unm-20260331

(ii)Redundancy; Good Reason. In the event of the Employee’s Termination of Employment during the Performance Period by the Company as a result of redundancy, the Employee shall earn a number of Cash Incentive Units equal to the product of (x) the number of Cash Incentive Units determined in accordance with Section 1(b)(i) and (y) a fraction, the numerator of which is the number of full and partial months that have lapsed from the first day of the Performance Period until the date of the Termination of Employment and the denominator of which is the total number of months in the Performance Period; provided, that, in the case of the Employee’s Termination of Employment under such circumstances, the Employee does not breach the CIU Restrictions (as defined in Section 5 below) and the Employee executes and submits to the Company within 10 business days following the last day of each year following such Termination of Employment during the Restricted Period (as defined in Section 5 below) a certification in the form provided to the Employee by the Company that states that the Employee has adhered to and complied with the CIU Restrictions (the “Certification”). Such Cash Incentive Units shall be settled at such time as the Cash Incentive Units would be settled in accordance with Section 2. For the avoidance of doubt, in the event that the Employee incurs a Termination of Employment during the Performance Period by the Company as a result of redundancy and the Employee fails to comply with the CIU Restrictions or fails to execute and submit each required Certification, the Cash Incentive Units will be forfeited. The benefits and conditions (including the obligations to adhere to and comply with the CIU Restrictions and the requirement to execute and submit the Certifications) described in this Section 1(c)(ii) shall also apply upon a Termination of Employment by the Employee for Good Reason if the Company has entered into a separate written agreement with the Employee providing for payments upon a Termination of

(iii)Retirement/Death/Disability; Retirement Definition. In the event of the Employee’s Termination of Employment during the Performance Period due to the Employee’s death, Disability or Retirement, the Employee shall earn a number of Cash Incentive Units equal to the number of Cash Incentive Units determined in accordance with Section 1(b)(i), assuming that the Employee had remained employed through the Performance Period; provided, that, in the case of the Employee’s Retirement or Disability, the Employee does not breach the CIU Restrictions and the Employee (or in the case of the Employee’s Disability, the Employee’s legal representative on behalf of the Employee, if applicable) executes and submits to the Company within 10 business days following the last day of each year during the Restricted Period following such Termination of Employment the Certification. Such Cash Incentive Units shall be settled at such time as the Cash Incentive Units would be settled in accordance with Section 2. For the avoidance of doubt, in the event that the Employee incurs a Termination of Employment during the Performance Period due to the Employee’s Retirement or Disability and the Employee fails to comply with the CIU Restrictions or fails to execute and submit each required Certification, the Cash Incentive Units will be forfeited. For purposes of this Agreement and notwithstanding section 1(gg) of the Plan or section 1.1 of the Sub-plan, “Retirement” shall mean the Employee’s Termination of Employment where the Employee ceases employment with the intention of ceasing to do any further work and on a date that has been agreed by both the Company (or an Affiliate employer) and the Employee in writing in advance in compliance with the legal requirements of the jurisdiction in which the Employee is employed; provided, however, that if, on such agreed-upon date, there is a basis for the Company or an Affiliate employer to terminate the employment of the Employee for Cause, then such voluntary cessation of employment by the Employee shall not constitute “Retirement” for purposes of this Agreement.

(a)The Employee acknowledges that during the course of employment or engagement with the Company and its Affiliates the Employee has received and will continue to have access and exposure to secret and proprietary information, including but not limited to information about the Company’s and its Affiliates’ business, business practices and processes, customers, and prospective customers, the value of which is derived in part from the fact that the information is not generally known to the public (“Confidential Information”). The Employee acknowledges that the Company and its Affiliates have spent significant time, effort and resources protecting the Confidential Information and that the Confidential Information has contributed to customer goodwill and is of significant competitive value to the Company and its Affiliates in the businesses in which they compete, and that the use or disclosure, even if inadvertent, of the Confidential Information to or for the benefit of a competitor would cause significant damage to the legitimate business interests of the Company and its Affiliates. Accordingly, in order to protect the legitimate business and customer goodwill interests of the Company and its Affiliates, to protect the Confidential Information against inappropriate use or disclosure, and in consideration of the grant of and the opportunity to earn the Cash Incentive Units in accordance with the provisions of this Agreement, the Employee hereby covenants and agrees to comply with the confidentiality, non-competition, non-solicitation and non-disparagement provisions set forth in this Section 5(a) (collectively, the “CIU Restrictions”). Except to the extent expressly provided otherwise below, the Employee agrees to comply with the CIU Restrictions for the period commencing on the Grant Date and extending until the date that is 12 months following the earlier of (i) Employee’s Termination of Employment for any reason or (ii) the last day on which the Employee carried out any duties for the Company and its Affiliates (such period, the “Restricted Period”).

(i)The Employee will use Confidential Information gained during employment or engagement with the Company or any Affiliate for the benefit of the Company only and, without the prior written consent of the Company, shall not, at any time during the Restricted Period or thereafter, directly or indirectly, divulge, reveal or communicate any Confidential Information to any person or entity whatsoever, or use any Confidential Information for the Employee’s own benefit or for the benefit of others, other than as required by law or legal process. For purposes of the foregoing, Confidential Information shall not include information that was or is available to the Employee on a non-confidential basis from a source other than the Company or becomes generally available to the public, other than as a result of disclosure by the Employee.

(ii)The Employee shall not, at any time during the Restricted Period, without the prior written consent of the Company, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation or control of, or be employed by, consult with, render services for, or be connected in any other manner with, any Competing Business, whether for compensation or otherwise. For the purposes of this Agreement, a “Competing Business” shall be any business in the United Kingdom which is engaged in the sale or provision of employee benefits or other products or services of the type offered by the Company or its Affiliates (including, without limitation, disability, life, accident, critical illness, hospital indemnity, dental, and vision insurance products; leave and absence management support services; and behavioral health services), unless the Employee’s primary duties and responsibilities with respect to such business are (i) not related to the management, operation or provision of such products or services or (ii) related to the management, operation or provision of such products or services in territories in which the Employee was neither involved nor concerned during the 12 months prior to the Employee’s Termination of Employment or about which he was not in possession of Confidential Information as at the date of such termination; or (iii) related to the management, operation or provision of products or services with which the Employee was neither involved nor concerned during the 12 months prior to the Employee’s Termination of Employment or about which he was not in possession of Confidential Information as at the date of such termination. Notwithstanding the requirements of this paragraph, the Employee shall not be prohibited from owning less than 1% of any publicly traded corporation, whether or not such corporation is deemed to be a Competing Business.

purpose or for the benefit or purpose of any other person or entity, solicit, assist, or induce any Covered Employee to terminate his or her relationship with the Company or its Affiliates (regardless of who first initiates the communication), or help another person or entity evaluate any Covered Employee as an employment candidate, or offer to employ, call on, or actively interfere with the Company’s or any Affiliate’s relationship with any Covered Employee, provided that this paragraph shall not prohibit general solicitations in the form of classified advertisements or the like in newspapers, on the internet, or in other media. For purposes of this Agreement, “Covered Employee” means an individual who is an employee, representative, or officer of the Company or any Affiliate at the time of the solicitation, assistance, or inducement or as of the date of the Employee’s Termination of Employment and who was employed in a senior, technical, management, or research capacity or who was otherwise in possession of Confidential Information and, in each case, who was supervised by or worked with the Employee during the 12 months prior to the Employee’s Termination of Employment.

(v)The Employee shall not, at any time during the Restricted Period, directly or indirectly, disparage or make any statement, oral or written, public or in private, which is reasonably foreseeable as harming the Company’s or any Affiliate’s business interests or impacts negatively on the Company’s or any Affiliate’s business reputation or reputation in the community. Nothing in this paragraph will be construed to prevent the Employee from (x) truthfully communicating with or responding to a request for information from a federal, state, administrative agency or court or (y) discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Employee has reason to believe is unlawful.

(c)The terms and provisions of this Section 5 are intended to be separate and divisible provisions and if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Agreement shall thereby be affected. The parties hereto acknowledge that the potential restrictions on the Employee’s future employment imposed by this Section 5 are reasonable in both duration and geographic scope and in all other respects. If for any reason any court of competent jurisdiction shall find any provisions of this Section 5 unreasonable in duration or geographic scope or otherwise, the Employee and the Company agree that the restrictions and prohibitions contained herein shall be effective to the fullest extent allowed under applicable law in such jurisdiction.

Incentive Units shall (i) be earned as determined in accordance with Schedule A (provided that, in this event, the date of the Change in Control shall be deemed the last day of the Performance Period solely for the purpose of calculating performance as set forth in Schedule A), (ii) shall remain outstanding and shall vest and be subject to restriction until the end of the Performance Period in accordance with Section 1(b)(ii), and (iii) subject to this Section 6, shall be settled by the Company as provided in Section 2. For purposes of this Agreement, Cash Incentive Units that are deemed earned upon, and remain outstanding following, a Change in Control pursuant to this Section 6 shall be referred to as “Assumed CIUs”.

Notwithstanding anything in Section 1 to the contrary, (A) upon a Termination of Employment of the Employee occurring upon or during the two years immediately following the date of a Change in Control (but prior to the settlement of the Employee’s Assumed CIUs) by reason of death, Disability or Retirement, by the Company without Cause, or by the Employee for Good Reason (as defined in the Plan, except that if the Employee is covered by a separate written plan or agreement providing for payments upon a Termination of Employment for Good Reason upon or within two years following a Change in Control, then as such term (or a term of similar import) is defined in such plan or agreement), then such Assumed CIUs shall become free of all restrictions and fully vested and shall be settled as soon as practicable following the date of Termination of Employment (but not later than 30 days thereafter); provided, however, in each case, that if the Employee is a citizen of the United States or otherwise subject to U.S. Federal Income Tax in respect of the Cash Incentive Units, any Assumed CIUs that constitute “nonqualified deferred compensation” as defined under Section 409A of the Code shall, to the extent necessary to avoid the imposition of penalty taxes under Section 409A of the Code, only be so settled if the Change in Control constitutes a “change in control event” within the meaning of Section 409A of the Code and shall otherwise only be settled on the earliest date permissible under Section 409A of the Code; (B) upon a Termination of Employment of the Employee occurring more than two years following the date of a Change in Control (but prior to the settlement of the Employee’s Assumed CIUs) by reason of death, Disability or Retirement, then such Assumed CIUs shall become free of all restrictions and fully vested and shall be settled in accordance with Section 2 hereof; and (C) upon a Termination of Employment of the Employee occurring more than two years following the date of a Change in Control (but prior to the settlement of the Employee’s Assumed CIUs) by the Company without Cause or by the Employee for Good Reason (as defined in the Plan, except that if the Employee is covered by a separate written agreement providing for payments upon a Termination of Employment for Good Reason not following a Change in Control, then as such term (or a term of similar import) is defined in such agreement), then a portion of such Employee’s Assumed CIUs, equal to the full value of the Assumed CIUs multiplied by a fraction, the numerator of which is the number of full and partial months that have lapsed from the first day of the Performance Period until the date of the Termination of Employment and the denominator of which is the total number of months in the Performance Period, shall become free of all restrictions and be vested and shall be settled in accordance with Section 2 hereof (for the avoidance of doubt, if an Employee who is eligible for Retirement incurs a Termination of Employment by the Company without Cause or by the Employee for Good Reason, the vesting of such Employee’s Assumed CIUs shall be governed by subsection (B) hereof). Nothing in this Section 6 shall preclude the Company from settling, upon a Change in Control, any Cash Incentive Units (to the extent effectuated in accordance with Treasury Reg. § 1.409A-3(j)(4) (ix) if the Employee is a citizen of the United States or otherwise subject to U.S. Federal Income Tax in respect of the Cash Incentive Units).

(c)The obligations of the Company under this Agreement shall be conditioned on compliance by the Employee with this Section 7, and the Company shall not deliver any cash payments in respect of the Cash Incentive Units unless and until the Employee has made arrangements satisfactory to the Committee to satisfy his or her obligations under this clause. Unless the Employee pays the Tax Liability to the Company, employer or former employer by cash or cheque, withholding may be effected, at the Company’s option, by withholding amounts payable in connection with the Cash Incentive Units. The Employee acknowledges that the Company, the employer and any former employer have the right to deduct any taxes required to be withheld by law in connection with the Cash Incentive Units from any amounts payable by it to the Employee (including, without limitation, future cash wages). The Employee’s obligations under Section 7(a) shall not be affected by any failure of the Company or employer or former employer to withhold shares or deduct from payments of remuneration under this Section 7(c).

(a)The Employee consents to the Company, Subsidiaries and Affiliates holding and processing information about the Employee for legal, personnel, administrative and management purposes and, in particular, holding and processing: (i) health records and any medical reports to monitor sick leave and sick pay, to administer benefits and take decisions as to the Employee’s fitness to work or the need for adjustments in the workplace; (ii) information required to carry out performance reviews, disciplinary and grievance procedures, internal investigations and considering reports (which may be submitted anonymously) under any whistle-blowing procedure; (iii) any information relating to criminal proceedings in which the Employee has been involved; and (iv) to comply with legal requirements and obligations to third parties (“Personal Data”). The Employee agree that the Company may make the Personal Data available to Subsidiaries and Affiliates, those who provide products or services to the Company, Subsidiaries and Affiliates (such as advisers and payroll administrators), regulatory authorities, potential or future employers, governmental or quasi-governmental organisations, current or potential investors and potential purchasers of the Company, Subsidiaries, Affiliates or the business in which the Employee works.

(b)The Employee consents to the transfer of Personal Data to the Company and to any Subsidiary or Affiliate established outside the European Economic Area, and in particular to the United States. The Employee acknowledges that these countries may not have laws in place to adequately protect the Employee’s privacy. The Employee confirms that he or she understands that all communications (whether by telephone, email or any other means) which are transmitted, undertaken or received using property of the Company or any Subsidiary or Affiliate or on the premises of the Company or any Subsidiary or Affiliate will be treated as work related and are subject to occasional interception, recording and monitoring without further notice. The Employee confirms that he or she does not regard any such communications as private and consents to such interception, recording and monitoring. Interception, recording and monitoring of communications is intended to protect the business interests of the Company and its Subsidiaries and Affiliates (for example, but without limitation, for the purposes of quality control, security of communication and IT systems, record-keeping and evidential requirements, detection and prevention of criminal activity or misconduct and to assist the Company and its Subsidiaries and Affiliates to comply with relevant legal requirements). The Employee acknowledges that intercepted communications may be used as evidence in any disciplinary or legal proceedings.

(a)The interpretation, performance and enforcement of this Agreement (including non-contractual disputes or claims) shall be governed and construed by the laws of the State of Delaware without reference to principles of conflict of laws, as applied to contracts executed in and performed wholly within the State of Delaware. In addition to the terms and conditions set forth in this Agreement, the Cash Incentive Units are subject to the terms and conditions of the Plan, which is hereby incorporated by reference. The parties agree that the courts of the State of Delaware shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this deed or its subject matter or formation (including non-contractual disputes or claims).

In the event of any conflict between this Agreement, the Plan or the Sub-plan, the Sub-plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Sub-plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (a) interpret the Plan, (b) prescribe, amend and rescind rules and regulations relating to the Plan and Sub-plan, and (c) make all other determinations deemed necessary or advisable for the administration of the Plan and Sub-plan. The Employee hereby acknowledges that a copy of the Plan and the Sub-plan has been made available to him and agrees to be bound by all the terms and provisions thereof. The Employee and the Company each acknowledge that this Agreement (together with the Plan and the Sub-plan) constitutes the entire agreement and supersedes all other agreements and understandings, both written and oral, between the parties or either of them, with respect to the subject matter hereof.

By executing this Agreement, the Employee acknowledges and agrees that the provisions of Schedule A to this Agreement shall be deemed confidential information (except with respect to information that becomes generally available to the public other than as a result of disclosure by the Employee, and then only to such extent), and that the Employee will keep confidential all such provisions and shall not disclose them, directly or indirectly, to any person other than the Employee’s legal advisor as necessary in obtaining legal advice (provided that such advisor is informed of the confidential nature of such provisions and is subject to confidentiality and non-disclosure duties or obligations with respect to such provisions that are no less restrictive than those contained in this Section) or as required by law or legal process.

Notwithstanding any provisions in this Agreement to the contrary, the Employee hereby acknowledges and agrees that any amounts paid or provided to the Employee pursuant to this Agreement, which amounts are subject to recovery for any reason under any law, government regulation, stock exchange listing requirement, or any policy adopted by the Company from time to time, will be subject to all applicable deductions and clawback pursuant to such law, government regulation, stock exchange listing requirement, or policy as in effect from time to time. For purposes of the foregoing, the Employee expressly and explicitly authorizes the Company’s recovery of any covered compensation under such law, government regulation, stock exchange listing requirement, or policy through any method of recovery that the Company deems appropriate, including without limitation by reducing any amount that is or may become payable to the Employee, whether in the form of wages, severance, vacation pay or any other benefit or for any other reason.

First, the number of Cash Incentive Units granted as provided in Section 1(a) (the “Initial Cash Incentive Units”) will be deemed to accrete over the three-year Performance Period based on (i) a targeted Adjusted Book Value growth multiple for the Performance Period derived from applying an 8% compound annual growth rate for each one-year period during the Performance Period, and (ii) the targeted annual dividend yields over the Performance Period (2.49% in the first year, increasing by 10% in each of the next two years), with such annual yields (rounded to two decimals) accumulated over the Performance Period to determine the cumulative dividend yield. The sum of the foregoing clauses (i) and (ii), each expressed as a percentage, is referred to herein as the “Targeted Growth”. The number of accreted Cash Incentive Units for the Performance Period that is obtained by multiplying the Targeted Growth by the Initial Cash Incentive Units is hereinafter referred to as the “Accreted CIUs Target”.

As used herein, “Adjusted Book Value” means, as of any date of determination, the total stockholders’ equity of the Company and its subsidiaries, as reflected on the consolidated balance sheet of the Company and its subsidiaries at such date prepared in accordance with generally accepted accounting principles, adjusted to exclude the value of accumulated other comprehensive income or loss reflected on such consolidated balance sheet. Adjusted Book Value shall be further adjusted during the Performance Period to exclude the impacts of (i) adjustments resulting from changes in accounting policy or in legal or regulatory rules or laws; (ii) any acquisitions, divestitures or block reinsurance transactions; (iii) regulatory, legal, or tax settlements; (iv) adjustments to the closed block of business; (v) the effect of changes to strategic asset allocation; (vi) debt repurchase or retirement; (vii) stock repurchase or issuance; (viii) fees or assessments, including tax assessments, from legislation enacted after the date hereof; (ix) reserve assumption updates; (x) asset impairments, including, but not limited to, those related to premiums receivable, reinsurance recoverable, property and equipment, right-of-use assets, value of business acquired and goodwill; (xi) restructuring costs; and (xii) the effect of a global pandemic or other economic or environmental pressures impacting results.

“Peer Group” shall mean the following group of peer companies: Aflac Incorporated, Globe Life Inc., The Hartford Financial Services Group, Inc., Lincoln National Corporation, MetLife, Inc., Principal Financial Group, Inc., Prudential Financial, Inc., and Voya Financial, Inc. A company shall be removed from the Peer Group if it: (i) ceases to be a domestically domiciled publicly traded company on a national stock exchange or market system, unless such cessation of such listing is due to a low stock price or low trading volume; (ii) has gone private; (iii) has reincorporated in a foreign (e.g., non-U.S.) jurisdiction, regardless of whether it is a reporting company in that or another jurisdiction; or (iv) has been acquired by another company (whether by another company in the Peer Group or otherwise, but not including internal reorganizations) or has sold all or substantially all of its assets. A company that is removed from the Peer Group before the end of the Performance Period will be excluded from the calculation of TSR Percentile Ranking.


Delaware			62-1598430
(State or other jurisdiction of incorporation or organization)			(I.R.S. 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, former address and former fiscal year, if changed since last report)


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


		Page
	Cautionary Statement Regarding Forward-Looking Statements	1

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited):	3

	Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	3

	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025	5

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	6

	Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2026 and 2025	7

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	8

	Notes to Consolidated Financial Statements	9

	Note 1 - Basis of Presentation	9

	Note 2 - Accounting Developments	9

	Note 3 - Fair Value of Financial Instruments	10

	Note 4 - Investments	26

	Note 5 - Derivative Financial Instruments	41

	Note 6 - Accumulated Other Comprehensive Loss	48

	Note 7 - Liability for Future Policy Benefits	50

	N ote 8 - Pol icyholders ' Account Balances	66

	Note 9 - Deferred Acquisition Costs	70

	Note 10 - Segment Information	71

	Note 11 - Employee Benefit Plans	75

	Note 12 - Stockholders' Equity and Earnings Per Common Share	76

	Note 13 - Commitments and Contingent Liabilities	77

	Note 14 - Debt and Other	78

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	80

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	114

Item 4.	Controls and Procedures	115

	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	116

Item 1A.	Risk Factors	116

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	116

Item 5.	Other Information	116

Item 6.	Exhibits	117

	Signatures	118


	March 31		December 31
	2026		2025
	(in millions of dollars)

Assets

Investments
Fixed Maturity Securities - at fair value (amortized cost of $35,530.8; $34,747.2; allowance for credit losses of $—; $5.9)	$	33,300.8	$	33,056.6
Mortgage Loans (net of allowance for credit losses of $15.3; $15.9)	2,066.3		2,109.5
Policy Loans	3,702.9		3,668.1
Other Long-term Investments	1,664.8		1,670.4
Short-term Investments	2,055.3		3,016.2
Total Investments	42,790.1		43,520.8

Other Assets
Cash and Bank Deposits	192.6		158.2
Accounts and Premiums Receivable (net of allowance for credit losses of $26.9; $26.1)	1,614.4		1,429.8
Reinsurance Recoverable (net of allowance for credit losses of $0.4; $1.4)	11,310.9		11,574.6
Accrued Investment Income	582.0		596.0
Deferred Acquisition Costs	2,974.4		2,920.3
Goodwill	353.0		353.9
Property and Equipment	509.3		503.7
Deferred Income Tax	37.2		79.5

Other Assets	2,350.4		2,382.6

Total Assets	$	62,714.3	$	63,519.4


	March 31		December 31
	2026		2025
	(in millions of dollars)

Liabilities and Stockholders' Equity

Liabilities
Future Policy Benefits	$	37,300.5	$	38,017.0
Policyholders' Account Balances	5,736.0		5,636.4
Unearned Premiums	509.1		412.8
Other Policyholders’ Funds	1,472.6		1,479.7
Income Tax Payable	87.6		52.2
Deferred Income Tax	41.0		38.8

Long-term Debt	3,762.0		3,767.6

Other Liabilities	2,913.1		2,995.8

Total Liabilities	51,821.9		52,400.3

Commitments and Contingent Liabilities - Note 13

Stockholders' Equity
Common Stock, $0.10 par
Authorized: 725,000,000 shares
Issued: 196,635,349 and 196,194,941 shares	19.6		19.6
Additional Paid-in Capital	1,602.1		1,593.0
Accumulated Other Comprehensive Loss	(1,795.5)		(1,808.5)
Retained Earnings	13,498.9		13,345.3
Treasury Stock - at cost: 35,885,782 and 30,500,524 shares	(2,432.7)		(2,030.3)

Total Stockholders' Equity	10,892.4		11,119.1

Total Liabilities and Stockholders' Equity	$	62,714.3	$	63,519.4


	Three Months Ended March 31
	2026		2025
	(in millions of dollars, except share data)

Revenue
Premium Income	$	2,794.0	$	2,702.9
Net Investment Income	483.4		513.2



Net Investment Loss	(5.0)		(206.8)
Other Income	82.8		82.3
Total Revenue	3,355.2		3,091.6

Benefits and Expenses
Policy Benefits	1,955.8		1,960.3
Policy Benefits - Remeasurement Loss (Gain)	48.2		(89.3)
Commissions	368.5		343.2
Interest and Debt Expense	53.1		52.0

Deferral of Acquisition Costs	(190.6)		(172.6)
Amortization of Deferred Acquisition Costs	134.2		125.4

Compensation Expense	325.5		310.4
Other Expenses	357.8		318.6
Total Benefits and Expenses	3,052.5		2,848.0

Income Before Income Tax	302.7		243.6

Income Tax Expense (Benefit)
Current	37.8		80.4
Deferred	32.9		(25.9)
Total Income Tax Expense	70.7		54.5

Net Income	$	232.0	$	189.1

Net Income Per Common Share
Basic	$	1.41	$	1.06
Assuming Dilution	$	1.41	$	1.06


		March 31, 2026
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	181.7	Not redeemable	$	106.3

		49.5		Quarterly / 90 days notice	12.7
Total Private Credit		231.2			119.0

Private Equity	(b)	625.6		Not redeemable	428.4
		33.1		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	20.4
Total Private Equity		658.7			448.8

Real Assets	(c)	515.9		Not redeemable	266.7
		38.3		Quarterly / 90 days notice	—
Total Real Assets		554.2			266.7

Total Partnerships		$	1,444.1		$	834.5


		December 31, 2025
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	205.9	Not redeemable	$	108.3

		49.9		Quarterly / 90 days notice	12.7
Total Private Credit		255.8			121.0

Private Equity	(b)	618.9		Not redeemable	406.8
		32.5		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	15.5
Total Private Equity		651.4			422.3

Real Assets	(c)	511.4		Not redeemable	213.4
		37.7		Quarterly / 90 days notice	—
Total Real Assets		549.1			213.4

Total Partnerships		$	1,456.3		$	756.7


	March 31, 2026
	Level 1		Level 2		Level 3		NAV		Total
	(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities	$	77.7	$	467.2	$	—	$	—	$	544.9
States, Municipalities, and Political Subdivisions	—		3,000.0		—		—		3,000.0
Foreign Governments	—		844.9		—		—		844.9
Public Utilities	690.3		4,315.1		—		—		5,005.4
Mortgage/Asset-Backed Securities1	—		1,159.2		197.7		—		1,356.9
All Other Corporate Bonds	7,152.4		15,328.1		60.4		—		22,540.9
Redeemable Preferred Stocks	—		7.8		—		—		7.8
Total Fixed Maturity Securities	7,920.4		25,122.3		258.1		—		33,300.8

Other Long-term Investments
Derivatives

Forwards	—		1.7		—		—		1.7
Foreign Currency Interest Rate Swaps	—		59.0		—		—		59.0


Embedded Derivative in Modified Coinsurance Arrangement	—		—		14.8		—		14.8
Total Derivatives	—		60.7		14.8		—		75.5
Perpetual Preferred and Equity Securities	—		0.2		19.8		—		20.0
Private Equity Partnerships	—		—		—		1,444.1		1,444.1
Total Other Long-term Investments	—		60.9		34.6		1,444.1		1,539.6
Total Financial Instrument Assets Carried at Fair Value	$	7,920.4	$	25,183.2	$	292.7	$	1,444.1	$	34,840.4

Liabilities
Other Liabilities
Derivatives
Forwards	$	—	$	219.4	$	—	$	—	$	219.4
Foreign Currency Interest Rate Swaps	—		41.6		—		—		41.6



Total Derivatives	—		261.0		—		—		261.0
Total Financial Instrument Liabilities Carried at Fair Value	$	—	$	261.0	$	—	$	—	$	261.0


	Three Months Ended March 31, 2026
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in						Sales/Maturities		Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases				Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities


Public Utilities	$	—	$	—	$	—	$	—	$	(10.0)	$	10.0	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities1	103.1		—		0.6		103.4		(9.5)		0.1		—		197.7		0.7		—
All Other Corporate Bonds	63.9		—		0.1		—		(39.0)		82.8		(47.4)		60.4		(0.4)		—

Total Fixed Maturity Securities	167.0		—		0.7		103.4		(58.5)		92.9		(47.4)		258.1		0.3		—

Perpetual Preferred and Equity Securities	19.8		—		—		—		—		—		—		19.8		—		—
Embedded Derivative in Modified Coinsurance Arrangement	17.8		(3.0)		—		—		—		—		—		14.8		—		(3.0)


	Three Months Ended March 31, 2025
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in						Sales/Maturities		Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases				Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities


Public Utilities	$	—	$	(1.5)	$	1.6	$	—	$	(12.3)	$	12.2	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities1	73.5		—		(0.6)		4.8		(0.5)		—		—		77.2		(0.6)		—
All Other Corporate Bonds	71.5		(6.2)		(8.3)		—		(70.3)		83.8		(38.2)		32.3		(8.3)		—

Total Fixed Maturity Securities	145.0		(7.7)		(7.3)		4.8		(83.1)		96.0		(38.2)		109.5		(8.9)		—

Perpetual Preferred and Equity Securities	24.4		0.7		—		1.7		—		—		—		26.8		—		0.7
Embedded Derivative in Modified Coinsurance Arrangement	11.5		(1.9)		—		—		—		—		—		9.6		—		(1.9)


	March 31, 2026
	Estimated Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
	(in millions of dollars)
Assets
Mortgage Loans	$	—	$	1,919.3	$	—	$	1,919.3	$	2,066.3
Policy Loans	—		—		3,761.7		3,761.7		3,702.9
Other Long-term Investments
Miscellaneous Long-term Investments	—		42.5		0.2		42.7		42.7
Total Financial Instrument Assets Not Carried at Fair Value	$	—	$	1,961.8	$	3,761.9	$	5,723.7	$	5,811.9

Liabilities



Policyholders' Account Balances	$	—	$	106.5	$	—	$	106.5	$	106.5
Long-term Debt	2,992.7		559.4		—		3,552.1		3,762.0
Other Liabilities	—		585.6		—		585.6		585.6



Total Financial Instrument Liabilities Not Carried at Fair Value	$	2,992.7	$	1,251.5	$	—	$	4,244.2	$	4,454.1


	March 31, 2026
	Amortized Cost, Gross of ACL1		ACL1		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	548.9	$	—	$	13.2	$	17.2	$	544.9
States, Municipalities, and Political Subdivisions	3,413.2		—		61.9		475.1		3,000.0
Foreign Governments	989.4		—		14.9		159.4		844.9
Public Utilities	5,202.3		—		136.8		333.7		5,005.4
Mortgage/Asset-Backed Securities2	1,371.9		—		7.7		22.7		1,356.9
All Other Corporate Bonds	23,997.1		—		386.3		1,842.5		22,540.9
Redeemable Preferred Stocks	8.0		—		—		0.2		7.8
Total Fixed Maturity Securities	$	35,530.8	$	—	$	620.8	$	2,850.8	$	33,300.8


	March 31, 2026
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	26.2	$	0.6	$	233.6	$	16.6
States, Municipalities, and Political Subdivisions	162.9		3.4		1,907.1		471.7
Foreign Governments	81.2		1.7		344.3		157.7
Public Utilities	1,048.6		32.9		1,668.0		300.8
Mortgage/Asset-Backed Securities1	539.5		5.2		261.0		17.5
All Other Corporate Bonds	4,851.2		123.9		10,516.0		1,718.6
Redeemable Preferred Stocks2	4.0		—		3.8		0.2
Total Fixed Maturity Securities	$	6,713.6	$	167.7	$	14,933.8	$	2,683.1


	March 31, 2026
	Amortized Cost, Net of ACL1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,258.8	$	2.8	$	336.8	$	5.4	$	919.4
Over 1 year through 5 years	6,719.4		150.7		3,094.7		125.2		3,650.2
Over 5 years through 10 years	7,591.2		177.3		3,167.3		393.3		4,207.9
Over 10 years	18,589.5		282.3		4,498.2		2,304.2		12,069.4
	34,158.9		613.1		11,097.0		2,828.1		20,846.9
Mortgage/Asset-Backed Securities2	1,371.9		7.7		556.4		22.7		800.5
Total Fixed Maturity Securities	$	35,530.8	$	620.8	$	11,653.4	$	2,850.8	$	21,647.4



	March 31, 2026				December 31, 2025
	(in millions of dollars)

	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Property Type
Apartment	$	634.0	30.7	%	$	642.5	30.5	%
Industrial	650.9		31.5		659.0		31.2
Office	283.4		13.7		313.3		14.9
Retail	470.4		22.8		467.0		22.1
Other	27.6		1.3		27.7		1.3
Total	$	2,066.3	100.0	%	$	2,109.5	100.0	%

Region
New England	$	49.2	2.4	%	$	49.9	2.4	%
Mid-Atlantic	158.0		7.6		159.9		7.6
East North Central	270.0		13.1		275.3		13.1
West North Central	134.6		6.5		135.9		6.4
South Atlantic	499.9		24.2		497.2		23.5
East South Central	88.6		4.3		96.7		4.6
West South Central	185.8		9.0		190.5		9.0
Mountain	235.1		11.4		255.3		12.1
Pacific	445.1		21.5		448.8		21.3
Total	$	2,066.3	100.0	%	$	2,109.5	100.0	%


	March 31, 2026				December 31, 2025
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Mortgage Rating
AA	$	128.5	6.2	%	$	125.6	6.0	%
A	1,015.7		49.1		1,053.4		49.9
BBB	819.3		39.7		804.0		38.1
BB	97.0		4.7		120.5		5.7
B	5.8		0.3		6.0		0.3
Total	$	2,066.3	100.0	%	$	2,109.5	100.0	%

Loan-to-Value Ratio1
<= 65%	$	1,703.4	82.5	%	$	1,701.2	80.6	%
> 65% <= 75%	151.3		7.3		164.3		7.8
> 75% <= 85%	130.8		6.3		162.6		7.7
> 85%	80.8		3.9		81.4		3.9
Total	$	2,066.3	100.0	%	$	2,109.5	100.0	%

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property


	March 31, 2026
	Prior to 2022		2022		2023		2024		2025		2026		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	128.6	$	—	$	—	$	—	$	—	$	—	$	128.6
A	894.7		23.3		9.4		6.4		76.9		6.8		1,017.5
BBB	617.0		61.6		56.5		39.3		36.3		12.3		823.0
BB	77.9		—		—		—		20.4		—		98.3
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,732.4		84.9		65.9		45.7		133.6		19.1		2,081.6
Allowance for credit losses	(13.8)		(0.3)		(0.3)		(0.2)		(0.6)		(0.1)		(15.3)
Carrying Amount	$	1,718.6	$	84.6	$	65.6	$	45.5	$	133.0	$	19.0	$	2,066.3

Loan-to-Value Ratio1
<=65%	$	1,486.8	$	62.5	$	38.4	$	11.6	$	89.1	$	19.1	$	1,707.5
>65<=75%	57.8		8.4		27.5		34.1		24.1		—		151.9
>75%<=85%	118.2		14.0		—		—		—		—		132.2
>85%	69.6		—		—		—		20.4		—		90.0
Total Amortized Cost	1,732.4		84.9		65.9		45.7		133.6		19.1		2,081.6
Allowance for credit losses	(13.8)		(0.3)		(0.3)		(0.2)		(0.6)		(0.1)		(15.3)
Carrying Amount	$	1,718.6	$	84.6	$	65.6	$	45.5	$	133.0	$	19.0	$	2,066.3

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property


	December 31, 2025
	Prior to 2021		2021		2022		2023		2024		2025		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	100.1	$	25.6	$	—	$	—	$	—	$	—	$	125.7
A	794.0		144.9		23.6		9.5		6.4		77.2		1,055.6
BBB	482.4		131.2		61.8		56.7		39.4		36.4		807.9
BB	81.7		19.9		—		—		—		20.4		122.0
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

Loan-to-Value Ratio1
<=65%	$	1,264.1	$	238.9	$	63.0	$	38.5	$	11.6	$	89.4	$	1,705.5
>65<=75%	59.8		10.7		8.4		27.7		34.2		24.2		165.0
>75%<=85%	115.5		35.0		14.0		—		—		—		164.5
>85%	33.0		37.0		—		—		—		20.4		90.4
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	32,046.8	$	605.8	$	2,784.0	97.7	%
Below-Investment-Grade	1,254.0		15.0		66.8		2.3
Total Fixed Maturity Securities	$	33,300.8	$	620.8	$	2,850.8	100.0	%


	Three Months Ended March 31, 2026
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	4.3	$	(0.2)	$	—	$	—	$	4.1
>65<=75%	0.7		(0.1)		—		—		0.6
>75%<=85%	1.9		(0.5)		—		—		1.4
>85%	9.0		0.2		—		—		9.2
Total	$	15.9	$	(0.6)	$	—	$	—	$	15.3


	March 31, 2026		December 31, 2025
	Overnight and Continuous
	(in millions of dollars)
Borrowings
United States Government and Government Agencies and Authorities	$	0.3	$	0.3


Public Utilities	0.8		4.8
Short-Term Investments	—		0.1
All Other Corporate Bonds	60.6		70.9
Total Borrowings	61.7		76.1
Gross Amount of Recognized Liability for Securities Lending Transactions	61.7		76.1
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein	$	—	$	—


	March 31, 2026
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	60.7	$	—	$	60.7	$	(60.1)	$	(0.5)	$	0.1
Securities Lending	95.7		—		95.7		(34.0)		(61.7)		—
Total	$	156.4	$	—	$	156.4	$	(94.1)	$	(62.2)	$	0.1

Financial Liabilities:
Derivatives	$	261.0	$	—	$	261.0	$	(260.8)	$	—	$	0.2
Securities Lending	61.7		—		61.7		(61.7)		—		—
Total	$	322.7	$	—	$	322.7	$	(322.5)	$	—	$	0.2


	March 31, 2026
	(in millions of dollars)
	Amortized Cost of Hedged Assets		Carrying Amount of Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed maturity securities:

Receive fixed functional currency interest, pay fixed foreign currency interest	$	799.8	$	683.6	$	17.7


	March 31, 2026
			Derivative Assets		Derivative Liabilities
	Notional Amount		Fair Value		Fair Value
	(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks	$	2,526.0	$	0.9	$	218.7
Foreign Currency Interest Rate Swaps	120.0		14.3		1.1
Total Cash Flow Hedges	2,646.0		15.2		219.8

Fair Value Hedges

Foreign Currency Interest Rate Swaps	822.6		44.5		26.9


Total Designated as Hedging Instruments	$	3,468.6	$	59.7	$	246.7

Not Designated as Hedging Instruments


Foreign Currency Forwards	$	47.1	$	0.8	$	0.7
Foreign Currency Interest Rate Swaps	102.3		0.2		13.6
Total Return Swaps	151.4		—		—
Embedded Derivative in Modified Coinsurance Arrangement	—		14.8		—
Total Not Designated as Hedging Instruments	$	300.8	$	15.8	$	14.3

Total Derivatives	$	3,769.4	$	75.5	$	261.0


	Net Unrealized Loss on Securities		Effect of Change in Discount Rate Assumptions on the LFPB1		Net Loss on Derivatives		Foreign Currency Translation Adjustment		Unrecognized Pension and Postretirement Benefit Costs		Total
	(in millions of dollars)
Balance at December 31, 2025	$	(2,003.1)	$	929.9	$	(278.8)	$	(245.6)	$	(210.9)	$	(1,808.5)
Other Comprehensive Income (Loss) Before Reclassifications	(431.3)		465.2		(2.0)		(23.0)		1.2		10.1
Amounts Reclassified from AOCI	2.1		—		(1.3)		—		2.1		2.9
Net Other Comprehensive Income (Loss)	(429.2)		465.2		(3.3)		(23.0)		3.3		13.0
Balance at March 31, 2026	$	(2,432.3)	$	1,395.1	$	(282.1)	$	(268.6)	$	(207.6)	$	(1,795.5)

Balance at December 31, 2024	$	(2,755.2)	$	1,185.4	$	(270.7)	$	(343.0)	$	(340.2)	$	(2,523.7)
Other Comprehensive Income (Loss) Before Reclassifications	265.6		(166.3)		47.5		42.3		(1.8)		187.3
Amounts Reclassified from AOCI	156.4		—		(2.0)		—		3.2		157.6
Net Other Comprehensive Income (Loss)	422.0		(166.3)		45.5		42.3		1.4		344.9
Balance at March 31, 2025	$	(2,333.2)	$	1,019.1	$	(225.2)	$	(300.7)	$	(338.8)	$	(2,178.8)

1Liability for Future Policy Benefits


	Consolidated
	March 31
	2026		2025
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	14,416.5	$	13,930.6
Beginning balance at original discount rate	14,393.0		14,266.9
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(235.0)		(183.2)
Adjusted beginning of year balance	14,158.0		14,083.7
Issuances	529.8		502.2
Interest accretion	162.5		163.2
Net premiums collected	(455.3)		(435.4)

Foreign currency	(12.7)		21.2
Ending balance at original discount rate	14,382.3		14,334.9
Effect of change in discount rate assumptions	(189.0)		(181.4)
Balance, end of period	$	14,193.3	$	14,153.5

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	50,683.1	$	48,920.1
Beginning balance at original discount rate	51,638.5		50,778.2
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(174.4)		(289.0)
Adjusted beginning of year balance	51,464.1		50,489.2
Issuances1	1,300.7		1,272.5
Interest accretion	582.5		572.7
Benefit payments	(1,641.1)		(1,618.7)

Foreign currency	(63.9)		103.6
Ending balance at original discount rate	51,642.3		50,819.3
Effect of change in discount rate assumptions	(1,865.4)		(1,422.9)
Balance, end of period	$	49,776.9	$	49,396.4

Net liability for future policy benefits	$	35,583.6	$	35,242.9
Other2	1,528.9		1,580.0
Total liability for future policy benefits	37,112.5		36,822.9
Less: Reinsurance recoverable related to future policy benefits	10,040.1		6,888.2
Net liability for future policy benefits, after reinsurance recoverable	$	27,072.4	$	29,934.7

1Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals.
2Other primarily relates to our Closed Block - All Other product line.


	March 31, 2026

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	—	$	—	$	1,385.5	$	1,236.5	$	2,622.0
Beginning balance at original discount rate	—		—		1,447.3		1,232.5		2,679.8
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		(39.7)		(6.3)		(46.0)
Adjusted beginning of year balance	—		—		1,407.6		1,226.2		2,633.8
Issuances	—		—		292.4		51.4		343.8
Interest accretion	—		—		13.5		13.1		26.6
Net premiums collected	—		—		(66.7)		(48.7)		(115.4)

Ending balance at original discount rate	—		—		1,646.8		1,242.0		2,888.8
Effect of change in discount rate assumptions	—		—		(78.1)		(11.3)		(89.4)
Balance, end of period	$	—	$	—	$	1,568.7	$	1,230.7	$	2,799.4

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	4,588.1	$	801.6	$	2,536.9	$	3,140.7	$	11,067.3
Beginning balance at original discount rate	4,656.9		807.5		2,751.1		3,150.4		11,365.9
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	(16.0)		(21.9)		(40.9)		2.9		(75.9)
Adjusted beginning of year balance	4,640.9		785.6		2,710.2		3,153.3		11,290.0
Issuances1	406.1		194.2		303.5		52.9		956.7
Interest accretion	38.6		4.5		28.9		36.5		108.5
Benefit payments	(460.1)		(195.9)		(84.1)		(75.5)		(815.6)

Ending balance at original discount rate	4,625.5		788.4		2,958.5		3,167.2		11,539.6
Effect of change in discount rate assumptions	(105.5)		(10.1)		(254.7)		(58.3)		(428.6)
Balance, end of period	$	4,520.0	$	778.3	$	2,703.8	$	3,108.9	$	11,111.0

Net liability for future policy benefits	$	4,520.0	$	778.3	$	1,135.1	$	1,878.2	$	8,311.6
Other	0.1		0.9		4.6		26.6		32.2
Total liability for future policy benefits	4,520.1		779.2		1,139.7		1,904.8		8,343.8
Less: Reinsurance recoverable related to future policy benefits	23.8		7.3		13.0		374.5		418.6
Net liability for future policy benefits, after reinsurance recoverable	$	4,496.3	$	771.9	$	1,126.7	$	1,530.3	$	7,925.2

1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.


	March 31, 2025

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	—	$	—	$	1,240.2	$	1,202.5	$	2,442.7
Beginning balance at original discount rate	—		—		1,335.3		1,230.7		2,566.0
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		(55.1)		(48.0)		(103.1)
Adjusted beginning of year balance	—		—		1,280.2		1,182.7		2,462.9
Issuances	—		—		250.7		93.4		344.1
Interest accretion	—		—		12.4		13.0		25.4
Net premiums collected	—		—		(58.2)		(47.1)		(105.3)

Ending balance at original discount rate	—		—		1,485.1		1,242.0		2,727.1
Effect of change in discount rate assumptions	—		—		(78.6)		(14.9)		(93.5)
Balance, end of period	$	—	$	—	$	1,406.5	$	1,227.1	$	2,633.6

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	4,735.8	$	835.2	$	2,362.5	$	3,096.5	$	11,030.0
Beginning balance at original discount rate	4,907.5		852.6		2,614.6		3,191.1		11,565.8
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	(45.3)		(20.9)		(58.1)		(54.5)		(178.8)
Adjusted beginning of year balance	4,862.2		831.7		2,556.5		3,136.6		11,387.0
Issuances1	410.6		203.6		260.8		95.7		970.7
Interest accretion	42.1		4.8		27.7		37.0		111.6
Benefit payments	(452.4)		(220.9)		(74.2)		(74.5)		(822.0)

Ending balance at original discount rate	4,862.5		819.2		2,770.8		3,194.8		11,647.3
Effect of change in discount rate assumptions	(133.9)		(13.2)		(229.2)		(55.9)		(432.2)
Balance, end of period	$	4,728.6	$	806.0	$	2,541.6	$	3,138.9	$	11,215.1

Net liability for future policy benefits	$	4,728.6	$	806.0	$	1,135.1	$	1,911.8	$	8,581.5
Other	0.2		0.8		2.8		25.8		29.6
Total liability for future policy benefits	4,728.8		806.8		1,137.9		1,937.6		8,611.1
Less: Reinsurance recoverable related to future policy benefits	25.5		6.2		13.3		73.4		118.4
Net liability for future policy benefits, after reinsurance recoverable	$	4,703.3	$	800.6	$	1,124.6	$	1,864.2	$	8,492.7

1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.


	March 31, 2026

	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	7,732.7	$	—	$	7,732.7
Beginning balance at original discount rate	7,484.3		—		7,484.3
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	(174.1)		—		(174.1)
Adjusted beginning of year balance	7,310.2		—		7,310.2

Interest accretion	95.1		—		95.1
Net premiums collected	(161.7)		—		(161.7)

Ending balance at original discount rate	7,243.6		—		7,243.6
Effect of change in discount rate assumptions	124.3		—		124.3
Balance, end of period	$	7,367.9	$	—	$	7,367.9

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	24,420.6	$	6,785.8	$	31,206.4
Beginning balance at original discount rate	24,113.6		7,056.2		31,169.8
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	(64.1)		(4.9)		(69.0)
Adjusted beginning of year balance	24,049.5		7,051.3		31,100.8
Issuances1	—		22.9		22.9
Interest accretion	314.5		77.7		392.2
Benefit payments	(283.0)		(214.2)		(497.2)

Ending balance at original discount rate	24,081.0		6,937.7		31,018.7
Effect of change in discount rate assumptions	(192.3)		(361.0)		(553.3)
Balance, end of period	$	23,888.7	$	6,576.7	$	30,465.4

Net liability for future policy benefits	$	16,520.8	$	6,576.7	$	23,097.5
Other2	10.2		1,407.7		1,417.9
Total liability for future policy benefits	16,531.0		7,984.4		24,515.4
Less: Reinsurance recoverable related to future policy benefits	3,293.4		6,255.2		9,548.6
Net liability for future policy benefits, after reinsurance recoverable	$	13,237.6	$	1,729.2	$	14,966.8

1Issuances for Closed Block - All Other represents new claim incurrals.
2Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.


	March 31, 2026
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	548.4	$	845.2	$	4,073.4	$	5,467.0
Premiums received	11.4		18.3		5.0		34.7
Policy charges1	(13.1)		(17.1)		(29.0)		(59.2)
Surrenders and withdrawals	(11.6)		(10.0)		(3.6)		(25.2)
Benefit payments	(1.4)		(2.2)		(54.2)		(57.8)
Interest credited	4.8		8.4		83.7		96.9
Other	1.7		(0.3)		0.8		2.2
Balance, end of period	540.2		842.3		4,076.1		5,458.6
Reserves in excess of account balance	118.8		13.4		38.7		170.9
Total policyholders' account balances	659.0		855.7		4,114.8		5,629.5
Less: Reinsurance recoverable related to policyholders' account balances	0.7		—		4,114.8		4,115.5
Net policyholders' account balances, after reinsurance recoverable	$	658.3	$	855.7	$	—	$	1,514.0

Weighted average crediting rate	3.6%		4.1%		8.6%		7.3%
Net amount at risk2	$	3,635.6	$	7,546.5	$	1,608.0	$	12,790.1
Cash surrender value	$	530.7	$	824.1	$	4,042.5	$	5,397.3

1Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.


	March 31, 2026
Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(in millions of dollars)

	Unum US - Voluntary Benefits
3.00% - 3.99%	$	83.3	$	—	$	—	$	—	$	83.3
4.00% - 4.99%	228.0		201.2		—		—		429.2
5.00% - 6.00%	27.7		—		—		—		27.7
	339.0		201.2		—		—		540.2

	Colonial Life
4.00% - 5.00%	835.9		6.4		—		—		842.3

	Closed Block - All Other
3.00% - 5.99%	1,401.7		28.9		6.5		—		1,437.1
6.00% - 8.99%	24.7		—		—		—		24.7
9.00% - 11.99%	2,390.1		—		—		—		2,390.1
12.00% - 15.00%	224.2		—		—		—		224.2
	4,040.7		28.9		6.5		—		4,076.1

Total	$	5,215.6	$	236.5	$	6.5	$	—	$	5,458.6


	March 31, 2026

	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,208.7	$	72.1	$	1,639.5	$	2,920.3
Capitalization	91.6		9.2		89.8		190.6
Amortization expense	(68.7)		(3.4)		(62.1)		(134.2)
Foreign currency	—		(2.3)		—		(2.3)
Balance, end of period	$	1,231.6	$	75.6	$	1,667.2	$	2,974.4


	Three Months Ended March 31
	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2026		2025		2026		2025		2026		2025
	(in millions of dollars)
Service Cost	$	1.8	$	2.4	$	—	$	—	$	—	$	—
Interest Cost	16.4		21.4		2.2		2.1		0.9		1.0
Expected Return on Plan Assets	(16.7)		(21.8)		(2.5)		(2.2)		(0.1)		(0.1)
Amortization of:
Net Actuarial Loss (Gain)	2.2		3.7		0.7		0.7		(0.2)		(0.3)
Prior Service Credit	—		—		—		—		(0.1)		(0.1)
Total Net Periodic Benefit Cost	$	3.7	$	5.7	$	0.4	$	0.6	$	0.5	$	0.5


	December 2025 Authorization		February 2025 Authorization1		July 2024 Authorization2
	(in millions)
Effective Date	January 1, 2026		April 1, 2025		August 1, 2024
Expiration Date	None		December 31, 2025		March 31, 2025
Authorized Repurchase Amount	$	1,000.0	$	1,000.0	$	1,000.0
Cost of Shares Repurchased Under Repurchase Program	398.6		800.0		706.8
Unused and Expired	—		200.0		293.2
Remaining Repurchase Amount at March 31, 2026	$	601.4	$	—	$	—


			Page
E xecutive Summar y			81

R econ ciliation of Non-GAA P and Other Financial Measures			84

C ritical Accounting Estima tes			86

A ccounting Devel opments			86

C onsolidated Opera ting Results			87

S egment Re sults			89

U num US Segment			89

U num International Segment			95

C olonial Life Segment			98

C losed Block Segment			100

C orporate Segment			102

I nvestments			103

L i quidity and Capital Resources			109


(in millions of dollars, except ratios)
	Three Months Ended March 31
	2026			% Change		2025
Segment Adjusted Operating Revenue
Premium Income	$	1,840.5		3.3	%	$	1,780.9
Net Investment Income	158.3			6.3		148.9
Other Income	66.8			(7.1)		71.9
Total	2,065.6			3.2		2,001.7

Benefits and Expenses
Policy Benefits	1,127.1			(1.0)		1,138.6
Policy Benefits - Remeasurement Gain	(31.8)			(57.8)		(75.4)
Commissions	219.4			6.7		205.6
Deferral of Acquisition Costs	(91.6)			8.1		(84.7)
Amortization of Deferred Acquisition Costs	68.7			5.4		65.2


Other Expenses	435.9			3.0		423.3
Total	1,727.7			3.3		1,672.6

Segment Adjusted Operating Income	$	337.9		2.7		$	329.1

Segment Operating Ratios (% of Premium Income):
Benefit Ratio	59.5		%			59.7		%

Other Expense Ratio1	22.9		%			23.0		%

Segment Adjusted Operating Income Ratio	18.4		%			18.5		%


1Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.


(in millions of pounds, except ratios)
	Three Months Ended March 31
	2026			% Change		2025
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	77.8		(2.0)	%	£	79.4
Group Life	57.1			16.8		48.9
Supplemental	37.2			12.0		33.2
Total Premium Income	172.1			6.6		161.5
Net Investment Income	19.1			(5.0)		20.1
Other Income	2.3			N.M.		0.1
Total	193.5			6.5		181.7

Benefits and Expenses
Policy Benefits	127.8			10.6		115.5
Policy Benefits - Remeasurement Gain	(2.3)			(67.6)		(7.1)
Commissions	14.9			47.5		10.1
Deferral of Acquisition Costs	(3.3)			175.0		(1.2)
Amortization of Deferred Acquisition Costs	1.6			23.1		1.3


Other Expenses	34.4			2.4		33.6
Total	173.1			13.7		152.2

Segment Adjusted Operating Income	£	20.4		(30.8)		£	29.5

Weighted Average Pound/Dollar Exchange Rate	1.343					1.264

Operating Ratios (% of Premium Income):
Benefit Ratio	72.9		%			67.1		%
Other Expense Ratio	20.0		%			20.8		%
Segment Adjusted Operating Income Ratio	11.9		%			18.3		%

Persistency:
Group Long-term Disability	90.6		%			92.1		%
Group Life	87.1		%			88.9		%
Supplemental	91.4		%			89.4		%

N.M. = not a meaningful percentage


(in millions of dollars and pounds)
	Three Months Ended March 31
	2026		% Change		2025








Unum International Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	10.2	(8.9)	%	$	11.2
Large Case Market	11.7		72.1		6.8
Subtotal	21.9		21.7		18.0
Supplemental	11.2		28.7		8.7
Unum Poland	9.0		(11.8)		10.2
Total Sales	$	42.1	14.1		$	36.9







Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	7.6	(14.6)	%	£	8.9
Large Case Market	8.6		59.3		5.4
Subtotal	16.2		13.3		14.3
Supplemental	8.3		18.6		7.0
Total Sales	£	24.5	15.0		£	21.3