0000005513false00000055132025-02-262025-02-260000005513exch:XNYSus-gaap:CommonClassAMember2025-02-262025-02-260000005513exch:XNYSunm:A6.250JuniorSubordinatedNotesdue2058Member2025-02-262025-02-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): February 26, 2025


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

1 Fountain Square
Chattanooga, Tennessee 37402
(Address of principal executive offices) (Zip Code)

(423) 294-1011
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.10 par value UNM New York Stock Exchange
6.250% Junior Subordinated Notes due 2058UNMANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐Emerging growth company
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 1.01    Entry into a Material Definitive Agreement.
On February 26, 2025, Unum Life Insurance Company of America (the “Ceding Company”), a Maine-domiciled insurance company and a wholly-owned subsidiary of Unum Group (“Unum”), entered into a Master Transaction Agreement (the “Agreement”) with Fortitude Reinsurance Company Ltd. (the “Reinsurer”), a reinsurance company organized under the laws of Bermuda, pursuant to which, among other things, on the terms and subject to the conditions set forth in Agreement, the Reinsurer has agreed to reinsure from the Ceding Company (i) a portion of the closed block individual long-term care business written by the Ceding Company (such portion, the “LTC Business”) and (ii) a portion of the individual disability business (such portion, the “IDI Business” and together with the LTC Business, the “Reinsured Business”) written by Provident Life and Accident Insurance Company, a Tennessee-domiciled insurance company and wholly-owned subsidiary of Unum (“PLA”). To facilitate the transactions contemplated by the Agreement, the Ceding Company will first (a) recapture the LTC Business from Fairwind Insurance Company, a wholly-owned subsidiary of Unum and a Vermont captive insurance company (“Fairwind”), pursuant to a partial recapture agreement (the “Partial Recapture Agreement”) and (b) reinsure from PLA a 25 percent quota share of the IDI Business, subject to certain specified exclusions, pursuant to an intercompany reinsurance agreement (the “PLA Intercompany Reinsurance Agreement”), in each case with effect as of January 1, 2025 (the “Effective Date”). The Reinsurer intends to retrocede a portion of the risk reinsured from the Ceding Company to a third-party global reinsurance partner (the “Retrocessionaire”) pursuant to a retrocession agreement (the “Retrocession Agreement”). The Reinsurer’s and Retrocessionaire’s execution of the Retrocession Agreement is a condition to the closing of the transactions contemplated by the Agreement (the “Closing”), but the Ceding Company will not be a party to such agreement.
The Closing is expected to occur during 2025, subject to the satisfaction or waiver of customary closing conditions specified in the Agreement, including the receipt of required regulatory approvals for, and the Ceding Company’s entry into, the Partial Recapture Agreement and the PLA Intercompany Reinsurance Agreement, and the Reinsurer’s and Retrocessionaire’s execution of the Retrocession Agreement. The Agreement may be terminated if the Closing has not occurred on or before the date that is six months after the execution thereof.
At the Closing, the Ceding Company, the Reinsurer and, for certain limited purposes, the Retrocessionaire will enter into a Coinsurance Agreement (the “Coinsurance Agreement”), whereby, effective as of the Effective Date, the Ceding Company will cede to the Reinsurer, and the Reinsurer will reinsure, on a coinsurance basis, (i) a 100% quota share of the LTC Business, representing $3.4 billion of the Ceding Company’s long-term care statutory reserves, and (ii) a 100% quota share of the IDI Business reinsured by the Ceding Company pursuant to the PLA Intercompany Reinsurance Agreement, representing approximately $120 million of PLA’s in-force premium. In connection with such reinsurance, the Agreement provides that, on the Closing Date, the Ceding Company will transfer to the Reinsurer a pre-agreed portfolio of assets (the “Initial Portfolio”) and cash with a fair market value equal to the initial reinsurance premium based on statutory reserves, plus certain net cash flows with respect to the Reinsured Business between the Effective Date and the Closing Date, plus, as consideration for such reinsurance, a pre-tax ceding commission of approximately $430 million. Among other things, the Coinsurance Agreement provides for the Ceding Company to retain responsibility for administration and servicing of the Reinsured Policies, and for the Reinsurer to pay to the Ceding Company an experience refund based on premium rate increases.
The Agreement contains customary representations and warranties, as well as customary covenants of each of the parties. Such representations and warranties are the product of negotiation between the Ceding Company and the Reinsurer and are for the sole benefit of such parties and, in certain cases, the Retrocessionaire. In some instances, the representations and warranties in the Agreement may represent an allocation among the parties of risk associated with particular matters. The Reinsurer has agreed to indemnify the Ceding Company and its respective affiliates, and the Ceding Company has agreed to indemnify the Reinsurer, the Retrocessionaire and their respective affiliates, with respect to certain losses resulting from breaches of its respective representations, warranties and covenants, subject to agreed limits in the case of losses relating to representations and warranties.
Assuming the transaction is consummated, including receipt of all regulatory approvals, Unum expects an overall capital benefit from the release of required capital and the realization of tax benefits and the present value of future premium rate increases, partially offset by the ceding commission.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.



Item 7.01    Regulation FD Disclosure.
On February 27, 2025, Unum issued a news release announcing entry into the Agreement and the transactions contemplated thereby. The news release, a copy of which is furnished herewith as Exhibit 99.1, also announced that members of senior management of Unum will host a conference call today at 8:00 a.m. ET on Thursday, February 27, 2025, to discuss the reinsurance transaction. The conference call will be simulcast via audio webcast and accompanied by a slide presentation with additional information concerning the transaction, a copy of which is furnished herewith as Exhibit 99.2. The conference call webcast and slide presentation are accessible on Unum’s investor relations website at www.investors.unum.com.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to Item 7.01 of 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, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference into any of Unum’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SAFE HARBOR STATEMENT
Certain information in this report 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 the anticipated overall capital benefit resulting from the reinsurance transaction, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11) changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.
For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this report are being made as of the date of this report, 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.


Item 9.01    Financial Statements and Exhibits.
(d) Exhibits.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Unum Group
(Registrant)
Date: February 27, 2025By:/s/ J. Paul Jullienne
Name:J. Paul Jullienne
Title:Vice President, Managing Counsel, and
Corporate Secretary






Exhibit 99.1
uga.jpg
1 Fountain Square
Chattanooga, TN 37402
www.unum.com


newsFOR IMMEDIATE RELEASE
Contacts
MEDIAEmily Downing-Baer edowning@unum.com
INVESTORSMatt Royal investorrelations@unum.com
Unum Group Announces $3.4 Billion Long-term Care
Reinsurance Transaction with Fortitude Re
•Reinsuring $3.4 billion of statutory long-term care (LTC) reserves, representing 19% of total LTC statutory reserves

•Ceding a portion of multi-life individual disability insurance (IDI) business, representing 20% of Unum US in-force IDI premium

•Total transaction expected to drive $100 million capital benefit to Unum

•Significant step in reducing exposure to legacy LTC business

CHATTANOOGA, Tenn. (February 27, 2025) – Unum Group (NYSE: UNM) announced today that its Unum Life Insurance Company of America subsidiary (Unum America) has agreed to enter into an agreement to cede to Fortitude Reinsurance Company Ltd. (Fortitude Re), on a coinsurance basis, individual LTC insurance policies representing 19% of Unum’s total LTC block and a quota share of IDI policies reinsured from an affiliate representing 20% of Unum's total in-force IDI premium, effective January 1, 2025.

At the closing of the transaction, Unum America will cede $3.4 billion of individual LTC reserves and approximately $120 million of IDI in-force premium to Fortitude Re, who will then retrocede biometric risk to a highly rated global reinsurer. The IDI portion of the transaction will consist of business reinsured from an affiliate, Provident Life and Accident Insurance Company, and will not include new business going forward.

Overall, the transaction is expected to generate an estimated $100 million capital benefit, comprised of a $200 million capital impact related to the reinsured LTC block and a $300 million capital benefit related to the reinsured IDI block. Unum will continue to provide service and administration for the reinsured business. The transaction is expected to close during 2025, subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions.

“The transaction announced today with Fortitude Re is consistent with our strategy of growing a leading employee benefits business while reducing our exposure to the legacy long-term care business. Through this action we further improve our risk profile, decrease the footprint of the closed block, and shift focus towards our more capital efficient, higher-returning core businesses,” said Richard P. McKenney, president and chief executive officer. “The transaction also validates our assumptions for the LTC block, and the actions we have taken over the last several years. We remain committed to our closed block strategy, pursuing opportunities to optimize our capital, and delivering value for our shareholders.”



uga.jpg
closed block, and shift focus towards our more capital efficient, higher-returning core businesses,” said Richard P. McKenney, president and chief executive officer. “The transaction also validates our assumptions for the LTC block, and the actions we have taken over the last several years. We remain committed to our closed block strategy, pursuing opportunities to optimize our capital, and delivering value for our shareholders.”

Members of Unum Group senior management will host a conference call on Thursday, February 27, 2025, at 8:00 a.m. ET to discuss the reinsurance transaction.

To access the conference call, you must register in advance using the following URL:  https://registrations.events/direct/Q4I330793. 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 be available in a listen-only mode on the company’s investors website at www.investors.unum.com. It is recommended that webcast viewers access the website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. Following the conference call, a replay of the webcast will be available on the company’s investors website, and a recording of the call will also be available using the registration URL noted above through March 6, 2025.

In conjunction with today’s announcement, a presentation with details of the transaction and additional information is available on the company’s investors website.

Debevoise & Plimpton LLP served as legal counsel to Unum in connection with this transaction.


# # #


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

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

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

Long-Term Care Transaction & Restructuring February 27, 2025

 
SAFE HARBOR STATEMENT 2 Certain information in this presentation constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (11) changes in our financial strength and credit ratings; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) our ability to hire and retain qualified employees; (14) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (15) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (16) ability to generate sufficient internal liquidity and/or obtain external financing; (17) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (18) disruptions to our business or our ability to leverage data caused by the use and reliance on third party vendors, including vendors providing web and cloud based applications; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders. For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

 
KEY MESSAGES 3 • Executing on strategy with internal and external actions • Meaningful reduction of LTC footprint at attractive pricing validating underlying assumptions • Improved risk profile and positive overall capital benefit • Internal restructuring further improves capital position and reduces volatility • Capital strength and deployment plans remain intact • Market for transactions remains active, and we remain deal-ready

 
4 EXECUTING ON OUR CLOSED BLOCK STRATEGY Actively managing the block to reduce the footprint and the capital demands of the closed block MILESTONE ACHIEVEMENTS IN 2025: • External Transaction - Full risk transfer with highly rated reinsurers, reducing LTC footprint and providing capital benefit • Internal Restructuring - Funds withheld reinsurance providing additional policyholder protection, eliminating source of capital volatility, and supporting a dividend to the holding company Improve Value Creation Reduce the Footprint Increase Predictability of Outcomes

 
5 EXTERNAL TRANSACTION SUMMARY LONG-TERM CARE • $3.4B of statutory reserves representing 19% of total LTC and 30% of individual LTC (ILTC) block • ILTC block of policies with attained age over 80; 62% active life reserves ​ • $200M capital impact equating to 6% of ceded reserves INDIVIDUAL DISABILITY External reinsurance removes 19% of LTC reserves along with 20% of in-force multi-life IDI premium, resulting in approximately $100M capital benefit • 20% quota-share of in-force multi-life block and does not include new business going forward • Declining earnings impacts during runoff; earnings power expected to be replenished in ~5 years • $300M capital benefit reflecting a fair valuation of ~10-12% returns

 
6 INCREASED LEVEL OF LTC PROTECTIONS, REDUCED RISK ON REMAINING POSITION Key Assumption Stress Prior Post Change Premium Rate Increases Remove $0.86B $0.78B (9)% Morbidity & Mortality Improvement Remove $0.69B $0.63B (9)% Policy Lapses & Mortality ↓7% $0.34B $0.29B (15)% Claim Incidence ↑3% $0.31B $0.26B (16)% Claim Resolutions ↓2% $0.24B $0.19B (21)% New Money Rate / 30-Year UST Down to 3.25% $0.49B $0.52B 6% $2.6 BILLION OF PROTECTION • Level of protection available to retained block increases; absolute amount remains consistent as capital released offsets portion of protection reduced from transaction • Sensitivities to most key assumptions decrease meaningfully, as business mix shifts towards group • Protection measured as Fairwind excess capital plus statutory reserves relative to our best estimate of the value of the liability MOST SENSITIVITIES REDUCED Note: Changes and impacts are relative to Fairwind best estimate liability as of 12/31/2024

 
7 GROWTH PROFILE REMAINS INTACT FOLLOWING IDI CEDE • One-time impact of ceded premium drives Core Operations premium growth rate of 3-6%1 in 2025; underlying and long-term growth profile of 4-7% remains intact • Retention of new business will drive premium and earnings replenishment for IDI over the next ~5 years • 2025 quarterly outlook for Supplemental & Voluntary will be $110 million due to ceded block earnings • Revised 2025 EPS growth outlook of 6-10% 1-time Premium Impact Pre-Deal Growth Trajectory 1/1/2025 Post-Deal Trajectory E a rn e d P re m iu m CORE OPERATIONS GROWTH PROFILE 1. Subject to timing of transaction closing

 
8 INTERNAL RESTRUCTURING COMBINED WITH EXTERNAL ACTION REDUCES LTC EXPOSURE INTERNAL RESTRUCTURING • Funds withheld reinsurance from First Unum (FUNM) to Provident Life and Accident (PLA) provides additional protection to FUNM policyholders from strong PLA capitalization, diverse product mix, and consistent statutory earnings • Restructuring increases capital efficiency and enhances stability by reducing a historical source of capital volatility at FUNM • In connection with the transaction, FUNM paid a $630M dividend, further optimizing our capital position 1. Dividend driven by capital that was supporting LTC, accumulated excess capital at the subsidiary, and tax impacts 2. Asset Adequacy Reserves LTC RESERVE REDUCTION OF $4 BILLION Unum America 100% Coinsurance ($3.4B of LTC Reserves) Fortitude RE Insurance Risk Retroceded Global Reinsurer FUNM 100% of LTC ($0.6B of AAR2 released) PLA Unum Group Dividend1 EXTERNAL TRANSACTION Rate Increase Experience Refund INTERNAL RESTRUCTURING

 
CLOSING COMMENTS 9 • Strength across employee benefits franchise • Multiyear active management of our closed block • Actions taken reduce risk and increase available capital • Underlying and long-term growth profile intact

 
Questions and Answers 10

 
Appendix: • Term Sheet • LTC Block Demographic Profile 11

 
12 SUMMARY OF KEY TERMS FEATURE Business in Scope • 19% of long-term care exposure, equating to 30% of our ILTC block • Quota share of multi-life individual disability, representing 20% of in-force premium Reinsurance Type • 100% coinsurance; single treaty for LTC and IDI Treaty Effective Date • January 1, 2025 Counterparties • Fortitude Reinsurance Company Ltd - A-rated, Bermuda-based entity • Fortitude will retrocede all biometric risk on the LTC and IDI blocks to highly rated global reinsurer Comfort Trust • Trust will maintain assets that are in excess of ceded reserves Investment Guidelines • Assets in the trust will be managed by Fortitude, subject to investment guidelines Experience Refund • Value of currently anticipated LTC premium rate increases embedded in our best estimate liability for the block will be paid to Unum over time as achieved Administration • All administration, including claims handling and premium increase program management will be retained Closing • Subject to regulatory approvals, expected later in 2025

 
13 LTC BLOCK DEMOGRAPHIC PROFILE 1. Approved claims | 2. Average reflects nonforfeiture and paid-up insureds Retained Block Ceded Block Demographics Profile (as of 9/30/2024) ILTC GLTC Total LTC ILTC Overview Average issue date 2002 2004 2004 2000 Number of insureds (approx.) 85,000 773,000 858,000 31,000 Number of claims incurred1 44,545 21,953 66,498 5,121 Persistency 96.1% 95.5% 95.7% 91.3% Avg annual premiums/insured (approx.)2 2,220 553 720 2,490 Attained Age Average attained age of ALR 75 56 58 86 Average attained age of DLR 85 81 83 89 Benefits % Lifetime benefit by lives count 39% 4% 8% 34% Avg inflated daily benefit 289 112 128 250 Avg benefit period (non-lifetime) 4.4 years 3.1 years 3.1 years 4.3 years Avg elimination period (days) 80 90 89 82 Inflation Protection % with 5% compound 23% 10% 1% 16% % with < 5% compound 28% 0% 3% 35% Simple inflation 29% 13% 15% 31% No inflation 20% 77% 71% 18%

 
v3.25.0.1
Document and Entity Information
Feb. 26, 2025
Entity Information  
Document Type 8-K
Document Period End Date Feb. 26, 2025
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
NEW YORK STOCK EXCHANGE, INC. | Common Class A  
Entity Information  
Title of 12(b) Security Common stock, $0.10 par value
Trading Symbol UNM
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 6.250% Junior Subordinated Notes due 2058  
Entity Information  
Title of 12(b) Security 6.250% Junior Subordinated Notes due 2058
Trading Symbol UNMA
Security Exchange Name NYSE
Grafico Azioni Unum (NYSE:UNMA)
Storico
Da Feb 2025 a Mar 2025 Clicca qui per i Grafici di Unum
Grafico Azioni Unum (NYSE:UNMA)
Storico
Da Mar 2024 a Mar 2025 Clicca qui per i Grafici di Unum