8-K

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): October 29, 2014
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):

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On October 29, 2014, Unum Group issued a news release reporting its results for the third quarter of 2014, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Also on October 29, 2014, Unum Group posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2014. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.	The following exhibits are furnished (but not filed) with this report:
99.1	News release of Unum Group dated October 29, 2014, concerning earnings for the third quarter of 2014.
99.2	Statistical Supplement of Unum Group for the third quarter of 2014.

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: October 29, 2014	By:	/s/ Susan N. Roth
		Name:	Susan N. Roth
		Title:	Vice President, Transactions, SEC
			and Corporate Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News release of Unum Group dated October 29, 2014, concerning earnings for the third quarter of 2014.
99.2	Statistical Supplement of Unum Group for the third quarter of 2014.

EX-99.1

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

	FOR IMMEDIATE RELEASE
news	Contacts
	INVESTORS	Tom White	423 294 8996
		Matt Barnett	423 294 7498
	MEDIA	Jim Sabourin	423 294 6300

Unum Group Reports Third Quarter 2014 Results

CHATTANOOGA, Tenn.(October 29, 2014) - Unum Group (NYSE: UNM) today reported net income of $221.1 million ($0.87 per diluted common share) for the third quarter of 2014, compared to net income of $205.7 million ($0.78 per diluted common share) for the third quarter of 2013.

After-tax operating income, which excludes after-tax realized investment gains and losses on the Company’s investment portfolio and the amortization of prior period actuarial losses on the Company’s pension plans, was $221.1 million ($0.87 per diluted common share) in the third quarter of 2014, compared to $224.6 million ($0.85 per diluted common share) in the third quarter of 2013. The combined impact of realized investment gains and losses and the amortization of prior period actuarial losses was immaterial and had no impact on per diluted common share earnings for the third quarter of 2014, compared to a net after-tax loss of $18.9 million ($0.07 per diluted common share) in the third quarter of 2013.

“Our third quarter results reflect a continuation of a number of the positive trends that began to emerge last year, including strong sales momentum, accelerating premium growth, and favorable risk results across much of the company. As a result, we have continued to generate strong operating results, despite what remains an increasingly challenging interest rate environment,” said Thomas R. Watjen, president and chief executive officer.  “I am confident that the positive operating trends we have seen in the business are sustainable and that we can continue to deliver solid operating margins and returns in our ongoing businesses. This will continue to provide us with significant financial flexibility to support the needs of our businesses while continuing to return capital to our shareholders.”

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.

RESULTS BY SEGMENT

Unum US Segment

Unum US reported operating income of $214.3 million in the third quarter of 2014, a decline of 2.5 percent from $219.8 million in the third quarter of 2013. Premium income for the segment increased 3.4 percent to $1,162.7 million in the third quarter of 2014, compared to premium income of $1,124.6 million in the third quarter of 2013. Net investment income for the segment declined 7.1 percent to $216.6 million in the third quarter of 2014 from $233.1 million in the third quarter of 2013, primarily reflecting lower miscellaneous net investment income and lower yields on invested assets.

Within the Unum US operating segment, the group disability line of business reported a 12.0 percent decline in operating income, with $69.2 million in the third quarter of 2014 compared to $78.6 million in the third quarter of 2013. Premium income in group disability increased 2.2 percent to $526.0 million in the third quarter of 2014, compared to $514.5 million in the third quarter of 2013, primarily due to favorable persistency, premium rate increases, and sales growth. Net investment income declined by 8.5 percent to $125.4 million in the third quarter of 2014, compared to $137.0 million in the third quarter of 2013, primarily due to a decrease in the level of invested assets supporting this line of business, a decline in yields, and lower miscellaneous net investment income. The benefit ratio for the third quarter of 2014 was 82.1 percent, compared to 82.9 percent in the third quarter of 2013, reflecting continued favorable claim recovery experience, partially offset by slightly higher claim incidence rates. Group long-term disability sales increased 8.9 percent to $28.0 million in the third quarter of 2014, compared to $25.7 million in the third quarter of 2013. Group short-term disability sales increased 21.9 percent to $15.6 million in the third quarter of 2014, compared to $12.8 million in the third quarter of 2013. Persistency in the group long-term disability line of business improved to 90.2 percent through the first nine months of 2014, compared to 87.4 percent through the first nine months of 2013. Persistency in the group short-term disability line of business was 88.9 percent through the first nine months of 2014, compared to 88.4 percent for the same period of 2013.

The group life and accidental death and dismemberment line of business reported operating income of $62.6 million in the third quarter of 2014, an increase of 7.0 percent from $58.5 million in the third quarter of 2013, reflecting growth in premium income and favorable risk experience. Premium income for this line of business increased 3.8 percent to $348.3 million in the third quarter of 2014, compared to $335.7 million in the third quarter of 2013, reflecting improved sales trends in recent quarters and favorable persistency. The benefit ratio in the third quarter of 2014 was 70.0 percent, compared to 71.6 percent in the third quarter of 2013, reflecting lower claim incidence, partially offset by a higher average claim size. Sales of group life and accidental death and dismemberment products increased 31.8 percent in the third quarter of 2014 to $33.6 million, compared to $25.5 million in the third quarter of 2013. Persistency in the group life line of business improved to 89.8 percent through the first nine months of 2014, compared to 88.9 percent for the same period of 2013.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 2

The supplemental and voluntary line of business reported a slight decline in operating income to $82.5 million in the third quarter of 2014, compared to $82.7 million in the third quarter of 2013. Premium income for supplemental and voluntary increased 5.1 percent to $288.4 million in the third quarter of 2014, compared to $274.4 million in the third quarter of 2013. Net investment income declined by 5.0 percent to $56.6 million in the third quarter of 2014 compared to $59.6 million in the third quarter of 2013 due to a decrease in yield on invested assets and lower miscellaneous net investment income, partially offset by an increase in the level of invested assets. The interest adjusted loss ratio for the individual disability - recently issued product line in the third quarter of 2014 declined to 31.1 percent from 31.6 percent in the third quarter of 2013, reflecting lower claim incidence rates. The benefit ratio for voluntary benefits was 47.1 percent in the third quarter of 2014, compared to 51.4 percent in the third quarter of 2013 due primarily to favorable claim experience in the disability product line. Relative to the third quarter of 2013, sales in the voluntary benefits line of business declined 1.1 percent in the third quarter of 2014 to $46.1 million. Sales in the individual disability - recently issued line of business increased 28.6 percent in the third quarter of 2014 to $14.4 million. Persistency in the individual disability - recently issued product line was 89.9 percent through the first nine months of 2014, compared to 90.6 percent for the same period of 2013. Persistency in the voluntary benefits product line was 77.7 percent through the first nine months of 2014, compared to 77.0 percent through the first nine months of 2013.

Unum UK Segment

Unum UK reported operating income of $33.5 million in the third quarter of 2014, an increase of 7.0 percent from $31.3 million in the third quarter of 2013. In local currency, operating income for both the third quarter of 2014 and 2013 was £20.1 million.

Premium income increased 11.1 percent to $152.6 million in the third quarter of 2014, compared to $137.3 million in the third quarter of 2013. In local currency, premium income increased 3.5 percent to £91.5 million in the third quarter of 2014, compared to £88.4 million in the third quarter of 2013, reflecting an increased retention level in our reinsurance program for certain of our group life products as well as premium rate increases and favorable persistency. The benefit ratio in the third quarter of 2014 was 70.8 percent, compared to 70.6 percent in the third quarter of 2013, reflecting less favorable claim recovery experience in the group long-term disability line and a higher average claim size in group life.

Persistency in the group long-term disability line of business improved to 88.4 percent through the first nine months of 2014, compared to 81.9 percent through the first nine months of 2013. Persistency in the group life line of business improved to 73.3 percent through the first nine months of 2014, compared to 64.8 percent through the comparable period of 2013. Sales increased 23.7 percent to $21.4 million in the third quarter of 2014, compared to $17.3 million in the third quarter of 2013. In local currency, sales for the third quarter of 2014 increased 15.3 percent to £12.8 million, compared to £11.1 million in the third quarter of 2013.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 3

Colonial Life Segment

Colonial Life reported a 3.2 percent increase in operating income to $71.2 million in the third quarter of 2014, compared to $69.0 million in the third quarter of 2013.

Premium income for the third quarter of 2014 increased 3.3 percent to $319.4 million, compared to $309.1 million in the third quarter of 2013, driven by sales growth and generally stable persistency. The benefit ratio in the third quarter of 2014 was 52.7 percent, slightly lower than 53.1 percent in the third quarter of 2013, as improved claims experience in the cancer and critical illness and accident, sickness, and disability product lines was partially offset by less favorable experience in the life product line.

Sales increased 12.7 percent to $85.8 million in the third quarter of 2014 from $76.1 million in the third quarter of 2013, with favorable sales trends in both the commercial and public sector market segments.

Closed Block Segment

The Closed Block segment reported operating income of $26.2 million in the third quarter of 2014, compared to $25.7 million in the third quarter of 2013.

Premium income for this segment declined 4.2 percent in the third quarter of 2014 compared to the third quarter of 2013, primarily due to expected policy terminations and maturities. The interest adjusted loss ratio for the individual disability line of business was 82.3 percent in the third quarter of 2014, compared to 80.6 percent in the third quarter of 2013, reflecting unfavorable mortality experience. The interest adjusted loss ratio for the long-term care line of business declined to 88.5 percent in the third quarter of 2014 from 89.6 percent in the third quarter of 2013 due to lower claim incidence rates.

Corporate Segment

The Corporate segment reported an operating loss of $32.9 million for both the third quarter of 2014 and 2013.

OTHER INFORMATION

Shares Outstanding

The Company’s average number of shares outstanding, assuming dilution, was 254.8 million for the third quarter of 2014, compared to 264.3 million for the third quarter of 2013. Shares outstanding totaled 251.9 million at September 30, 2014. During the third quarter of 2014, the Company repurchased 2.9 million shares at a cost of approximately $100 million.

Capital Management

At September 30, 2014, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 400 percent, and cash and marketable securities in the holding companies equaled $720 million.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 4

Book Value

Book value per common share as of September 30, 2014 was $36.69, compared to $33.20 at September 30, 2013.

Outlook

The Company anticipates growth in after-tax operating earnings per share for full-year 2014 to be in the outlook range announced in December 2013 of five percent to ten percent.

NON-GAAP FINANCIAL MEASURES

We analyze our performance using non-GAAP financial measures.  A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.  The non-GAAP financial measures of "operating revenue," "before-tax operating income" or "before-tax operating loss," and "after-tax operating income" differ from total revenue, income before income tax, and net income as presented in our consolidated operating results and in income statements prepared in accordance with GAAP due to the exclusion of net realized investment gains and losses, non-operating retirement-related gains or losses, and certain other items as specified in the reconciliations in the Financial Highlights section below.  We believe operating revenue and operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. 

Realized investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments.  Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of realized investment gains or losses.  Although we may experience realized investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities. 

The amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pensions and other postretirement benefit plans, is driven by market performance as well as plan amendments and is not indicative of the operational results of our businesses.  We believe that excluding the amortization of prior period gains or losses from operating income or loss provides investors with additional information for comparison and analysis of our operating results.  Although we manage our non-operating retirement-related gains or losses separately from the operational performance of our business, these gains or losses impact the overall profitability of our company and have historically increased or decreased over time, depending on plan amendments and market conditions and the resulting impact on the actuarial gains or losses in our pensions and other postretirement benefit plans.

We believe that excluding the year-to-date 2014 costs related to the early retirement of debt is appropriate because in conjunction with the debt redemption, we recognized in realized investment gains and losses a deferred gain from previously terminated derivatives which were associated with the hedge of this debt.  The amount recognized as a realized investment gain, which basically offsets the cost of the debt redemption, is also excluded from our non-GAAP financial measures since we analyze our performance excluding amounts reported as realized investment gains or losses.  We believe it provides investors

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 5

with a more realistic view of our overall profitability if we are consistent in excluding both the cost of the retirement as well as the gain on the hedge of the debt.  We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Thursday, October 30, 2014 at 9:00 A.M. (Eastern Time) to discuss the results of operations for the third quarter. Topics may include forward-looking information such as the Company’s outlook on future results, trends in operations, and other material information.

The dial-in number for the conference call is (888) 224-1145 for U.S. and Canada (pass code 1969383). For international, the dial-in number is (913) 312-1471 (pass code 1969383). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. The Company will maintain a replay of the call on its website through Thursday, November 6. A replay of the call will also be available by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International) - pass code 1969383.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2014 is available on the “Investors” section of the Company’s website.

ABOUT UNUM GROUP

Unum (www.unum.com) is one of the leading providers of employee benefits products and services and the largest provider of disability insurance products in the United States and the United Kingdom.

SAFE HARBOR STATEMENT

Certain information in this press release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) unfavorable economic or business conditions, both domestic and foreign; (2) sustained periods of low interest rates; (3) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality rates, and 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

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 6

effectiveness of our claims operational processes, and changes in government programs; (4) legislative, regulatory, or tax changes, both domestic and foreign, including the effect of potential legislation and increased regulation in the current political environment; (5) 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; (6) the failure of cyber or other information security systems, as well as the occurrence of events unanticipated in our disaster recovery systems; (7) ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (8) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (9) changes in our financial strength and credit ratings; (10) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (11) actual experience that deviates from our assumptions used in pricing, underwriting, and reserving; (12) actual persistency and/or sales growth that is higher or lower than projected; (13) changes in demand for our products due to, among other factors, changes in societal attitudes, the rate of unemployment, consumer confidence, and/or legislative and regulatory changes, including healthcare reform; (14) effectiveness of our risk management program; (15) contingencies and the level and results of litigation; (16) changes in accounting standards, practices, or policies; (17) fluctuation in foreign currency exchange rates; (18) ability to generate sufficient internal liquidity and/or obtain external financing; (19) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; and (21) terrorism, both within the U.S. and abroad, ongoing military actions, and heightened security measures in response to these types of threats.

For further discussion about risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2013, and our subsequently filed Form 10-Qs. The forward-looking statements in this press release are being made as of the date of this press release, and the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

###

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 7

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
	Three Months Ended September 30						Nine Months Ended September 30
	2014			2013			2014			2013
Operating Revenue	$	2,608.2		$	2,567.0		$	7,840.6		$	7,770.1
Net Realized Investment Gain (Loss)	1.2			(26.1		)	33.4			(2.5		)
Total Revenue	$	2,609.4		$	2,540.9		$	7,874.0		$	7,767.6
Operating Income	$	312.3		$	312.9		$	969.1		$	932.4
Net Realized Investment Gain (Loss)	1.2			(26.1		)	33.4			(2.5		)
Non-operating Retirement-related Loss	(1.4		)	(2.7		)	(4.2		)	(30.5		)
Costs Related to Early Retirement of Debt	—			—			(13.2		)	—
Income Tax	(91.0		)	(78.4		)	(292.6		)	(262.5		)
Net Income	$	221.1		$	205.7		$	692.5		$	636.9
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	0.87		$	0.78		$	2.70		$	2.39
Assuming Dilution	$	0.87		$	0.78		$	2.69		$	2.38
Weighted Average Common Shares - Basic (000s)	253,586.1			262,945.9			256,573.6			265,932.6
Weighted Average Common Shares - Assuming Dilution (000s)	254,795.5			264,260.0			257,783.7			267,093.7

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended September 30
	2014					2013
				per share *					per share *
After-tax Operating Income	$	221.1		$	0.87	$	224.6		$	0.85
Net Realized Investment Gain (Loss), Net of Tax	0.9			—		(17.2		)	(0.06		)
Non-operating Retirement-related Loss, Net of Tax	(0.9		)	—		(1.7		)	(0.01		)
Net Income	$	221.1		$	0.87	$	205.7		$	0.78
* Assuming Dilution

	September 30
	2014						2013
				per share						per share
Total Stockholders' Equity (Book Value)	$	9,244.0		$	36.69		$	8,669.9		$	33.20
Net Unrealized Gain on Securities	462.0			1.83			427.4			1.64
Net Gain on Cash Flow Hedges	383.5			1.52			397.2			1.52
Subtotal	8,398.5			33.34			7,845.3			30.04
Foreign Currency Translation Adjustment	(69.5		)	(0.27		)	(73.4		)	(0.28		)
Subtotal	8,468.0			33.61			7,918.7			30.32
Unrecognized Pension and Postretirement Benefit Costs	(227.4		)	(0.91		)	(341.6		)	(1.31		)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income	$	8,695.4		$	34.52		$	8,260.3		$	31.63

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 8

EX-99.2

Unum Group

Statistical Supplement Third Quarter 2014

TABLE OF CONTENTS

(Dollars in millions, except share data and where noted)

Interim Results are Unaudited

		Page
	Financial Highlights	1
	Capital Metrics	2
	Ratings	3
	Consolidated Statements of Income	4
	Sales Data by Segment	5
	Consolidated Balance Sheets	6
	Financial Results by Segment	7
	Quarterly Historical Financial Results by Segment	8
	Financial Results and Selected Statistics by Segment
	Unum US	9
	Unum UK	10
	Colonial Life	11
	Closed Block	12
	Corporate	13
	Reserves	14
	Investments	15
	Appendix to Statistical Supplement	16
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Consolidated U.S. GAAP Results¹
Premium Income	$	1,947.2		$	1,897.3		$	5,829.3		$	5,734.0		$	7,624.7		$	7,716.1
Operating Revenue	$	2,608.2		$	2,567.0		$	7,840.6		$	7,770.1		$	10,347.0		$	10,459.2
Net Realized Investment Gain (Loss)	1.2			(26.1		)	33.4			(2.5		)	6.8			56.2
Revenue	$	2,609.4		$	2,540.9		$	7,874.0		$	7,767.6		$	10,353.8		$	10,515.4
Net Income	$	221.1		$	205.7		$	692.5		$	636.9		$	858.1		$	894.4
Net Income Per Share:
Basic	$	0.87		$	0.78		$	2.70		$	2.39		$	3.24		$	3.18
Assuming Dilution	$	0.87		$	0.78		$	2.69		$	2.38		$	3.23		$	3.17
Operating Return on Equity
Unum US	13.6		%	13.9		%	13.5		%	13.6		%	13.6		%	13.8		%
Unum UK	15.7		%	15.7		%	18.2		%	13.5		%	14.0		%	12.2		%
Colonial Life	16.2		%	16.0		%	17.1		%	16.8		%	16.5		%	16.8		%
Core Operating Segments	14.4		%	14.5		%	14.7		%	14.2		%	14.2		%	14.1		%
Consolidated	10.5		%	11.6		%	11.0		%	11.6		%	11.4		%	12.3		%
Assets							$	61,960.6		$	59,585.8		$	59,403.6		$	62,236.1
Stockholders' Equity							$	9,244.0		$	8,669.9		$	8,659.1		$	8,612.6

Traditional U.S. Life Insurance Companies' Statutory Results²
After-tax Operating Income	$	168.1	$	159.8		$	469.1		$	544.0		$	679.6		$	649.8
Unclaimed Death Benefits Reserve Increase, After Tax	—		—			—			—			(62.1		)	—
Net Gain from Operations, After Tax	168.1		159.8			469.1			544.0			617.5			649.8
Net Realized Investment Gain (Loss), After Tax	4.7		(1.4		)	7.2			(26.5		)	(33.0		)	(25.3		)
Net Income	$	172.8	$	158.4		$	476.3		$	517.5		$	584.5		$	624.5
Capital and Surplus						$	3,388.4		$	3,465.2		$	3,450.5		$	3,426.5
Weighted Average Risk-based Capital Ratio						400		%	397		%	405		%	396		%

¹ Generally Accepted Accounting Principles

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

1

Unum Group Capital Metrics

	9/30/2014						9/30/2013						12/31/2013						12/31/2012
	(in millions)			per share			(in millions)			per share			(in millions)			per share			(in millions)			per share
Book Value
Total Stockholders' Equity, As Reported	$	9,244.0		$	36.69		$	8,669.9		$	33.20		$	8,659.1		$	33.30		$	8,612.6		$	31.87
Net Unrealized Gain on Securities	462.0			1.83			427.4			1.64			135.7			0.52			873.5			3.23
Net Gain on Cash Flow Hedges	383.5			1.52			397.2			1.52			396.3			1.52			401.6			1.48
Subtotal	8,398.5			33.34			7,845.3			30.04			8,127.1			31.26			7,337.5			27.16
Foreign Currency Translation Adjustment	(69.5		)	(0.27		)	(73.4		)	(0.28		)	(47.1		)	(0.18		)	(72.6		)	(0.26		)
Subtotal	8,468.0			33.61			7,918.7			30.32			8,174.2			31.44			7,410.1			27.42
Unrecognized Pension and Postretirement Benefit Costs	(227.4		)	(0.91		)	(341.6		)	(1.31		)	(229.9		)	(0.88		)	(574.5		)	(2.13		)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income	$	8,695.4		$	34.52		$	8,260.3		$	31.63		$	8,404.1		$	32.32		$	7,984.6		$	29.55
Dividends Paid	$	117.7		$	0.455		$	108.8		$	0.405		$	146.5		$	0.550		$	133.8		$	0.470

	Three Months Ended				Nine Months Ended						Year Ended
	9/30/2014		9/30/2013		9/30/2014			9/30/2013			12/31/2013			12/31/2012
Shares Repurchased (millions)	2.9		2.5		8.7			9.8			11.2			23.6
Cost of Shares Repurchased (millions)(1)	$	100.5	$	75.0	$	300.6		$	268.5		$	318.6		$	500.6
Price (UNM closing price on last trading day of period)					$	34.38		$	30.44		$	35.08		$	20.82
Leverage Ratio					23.9		%	23.7		%	23.0		%	25.3		%
Holding Company Cash and Marketable Securities					$	720		$	678		$	514		$	805

⁽¹⁾ Includes commissions of $0.1 million for each of the nine month periods ended September 30, 2014 and 2013 as well as commissions of $0.2 million and $0.6 million for the years ended December 31, 2013 and 2012, respectively.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Issuer Credit Ratings	bbb (Good)	BBB (Good)	Baa2 (Adequate)	BBB (Adequate)
Financial Strength Ratings
Provident Life and Accident	A (Excellent)	A (Strong)	A2 (Good)	A (Strong)
Unum Life of America	A (Excellent)	A (Strong)	A2 (Good)	A (Strong)
Colonial Life & Accident	A (Excellent)	A (Strong)	A2 (Good)	A (Strong)
Paul Revere Life	A (Excellent)	A (Strong)	A2 (Good)	A (Strong)
Unum Limited	Not Rated	Not Rated	Not Rated	A- (Strong)

3

Unum Group Consolidated Statements of Income

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Revenue
Premium Income	$	1,947.2		$	1,897.3		$	5,829.3		$	5,734.0		$	7,624.7		$	7,716.1
Net Investment Income	606.4			615.5			1,848.0			1,862.7			2,492.1			2,515.2
Net Realized Investment Gain (Loss)	1.2			(26.1		)	33.4			(2.5		)	6.8			56.2
Other Income	54.6			54.2			163.3			173.4			230.2			227.9
Total Revenue	2,609.4			2,540.9			7,874.0			7,767.6			10,353.8			10,515.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,653.6			1,641.6			4,938.3			4,951.9			6,595.7			6,722.2
Commissions	232.0			222.6			697.2			681.6			909.5			917.2
Interest and Debt Expense - Non-recourse Debt	1.8			2.1			5.5			6.5			8.5			11.5
Interest and Debt Expense - All Other Debt	36.6			35.3			123.5			105.3			140.9			133.9
Deferral of Acquisition Costs	(127.8		)	(117.8		)	(381.6		)	(349.3		)	(466.8		)	(467.3		)
Amortization of Deferred Acquisition Costs	107.9			98.6			332.9			323.7			418.9			378.7
Other Expenses	393.2			374.4			1,173.1			1,148.5			1,541.9			1,569.7
Total Benefits and Expenses	2,297.3			2,256.8			6,888.9			6,868.2			9,148.6			9,265.9
Income Before Income Tax	312.1			284.1			985.1			899.4			1,205.2			1,249.5
Income Tax Expense	91.0			78.4			292.6			262.5			347.1			355.1
Net Income	$	221.1		$	205.7		$	692.5		$	636.9		$	858.1		$	894.4
Average Weighted Shares Outstanding
Basic	253.6			262.9			256.6			265.9			264.7			281.4
Assuming Dilution	254.8			264.3			257.8			267.1			265.9			281.8
Actual Number of Shares Outstanding							251.9			261.1			260.0			270.2

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014		9/30/2013		% Change		9/30/2014		9/30/2013		% Change		12/31/2013		12/31/2012
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	28.0	$	25.7	8.9	%	$	107.5	$	89.6	20.0	%	$	173.3	$	182.2
Group Short-term Disability	15.6		12.8		21.9		58.7		47.3		24.1		101.9		97.4
Group Life and AD&D	33.6		25.5		31.8		137.2		98.8		38.9		199.4		207.5
Subtotal	77.2		64.0		20.6		303.4		235.7		28.7		474.6		487.1
Supplemental and Voluntary
Individual Disability - Recently Issued	14.4		11.2		28.6		40.7		36.6		11.2		52.2		57.0
Voluntary Benefits	46.1		46.6		(1.1	)	189.3		178.4		6.1		218.8		216.4
Subtotal	60.5		57.8		4.7		230.0		215.0		7.0		271.0		273.4
Total Sales	$	137.7	$	121.8	13.1		$	533.4	$	450.7	18.3		$	745.6	$	760.5
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 lives)	$	60.4	$	53.3	13.3	%	$	211.8	$	170.0	24.6	%	$	324.4	$	334.9
Large Case Market	16.8		10.7		57.0		91.6		65.7		39.4		150.2		152.2
Subtotal	77.2		64.0		20.6		303.4		235.7		28.7		474.6		487.1
Supplemental and Voluntary	60.5		57.8		4.7		230.0		215.0		7.0		271.0		273.4
Total Sales	$	137.7	$	121.8	13.1		$	533.4	$	450.7	18.3		$	745.6	$	760.5

5

Unum Group Sales Data for Unum UK Segment

	Three Months Ended						Nine Months Ended						Year Ended
(in millions of dollars)	9/30/2014		9/30/2013		% Change		9/30/2014		9/30/2013		% Change		12/31/2013		12/31/2012
Sales by Product
Group Long-term Disability	$	12.0	$	10.3	16.5	%	$	39.1	$	35.0	11.7	%	$	50.5	$	51.2
Group Life	8.4		6.1		37.7		17.8		17.4		2.3		21.4		38.0
Supplemental	1.0		0.9		11.1		2.9		3.0		(3.3	)	3.9		4.9
Total Sales	$	21.4	$	17.3	23.7		$	59.8	$	55.4	7.9		$	75.8	$	94.1
Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 lives)	$	9.7	$	8.7	11.5	%	$	29.9	$	27.8	7.6	%	$	38.9	$	38.7
Large Case Market	10.7		7.7		39.0		27.0		24.6		9.8		33.0		50.5
Subtotal	20.4		16.4		24.4		56.9		52.4		8.6		71.9		89.2
Supplemental	1.0		0.9		11.1		2.9		3.0		(3.3	)	3.9		4.9
Total Sales	$	21.4	$	17.3	23.7		$	59.8	$	55.4	7.9		$	75.8	$	94.1
(in millions of pounds)
Sales by Product
Group Long-term Disability	£	7.1	£	6.6	7.6	%	£	23.4	£	22.6	3.5	%	£	32.2	£	32.3
Group Life	5.1		3.8		34.2		10.7		11.2		(4.5	)	13.7		24.1
Supplemental	0.6		0.7		(14.3	)	1.7		2.0		(15.0	)	2.5		3.1
Total Sales	£	12.8	£	11.1	15.3		£	35.8	£	35.8	—		£	48.4	£	59.5
Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 lives)	£	5.8	£	5.5	5.5	%	£	17.9	£	17.9	—	%	£	24.9	£	24.4
Large Case Market	6.4		4.9		30.6		16.2		15.9		1.9		21.0		32.0
Subtotal	12.2		10.4		17.3		34.1		33.8		0.9		45.9		56.4
Supplemental	0.6		0.7		(14.3	)	1.7		2.0		(15.0	)	2.5		3.1
Total Sales	£	12.8	£	11.1	15.3		£	35.8	£	35.8	—		£	48.4	£	59.5

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014		9/30/2013		% Change		9/30/2014		9/30/2013		% Change		12/31/2013		12/31/2012
Sales by Product
Accident, Sickness, and Disability	$	56.1	$	50.2	11.8	%	$	160.1	$	148.6	7.7	%	$	238.2	$	233.0
Life	15.7		13.7		14.6		48.2		43.0		12.1		68.1		67.3
Cancer and Critical Illness	14.0		12.2		14.8		40.1		36.2		10.8		61.3		61.6
Total Sales	$	85.8	$	76.1	12.7		$	248.4	$	227.8	9.0		$	367.6	$	361.9
Sales by Market Sector
Commercial
Core Market (< 1,000 lives)	$	58.0	$	52.5	10.5	%	$	173.5	$	161.9	7.2	%	$	246.0	$	248.3
Large Case Market	9.2		6.8		35.3		28.9		22.1		30.8		49.0		40.9
Total Commercial Sales	67.2		59.3		13.3		202.4		184.0		10.0		295.0		289.2
Public Sector	18.6		16.8		10.7		46.0		43.8		5.0		72.6		72.7
Total Sales	$	85.8	$	76.1	12.7		$	248.4	$	227.8	9.0		$	367.6	$	361.9

5. 2

Unum Group Consolidated Balance Sheets

	September 30			December 31
	2014			2013
Assets
Investments
Fixed Maturity Securities	$	44,715.2		$	42,344.4
Mortgage Loans	1,807.5			1,815.1
Policy Loans	3,355.5			3,276.0
Other Long-term Investments	558.8			566.0
Short-term Investments	942.4			913.4
Total Investments	51,379.4			48,914.9
Other Assets
Cash and Bank Deposits	60.6			94.1
Accounts and Premiums Receivable	1,658.8			1,647.8
Reinsurance Recoverable	4,859.2			4,806.5
Accrued Investment Income	702.3			700.2
Deferred Acquisition Costs	1,866.5			1,829.2
Goodwill	200.7			200.9
Property and Equipment	531.4			511.9
Income Tax Receivable	—			50.3
Other Assets	701.7			647.8
Total Assets	$	61,960.6		$	59,403.6
Liabilities
Policy and Contract Benefits	$	1,527.7		$	1,511.0
Reserves for Future Policy and Contract Benefits	44,478.6			43,099.1
Unearned Premiums	472.8			413.8
Other Policyholders’ Funds	1,650.8			1,658.4
Income Tax Payable	10.2			—
Deferred Income Tax	432.7			144.3
Short-term Debt	70.2			76.5
Long-term Debt - Non-recourse	404.8			440.0
Long-term Debt - All Other	2,378.5			2,172.0
Other Liabilities	1,290.3			1,229.4
Total Liabilities	52,716.6			50,744.5
Stockholders’ Equity
Common Stock	36.1			36.1
Additional Paid-in Capital	2,651.2			2,634.1
Accumulated Other Comprehensive Income	548.6			255.0
Retained Earnings	8,658.0			8,083.2
Treasury Stock	(2,649.9		)	(2,349.3		)
Total Stockholders’ Equity	9,244.0			8,659.1
Total Liabilities and Stockholders’ Equity	$	61,960.6		$	59,403.6

6

Unum Group Deferred Acquisition Costs by Segment

	Unum US			Unum UK			Colonial Life			Consolidated
Balances at December 31, 2012	$	1,024.3		$	38.8		$	692.4		$	1,755.5
Capitalized	252.0			9.8			205.0			466.8
Amortized	(230.0		)	(14.7		)	(174.2		)	(418.9		)
Adjustment Related to Unrealized Investment Losses	5.2			—			20.2			25.4
Foreign Currency	—			0.4			—			0.4
Balances at December 31, 2013	1,051.5			34.3			743.4			1,829.2
Capitalized	214.5			7.6			159.5			381.6
Amortized	(188.8		)	(9.6		)	(134.5		)	(332.9		)
Adjustment Related to Unrealized Investment Gains	(1.6		)	0.1			(9.2		)	(10.7		)
Foreign Currency	—			(0.7		)	—			(0.7		)
Balances at September 30, 2014	$	1,075.6		$	31.7		$	759.2		$	1,866.5

6. 1

Unum Group Balance Sheets by Segment - September 30, 2014

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum UK		Colonial Life		Closed Block		Corporate			Consolidated
Assets
Investments	$	9,302.9	$	2,590.0	$	4,106.6	$	15,999.5	$	3,512.5	$	2,562.2	$	27,084.9	$	2,220.3		$	51,379.4
Deferred Acquisition Costs	64.7		56.1		954.8		1,075.6		31.7		759.2		—		—			1,866.5
Goodwill	1.4		—		187.6		189.0		11.7		—		—		—			200.7
All Other	593.8		204.5		610.1		1,408.4		242.1		302.5		6,066.8		494.2			8,514.0
Total Assets	$	9,962.8	$	2,850.6	$	5,859.1	$	18,672.5	$	3,798.0	$	3,623.9	$	33,151.7	$	2,714.5		$	61,960.6
Liabilities
Reserves and Policyholder Benefits	$	8,143.7	$	1,715.7	$	3,683.7	$	13,543.1	$	3,004.7	$	2,124.1	$	29,458.0	$	—		$	48,129.9
Debt	1.0		—		—		1.0		—		—		420.8		2,431.7			2,853.5
All Other	314.3		95.8		385.2		795.3		84.8		247.3		65.4		540.4			1,733.2
Total Liabilities	8,459.0		1,811.5		4,068.9		14,339.4		3,089.5		2,371.4		29,944.2		2,972.1			52,716.6
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,492.0		997.3		1,660.0		4,149.3		650.7		1,149.7		2,861.9		(413.1		)	8,398.5
Net Unrealized Gain/Loss on Securities and Net Gain on Cash Flow Hedges	11.8		41.8		130.2		183.8		57.8		102.8		345.6		155.5			845.5
Total Allocated Stockholders' Equity	1,503.8		1,039.1		1,790.2		4,333.1		708.5		1,252.5		3,207.5		(257.6		)	9,244.0
Total Liabilities and Allocated Stockholders' Equity	$	9,962.8	$	2,850.6	$	5,859.1	$	18,672.5	$	3,798.0	$	3,623.9	$	33,151.7	$	2,714.5		$	61,960.6

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

6. 2

Unum Group Balance Sheets by Segment - December 31, 2013

	Unum US
	Group Disability			Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum UK		Colonial Life		Closed Block			Corporate			Consolidated
Assets
Investments	$	9,485.0		$	2,478.2	$	4,005.7	$	15,968.9	$	3,413.1	$	2,487.6	$	25,498.0		$	1,547.3		$	48,914.9
Deferred Acquisition Costs	55.9			49.9		945.7		1,051.5		34.3		743.4		—			—			1,829.2
Goodwill	1.5			—		187.5		189.0		11.9		—		—			—			200.9
All Other	509.7			204.5		460.7		1,174.9		194.8		251.9		6,066.2			770.8			8,458.6
Total Assets	$	10,052.1		$	2,732.6	$	5,599.6	$	18,384.3	$	3,654.1	$	3,482.9	$	31,564.2		$	2,318.1		$	59,403.6
Liabilities
Reserves and Policyholder Benefits	$	8,208.9		$	1,689.3	$	3,514.0	$	13,412.2	$	2,940.7	$	2,046.9	$	28,282.5		$	—		$	46,682.3
Debt	4.7			—		—		4.7		—		—		455.1			2,228.7			2,688.5
All Other	275.4			65.2		339.3		679.9		66.9		213.2		(87.9		)	501.6			1,373.7
Total Liabilities	8,489.0			1,754.5		3,853.3		14,096.8		3,007.6		2,260.1		28,649.7			2,730.3			50,744.5
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,564.3			952.1		1,651.9		4,168.3		622.2		1,147.4		2,698.2			(509.0		)	8,127.1
Net Unrealized Gain/Loss on Securities and Net Gain on Cash Flow Hedges	(1.2		)	26.0		94.4		119.2		24.3		75.4		216.3			96.8			532.0
Total Allocated Stockholders' Equity	1,563.1			978.1		1,746.3		4,287.5		646.5		1,222.8		2,914.5			(412.2		)	8,659.1
Total Liabilities and Allocated Stockholders' Equity	$	10,052.1		$	2,732.6	$	5,599.6	$	18,384.3	$	3,654.1	$	3,482.9	$	31,564.2		$	2,318.1		$	59,403.6

6. 3

Unum Group Financial Results by Segment

	Three Months Ended						Nine Months Ended
	9/30/2014		9/30/2013		% Change		9/30/2014		9/30/2013		% Change
Premium Income
Unum US	$	1,162.7	$	1,124.6	3.4	%	$	3,472.9	$	3,395.8	2.3	%
Unum UK	152.6		137.3		11.1		458.3		418.7		9.5
Colonial Life	319.4		309.1		3.3		952.6		924.1		3.1
Closed Block	312.5		326.3		(4.2	)	945.5		995.4		(5.0	)
	1,947.2		1,897.3		2.6		5,829.3		5,734.0		1.7
Net Investment Income
Unum US	216.6		233.1		(7.1	)	664.2		$	699.9	(5.1	)
Unum UK	34.4		30.3		13.5		112.3		106.5		5.4
Colonial Life	35.7		36.3		(1.7	)	108.8		110.3		(1.4	)
Closed Block	317.7		315.4		0.7		960.5		944.6		1.7
Corporate	2.0		0.4		N.M.		2.2		1.4		57.1
	606.4		615.5		(1.5	)	1,848.0		1,862.7		(0.8	)
Other Income
Unum US	30.2		30.2		—		91.4		$	99.0	(7.7	)
Unum UK	—		0.1		(100.0	)	0.1		0.1		—
Colonial Life	0.1		—		100.0		0.1		0.1		—
Closed Block	23.4		23.6		(0.8	)	69.5		71.5		(2.8	)
Corporate	0.9		0.3		N.M.		2.2		2.7		(18.5	)
	54.6		54.2		0.7		163.3		173.4		(5.8	)
Total Operating Revenue
Unum US	1,409.5		1,387.9		1.6		4,228.5		4,194.7		0.8
Unum UK	187.0		167.7		11.5		570.7		525.3		8.6
Colonial Life	355.2		345.4		2.8		1,061.5		1,034.5		2.6
Closed Block	653.6		665.3		(1.8	)	1,975.5		2,011.5		(1.8	)
Corporate	2.9		0.7		N.M.		4.4		4.1		7.3
	$	2,608.2	$	2,567.0	1.6		$	7,840.6	$	7,770.1	0.9

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended								Nine Months Ended
	9/30/2014			9/30/2013			% Change		9/30/2014			9/30/2013			% Change
Benefits and Expenses
Unum US	$	1,195.2		$	1,168.1		2.3	%	$	3,584.6		$	3,552.8		0.9	%
Unum UK	153.5			136.4			12.5		461.1			429.2			7.4
Colonial Life	284.0			276.4			2.7		835.6			819.0			2.0
Closed Block	627.4			639.6			(1.9	)	1,882.9			1,928.9			(2.4	)
Corporate	35.8			33.6			6.5		120.5			107.8			11.8
	2,295.9			2,254.1			1.9		6,884.7			6,837.7			0.7
Income (Loss) Before Income Tax, Net Realized Investment Gain (Loss), and Non-operating Retirement-related Loss
Unum US	214.3			219.8			(2.5	)	643.9			641.9			0.3
Unum UK	33.5			31.3			7.0		109.6			96.1			14.0
Colonial Life	71.2			69.0			3.2		225.9			215.5			4.8
Closed Block	26.2			25.7			1.9		92.6			82.6			12.1
Corporate	(32.9		)	(32.9		)	—		(116.1		)	(103.7		)	(12.0	)
	312.3			312.9			(0.2	)	955.9			932.4			2.5
Income Tax Expense	91.2			88.3			3.3		284.7			273.7			4.0
Income Before Net Realized Investment Gain (Loss) and Non-operating Retirement-related Loss, Net of Tax	221.1			224.6			(1.6	)	671.2			658.7			1.9
Net Realized Investment Gain (Loss), Net of Tax	0.9			(17.2		)	(105.2	)	24.0			(1.9		)	N.M.
Non-operating Retirement-related Loss, Net of Tax	(0.9		)	(1.7		)	47.1		(2.7		)	(19.9		)	86.4
Net Income	$	221.1		$	205.7		7.5		$	692.5		$	636.9		8.7

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	9/30/14		6/30/14			3/31/14			12/31/13			9/30/13		6/30/13			3/31/13		12/31/12		9/30/12
Premium Income
Unum US	$	1,162.7	$	1,157.7		$	1,152.5		$	1,121.3		$	1,124.6	$	1,131.5		$	1,139.7	$	1,117.6	$	1,111.9
Unum UK	152.6		154.0			151.7			137.9			137.3		137.6			143.8		175.5		175.2
Colonial Life	319.4		316.8			316.4			308.1			309.1		307.9			307.1		301.9		299.4
Closed Block	312.5		315.1			317.9			323.4			326.3		328.8			340.3		342.2		342.9
	1,947.2		1,943.6			1,938.5			1,890.7			1,897.3		1,905.8			1,930.9		1,937.2		1,929.4
Net Investment Income
Unum US	216.6		221.2			226.4			229.7			233.1		231.1			235.7		240.5		236.3
Unum UK	34.4		44.3			33.6			42.0			30.3		45.4			30.8		50.3		34.8
Colonial Life	35.7		36.2			36.9			35.1			36.3		34.3			39.7		35.1		33.9
Closed Block	317.7		326.5			316.3			327.7			315.4		316.1			313.1		317.1		307.3
Corporate	2.0		0.9			(0.7		)	(5.1		)	0.4		(0.8		)	1.8		—		6.9
	606.4		629.1			612.5			629.4			615.5		626.1			621.1		643.0		619.2
Other Income
Unum US	30.2		30.3			30.9			29.3			30.2		32.1			36.7		31.5		31.3
Unum UK	—		0.2			(0.1		)	—			0.1		(0.1		)	0.1		—		—
Colonial Life	0.1		0.1			(0.1		)	0.1			—		0.1			—		0.1		—
Closed Block	23.4		24.5			21.6			22.4			23.6		23.8			24.1		21.2		26.4
Corporate	0.9		(0.2		)	1.5			5.0			0.3		0.8			1.6		0.6		0.4
	54.6		54.9			53.8			56.8			54.2		56.7			62.5		53.4		58.1
Total Operating Revenue
Unum US	1,409.5		1,409.2			1,409.8			1,380.3			1,387.9		1,394.7			1,412.1		1,389.6		1,379.5
Unum UK	187.0		198.5			185.2			179.9			167.7		182.9			174.7		225.8		210.0
Colonial Life	355.2		353.1			353.2			343.3			345.4		342.3			346.8		337.1		333.3
Closed Block	653.6		666.1			655.8			673.5			665.3		668.7			677.5		680.5		676.6
Corporate	2.9		0.7			0.8			(0.1		)	0.7		—			3.4		0.6		7.3
	$	2,608.2	$	2,627.6		$	2,604.8		$	2,576.9		$	2,567.0	$	2,588.6		$	2,614.5	$	2,633.6	$	2,606.7

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	9/30/14			6/30/14			3/31/14			12/31/13			9/30/13			6/30/13			3/31/13			12/31/12			9/30/12
Benefits and Expenses
Unum US	$	1,195.2		$	1,190.4		$	1,199.0		$	1,153.6		$	1,168.1		$	1,180.7		$	1,204.0		$	1,177.4		$	1,163.2
Unum UK	153.5			158.9			148.7			144.0			136.4			149.4			143.4			190.8			182.5
Colonial Life	284.0			277.8			273.8			294.0			276.4			271.2			271.4			268.8			264.6
Closed Block	627.4			628.8			626.7			646.7			639.6			639.1			650.2			651.7			651.0
Corporate	35.8			49.7			35.0			39.7			33.6			37.1			37.1			35.2			34.7
	2,295.9			2,305.6			2,283.2			2,278.0			2,254.1			2,277.5			2,306.1			2,323.9			2,296.0
Income (Loss) Before Income Tax, Net Realized Investment Gain (Loss), and Non-operating Retirement-related Loss
Unum US	214.3			218.8			210.8			226.7			219.8			214.0			208.1			212.2			216.3
Unum UK	33.5			39.6			36.5			35.9			31.3			33.5			31.3			35.0			27.5
Colonial Life	71.2			75.3			79.4			49.3			69.0			71.1			75.4			68.3			68.7
Closed Block	26.2			37.3			29.1			26.8			25.7			29.6			27.3			28.8			25.6
Corporate	(32.9		)	(49.0		)	(34.2		)	(39.8		)	(32.9		)	(37.1		)	(33.7		)	(34.6		)	(27.4		)
	312.3			322.0			321.6			298.9			312.9			311.1			308.4			309.7			310.7
Income Tax Expense	91.2			97.6			95.9			82.0			88.3			92.6			92.8			84.7			86.7
Income Before Net Realized Investment Gain (Loss) and Non-operating Retirement-related Loss, Net of Tax	221.1			224.4			225.7			216.9			224.6			218.5			215.6			225.0			224.0
Net Realized Investment Gain (Loss), Net of Tax	0.9			19.0			4.1			5.8			(17.2		)	8.6			6.7			16.4			13.8
Non-operating Retirement-related Loss, Net of Tax	(0.9		)	(0.9		)	(0.9		)	(1.5		)	(1.7		)	(8.5		)	(9.7		)	(7.5		)	(7.6		)
Net Income	$	221.1		$	242.5		$	228.9		$	221.2		$	205.7		$	218.6		$	212.6		$	233.9		$	230.2
Net Income Per Common Share - Assuming Dilution	$	0.87		$	0.94		$	0.88		$	0.84		$	0.78		$	0.82		$	0.79		$	0.85		$	0.83

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income	$	1,162.7		$	1,124.6		$	3,472.9		$	3,395.8		$	4,517.1		$	4,456.5
Net Investment Income	216.6			233.1			664.2			699.9			929.6			952.3
Other Income	30.2			30.2			91.4			99.0			128.3			124.6
Total	1,409.5			1,387.9			4,228.5			4,194.7			5,575.0			5,533.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	818.0			810.0			2,442.3			2,432.6			3,222.4			3,238.6
Commissions	130.3			124.3			396.5			382.9			505.2			507.5
Deferral of Acquisition Costs	(70.6		)	(65.3		)	(214.5		)	(189.5		)	(252.0		)	(249.2		)
Amortization of Deferred Acquisition Costs	58.5			49.7			188.8			181.2			230.0			196.5
Other Expenses	259.0			249.4			771.5			745.6			1,000.8			992.9
Total	1,195.2			1,168.1			3,584.6			3,552.8			4,706.4			4,686.3
Operating Income Including Unclaimed Death Benefits (UDB) and Group Life Waiver of Premium Benefit (Waiver) Reserve Adjustments	214.3			219.8			643.9			641.9			868.6			847.1
UDB Reserve Increase	—			—			—			—			75.4			—
Waiver Reserve Reduction	—			—			—			—			(85.0		)	—
Operating Income	$	214.3		$	219.8		$	643.9		$	641.9		$	859.0		$	847.1
Operating Ratios (% of Premium Income):
Benefit Ratio	70.4		%	72.0		%	70.3		%	71.6		%	71.3		%	72.7		%
Benefit Ratio Excluding UDB and Waiver Reserve Adjustments													71.6		%
Other Expense Ratio	22.3		%	22.2		%	22.2		%	22.0		%	22.2		%	22.3		%
Income Ratio	18.4		%	19.5		%	18.5		%	18.9		%	19.2		%	19.0		%
Operating Income Ratio	18.4		%	19.5		%	18.5		%	18.9		%	19.0		%	19.0		%

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Group Long-term Disability	$	387.7		$	385.0		$	1,157.4		$	1,172.5		$	1,553.9		$	1,578.8
Group Short-term Disability	138.3			129.5			413.4			389.6			519.6			476.7
Total Premium Income	526.0			514.5			1,570.8			1,562.1			2,073.5			2,055.5
Net Investment Income	125.4			137.0			386.2			416.2			550.1			576.9
Other Income	22.9			23.1			67.6			73.6			95.6			93.7
Total	674.3			674.6			2,024.6			2,051.9			2,719.2			2,726.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	431.9			426.3			1,293.5			1,307.3			1,732.9			1,741.6
Commissions	39.7			40.3			120.9			124.6			164.0			159.3
Deferral of Acquisition Costs	(9.3		)	(8.6		)	(28.3		)	(22.2		)	(29.6		)	(26.3		)
Amortization of Deferred Acquisition Costs	6.5			5.4			19.5			15.8			21.1			18.3
Other Expenses	136.3			132.6			407.7			396.9			532.4			540.1
Total	605.1			596.0			1,813.3			1,822.4			2,420.8			2,433.0
Operating Income	$	69.2		$	78.6		$	211.3		$	229.5		$	298.4		$	293.1
Operating Ratios (% of Premium Income):
Benefit Ratio	82.1		%	82.9		%	82.3		%	83.7		%	83.6		%	84.7		%
Other Expense Ratio	25.9		%	25.8		%	26.0		%	25.4		%	25.7		%	26.3		%
Operating Income Ratio	13.2		%	15.3		%	13.5		%	14.7		%	14.4		%	14.3		%
Persistency:
Group Long-term Disability							90.2		%	87.4		%	87.2		%	90.7		%
Group Short-term Disability							88.9		%	88.4		%	88.0		%	88.0		%

9. 1

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

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Group Life	$	316.1		$	305.2		$	939.2		$	911.0		$	1,213.9		$	1,182.1
Accidental Death & Dismemberment	32.2			30.5			93.9			91.6			121.6			115.3
Total Premium Income	348.3			335.7			1,033.1			1,002.6			1,335.5			1,297.4
Net Investment Income	34.6			36.5			104.0			107.3			142.6			146.9
Other Income	0.4			0.6			1.2			1.5			1.8			1.9
Total	383.3			372.8			1,138.3			1,111.4			1,479.9			1,446.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	243.7			240.3			724.5			712.9			909.9			936.4
Commissions	28.3			27.4			84.8			83.0			108.9			104.6
Deferral of Acquisition Costs	(7.3		)	(7.3		)	(22.0		)	(18.7		)	(24.7		)	(22.4		)
Amortization of Deferred Acquisition Costs	5.2			4.0			15.8			11.7			15.6			13.6
Other Expenses	50.8			49.9			151.2			148.8			198.2			193.1
Total	320.7			314.3			954.3			937.7			1,207.9			1,225.3
Operating Income Including UDB and Waiver Reserve Adjustments	62.6			58.5			184.0			173.7			272.0			220.9
UDB Reserve Increase	—			—			—			—			49.1			—
Waiver Reserve Reduction	—			—			—			—			(85.0		)	—
Operating Income	$	62.6		$	58.5		$	184.0		$	173.7		$	236.1		$	220.9
Operating Ratios (% of Premium Income):
Benefit Ratio	70.0		%	71.6		%	70.1		%	71.1		%	68.1		%	72.2		%
Benefit Ratio Excluding UDB and Waiver Reserve Adjustments													70.8		%
Other Expense Ratio	14.6		%	14.9		%	14.6		%	14.8		%	14.8		%	14.9		%
Income Ratio	18.0		%	17.4		%	17.8		%	17.3		%	20.4		%	17.0		%
Operating Income Ratio	18.0		%	17.4		%	17.8		%	17.3		%	17.7		%	17.0		%
Persistency:
Group Life							89.8		%	88.9		%	88.1		%	90.6		%
Accidental Death & Dismemberment							90.9		%	89.3		%	88.8		%	90.0		%

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Individual Disability - Recently Issued	$	116.9		$	114.9		$	348.8		$	349.3		$	465.3		$	477.6
Voluntary Benefits	171.5			159.5			520.2			481.8			642.8			626.0
Total Premium Income	288.4			274.4			869.0			831.1			1,108.1			1,103.6
Net Investment Income	56.6			59.6			174.0			176.4			236.9			228.5
Other Income	6.9			6.5			22.6			23.9			30.9			29.0
Total	351.9			340.5			1,065.6			1,031.4			1,375.9			1,361.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	142.4			143.4			424.3			412.4			579.6			560.6
Commissions	62.3			56.6			190.8			175.3			232.3			243.6
Deferral of Acquisition Costs	(54.0		)	(49.4		)	(164.2		)	(148.6		)	(197.7		)	(200.5		)
Amortization of Deferred Acquisition Costs	46.8			40.3			153.5			153.7			193.3			164.6
Other Expenses	71.9			66.9			212.6			199.9			270.2			259.7
Total	269.4			257.8			817.0			792.7			1,077.7			1,028.0
Operating Income Including UDB Reserve Increase	82.5			82.7			248.6			238.7			298.2			333.1
UDB Reserve Increase	—			—			—			—			26.3			—
Operating Income	$	82.5		$	82.7		$	248.6		$	238.7		$	324.5		$	333.1
Interest Adjusted Loss Ratio:
Individual Disability - Recently Issued	31.1		%	31.6		%	29.7		%	29.3		%	29.6		%	31.2		%
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability - Recently Issued	52.7		%	53.4		%	51.3		%	50.9		%	51.3		%	52.4		%
Voluntary Benefits	47.1		%	51.4		%	47.1		%	48.7		%	53.0		%	49.5		%
Benefit Ratio Excluding UDB Reserve Increase
Voluntary Benefits													48.9		%
Other Expense Ratio	24.9		%	24.4		%	24.5		%	24.1		%	24.4		%	23.5		%
Income Ratio	28.6		%	30.1		%	28.6		%	28.7		%	26.9		%	30.2		%
Operating Income Ratio	28.6		%	30.1		%	28.6		%	28.7		%	29.3		%	30.2		%
Persistency:
Individual Disability - Recently Issued							89.9		%	90.6		%	90.5		%	91.4		%
Voluntary Benefits							77.7		%	77.0		%	77.0		%	78.9		%

9. 3

Unum Group Financial Results for Unum UK Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Group Long-term Disability	$	104.5		$	96.5		$	313.4		$	290.7		$	389.9		$	409.7
Group Life	34.1			25.6			102.6			83.1			106.4			221.3
Supplemental	14.0			15.2			42.3			44.9			60.3			63.6
Total Premium Income	152.6			137.3			458.3			418.7			556.6			694.6
Net Investment Income	34.4			30.3			112.3			106.5			148.5			170.8
Other Income	—			0.1			0.1			0.1			0.1			0.1
Total	187.0			167.7			570.7			525.3			705.2			865.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	108.0			96.9			328.4			312.7			413.3			541.4
Commissions	11.5			9.6			32.0			28.4			38.0			42.6
Deferral of Acquisition Costs	(2.9		)	(2.4		)	(7.6		)	(7.1		)	(9.8		)	(11.8		)
Amortization of Deferred Acquisition Costs	3.2			3.6			9.6			11.2			14.7			15.7
Other Expenses	33.7			28.7			98.7			84.0			117.0			146.3
Total	153.5			136.4			461.1			429.2			573.2			734.2
Operating Income	$	33.5		$	31.3		$	109.6		$	96.1		$	132.0		$	131.3
Operating Ratios (% of Premium Income):
Benefit Ratio	70.8		%	70.6		%	71.7		%	74.7		%	74.3		%	77.9		%
Other Expense Ratio	22.1		%	20.9		%	21.5		%	20.1		%	21.0		%	21.1		%
Operating Income Ratio	22.0		%	22.8		%	23.9		%	23.0		%	23.7		%	18.9		%
Persistency:
Group Long-term Disability							88.4		%	81.9		%	82.2		%	84.0		%
Group Life							73.3		%	64.8		%	66.7		%	82.5		%
Supplemental							86.5		%	78.6		%	78.8		%	84.6		%

10

Unum Group Financial Results for Unum UK Segment - Continued

(in millions of pounds, except exchange rate)	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Group Long-term Disability	£	62.7		£	62.2		£	187.8		£	188.0		£	249.2		£	258.4
Group Life	20.5			16.5			61.5			53.8			68.2			139.6
Supplemental	8.3			9.7			25.3			29.0			38.5			40.1
Total Premium Income	91.5			88.4			274.6			270.8			355.9			438.1
Net Investment Income	20.6			19.5			67.2			68.9			94.9			107.7
Other Income	(0.1		)	0.1			—			0.1			0.1			—
Total	112.0			108.0			341.8			339.8			450.9			545.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	64.7			62.4			196.7			202.3			264.5			341.4
Commissions	6.9			6.1			19.2			18.3			24.3			26.9
Deferral of Acquisition Costs	(1.7		)	(1.5		)	(4.5		)	(4.6		)	(6.2		)	(7.5		)
Amortization of Deferred Acquisition Costs	1.9			2.3			5.7			7.3			9.3			9.9
Other Expenses	20.1			18.6			59.0			54.4			74.7			92.2
Total	91.9			87.9			276.1			277.7			366.6			462.9
Operating Income	£	20.1		£	20.1		£	65.7		£	62.1		£	84.3		£	82.9
Weighted Average Pound/Dollar Exchange Rate	1.667			1.557			1.668			1.548			1.566			1.584

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	190.7		$	185.0		$	569.0		$	554.5		$	738.7		$	724.5
Life	57.9			55.6			172.8			165.7			221.1			209.7
Cancer and Critical Illness	70.8			68.5			210.8			203.9			272.4			260.3
Total Premium Income	319.4			309.1			952.6			924.1			1,232.2			1,194.5
Net Investment Income	35.7			36.3			108.8			110.3			145.4			138.6
Other Income	0.1			—			0.1			0.1			0.2			0.3
Total	355.2			345.4			1,061.5			1,034.5			1,377.8			1,333.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	168.3			164.0			492.7			485.6			667.0			627.3
Commissions	64.6			61.9			191.6			188.4			252.5			254.5
Deferral of Acquisition Costs	(54.3		)	(50.1		)	(159.5		)	(152.7		)	(205.0		)	(206.3		)
Amortization of Deferred Acquisition Costs	46.2			45.3			134.5			131.3			174.2			166.5
Other Expenses	59.2			55.3			176.3			166.4			224.3			217.1
Total	284.0			276.4			835.6			819.0			1,113.0			1,059.1
Operating Income Including UDB Reserve Increase	71.2			69.0			225.9			215.5			264.8			274.3
UDB Reserve Increase	—			—			—			—			20.1			—
Operating Income	$	71.2		$	69.0		$	225.9		$	215.5		$	284.9		$	274.3
Operating Ratios (% of Premium Income):
Benefit Ratio	52.7		%	53.1		%	51.7		%	52.5		%	54.1		%	52.5		%
Benefit Ratio Excluding UDB Reserve Increase													52.5		%
Other Expense Ratio	18.5		%	17.9		%	18.5		%	18.0		%	18.2		%	18.2		%
Income Ratio	22.3		%	22.3		%	23.7		%	23.3		%	21.5		%	23.0		%
Operating Income Ratio	22.3		%	22.3		%	23.7		%	23.3		%	23.1		%	23.0		%
Persistency:
Accident, Sickness, and Disability							75.3		%	75.5		%	75.2		%	75.7		%
Life							84.9		%	85.3		%	85.2		%	85.7		%
Cancer and Critical Illness							83.1		%	83.5		%	83.1		%	84.5		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Premium Income
Individual Disability	$	154.0		$	169.3		$	472.9		$	521.7		$	687.5		$	736.4
Long-term Care	158.3			157.0			471.9			473.6			630.6			631.9
All Other	0.2			—			0.7			0.1			0.7			2.2
Total Premium Income	312.5			326.3			945.5			995.4			1,318.8			1,370.5
Net Investment Income	317.7			315.4			960.5			944.6			1,272.3			1,230.5
Other Income	23.4			23.6			69.5			71.5			93.9			100.1
Total	653.6			665.3			1,975.5			2,011.5			2,685.0			2,701.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	559.3			570.7			1,674.9			1,721.0			2,293.0			2,314.9
Commissions	25.6			26.8			77.1			81.9			113.8			112.6
Interest and Debt Expense	1.8			2.1			5.5			6.4			8.4			10.4
Other Expenses	40.7			40.0			125.4			119.6			160.4			167.7
Total	627.4			639.6			1,882.9			1,928.9			2,575.6			2,605.6
Operating Income	$	26.2		$	25.7		$	92.6		$	82.6		$	109.4		$	95.5
Interest Adjusted Loss Ratios:
Individual Disability	82.3		%	80.6		%	84.4		%	81.6		%	82.6		%	83.0		%
Long-term Care	88.5		%	89.6		%	84.7		%	89.7		%	89.6		%	90.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio	13.0		%	12.3		%	13.3		%	12.0		%	12.2		%	12.2		%
Operating Income Ratio	8.4		%	7.9		%	9.8		%	8.3		%	8.3		%	7.0		%
Persistency:
Individual Disability							91.1		%	92.0		%	91.8		%	92.5		%
Long-term Care							95.1		%	95.4		%	95.5		%	95.8		%

12

Unum Group Financial Results for Corporate Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2014			9/30/2013			9/30/2014			9/30/2013			12/31/2013			12/31/2012
Operating Revenue
Net Investment Income	$	2.0		$	0.4		$	2.2		$	1.4		$	(3.7	)	$	23.0
Other Income	0.9			0.3			2.2			2.7			7.7			2.8
Total	2.9			0.7			4.4			4.1			4.0			25.8
Interest and Other Expenses	35.8			33.6			120.5			107.8			147.5			134.3
Operating Loss Including Costs Related to Early Retirement of Debt	(32.9		)	(32.9		)	(116.1		)	(103.7		)	(143.5		)	(108.5		)
Costs Related to Early Retirement of Debt	—			—			13.2			—			—			—
Operating Loss	$	(32.9	)	$	(32.9	)	$	(102.9	)	$	(103.7	)	$	(143.5	)	$	(108.5	)

13

Unum Group Reserves

	September 30, 2014
	Gross												Total
	Policy				Claim Reserves								Reinsurance		Total
	Reserves		%		Incurred		IBNR		%		Total		Ceded		Net
Group Disability	$	—	—	%	$	6,600.6	$	575.3	29.6	%	$	7,175.9	$	64.9	$	7,111.0
Group Life and Accidental Death & Dismemberment	69.1		0.4		707.3		197.3		3.7		973.7		5.5		968.2
Individual Disability - Recently Issued	554.6		3.5		1,196.6		125.9		5.4		1,877.1		114.1		1,763.0
Voluntary Benefits	1,349.5		8.2		52.5		63.6		0.5		1,465.6		29.0		1,436.6
Unum US Segment	1,973.2		12.1		8,557.0		962.1		39.2		11,492.3		213.5		11,278.8
Unum UK Segment	24.0		0.1		2,263.9		149.3		10.0		2,437.2		124.5		2,312.7
Colonial Life Segment	1,643.9		10.0		278.7		130.0		1.7		2,052.6		11.6		2,041.0
Individual Disability	764.5		4.7		10,198.7		289.5		43.2		11,252.7		1,547.5		9,705.2
Long-term Care	6,153.3		37.6		963.4		101.9		4.4		7,218.6		42.9		7,175.7
Other	5,799.5		35.5		219.1		137.5		1.5		6,156.1		4,939.0		1,217.1
Closed Block Segment	12,717.3		77.8		11,381.2		528.9		49.1		24,627.4		6,529.4		18,098.0
Subtotal	$	16,358.4	100.0	%	$	22,480.8	$	1,770.3	100.0	%	40,609.5		6,879.0		33,730.5
Adjustment to Reserves for Unrealized Gain on Securities											5,396.8		342.1		5,054.7
Consolidated											$	46,006.3	$	7,221.1	$	38,785.2

The increase in the adjustment to reserves for unrealized gain on securities, relative to year-end 2013, was due primarily to a decrease in both U.S. Treasury rates and credit spreads. This adjustment is consistent with a similar adjustment to our invested assets.

14

Unum Group Reserves

	December 31, 2013
	Gross												Total
	Policy				Claim Reserves								Reinsurance		Total
	Reserves		%		Incurred		IBNR		%		Total		Ceded		Net
Group Disability	$	—	—	%	$	6,810.3	$	569.1	30.1	%	$	7,379.4	$	66.6	$	7,312.8
Group Life and Accidental Death & Dismemberment	72.3		0.5		713.2		201.1		3.7		986.6		2.5		984.1
Individual Disability - Recently Issued	558.3		3.5		1,155.7		124.4		5.2		1,838.4		104.3		1,734.1
Voluntary Benefits	1,298.4		8.1		48.9		73.2		0.5		1,420.5		29.2		1,391.3
Unum US Segment	1,929.0		12.1		8,728.1		967.8		39.5		11,624.9		202.6		11,422.3
Unum UK Segment	24.9		0.1		2,286.0		171.7		10.0		2,482.6		130.1		2,352.5
Colonial Life Segment	1,577.6		9.9		274.1		134.1		1.7		1,985.8		13.9		1,971.9
Individual Disability	859.3		5.4		10,346.8		281.9		43.3		11,488.0		1,545.0		9,943.0
Long-term Care	5,791.4		36.3		865.7		94.8		3.9		6,751.9		42.6		6,709.3
Other	5,783.8		36.2		234.4		150.2		1.6		6,168.4		4,915.2		1,253.2
Closed Block Segment	12,434.5		77.9		11,446.9		526.9		48.8		24,408.3		6,502.8		17,905.5
Subtotal	$	15,966.0	100.0	%	$	22,735.1	$	1,800.5	100.0	%	40,501.6		6,849.4		33,652.2
Adjustment to Reserves for Unrealized Gain on Securities											4,108.5		263.8		3,844.7
Consolidated											$	44,610.1	$	7,113.2	$	37,496.9

14. 1

Unum Group Investments

	9/30/2014						9/30/2014			6/30/2014
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	28,635.2		64.0	%	Duration Weighted Book Yield	6.19		%	6.21		%
Asset-Backed Securities (1)	96.4			0.2		Average Duration (in years)	7.57			7.58
Residential Mortgage-Backed Securities	2,275.4			5.1
Commercial Mortgage-Backed Securities	129.9			0.3
Private Placements	5,476.1			12.2
High Yield	3,466.4			7.8
Government Securities	2,543.1			5.7
Municipal Securities (2)	2,042.6			4.6
Redeemable Preferred Stocks	50.1			0.1
Total	$	44,715.2		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Schedule BA and Non-Current
Aaa	8.9		%	8.7	%	Total Non-Current Investments	$	54.0		$	54.0
Aa	9.0			9.3		Total Schedule BA Assets	$	471.4		$	486.5
A	30.7			31.7
Baa	42.7			42.4
Below Baa	8.7			7.9
Total	100.0		%	100.0	%
(1) Includes $32.3 million of high yield mortgage-backed securities.
(2) Includes $18.2 million of high yield municipal securities.

15

Unum Group Investments at September 30, 2014

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain		Fair Value of Fixed Maturity Securities with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value of Fixed Maturity Securities with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,724.4	$	250.8	$	399.1	$	19.1	$	2,325.3	$	269.9
Capital Goods	3,803.0		475.2		159.2		3.0		3,643.8		478.2
Communications	3,003.0		460.5		259.7		3.4		2,743.3		463.9
Consumer Cyclical	1,255.1		155.3		22.8		0.2		1,232.3		155.5
Consumer Non-Cyclical	5,863.1		713.6		629.1		22.7		5,234.0		736.3
Energy	6,310.9		854.5		495.0		16.2		5,815.9		870.7
Financial Institutions	3,405.6		356.0		74.3		0.8		3,331.3		356.8
Mortgage/Asset-Backed	2,501.7		191.9		25.4		0.6		2,476.3		192.5
Sovereigns	1,346.7		179.8		—		—		1,346.7		179.8
Technology	1,153.9		85.0		265.6		8.1		888.3		93.1
Transportation	1,624.1		233.2		76.2		0.7		1,547.9		233.9
U.S. Government Agencies and Municipalities	3,239.0		519.7		135.8		5.2		3,103.2		524.9
Public Utilities	8,434.6		1,313.2		143.3		4.6		8,291.3		1,317.8
Redeemable Preferred Stocks	50.1		6.1		—		—		50.1		6.1
Total	$	44,715.2	$	5,794.8	$	2,685.5	$	84.6	$	42,029.7	$	5,879.4
Gross Unrealized Loss on Fixed Maturity Securities By Length of Time in Unrealized Loss Position
	Investment-Grade						Below-Investment-Grade
Category	Fair Value		Gross Unrealized Loss				Fair Value		Gross Unrealized Loss
Less than 91 days	$	725.2	$	10.1			$	797.8	$	20.8
91 through 180 days	10.2		0.2				15.8		0.4
181 through 270 days	—		—				—		—
271 days to 1 year	—		—				19.5		0.5
Greater than 1 year	917.8		37.3				199.2		15.3
Total	$	1,653.2	$	47.6			$	1,032.3	$	37.0

15. 1

Appendix to Statistical Supplement

2014 Significant Items

During the second quarter of 2014, we retired $145.0 million of our outstanding 6.85% notes issued by one of our U.K. subsidiaries, including a make-whole amount of $13.2 million ($10.4 million after tax). In conjunction with this retirement, we reclassified $13.1 million ($10.5 million after tax) from accumulated other comprehensive income to realized investment gain in our consolidated statements of income. This reclassification represents the applicable portion of the deferred gain from previously terminated derivatives associated with the hedge of this debt.

2013 Significant Items

Year ended December 31, 2013 results included the following:

• Claim reserve increases of $49.1 million for Unum US group life, $26.3 million for Unum US voluntary life, and $20.1 million for Colonial Life voluntary life, for a total reserve increase of $95.5 million with a corresponding decrease in net income of $62.1 million, less applicable income tax, related to unclaimed death benefits.

• A reserve reduction of $85.0 million before tax and $55.2 million after tax related to Unum US group life waiver of premium benefits.

Non-GAAP Financial Measures

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

• Operating revenue, which excludes realized investment gains or losses;

• Before-tax operating income or loss, which excludes realized investment gains or losses, non-operating retirement-related gains or losses, income tax, and certain other items, as applicable, and after-tax operating income or loss which includes income tax;

• Operating return on equity, which is calculated using after-tax operating income or loss and excludes from equity the unrealized gain or loss on securities and net gain on cash flow hedges;

• Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on cash flow hedges, the non-recourse debt and associated capital of Tailwind Holdings, LLC and Northwind Holdings, LLC, and short-term debt arising from securities lending agreements; and

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

Realized investment gains or losses, non-operating retirement-related gains or losses, unrealized gains or losses on securities and net gains on cash flow hedges depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures. We also exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace the comparable GAAP measures in the determination of overall profitability. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 16.1.

16

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	September 30		June 30		March 31		December 31		September 30			June 30		March 31		December 31		September 30
	2014						2013									2012
	(in millions)
Operating Revenue	$	2,608.2	$	2,627.6	$	2,604.8	$	2,576.9	$	2,567.0		$	2,588.6	$	2,614.5	$	2,633.6	$	2,606.7
Net Realized Investment Gain (Loss)	1.2		25.9		6.3		9.3		(26.1		)	13.3		10.3		24.6		21.3
Total Revenue	$	2,609.4	$	2,653.5	$	2,611.1	$	2,586.2	$	2,540.9		$	2,601.9	$	2,624.8	$	2,658.2	$	2,628.0

	After-Tax			Average			Annualized
	Operating			Allocated			Operating
	Income (Loss)			Equity(1)			Return
	(in millions)						On Equity
Three Months Ended September 30, 2014
Unum US	$	140.5		$	4,124.7		13.6	%
Unum UK	26.4			669.6			15.7	%
Colonial Life	46.3			1,145.1			16.2	%
Core Operating Segments	213.2			5,939.4			14.4	%
Closed Block	17.2			2,820.2
Corporate	(9.3		)	(373.8		)
Total	$	221.1		$	8,385.8		10.5	%
Three Months Ended September 30, 2013
Unum US	$	144.1		$	4,134.7		13.9	%
Unum UK	23.7			604.3			15.7	%
Colonial Life	44.8			1,119.1			16.0	%
Core Operating Segments	212.6			5,858.1			14.5	%
Closed Block	17.1			2,609.8
Corporate	(5.1		)	(705.5		)
Total	$	224.6		$	7,762.4		11.6	%

⁽¹⁾Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented on page 16.3.

16. 1

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax			Average			Annualized
	Operating			Allocated			Operating
	Income (Loss)			Equity(2)			Return
	(in millions)						On Equity
Nine Months Ended September 30, 2014
Unum US	$	421.9		$	4,158.8		13.5	%
Unum UK	87.1			636.4			18.2	%
Colonial Life	146.9			1,148.6			17.1	%
Core Operating Segments	655.9			5,943.8			14.7	%
Closed Block	61.1			2,780.1
Corporate	(35.4		)	(461.1		)
Total	$	681.6		$	8,262.8		11.0	%
Nine Months Ended September 30, 2013
Unum US	$	420.8		$	4,136.3		13.6	%
Unum UK	74.8			737.5			13.5	%
Colonial Life	140.1			1,112.5			16.8	%
Core Operating Segments	635.7			5,986.3			14.2	%
Closed Block	54.2			2,548.2
Corporate	(31.2		)	(943.1		)
Total	$	658.7		$	7,591.4		11.6	%

⁽²⁾Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented on page 16.3.

16. 2

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax			Average
	Operating			Allocated			Operating
	Income (Loss)			Equity(3)			Return
	(in millions)						On Equity
Year Ended December 31, 2013
Unum US	$	563.1		$	4,141.8		13.6	%
Unum UK	104.5			744.3			14.0	%
Colonial Life	185.2			1,122.6			16.5	%
Core Operating Segments	852.8			6,008.7			14.2	%
Closed Block	71.3			2,580.4
Corporate	(41.6		)	(856.8		)
Total	$	882.5		$	7,732.3		11.4	%
Year Ended December 31, 2012
Unum US	$	555.3		$	4,024.1		13.8	%
Unum UK	99.2			811.2			12.2	%
Colonial Life	178.3			1,064.4			16.8	%
Core Operating Segments	832.8			5,899.7			14.1	%
Closed Block	62.3			2,234.2
Corporate	(7.6		)	(892.1		)
Total	$	887.5		$	7,241.8		12.3	%

⁽³⁾Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented below.

Average allocated equity is computed as follows:

(in millions)	9/30/2014		6/30/2014		12/31/2013		9/30/2013		6/30/2013		12/31/2012		12/31/2011
Total Stockholders' Equity, As Reported	$	9,244.0	$	9,243.7	$	8,659.1	$	8,669.9	$	8,380.6	$	8,612.6	$	8,169.7
Net Unrealized Gain on Securities	462.0		501.2		135.7		427.4		295.6		873.5		614.8
Net Gain on Cash Flow Hedges	383.5		369.5		396.3		397.2		405.5		401.6		408.7
Total Stockholders' Equity, As Adjusted	$	8,398.5	$	8,373.0	$	8,127.1	$	7,845.3	$	7,679.5	$	7,337.5	$	7,146.2
	Three Months Ended		Nine Months Ended		Twelve Months Ended		Three Months Ended		Nine Months Ended		Twelve Months Ended
	9/30/2014				12/31/2013		9/30/2013				12/31/2012
Average Stockholders' Equity Excluding Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	$	8,385.8	$	8,262.8	$	7,732.3	$	7,762.4	$	7,591.4	$	7,241.8

16. 3

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended September 30											Nine Months Ended September 30
	2014					2013						2014						2013
	(in millions)			per share *		(in millions)			per share *			(in millions)			per share *			(in millions)			per share *
After-tax Operating Income	$	221.1		$	0.87	$	224.6		$	0.85		$	681.6		$	2.64		$	658.7		$	2.47
Net Realized Investment Gain (Loss), Net of Tax	0.9			—		(17.2		)	(0.06		)	24.0			0.10			(1.9		)	(0.01		)
Non-operating Retirement-related Loss, Net of Tax	(0.9		)	—		(1.7		)	(0.01		)	(2.7		)	(0.01		)	(19.9		)	(0.08		)
Costs Related to Early Retirement of Debt, Net of Tax	—			—		—			—			(10.4		)	(0.04		)	—			—
Net Income	$	221.1		$	0.87	$	205.7		$	0.78		$	692.5		$	2.69		$	636.9		$	2.38
* Assuming Dilution

	Year Ended December 31
(in millions)	2013			2012
After-tax Operating Income	$	882.5		$	887.5
Net Realized Investment Gain, Net of Tax	3.9			37.1
Non-operating Retirement-related Loss, Net of Tax	(21.4		)	(30.2		)
UDB Reserve Increase, Net of Tax	(62.1		)	—
Waiver Reserve Reduction, Net of Tax	55.2			—
Net Income	$	858.1		$	894.4

	September 30						December 31
	2014			2013			2013			2012
	(in millions)
Debt, As Reported	$	2,853.5		$	2,771.8		$	2,688.5		$	3,211.2
Excluding Securities Lending Agreements	70.2			140.5			76.5			455.8
Excluding Non-recourse Debt	404.8			455.0			440.0			562.5
Debt, As Adjusted	$	2,378.5		$	2,176.3		$	2,172.0		$	2,192.9
Total Stockholders' Equity, As Reported	$	9,244.0		$	8,669.9		$	8,659.1		$	8,612.6
Excluding Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	845.5			824.6			532.0			1,275.1
Excluding Northwind and Tailwind Capital	842.0			843.0			846.4			870.6
	7,556.5			7,002.3			7,280.7			6,466.9
Debt, As Adjusted	2,378.5			2,176.3			2,172.0			2,192.9
Total Capital, As Adjusted	$	9,935.0		$	9,178.6		$	9,452.7		$	8,659.8
Leverage Ratio	23.9		%	23.7		%	23.0		%	25.3		%

16. 4