As a result of our better performance in the first half of 2024 and positive trends, we are increasing our full year after-tax adjusted operating earnings per share outlook to double digit growth,” said Richard P. McKenney, president and chief executive officer. “Reflecting on our strong performance, we have continued to invest in growth to help ensure we remain the preferred choice for our customers while consistently returning capital to our shareholders. In line with that, today, we announced a new $1 billion share repurchase program. As we enter the second half of the year, the environment for our business remains favorable, and we have the capabilities and solutions to expand our customer base, and build shareholder value.”

RESULTS BY SEGMENT

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

Unum US Segment

Unum US reported adjusted operating income of $357.5 million in the second quarter of 2024, an increase of 4.2 percent from $343.1 million in the second quarter of 2023. Premium income increased 5.5 percent to $1,730.9 million in the second quarter of 2024, compared to $1,641.4 million in the second quarter of 2023. Net investment income was $158.1 million in the second quarter of 2024, which was generally consistent to the $158.0 million in the second quarter of 2023.

Within the Unum US operating segment, the group disability line of business reported a 4.1 percent decrease in adjusted operating income to $153.2 million in the second quarter of 2024, compared to $159.8 million in the second quarter of 2023. Premium income for the group disability line of business increased 3.3 percent to $797.8 million in the second quarter of 2024, compared to $772.3 million in the second quarter of 2023, driven by favorable persistency and higher prior period sales. Net investment income decreased 3.5 percent to $78.3 million in the second quarter of 2024, compared to $81.1 million in the second quarter of 2023, due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. The benefit ratio for the second quarter of 2024 was 59.1 percent, compared to 59.4 percent in the second quarter of 2023, due primarily to favorable recoveries in our group long-term disability product line and favorable stop loss experience, partially offset by higher average new claim size in our group long-term disability product line. Group long-term disability sales were $64.8 million in the second quarter of 2024, a decrease of 1.2 percent from $65.6 million in the second quarter of 2023. Group short-term disability sales were $42.3 million in the second quarter of 2024, a decrease of 14.7 percent from $49.6 million in the second quarter of 2023. Persistency in the group long-term disability product line was 93.1 percent for the first half of 2024, compared to 91.0 percent for the first half of 2023. Persistency in the group short-term disability product line was 91.8 percent for the first half of 2024, compared to 88.6 percent for the first half of 2023.

The group life and accidental death and dismemberment line of business reported a 72.7 percent increase in adjusted operating income to $89.1 million in the second quarter of 2024, compared to $51.6 million in the second quarter of 2023. Premium income for this line of business increased 7.0 percent to $493.9 million in the second quarter of 2024, compared to the $461.8 million in the second quarter of 2023 due primarily to favorable persistency and higher prior period sales. Net investment income was $22.5 million in the second quarter of 2024, which was generally consistent with $21.9 million in the second quarter of 2023. The benefit ratio in the second quarter of 2024 was 65.4 percent, compared to 73.0 percent in the second quarter of 2023 due primarily to favorable incidence in the group life product line, partially offset by higher average claim size across all product lines. Group life and accidental death and dismemberment sales were $81.9 million in the second quarter of 2024, a decrease of 7.6 percent from $88.6 million in the second quarter of 2023. Persistency in the group life product line was 92.1 percent for the first half of 2024, compared to 89.3 percent for the first half of 2023. Persistency in the accidental death and dismemberment product line was 91.6 percent for the first half of 2024, compared to 88.1 percent for the first half of 2023.

The supplemental and voluntary line of business reported a decrease of 12.5 percent in adjusted operating income to $115.2 million in the second quarter of 2024, compared to $131.7 million in the second quarter of 2023. Premium income for the supplemental and voluntary line of business increased 7.8 percent to $439.2 million in the second quarter of 2024, compared to $407.3 million in the second quarter of 2023, due to continued impacts from the partial recapture of a previously ceded block of business in the individual disability product line as well as favorable persistency and higher prior period sales in the voluntary benefits and dental and vision product lines. Net investment income increased 4.2 percent to $57.3 million in the second quarter of 2024, compared to $55.0 million in the second


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quarter of 2023, due primarily to an increase in the yield on invested assets. The benefit ratio for the voluntary benefits product line was 45.1 percent in the second quarter of 2024, compared to 39.2 percent in the second quarter of 2023, due primarily to less favorable experience in the disability, critical illness, and hospital indemnity product lines. The benefit ratio for the individual disability product line was 39.0 percent for the second quarter of 2024, compared to 42.1 percent in the second quarter of 2023, due primarily to favorable recoveries. The benefit ratio for the dental and vision product line was 75.3 percent for the second quarter of 2024, compared to 76.2 percent in the second quarter of 2023, due primarily to lower average claim size and claims incidence. Relative to the second quarter of 2023, sales in the voluntary benefits product line increased 27.0 percent in the second quarter of 2024 to $79.5 million. Sales in the individual disability product line decreased 11.1 percent to $25.5 million in the second quarter of 2024. Sales in the dental and vision product line decreased 1.5 percent in the second quarter of 2024 to $19.2 million. Persistency in the voluntary benefits product line was 76.3 percent for the first half of 2024, compared to 74.4 percent for the first half of 2023. Persistency in the individual disability product line was 89.0 percent for the first half of 2024, compared to 89.3 percent for the first half of 2023. Persistency in the dental and vision product line was 81.1 percent for the first half of 2024, compared to 76.1 percent for the first half of 2023.

Unum International Segment

The Unum International segment reported adjusted operating income of $42.5 million in the second quarter of 2024, a decrease of 2.3 percent from $43.5 million in the second quarter of 2023. Premium income increased 10.1 percent to $228.8 million in the second quarter of 2024, compared to $207.9 million in the second quarter of 2023. Net investment income decreased 17.0 percent to $38.0 million in the second quarter of 2024, compared to $45.8 million in the second quarter of 2023. Sales increased 6.1 percent to $64.3 million in the second quarter of 2024, compared to $60.6 million in the second quarter of 2023.

The Unum UK line of business reported adjusted operating income, in local currency, of £32.5 million in the second quarter of 2024, a decrease of 5.2 percent from £34.3 million in the second quarter of 2023. Premium income was £151.8 million in the second quarter of 2024, an increase of 6.1 percent from £143.1 million in the second quarter of 2023, due primarily to in-force block growth. Net investment income was £27.9 million in the second quarter of 2024, a decrease of 19.1 percent from £34.5 million in the second quarter of 2023, due primarily to lower investment income from inflation index-linked bonds. The benefit ratio was 69.5 percent in the second quarter of 2024, compared to 72.3 percent in the second quarter of 2023, due primarily to favorable recoveries in the group long-term disability product line. Sales increased 5.7 percent to £44.3 million in the second quarter of 2024, compared to £41.9 million in the second quarter of 2023. Persistency in the group long-term disability product line was 92.7 percent for the first half of 2024, compared to 90.9 percent for the first half of 2023. Persistency in the group life product line was 88.2 percent for the first half of 2024, compared to 82.6 percent for the first half of 2023. Persistency in the supplemental product line was 89.4 percent for the first half of 2024, compared to 90.0 percent for the first half of 2023.

Colonial Life Segment

Colonial Life reported adjusted operating income of $116.9 million in the second quarter of 2024, a 1.2 percent increase compared to $115.5 million in the second quarter of 2023. Premium income increased 3.6 percent to $446.2 million in the second quarter of 2024, compared to $430.6 million in the second quarter of 2023, due to higher prior period sales and favorable persistency. Net investment income increased to $40.5 million in the second quarter of 2024, compared to $38.0 million in the second quarter of 2023, due primarily to an increase in the yield on invested assets and the level of invested assets. The benefit ratio was 47.8 percent in the second quarter of 2024, compared to 48.3 percent in the second quarter of 2023, primarily due to favorable benefit experience in the life and accident, sickness, and disability product lines. Sales increased 0.7 percent to $122.9 million in the second quarter of 2024, compared to $122.0 million in the second quarter of 2023. Persistency in the Colonial Life segment was 78.2 percent for the first half of 2024, compared to 77.5 percent for the first half of 2023.


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Closed Block Segment

The Closed Block segment reported adjusted operating income of $51.6 million in the second quarter of 2024, which excludes the amortization of cost of reinsurance of $10.3 million and the impact of non-contemporaneous reinsurance of $7.0 million related to the Closed Block individual disability reinsurance transaction, compared to $51.2 million in the second quarter of 2023, which excludes the amortization of cost of reinsurance of $11.0 million and the impact of non-contemporaneous reinsurance of $9.9 million related to the Closed Block individual disability reinsurance transaction. Premium income for this segment is largely driven by our long-term care product line, and in the second quarter of 2024, premium income for long-term care was generally consistent with the same period of 2023. Net investment income increased 11.5 percent to $294.2 million in the second quarter of 2024, compared to $263.9 million in the second quarter of 2023, primarily due 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.

The net premium ratio for the long-term care product line increased to 93.7 percent at June 30, 2024 from 86.1 percent at June 30, 2023, due primarily to the impacts of the reserve assumption updates in the third quarter of 2023. Benefits were unfavorable during the second quarter of 2024 relative to the same period of 2023 driven primarily by the increase in current period benefit expense resulting from the higher net premium ratio and the impact of capped cohorts. Compared to March 31, 2024, the net premium ratio decreased from 93.8 percent to 93.7 percent due to the impacts of favorable experience in uncapped cohorts. Overall claim experience improved sequentially and was relatively in line with our communicated guidance of short-term elevated experience.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $45.3 million in the second quarter of 2024, compared to an adjusted operating loss of $34.9 million in the second quarter of 2023, due primarily to a decrease in net investment income, driven by increased allocation to our lines of business.


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OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 190.3 million for the second quarter of 2024, compared to 198.1 million for the second quarter of 2023. Shares outstanding totaled 188.1 million at June 30, 2024. During the second quarter of 2024, the Company repurchased 3.5 million shares at a total cost of $179.8 million.

Capital Management

At June 30, 2024, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 470 percent, and the holding companies had available holding company liquidity of $1,281.0 million.

Book Value

Book value per common share as of June 30, 2024 was $55.63, compared to $47.06 at June 30, 2023. Book value per common share excluding AOCI as of June 30, 2024 was $70.76, compared to $64.66 at June 30, 2023.

Effective Tax Rate

The effective tax rate on adjusted operating earnings was 21.4 percent in the second quarter of 2024.

Outlook

Full-year 2024 outlook increased due to the strong first half of the year, and the expectations that trends will continue for the second half of 2024. Previous outlook of an increase in after-tax adjusted operating income per share of 7 percent to 9 percent increased to 10 percent to 15 percent.

NON-GAAP FINANCIAL MEASURES

We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. 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;

•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. 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.

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.


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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 Accounting Standards Update 2018-12 (ASU 2018-12). Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in other comprehensive income (loss). While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, July 31, 2024, at 8:00 am (Eastern Time) to discuss the results of operations for the second quarter of 2024. 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/Q4I330796246. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, August 7 by dialing 1-800-770-2030 (U.S.) or 1-609-800-9909 (all other locations) - access code 33079.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the second quarter of 2024 is 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, vision and stop-loss insurance; leave and absence management support; and behavioral health services. In 2023, Unum Group reported revenues of more than $12 billion and paid approximately $8 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.

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


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SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues 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 environmental, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 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.


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Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)


($ in millions, except share data)
	Three Months Ended June 30				Six Months Ended June 30
	2024		2023		2024		2023

Revenue
Premium Income	$	2,627.2	$	2,509.1	$	5,237.5	$	4,968.4
Net Investment Income	545.1		531.1		1,058.6		1,039.9



Net Investment Gain (Loss)	(10.4)		0.9		(11.6)		1.0
Other Income	71.5		71.1		149.2		139.0
Total Revenue	3,233.4		3,112.2		6,433.7		6,148.3

Benefits and Expenses


Policy Benefits Including Remeasurement Gain	1,809.5		1,753.6		3,594.8		3,490.0
Commissions	319.1		286.1		632.7		580.0
Interest and Debt Expense	49.9		48.9		99.4		97.0

Deferral of Acquisition Costs	(165.1)		(156.5)		(332.0)		(314.2)
Amortization of Deferred Acquisition Costs	127.9		113.7		254.1		229.6
Other Expenses	596.6		568.0		1,193.5		1,116.2
Total Benefits and Expenses	2,737.9		2,613.8		5,442.5		5,198.6

Income Before Income Tax	495.5		498.4		991.2		949.7
Income Tax Expense	106.0		105.5		206.5		198.5

Net Income	$	389.5	$	392.9	$	784.7	$	751.2

PER SHARE INFORMATION

Net Income Per Common Share
Basic	$	2.05	$	1.99	$	4.10	$	3.80
Assuming Dilution	$	2.05	$	1.98	$	4.09	$	3.78

Weighted Average Common Shares - Basic (000s)	189,894.1		197,180.4		191,302.5		197,641.3
Weighted Average Common Shares - Assuming Dilution (000s)	190,329.3		198,136.5		191,878.5		198,823.8
Outstanding Shares - (000s)					188,114.9		196,459.0


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Reconciliation of Non-GAAP Financial Measures


	Three Months Ended June 30
	2024				2023
	(in millions)		per share *		(in millions)		per share *
Net Income	$	389.5	$	2.05	$	392.9	$	1.98
Excluding:


Net Investment Gain (Loss) (net of tax expense (benefit) of $(2.2); $0.2)	(8.2)		(0.04)		0.7		—

Amortization of the Cost of Reinsurance (net of tax benefit of $2.1; $2.3)	(8.2)		(0.04)		(8.7)		(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.5; $2.0)	(5.5)		(0.03)		(7.9)		(0.04)

After-tax Adjusted Operating Income	$	411.4	$	2.16	$	408.8	$	2.06

* Assuming Dilution


	June 30
	2024				2023
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,464.6	$	55.63	$	9,245.9	$	47.06
Excluding:
Net Unrealized Loss on Securities	(2,723.8)		(14.48)		(2,762.6)		(14.06)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	712.3		3.79		0.1		—
Net Loss on Derivatives	(164.6)		(0.87)		(33.3)		(0.17)
Subtotal	12,640.7		67.19		12,041.7		61.29
Excluding:
Foreign Currency Translation Adjustment	(328.4)		(1.75)		(327.1)		(1.67)
Subtotal	12,969.1		68.94		12,368.8		62.96
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(341.7)		(1.82)		(334.7)		(1.70)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,310.8	$	70.76	$	12,703.5	$	64.66


						9


	Three Months Ended
	June 30, 2024		June 30, 2023
	Premium Income		Premium Income in Local Currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	191.7	£	143.1	1.263	$	180.7
Unum Poland	37.1		zł	119.1	0.250	29.8
Total	228.8					210.5
Unum US	1,730.9		$	1,641.4		1,641.4
Colonial Life	446.2		$	430.6		430.6
Core Operations	$	2,405.9				$	2,282.5

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

Unum Group

Statistical Supplement Second 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			9
			Unum US			9
			Unum International			10
			Colonial Life			11
			Closed Block			12
			Corporate			13
			Investments			14
			Appendix to Statistical Supplement			15




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

			N.M. = not a meaningful percentage

Unum Group Financial Highlights


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Consolidated U.S. GAAP Results¹
Premium Income	$	2,627.2		$	2,509.1		$	5,237.5		$	4,968.4		$	10,046.0		$	9,616.5

Adjusted Operating Revenue	$	3,243.8		$	3,111.3		$	6,445.3		$	6,147.3		$	12,421.9		$	11,999.8
Net Investment Gain (Loss)	(10.4)			0.9			(11.6)			1.0			(36.0)			(15.7)
Total Revenue	$	3,233.4		$	3,112.2		$	6,433.7		$	6,148.3		$	12,385.9		$	11,984.1

Net Income	$	389.5		$	392.9		$	784.7		$	751.2		$	1,283.8		$	1,407.2
Net Income Per Common Share:
Basic	$	2.05		$	1.99		$	4.10		$	3.80		$	6.53		$	7.01
Assuming Dilution	$	2.05		$	1.98		$	4.09		$	3.78		$	6.50		$	6.96

Assets							$	62,044.4		$	61,904.4		$	63,255.2		$	61,148.5
Liabilities							$	51,579.8		$	52,658.5		$	53,603.8		$	52,413.5
Stockholders' Equity							$	10,464.6		$	9,245.9		$	9,651.4		$	8,735.0
Adjusted Stockholders' Equity							$	12,640.7		$	12,041.7		$	12,292.6		$	11,459.1

Adjusted Operating Return on Equity
Unum US	25.5		%	24.3		%	26.3		%	22.3		%	23.1		%	16.4		%
Unum International	17.6		%	18.2		%	16.0		%	17.5		%	16.5		%	20.7		%
Colonial Life	20.1		%	21.5		%	20.0		%	19.5		%	18.1		%	19.9		%
Core Operating Segments	23.2		%	22.9		%	23.6		%	21.1		%	21.2		%	17.7		%
Consolidated	13.1		%	13.8		%	13.2		%	13.3		%	12.7		%	11.8		%




Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	366.1	$	313.7	$	716.6	$	589.9	$	1,351.5	$	965.4
Net Realized Capital Loss, After Tax	(12.4)		(0.5)		(4.6)		(0.5)		(21.6)		—

Net Income	$	353.7	$	313.2	$	712.0	$	589.4	$	1,329.9	$	965.4

Capital and Surplus					$	4,403.9	$	4,201.5	$	3,751.3	$	3,816.3

Weighted Average Risk-based Capital Ratio					~ 470%		~ 450%		~ 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, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

Unum Group Capital Metrics


	6/30/2024				6/30/2023				12/31/2023				12/31/2022
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share

Total Stockholders' Equity (Book Value)	$	10,464.6	$	55.63	$	9,245.9	$	47.06	$	9,651.4	$	49.91	$	8,735.0	$	44.17
Excluding:
Net Unrealized Loss on Securities	(2,723.8)		(14.48)		(2,762.6)		(14.06)		(1,919.1)		(9.92)		(3,028.4)		(15.31)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	712.3		3.79		0.1		—		(648.4)		(3.35)		313.9		1.59
Net Loss on Derivatives	(164.6)		(0.87)		(33.3)		(0.17)		(73.7)		(0.39)		(9.6)		(0.05)
Subtotal	12,640.7		67.19		12,041.7		61.29		12,292.6		63.57		11,459.1		57.94
Excluding:
Foreign Currency Translation Adjustment	(328.4)		(1.75)		(327.1)		(1.67)		(321.1)		(1.66)		(390.1)		(1.98)
Subtotal	12,969.1		68.94		12,368.8		62.96		12,613.7		65.23		11,849.2		59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(341.7)		(1.82)		(334.7)		(1.70)		(345.7)		(1.79)		(334.1)		(1.69)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	13,310.8	$	70.76	$	12,703.5	$	64.66	$	12,959.4	$	67.02	$	12,183.3	$	61.61

Dividends Paid	$	141.6	$	0.73	$	134.4	$	0.66	$	277.1	$	1.39	$	255.3	$	1.26


	Three Months Ended				Six Months Ended						Year Ended
	6/30/2024		6/30/2023		6/30/2024			6/30/2023			12/31/2023			12/31/2022
Shares Repurchased (millions)	3.5		1.1		6.0			2.4			5.7			5.7
Cost of Shares Repurchased (millions)1	$	179.8	$	47.0	$	302.8		$	100.6		$	252.0		$	200.1
Price (UNM closing price on last trading day of period)					$	51.11		$	47.70		$	45.22		$	41.03

Leverage Ratio					21.8		%	22.5		%	22.1		%	23.4		%

Holding Company Liquidity (millions)					$	1,281		$	1,072		$	1,650		$	1,571

1Includes commissions of a de minimis amount for the three and six months ended June 30, 2024, $0.1 million for the three and six months ended June 30, 2023, and $0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of $1.7 million and $2.8 million for the three and six months ended June 30, 2024, respectively, $0.4 million and $0.5 million for the three and six months ended June 30, 2023, respectively, $1.9 million for the year ended December 31, 2023, and no excise tax for the year ended December 31, 2022.

Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlooks

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

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

Starmount Life Insurance Company

Unum Limited

A-

NR = not rated

Unum Group Consolidated Statements of Income


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		12/31/2023		12/31/2022

Revenue
Premium Income	$	2,627.2	$	2,509.1	$	5,237.5	$	4,968.4	$	10,046.0	$	9,616.5
Net Investment Income	545.1		531.1		1,058.6		1,039.9		2,096.7		2,122.2
Net Investment Gain (Loss)	(10.4)		0.9		(11.6)		1.0		(36.0)		(15.7)
Other Income	71.5		71.1		149.2		139.0		279.2		261.1
Total Revenue	3,233.4		3,112.2		6,433.7		6,148.3		12,385.9		11,984.1

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,809.5		1,753.6		3,594.8		3,490.0		7,257.1		6,994.6
Commissions	319.1		286.1		632.7		580.0		1,170.1		1,086.4

Interest and Debt Expense	49.9		48.9		99.4		97.0		194.8		188.5
Cost Related to Early Retirement of Debt	—		—		—		—		—		4.2
Deferral of Acquisition Costs	(165.1)		(156.5)		(332.0)		(314.2)		(632.2)		(556.9)
Amortization of Deferred Acquisition Costs	127.9		113.7		254.1		229.6		481.4		421.1

Other Expenses	596.6		568.0		1,193.5		1,116.2		2,274.6		2,096.2
Total Benefits and Expenses	2,737.9		2,613.8		5,442.5		5,198.6		10,745.8		10,234.1

Income Before Income Tax	495.5		498.4		991.2		949.7		1,640.1		1,750.0
Income Tax Expense	106.0		105.5		206.5		198.5		356.3		342.8

Net Income	$	389.5	$	392.9	$	784.7	$	751.2	$	1,283.8	$	1,407.2

Weighted Average Shares Outstanding
Basic	189.9		197.2		191.3		197.6		196.7		200.6
Assuming Dilution	190.3		198.1		191.9		198.8		197.6		202.1

Actual Number of Shares Outstanding					188.1		196.5		193.4		197.8

Unum Group Sales Data for Unum US Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024		6/30/2023		% Change		6/30/2024		6/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	64.8	$	65.6	(1.2)	%	$	119.4	$	119.5	(0.1)	%	$	292.7	$	295.3
Group Short-term Disability	42.3		49.6		(14.7)		78.2		86.6		(9.7)		229.5		184.3
Group Life and AD&D	81.9		88.6		(7.6)		124.7		127.7		(2.3)		305.4		232.4
Subtotal	189.0		203.8		(7.3)		322.3		333.8		(3.4)		827.6		712.0
Supplemental and Voluntary
Voluntary Benefits	79.5		62.6		27.0		187.4		173.5		8.0		263.2		238.7
Individual Disability	25.5		28.7		(11.1)		46.7		55.4		(15.7)		108.9		90.8
Dental and Vision	19.2		19.5		(1.5)		30.9		28.5		8.4		84.1		73.8
Subtotal	124.2		110.8		12.1		265.0		257.4		3.0		456.2		403.3
Total Sales	$	313.2	$	314.6	(0.4)		$	587.3	$	591.2	(0.7)		$	1,283.8	$	1,115.3

Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	117.7	$	105.3	11.8	%	$	195.0	$	189.3	3.0	%	$	521.3	$	457.5
Large Case Market	71.3		98.5		(27.6)		127.3		144.5		(11.9)		306.3		254.5
Subtotal	189.0		203.8		(7.3)		322.3		333.8		(3.4)		827.6		712.0
Supplemental and Voluntary	124.2		110.8		12.1		265.0		257.4		3.0		456.2		403.3
Total Sales	$	313.2	$	314.6	(0.4)		$	587.3	$	591.2	(0.7)		$	1,283.8	$	1,115.3

Unum Group Sales Data for Unum International Segment


	Three Months Ended						Six Months Ended						Year Ended
(in millions of dollars)	6/30/2024		6/30/2023		% Change		6/30/2024		6/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Unum UK
Group Long-term Disability	$	16.8	$	20.9	(19.6)	%	$	31.9	$	30.1	6.0	%	$	48.3	$	43.3
Group Life	26.2		23.1		13.4		36.1		39.3		(8.1)		61.4		55.5
Supplemental	12.7		8.3		53.0		25.3		20.2		25.2		28.0		17.1
Unum Poland	8.6		8.3		3.6		16.6		16.8		(1.2)		33.2		17.8
Total Sales	$	64.3	$	60.6	6.1		$	109.9	$	106.4	3.3		$	170.9	$	133.7

Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	11.4	$	16.0	(28.8)	%	$	20.7	$	28.5	(27.4)	%	$	51.2	$	42.7
Large Case Market	31.6		28.0		12.9		47.3		40.9		15.6		58.5		56.1
Subtotal	43.0		44.0		(2.3)		68.0		69.4		(2.0)		109.7		98.8
Supplemental	12.7		8.3		53.0		25.3		20.2		25.2		28.0		17.1
Unum Poland	8.6		8.3		3.6		16.6		16.8		(1.2)		33.2		17.8
Total Sales	$	64.3	$	60.6	6.1		$	109.9	$	106.4	3.3		$	170.9	$	133.7

(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	13.4	£	16.8	(20.2)	%	£	25.3	£	24.3	4.1	%	£	38.8	£	34.5
Group Life	20.8		18.5		12.4		28.6		31.8		(10.1)		49.4		45.4
Supplemental	10.1		6.6		53.0		20.0		16.4		22.0		22.6		13.5
Total Sales	£	44.3	£	41.9	5.7		£	73.9	£	72.5	1.9		£	110.8	£	93.4

Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	9.0	£	12.9	(30.2)	%	£	16.4	£	23.1	(29.0)	%	£	41.2	£	34.4
Large Case Market	25.2		22.4		12.5		37.5		33.0		13.6		47.0		45.5
Subtotal	34.2		35.3		(3.1)		53.9		56.1		(3.9)		88.2		79.9
Supplemental	10.1		6.6		53.0		20.0		16.4		22.0		22.6		13.5
Total Sales	£	44.3	£	41.9	5.7		£	73.9	£	72.5	1.9		£	110.8	£	93.4

5. 1

Unum Group Sales Data for Colonial Life Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024		6/30/2023		% Change		6/30/2024		6/30/2023		% Change		12/31/2023		12/31/2022
Sales by Product
Accident, Sickness, and Disability	$	75.8	$	74.9	1.2	%	$	140.4	$	141.4	(0.7)	%	$	329.5	$	310.6
Life	29.8		30.2		(1.3)		54.6		56.4		(3.2)		132.1		121.5
Cancer and Critical Illness	17.3		16.9		2.4		30.9		31.0		(0.3)		78.0		76.0
Total Sales	$	122.9	$	122.0	0.7		$	225.9	$	228.8	(1.3)		$	539.6	$	508.1

Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	78.8	$	81.0	(2.7)	%	$	150.5	$	154.4	(2.5)	%	$	347.4	$	332.4
Large Case Market	12.1		11.7		3.4		21.3		21.8		(2.3)		62.3		58.1
Subtotal	90.9		92.7		(1.9)		171.8		176.2		(2.5)		409.7		390.5
Public Sector	32.0		29.3		9.2		54.1		52.6		2.9		129.9		117.6
Total Sales	$	122.9	$	122.0	0.7		$	225.9	$	228.8	(1.3)		$	539.6	$	508.1

5. 2

Unum Group Consolidated Balance Sheets


	June 30		December 31
	2024		2023
Assets

Investments
Fixed Maturity Securities - at fair value	$	35,952.8	$	36,833.9
Mortgage Loans	2,261.1		2,318.2
Policy Loans	3,535.2		3,620.2
Other Long-term Investments	1,646.3		1,579.4
Short-term Investments	1,793.5		1,610.7
Total Investments	45,188.9		45,962.4

Other Assets
Cash and Bank Deposits	132.7		146.0
Accounts and Premiums Receivable	1,578.5		1,543.7
Reinsurance Recoverable	8,658.9		9,108.4
Accrued Investment Income	713.9		633.9
Deferred Acquisition Costs	2,791.5		2,714.5
Goodwill	349.6		349.9
Property and Equipment	483.4		485.3
Deferred Income Tax	516.0		649.4

Other Assets	1,631.0		1,661.7

Total Assets	$	62,044.4	$	63,255.2

Unum Group Consolidated Balance Sheets - Continued


	June 30		December 31
	2024		2023
Liabilities and Stockholders' Equity

Liabilities
Future Policy Benefits	$	37,899.4	$	40,009.4
Policyholders' Account Balances	5,660.3		5,667.7
Unearned Premiums	502.8		380.2
Other Policyholders’ Funds	1,567.2		1,615.7
Income Tax Payable	156.4		190.0
Deferred Income Tax	27.2		27.0


Long-term Debt	3,470.3		3,430.4

Other Liabilities	2,296.2		2,283.4

Total Liabilities	51,579.8		53,603.8

Stockholders’ Equity
Common Stock	19.5		19.4
Additional Paid-in Capital	1,558.8		1,547.8
Accumulated Other Comprehensive Loss	(2,846.2)		(3,308.0)
Retained Earnings	12,074.6		11,431.5
Treasury Stock - at cost	(342.1)		(39.3)

Total Stockholders’ Equity	10,464.6		9,651.4

Total Liabilities and Stockholders’ Equity	$	62,044.4	$	63,255.2

6. 1

Unum Group Balance Sheets by Segment - June 30, 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	$	6,267.3	$	1,987.8	$	4,590.8	$	12,845.9	$	3,067.5	$	3,182.5	$	23,672.4	$	2,420.6	$	45,188.9
Deferred Acquisition Costs	67.7		52.8		1,136.5		1,257.0		49.8		1,484.7		—		—		2,791.5
Goodwill	8.9		—		271.1		280.0		41.9		27.7		—		—		349.6
Reinsurance Recoverable	35.6		12.3		170.1		218.0		118.3		5.5		8,317.1		—		8,658.9
All Other	215.2		190.1		94.0		499.3		98.3		155.7		2,319.0		1,983.2		5,055.5
Total Assets	$	6,594.7	$	2,243.0	$	6,262.5	$	15,100.2	$	3,375.8	$	4,856.1	$	34,308.5	$	4,403.8	$	62,044.4

Liabilities
Future Policy Benefits	$	4,964.3	$	865.3	$	3,142.8	$	8,972.4	$	2,185.0	$	1,943.6	$	24,798.4	$	—	$	37,899.4
Policyholders' Account Balances	—		—		674.5		674.5		—		864.4		4,121.4		—		5,660.3
Unearned Premiums	3.1		6.7		55.7		65.5		259.0		46.2		132.1		—		502.8
Other Policyholders' Funds	34.3		804.1		27.2		865.6		55.5		11.9		634.2		—		1,567.2
Debt	—		—		—		—		—		—		—		3,470.3		3,470.3
All Other	34.4		22.3		135.8		192.5		124.2		58.9		526.3		1,577.9		2,479.8
Total Liabilities	5,036.1		1,698.4		4,036.0		10,770.5		2,623.7		2,925.0		30,212.4		5,048.2		51,579.8

Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,524.6		643.5		2,279.2		4,447.3		757.6		1,831.9		5,608.2		(4.3)		12,640.7

Net Unrealized Loss on Securities and Net Loss on Derivatives	(215.3)		(126.4)		(213.2)		(554.9)		(154.1)		(146.0)		(1,393.3)		(640.1)		(2,888.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	249.3		27.5		160.5		437.3		148.6		245.2		(118.8)		—		712.3
Total Allocated Stockholders' Equity	1,558.6		544.6		2,226.5		4,329.7		752.1		1,931.1		4,096.1		(644.4)		10,464.6

Total Liabilities and Allocated Stockholders' Equity	$	6,594.7	$	2,243.0	$	6,262.5	$	15,100.2	$	3,375.8	$	4,856.1	$	34,308.5	$	4,403.8	$	62,044.4

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

6. 2

Unum Group Balance Sheets by Segment - December 31, 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 Recoverable	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 Derivatives	(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

6. 3

Unum Group Financial Results by Segment

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


	Three Months Ended						Six Months Ended
	6/30/2024		6/30/2023		% Change		6/30/2024		6/30/2023		% Change

Premium Income
Unum US	$	1,730.9	$	1,641.4	5.5	%	$	3,438.3	$	3,251.0	5.8	%
Unum International	228.8		207.9		10.1		460.5		396.5		16.1
Colonial Life	446.2		430.6		3.6		893.1		860.1		3.8
Closed Block	221.3		229.2		(3.4)		445.6		460.8		(3.3)
	2,627.2		2,509.1		4.7		5,237.5		4,968.4		5.4
Net Investment Income
Unum US	158.1		158.0		0.1		315.1		315.3		(0.1)
Unum International	38.0		45.8		(17.0)		64.1		76.7		(16.4)
Colonial Life	40.5		38.0		6.6		79.8		75.3		6.0
Closed Block	294.2		263.9		11.5		567.3		521.1		8.9
Corporate	14.3		25.4		(43.7)		32.3		51.5		(37.3)
	545.1		531.1		2.6		1,058.6		1,039.9		1.8
Other Income
Unum US	58.2		54.5		6.8		118.8		108.1		9.9
Unum International	0.5		0.1		N.M.		0.8		0.5		60.0
Colonial Life	0.2		0.4		(50.0)		3.2		0.6		N.M.
Closed Block	12.2		13.8		(11.6)		25.3		27.3		(7.3)
Corporate	0.4		2.3		(82.6)		1.1		2.5		(56.0)
	71.5		71.1		0.6		149.2		139.0		7.3
Total Adjusted Operating Revenue
Unum US	1,947.2		1,853.9		5.0		3,872.2		3,674.4		5.4
Unum International	267.3		253.8		5.3		525.4		473.7		10.9
Colonial Life	486.9		469.0		3.8		976.1		936.0		4.3
Closed Block	527.7		506.9		4.1		1,038.2		1,009.2		2.9
Corporate	14.7		27.7		(46.9)		33.4		54.0		(38.1)
	$	3,243.8	$	3,111.3	4.3		$	6,445.3	$	6,147.3	4.8

Unum Group Financial Results by Segment - Continued


	Three Months Ended						Six Months Ended
	6/30/2024		6/30/2023		% Change		6/30/2024		6/30/2023		% Change

Benefits and Expenses
Unum US	$	1,589.7	$	1,510.8	5.2	%	$	3,129.5	$	3,018.8	3.7	%
Unum International	224.8		210.3		6.9		445.5		391.8		13.7
Colonial Life	370.0		353.5		4.7		745.5		726.6		2.6
Closed Block	493.4		476.6		3.5		997.2		939.0		6.2
Corporate	60.0		62.6		(4.2)		124.8		122.4		2.0
	2,737.9		2,613.8		4.7		5,442.5		5,198.6		4.7

Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	357.5		343.1		4.2		742.7		655.6		13.3
Unum International	42.5		43.5		(2.3)		79.9		81.9		(2.4)
Colonial Life	116.9		115.5		1.2		230.6		209.4		10.1
Closed Block	34.3		30.3		13.2		41.0		70.2		(41.6)
Corporate	(45.3)		(34.9)		29.8		(91.4)		(68.4)		33.6
	505.9		497.5		1.7		1,002.8		948.7		5.7

Income Tax Expense	108.2		105.3		2.8		209.1		198.3		5.4

Income Before Net Investment Gain (Loss)	397.7		392.2		1.4		793.7		750.4		5.8

Net Investment Gain (Loss) (net of tax expense (benefit) of $(2.2); $0.2; $(2.6); $0.2)	(8.2)		0.7		N.M.		(9.0)		0.8		N.M.

Net Income	$	389.5	$	392.9	(0.9)		$	784.7	$	751.2	4.5

7. 1

Unum Group Quarterly Historical Financial Results by Segment


	6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023

Premium Income
Unum US	$	1,730.9	$	1,707.4	$	1,670.5	$	1,657.7	$	1,641.4	$	1,609.6
Unum International	228.8		231.7		218.1		210.6		207.9		188.6
Colonial Life	446.2		446.9		434.8		431.2		430.6		429.5
Closed Block	221.3		224.3		228.3		226.4		229.2		231.6
	2,627.2		2,610.3		2,551.7		2,525.9		2,509.1		2,459.3
Net Investment Income
Unum US	158.1		157.0		158.4		166.2		158.0		157.3
Unum International	38.0		26.1		33.2		27.3		45.8		30.9
Colonial Life	40.5		39.3		38.9		39.3		38.0		37.3
Closed Block	294.2		273.1		270.3		274.9		263.9		257.2
Corporate	14.3		18.0		30.0		18.3		25.4		26.1
	545.1		513.5		530.8		526.0		531.1		508.8
Other Income
Unum US	58.2		60.6		54.4		58.0		54.5		53.6
Unum International	0.5		0.3		0.6		0.5		0.1		0.4
Colonial Life	0.2		3.0		0.3		0.3		0.4		0.2
Closed Block	12.2		13.1		12.5		12.8		13.8		13.5
Corporate	0.4		0.7		0.8		—		2.3		0.2
	71.5		77.7		68.6		71.6		71.1		67.9
Total Adjusted Operating Revenue
Unum US	1,947.2		1,925.0		1,883.3		1,881.9		1,853.9		1,820.5
Unum International	267.3		258.1		251.9		238.4		253.8		219.9
Colonial Life	486.9		489.2		474.0		470.8		469.0		467.0
Closed Block	527.7		510.5		511.1		514.1		506.9		502.3
Corporate	14.7		18.7		30.8		18.3		27.7		26.3
	$	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


	6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023

Benefits and Expenses
Unum US	$	1,589.7	$	1,539.8	$	1,541.2	$	1,395.3	$	1,510.8	$	1,508.0
Unum International	224.8		220.7		212.5		219.5		210.3		181.5
Colonial Life	370.0		375.5		386.2		287.2		353.5		373.1
Closed Block	493.4		503.8		509.2		869.0		476.6		462.4
Corporate	60.0		64.8		67.3		59.8		62.6		59.8
	2,737.9		2,704.6		2,716.4		2,830.8		2,613.8		2,584.8

Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	357.5		385.2		342.1		486.6		343.1		312.5
Unum International	42.5		37.4		39.4		18.9		43.5		38.4
Colonial Life	116.9		113.7		87.8		183.6		115.5		93.9
Closed Block	34.3		6.7		1.9		(354.9)		30.3		39.9
Corporate	(45.3)		(46.1)		(36.5)		(41.5)		(34.9)		(33.5)
	505.9		496.9		434.7		292.7		497.5		451.2

Income Tax Expense	108.2		100.9		99.5		66.3		105.3		93.0

Income Before Net Investment Gain (Loss)	397.7		396.0		335.2		226.4		392.2		358.2

Net Investment Gain (Loss)	(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Tax Expense (Benefit) on Net Investment Gain (Loss)	(2.2)		(0.4)		(1.4)		(6.6)		0.2		—



Net Income	$	389.5	$	395.2	$	330.6	$	202.0	$	392.9	$	358.3

Net Income Per Common Share - Assuming Dilution	$	2.05	$	2.04	$	1.69	$	1.02	$	1.98	$	1.80

8. 1

Unum Group Financial Results for Unum US Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income	$	1,730.9		$	1,641.4		$	3,438.3		$	3,251.0		$	6,579.2		$	6,251.4
Net Investment Income	158.1			158.0			315.1			315.3			639.9			676.3
Other Income	58.2			54.5			118.8			108.1			220.5			196.3
Total	1,947.2			1,853.9			3,872.2			3,674.4			7,439.6			7,124.0

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	1,006.6			983.9			1,975.9			1,962.3			3,808.5			3,970.9
Commissions	187.1			160.5			369.3			329.4			664.4			614.4
Deferral of Acquisition Costs	(82.5)			(77.1)			(165.8)			(156.1)			(314.7)			(273.1)
Amortization of Deferred Acquisition Costs	71.2			63.4			141.0			129.2			267.6			240.9
Other Expenses	407.3			380.1			809.1			754.0			1,529.5			1,427.5
Total	1,589.7			1,510.8			3,129.5			3,018.8			5,955.3			5,980.6

Income Before Income Tax and Net Investment Gains and Losses	357.5			343.1			742.7			655.6			1,484.3			1,143.4
Reserve Assumption Updates	—			—			—			—			(128.8)			(170.8)
Adjusted Operating Income	$	357.5		$	343.1		$	742.7		$	655.6		$	1,355.5		$	972.6

Operating Ratios (% of Premium Income):
Benefit Ratio1	58.2		%	59.9		%	57.5		%	60.4		%	59.8		%	66.3		%

Other Expense Ratio2	22.8		%	22.4		%	22.8		%	22.5		%	22.5		%	22.2		%
Income Ratio													22.6		%	18.3		%
Adjusted Operating Income Ratio	20.7		%	20.9		%	21.6		%	20.2		%	20.6		%	15.6		%

1Excludes the reserve assumption updates that occurred during the third quarters of 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						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	521.5		$	516.1		$	1,038.2		$	1,020.8		$	2,057.2		$	1,911.7
Group Short-term Disability	276.3			256.2			539.4			496.5			1,012.3			926.3
Total Premium Income	797.8			772.3			1,577.6			1,517.3			3,069.5			2,838.0
Net Investment Income	78.3			81.1			156.1			162.2			324.8			349.1
Other Income	57.5			53.8			116.2			106.4			211.6			191.8
Total	933.6			907.2			1,849.9			1,785.9			3,605.9			3,378.9

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	471.7			458.6			920.3			905.6			1,693.2			1,782.4
Commissions	62.3			57.0			124.1			115.4			230.5			211.3
Deferral of Acquisition Costs	(16.2)			(15.8)			(32.7)			(30.4)			(60.2)			(53.1)
Amortization of Deferred Acquisition Costs	14.2			12.8			28.6			25.9			57.6			53.0
Other Expenses	248.4			234.8			491.6			463.9			936.1			862.3
Total	780.4			747.4			1,531.9			1,480.4			2,857.2			2,855.9

Income Before Income Tax and Net Investment Gains and Losses	153.2			159.8			318.0			305.5			748.7			523.0
Reserve Assumption Updates	—			—			—			—			(121.0)			(121.0)
Adjusted Operating Income	$	153.2		$	159.8		$	318.0		$	305.5		$	627.7		$	402.0

Operating Ratios (% of Premium Income):
Benefit Ratio1	59.1		%	59.4		%	58.3		%	59.7		%	59.1		%	67.1		%
Other Expense Ratio2	29.0		%	28.4		%	29.0		%	28.6		%	28.5		%	28.5		%
Income Ratio													24.4		%	18.4		%
Adjusted Operating Income Ratio	19.2		%	20.7		%	20.2		%	20.1		%	20.4		%	14.2		%

Persistency:
Group Long-term Disability							93.1		%	91.0		%	90.8		%	90.7		%
Group Short-term Disability							91.8		%	88.6		%	88.9		%	88.9		%

1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

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


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Life	$	447.5		$	418.2		$	890.1		$	831.3		$	1,679.0		$	1,669.1
Accidental Death & Dismemberment	46.4			43.6			92.2			87.1			175.5			173.7
Total Premium Income	493.9			461.8			982.3			918.4			1,854.5			1,842.8
Net Investment Income	22.5			21.9			44.5			44.5			90.1			100.3
Other Income	0.1			0.1			1.1			0.5			1.0			1.6
Total	516.5			483.8			1,027.9			963.4			1,945.6			1,944.7

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	323.1			336.9			656.3			679.2			1,347.7			1,415.9
Commissions	42.7			38.3			84.4			78.0			155.9			150.4
Deferral of Acquisition Costs	(10.5)			(10.1)			(21.0)			(19.9)			(38.6)			(37.3)
Amortization of Deferred Acquisition Costs	10.2			9.5			17.1			19.3			39.0			41.9
Other Expenses	61.9			57.6			123.2			115.1			229.9			231.1
Total	427.4			432.2			860.0			871.7			1,733.9			1,802.0

Income Before Income Tax and Net Investment Gains and Losses	89.1			51.6			167.9			91.7			211.7			142.7
Reserve Assumption Update	—			—			—			—			—			(34.0)
Adjusted Operating Income	$	89.1		$	51.6		$	167.9		$	91.7		$	211.7		$	108.7

Operating Ratios (% of Premium Income):
Benefit Ratio1	65.4		%	73.0		%	66.8		%	74.0		%	72.7		%	78.7		%
Other Expense Ratio	12.5		%	12.5		%	12.5		%	12.5		%	12.4		%	12.5		%
Income Ratio																7.7		%
Adjusted Operating Income Ratio	18.0		%	11.2		%	17.1		%	10.0		%	11.4		%	5.9		%

Persistency:
Group Life							92.1		%	89.3		%	89.6		%	88.9		%
Accidental Death & Dismemberment							91.6		%	88.1		%	88.7		%	87.9		%

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

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	222.9		$	213.4		$	445.8		$	427.9		$	850.1		$	833.7
Individual Disability	142.2			125.8			284.2			250.0			527.0			461.1
Dental and Vision	74.1			68.1			148.4			137.4			278.1			275.8
Total Premium Income	439.2			407.3			878.4			815.3			1,655.2			1,570.6
Net Investment Income	57.3			55.0			114.5			108.6			225.0			226.9
Other Income	0.6			0.6			1.5			1.2			7.9			2.9
Total	497.1			462.9			994.4			925.1			1,888.1			1,800.4

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	211.8			188.4			399.3			377.5			767.6			772.6
Commissions	82.1			65.2			160.8			136.0			278.0			252.7
Deferral of Acquisition Costs	(55.8)			(51.2)			(112.1)			(105.8)			(215.9)			(182.7)
Amortization of Deferred Acquisition Costs	46.8			41.1			95.3			84.0			171.0			146.0
Other Expenses	97.0			87.7			194.3			175.0			363.5			334.1
Total	381.9			331.2			737.6			666.7			1,364.2			1,322.7

Income Before Income Tax and Net Investment Gains and Losses	115.2			131.7			256.8			258.4			523.9			477.7
Reserve Assumption Updates - Voluntary Benefits	—			—			—			—			(10.4)			(17.0)
Reserve Assumption Updates - Individual Disability	—			—			—			—			2.6			1.2
Adjusted Operating Income	$	115.2		$	131.7		$	256.8		$	258.4		$	516.1		$	461.9

Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1	45.1		%	39.2		%	39.5		%	37.6		%	39.8		%	43.6		%
Individual Disability1	39.0		%	42.1		%	40.0		%	43.7		%	44.3		%	49.3		%

Dental and Vision	75.3		%	76.2		%	73.9		%	78.2		%	73.1		%	71.6		%
Other Expense Ratio	22.1		%	21.5		%	22.1		%	21.5		%	22.0		%	21.3		%
Income Ratio													31.7		%	30.4		%
Adjusted Operating Income Ratio	26.2		%	32.3		%	29.2		%	31.7		%	31.2		%	29.4		%

Persistency:
Voluntary Benefits							76.3		%	74.4		%	75.5		%	75.8		%
Individual Disability							89.0		%	89.3		%	89.0		%	89.5		%
Dental and Vision							81.1		%	76.1		%	77.1		%	79.9		%

1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022.

9. 3

Unum Group Financial Results for Unum International Segment


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		12/31/2023		12/31/2022

Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	102.3	$	104.7	$	205.8	$	196.4	$	396.1	$	376.9
Group Life	48.8		41.1		97.5		80.3		169.3		138.2
Supplemental	40.6		33.5		83.7		65.3		141.5		114.0
Unum Poland	37.1		28.6		73.5		54.5		118.3		89.7
Total Premium Income	228.8		207.9		460.5		396.5		825.2		718.8
Net Investment Income	38.0		45.8		64.1		76.7		137.2		170.1
Other Income	0.5		0.1		0.8		0.5		1.6		0.9
Total	267.3		253.8		525.4		473.7		964.0		889.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	156.2		147.3		312.1		274.8		579.8		549.6
Commissions	20.4		18.9		40.0		35.5		72.5		56.3
Deferral of Acquisition Costs	(4.3)		(3.5)		(8.6)		(7.0)		(14.6)		(12.0)
Amortization of Deferred Acquisition Costs	2.4		1.9		4.8		3.7		8.4		8.2
Other Expenses	50.1		45.7		97.2		84.8		177.7		146.1
Total	224.8		210.3		445.5		391.8		823.8		748.2

Income Before Income Tax and Net Investment Gains and Losses	42.5		43.5		79.9		81.9		140.2		141.6
Reserve Assumption Updates	—		—		—		—		17.9		(7.6)
Adjusted Operating Income	$	42.5	$	43.5	$	79.9	$	81.9	$	158.1	$	134.0

Unum Group Financial Results for Unum UK


	Three Months Ended						Six Months Ended						Year Ended
(in millions of pounds)	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	81.0		£	83.6		£	162.6		£	159.1		£	318.5		£	304.6
Group Life	38.7			32.8			77.1			65.1			136.1			112.3
Supplemental	32.1			26.7			66.1			52.8			113.7			92.3
Total Premium Income	151.8			143.1			305.8			277.0			568.3			509.2
Net Investment Income	27.9			34.5			46.3			58.2			102.4			131.9
Other Income	—			0.1			0.1			0.1			0.2			0.1
Total	179.7			177.7			352.2			335.3			670.9			641.2

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	105.5			103.5			210.3			195.2			408.5			398.4
Commissions	9.7			10.1			19.1			19.0			37.4			31.8
Deferral of Acquisition Costs	(0.9)			(1.1)			(2.0)			(2.1)			(3.9)			(4.2)
Amortization of Deferred Acquisition Costs	1.4			1.4			2.8			2.5			5.2			5.3
Other Expenses	31.5			29.5			61.3			55.4			115.4			95.6
Total	147.2			143.4			291.5			270.0			562.6			526.9

Income Before Income Tax and Net Investment Gains and Losses	32.5			34.3			60.7			65.3			108.3			114.3
Reserve Assumption Updates	—			—			—			—			16.3			(5.3)
Adjusted Operating Income	£	32.5		£	34.3		£	60.7		£	65.3		£	124.6		£	109.0

Weighted Average Pound/Dollar Exchange Rate	1.265			1.257			1.265			1.236			1.243			1.221

Operating Ratios (% of Premium Income):
Benefit Ratio1	69.5		%	72.3		%	68.8		%	70.5		%	69.0		%	79.3		%
Other Expense Ratio	20.8		%	20.6		%	20.0		%	20.0		%	20.3		%	18.8		%
Income Ratio													19.1		%	22.4		%
Adjusted Operating Income Ratio	21.4		%	24.0		%	19.8		%	23.6		%	21.9		%	21.4		%

Persistency:
Group Long-term Disability							92.7		%	90.9		%	92.5		%	85.1		%
Group Life							88.2		%	82.6		%	83.0		%	87.9		%
Supplemental							89.4		%	90.0		%	91.7		%	92.8		%

1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022.

10. 1

Unum Group Financial Results for Colonial Life Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	241.7		$	235.6		$	484.9		$	471.3		$	946.1		$	948.9
Life	115.2			106.6			229.5			211.9			426.5			401.1
Cancer and Critical Illness	89.3			88.4			178.7			176.9			353.5			352.0
Total Premium Income	446.2			430.6			893.1			860.1			1,726.1			1,702.0
Net Investment Income	40.5			38.0			79.8			75.3			153.5			152.7
Other Income	0.2			0.4			3.2			0.6			1.2			1.1
Total	486.9			469.0			976.1			936.0			1,880.8			1,855.8

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	213.4			208.0			430.5			435.7			798.1			826.1
Commissions	94.0			88.6			189.2			177.9			359.4			340.0
Deferral of Acquisition Costs	(78.3)			(75.9)			(157.6)			(151.1)			(302.9)			(271.8)
Amortization of Deferred Acquisition Costs	54.3			48.4			108.3			96.7			205.4			172.0
Other Expenses	86.6			84.4			175.1			167.4			340.0			321.4
Total	370.0			353.5			745.5			726.6			1,400.0			1,387.7

Income Before Income Tax and Net Investment Gains and Losses	116.9			115.5			230.6			209.4			480.8			468.1
Reserve Assumption Updates	—			—			—			—			(80.7)			(55.2)
Adjusted Operating Income	$	116.9		$	115.5		$	230.6		$	209.4		$	400.1		$	412.9

Operating Ratios (% of Premium Income):
Benefit Ratio1	47.8		%	48.3		%	48.2		%	50.7		%	50.9		%	51.8		%

Other Expense Ratio	19.4		%	19.6		%	19.6		%	19.5		%	19.7		%	18.9		%
Income Ratio													27.9		%	27.5		%
Adjusted Operating Income Ratio	26.2		%	26.8		%	25.8		%	24.3		%	23.2		%	24.3		%

Persistency:
Accident, Sickness, and Disability							73.4		%	72.7		%	73.6		%	73.3		%
Life							84.8		%	84.2		%	85.1		%	84.5		%
Cancer and Critical Illness							82.0		%	82.0		%	82.4		%	82.3		%

1Excludes the reserve assumption updates that occurred during the third quarters of 2023 and 2022.

Unum Group Financial Results for Closed Block Segment


	Three Months Ended						Six Months Ended						Year Ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023			12/31/2023			12/31/2022

Adjusted Operating Revenue
Premium Income
Long-term Care	$	173.3		$	174.0		$	347.8		$	349.1		$	696.0		$	697.4


All Other	48.0			55.2			97.8			111.7			219.5			246.9
Total Premium Income	221.3			229.2			445.6			460.8			915.5			944.3
Net Investment Income	294.2			263.9			567.3			521.1			1,066.3			1,070.6
Other Income	12.2			13.8			25.3			27.3			52.6			58.0
Total	527.7			506.9			1,038.2			1,009.2			2,034.4			2,072.9

Benefits and Expenses


Policy Benefits Including Remeasurement Loss or Gain	433.3			414.4			876.3			817.2			2,070.7			1,648.0
Commissions	17.6			18.1			34.2			37.2			73.8			75.7

Other Expenses	42.5			44.1			86.7			84.6			172.7			172.3
Total	493.4			476.6			997.2			939.0			2,317.2			1,896.0

Income (Loss) Before Income Tax and Net Investment Gain and Losses	34.3			30.3			41.0			70.2			(282.8)			176.9
Amortization of the Cost of Reinsurance	10.3			11.0			20.7			22.0			44.1			50.3
Non-Contemporaneous Reinsurance	7.0			9.9			14.2			17.2			34.8			34.4

Reserve Assumption Updates - Long-term Care	—			—			—			—			368.1			(2.9)
Reserve Assumption Updates - All Other	—			—			—			—			0.7			(6.8)
Adjusted Operating Income	$	51.6		$	51.2		$	75.9		$	109.4		$	164.9		$	251.9


Long-term Care Net Premium Ratio							93.7		%	86.1		%	93.5		%	85.1		%




Operating Ratios (% of Premium Income):
Other Expense Ratio1	14.6		%	14.4		%	14.8		%	13.6		%	14.0		%	12.9		%

Income (Loss) Ratio	15.5		%	13.2		%	9.2		%	15.2		%	(30.9)		%	18.7		%
Adjusted Operating Income Ratio	23.3		%	22.3		%	17.0		%	23.7		%	18.0		%	26.7		%


Long-term Care Persistency							95.3		%	95.4		%	95.6		%	95.7		%


1Excludes amortization of the cost of reinsurance.

Unum Group Financial Results for Corporate Segment


	Three Months Ended				Six Months Ended				Year Ended
	6/30/2024		6/30/2023		6/30/2024		6/30/2023		12/31/2023		12/31/2022
Adjusted Operating Revenue
Net Investment Income	$	14.3	$	25.4	$	32.3	$	51.5	$	99.8	$	52.5
Other Income	0.4		2.3		1.1		2.5		3.3		4.8
Total	14.7		27.7		33.4		54.0		103.1		57.3

Interest, Debt, and Other Expenses	60.0		62.6		124.8		122.4		249.5		221.6






Adjusted Operating Loss	$	(45.3)	$	(34.9)	$	(91.4)	$	(68.4)	$	(146.4)	$	(164.3)

Unum Group Investments


	6/30/2024						6/30/2024			12/31/2023
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	23,360.3		65.0	%	Earned Book Yield	4.44		%	4.45		%
Mortgage-Backed/Asset-Backed Securities	752.5			2.1		Average Duration (in years)	8.39			8.41


Private Placements	5,560.4			15.5
High Yield	1,437.8			4.0
Government Securities	1,388.9			3.9
Municipal Securities	3,449.3			9.5
Redeemable Preferred Stocks	3.6			—
Total	$	35,952.8		100.0	%

	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Private Equity Partnerships	6/30/2024			12/31/2023
Aaa	2.6		%	2.5	%	Private Credit Partnerships	$	312.4		$	283.6
Aa	15.7			15.2		Private Equity Partnerships	589.2			571.9
A	30.3			30.8		Real Asset Partnerships	505.3			470.7
Baa	47.5			47.5		Total	$	1,406.9		$	1,326.2
Below Baa	3.9			4.0
Total	100.0		%	100.0	%
						Non-Current Investments	$	—		$	—

Unum Group Investments at June 30, 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	$	2,489.7	$	(156.4)	$	1,740.2	$	191.9	$	749.5	$	35.5
Capital Goods	3,264.0		(161.5)		2,026.9		234.2		1,237.1		72.7
Communications	2,201.4		(110.1)		1,163.6		196.1		1,037.8		86.0
Consumer Cyclical	1,404.4		(109.6)		1,018.8		130.9		385.6		21.3
Consumer Non-Cyclical	6,307.6		(501.5)		4,400.6		619.6		1,907.0		118.1
Energy	2,519.3		(17.9)		1,077.6		112.7		1,441.7		94.8
Financial Institutions	3,779.8		(381.8)		3,262.2		404.4		517.6		22.6
Mortgage/Asset-Backed	752.5		(32.9)		536.7		37.2		215.8		4.3
Sovereigns	829.9		(123.0)		436.5		137.6		393.4		14.6
Technology	1,460.1		(140.3)		1,259.2		149.0		200.9		8.7
Transportation	1,636.4		(137.9)		1,190.1		160.0		446.3		22.1
U.S. Government Agencies and Municipalities	4,008.3		(479.8)		2,675.4		573.4		1,332.9		93.6
Public Utilities	5,299.4		(243.7)		2,984.1		372.8		2,315.3		129.1
Total	$	35,952.8	$	(2,596.4)	$	23,771.9	$	3,319.8	$	12,180.9	$	723.4










Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position

	Investment-Grade								Below-Investment-Grade
Category	Fair Value		Gross Unrealized Loss						Fair Value		Gross Unrealized Loss
Less than 91 days	$	2,180.9	$	(31.5)					$	57.1	$	(0.4)
91 through 180 days	1,976.1		(74.6)						30.9		(0.7)
181 through 270 days	459.1		(28.6)						54.8		(0.9)
271 days to 1 year	78.0		(6.4)						2.6		—
Greater than 1 year	18,151.9		(3,085.9)						780.5		(90.8)
Total	$	22,846.0	$	(3,227.0)					$	925.9	$	(92.8)

14.1

Appendix to Statistical Supplement

2024 Significant Items:

•None.

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

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

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

•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, 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 derivatives;

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

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

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

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

15.1

Appendix to Statistical Supplement - Continued

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

15.2

Reconciliation of Non-GAAP Financial Measures


	Three Months Ended
	June 30		March 31		December 31		September 30		June 30		March 31
	2024				2023






Total Revenue	$	3,233.4	$	3,200.3	$	3,145.1	$	3,092.5	$	3,112.2	$	3,036.1
Excluding:
Net Investment Gain (Loss)	(10.4)		(1.2)		(6.0)		(31.0)		0.9		0.1
Adjusted Operating Revenue	$	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		Annualized Adjusted Operating Return on Equity


Three Months Ended June 30, 2024
Unum US	$	282.4	$	4,432.9	25.5	%
Unum International	33.3		755.6		17.6	%
Colonial Life	92.3		1,832.5		20.1	%
Core Operating Segments	408.0		7,021.0		23.2	%
Closed Block	38.0		5,573.5
Corporate	(34.6)		(33.1)
Total	$	411.4	$	12,561.4	13.1	%

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

1 Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented on page 15.7.

15.4

Reconciliation of Non-GAAP Financial Measures - Continued


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


Six Months Ended June 30, 2024
Unum US	$	586.8	$	4,458.3	26.3	%
Unum International	61.3		767.8		16.0	%
Colonial Life	182.0		1,815.7		20.0	%
Core Operating Segments	830.1		7,041.8		23.6	%
Closed Block	54.7		5,545.9
Corporate	(63.5)		(121.0)
Total	$	821.3	$	12,466.7	13.2	%

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

15.5

Reconciliation of Non-GAAP Financial Measures - Continued


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


Year Ended December 31, 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	%

15.6

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:


	6/30/2024		3/31/2024		12/31/2023		6/30/2023		3/31/2023		12/31/2022		12/31/2021
Total Stockholders' Equity	$	10,464.6	$	10,219.5	$	9,651.4	$	9,245.9	$	9,247.4	$	8,735.0	$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,723.8)		(2,360.8)		(1,919.1)		(2,762.6)		(2,205.2)		(3,028.4)		4,014.4
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	712.3		225.3		(648.4)		0.1		(260.0)		313.9		(8,570.7)
Net Gain (Loss) on Derivatives	(164.6)		(127.0)		(73.7)		(33.3)		7.8		(9.6)		61.8
Total Adjusted Stockholders' Equity	$	12,640.7	$	12,482.0	$	12,292.6	$	12,041.7	$	11,704.8	$	11,459.1	$	10,528.4

	Three Months Ended		Six Months Ended		Twelve Months Ended		Three Months Ended		Six Months Ended		Twelve Months Ended
	6/30/2024				12/31/2023		6/30/2023				12/31/2022
Average Adjusted Stockholders' Equity	$	12,561.4	$	12,466.7	$	11,875.9	$	11,873.3	$	11,750.4	$	10,993.8

15.7

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended June 30								Six Months Ended June 30
	2024				2023				2024				2023
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	389.5	$	2.05	$	392.9	$	1.98	$	784.7	$	4.09	$	751.2	$	3.78
Excluding:


Net Investment Gain (Loss) (net of tax expense (benefit) of $(2.2); $0.2; $(2.6); $0.2)	(8.2)		(0.04)		0.7		—		(9.0)		(0.05)		0.8		0.01



Amortization of the Cost of Reinsurance (net of tax benefit of $2.1; $2.3; $4.3; $4.6)	(8.2)		(0.04)		(8.7)		(0.04)		(16.4)		(0.08)		(17.4)		(0.09)

Non-Contemporaneous Reinsurance (net of tax benefit of $1.5; $2.0; $3.0; $3.6)	(5.5)		(0.03)		(7.9)		(0.04)		(11.2)		(0.06)		(13.6)		(0.07)





After-tax Adjusted Operating Income	$	411.4	$	2.16	$	408.8	$	2.06	$	821.3	$	4.28	$	781.4	$	3.93

*Assuming Dilution.

15.8

Reconciliation of Non-GAAP Financial Measures - Continued


	Year Ended December 31
	2023				2022
	(in millions)		per share *		(in millions)		per share *
Net Income	$	1,283.8	$	6.50	$	1,407.2	$	6.96
Excluding:


Net Investment Loss (net of tax benefit of $7.8; $3.5)	(28.2)		(0.14)		(12.2)		(0.07)


Amortization of the Cost of Reinsurance (net of tax benefit of $9.3; $10.6)	(34.8)		(0.18)		(39.7)		(0.20)
Non-Contemporaneous Reinsurance (net of tax benefit of $7.3; $7.2)	(27.5)		(0.14)		(27.2)		(0.13)


Reserve Assumption Updates (net of tax expense (benefit) of $(37.9); $51.2)	(139.3)		(0.70)		192.1		0.96




After-tax Adjusted Operating Income	$	1,513.6	$	7.66	$	1,294.2	$	6.40

*Assuming Dilution.

15.9

Reconciliation of Non-GAAP Financial Measures - Continued


	June 30						December 31
	2024			2023			2023			2022

Debt	$	3,470.3		$	3,431.1		$	3,430.4		$	3,429.8
Including:
Lease Liability	58.2			65.0			62.6			67.9


Adjusted Debt and Lease Liability	$	3,528.5		$	3,496.1		$	3,493.0		$	3,497.7

Total Stockholders' Equity	$	10,464.6		$	9,245.9		$	9,651.4		$	8,735.0
Excluding:
Net Unrealized Loss on Securities	(2,723.8)			(2,762.6)			(1,919.1)			(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits	712.3			0.1			(648.4)			313.9
Net Loss on Derivatives	(164.6)			(33.3)			(73.7)			(9.6)
Equity, As Adjusted	12,640.7			12,041.7			12,292.6			11,459.1
Debt, As Adjusted and Lease Liability	3,528.5			3,496.1			3,493.0			3,497.7
Total Adjusted Capital	$	16,169.2		$	15,537.8		$	15,785.6		$	14,956.8

Leverage Ratio	21.8		%	22.5		%	22.1		%	23.4		%

15.10

Reconciliation of Non-GAAP Financial Measures - Continued


	Three Months Ended
	June 30, 2024		June 30, 2023
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	191.7	£	143.1	1.263	$	180.7
Unum Poland	37.1		zł	119.1	0.250	29.8
Total	228.8					210.5
Unum US	1,730.9		$	1,641.4		1,641.4
Colonial Life	446.2		$	430.6		430.6
Core Operations	$	2,405.9				$	2,282.5


	Six Months Ended
	June 30, 2024		June 30, 2023
	Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency


Unum International
Unum UK	$	387.0	£	277.0	1.266	$	350.7
Unum Poland	73.5		zł	232.9	0.251	58.5
Total	460.5					409.2
Unum US	3,438.3		$	3,251.0		3,251.0
Colonial Life	893.1		$	860.1		860.1
Core Operations	$	4,791.9				$	4,520.3

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

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

15.11

Exhibit 99.3

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

FOR IMMEDIATE RELEASE

Contacts

MEDIA

Dottie McCallen
dmccallen@unum.com

INVESTORS

Matt Royal
Investorrelations@unum.com

Unum Group’s board of directors authorizes

$1 billion share repurchase program

CHATTANOOGA, Tenn., July 30, 2024 – Unum Group (NYSE: UNM) announced today that its board of directors has approved a share repurchase program authorizing the company to repurchase up to $1 billion of its common stock from time to time beginning on August 1, 2024. The board of directors also authorized the termination of the company’s current share repurchase program as of July 31, 2024.

The timing and amount of share repurchases will be determined by management based on its evaluation of market conditions and other considerations. Repurchases may be made in open market transactions at prevailing prices, in privately negotiated transactions (including accelerated share repurchase programs), pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, or by other means in accordance with federal securities laws. The program may be suspended, modified, or terminated by the board at any time.

# # #

Forward-Looking Statements

Certain statements in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Unum Group and its subsidiaries. Unum Group’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in Part 1, Item 1A (Risk Factors) of Unum Group’s Annual Report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this release speak only as of the date of this release, and Unum Group does not undertake to update any particular forward-looking statement included in this release.

About Unum Group

Cover	Jul. 30, 2024
Entity Information
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	UNUM GROUP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11294
Entity Tax Identification Number	62-1598430
Entity Address, Address Line One	1 Fountain Square
Entity Address, City or Town	Chattanooga,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37402
City Area Code	423
Local Phone Number	294-1011
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000005513
Amendment Flag	false
Common Class A \| NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	UNM
Security Exchange Name	NYSE
6.250% Junior Subordinated Notes due 2058 \| NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	6.250% Junior Subordinated Notes due 2058
Trading Symbol	UNMA
Security Exchange Name	NYSE

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