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): May 4, 2020

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

1 Fountain Square

Chattanooga, Tennessee 37402

(Address of principal executive offices) (Zip Code)

(423) 294-1011

(Registrant's telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	UNM	New York Stock Exchange
6.250% Junior Subordinated Notes due 2058	UNMA	New York Stock Exchange

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

☐ Emerging growth company

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

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2020, Unum Group (the "Company") issued a news release reporting its results for the first quarter of 2020, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on May 4, 2020, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the first quarter of 2020. In addition, the Company posted a Supplemental Exhibit concerning its investment portfolio as of March 31, 2020. Copies of the Statistical Supplement and the Supplemental Exhibit are furnished herewith as Exhibit 99.2 and Exhibit 99.3, respectively, and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 2.02, including Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On May 4, 2020, the Company announced that in connection with a financial examination of its Maine domiciled Unum Life Insurance Company of America (“Unum America”) subsidiary, which is expected to close at the end of the second quarter, the Maine Bureau of Insurance (the “MBOI”) has concluded that Unum America’s long-term care statutory reserves are deficient by $2.1 billion as of December 31, 2018. As permitted by the MBOI, Unum America will phase in the additional statutory reserves over seven years beginning with year-end 2020 and ending with year-end 2026. The 2020 phase-in amount is estimated to be between $200 million and $250 million. This strengthening will be accomplished by the Company's actuaries incorporating explicitly agreed upon margins into its existing assumptions for annual statutory reserve adequacy testing. These actions will add margin to Unum America’s best estimate assumptions. The Company plans to fund the additional statutory reserves with expected cash flows. The Company’s long-term care reserves and financial results reported under generally accepted accounting principles are not affected by the MBOI’s examination conclusion.

The Company has suspended its current share repurchase authorization and will not repurchase shares in 2020. Additionally, the Company intends to continue to pay its common stock dividend at the current rate.

Cautionary Statement Regarding Forward-Looking Statements

Certain information in this Form 8-K constitute “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 regarding our plans as to the method of funding additional statutory reserves and share repurchases, 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) the impact of the COVID-19 pandemic on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (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 and morbidity rates, and policy benefit offsets; (4) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (5) changes in, or interpretations or enforcement of, laws and regulations; (6) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) changes in our financial strength and credit ratings; (11) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (14) ability to generate sufficient internal liquidity and/or obtain external financing; (15) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (16) effectiveness of our risk management program; (17) contingencies and the level and results of litigation; (18) 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; (19) fluctuation in

foreign currency exchange rates; and (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part I, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2019 and our subsequently filed quarterly reports on Form 10-Q. The forward-looking statements in this Form 8-K are being made as of the date of this Form 8-K, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.	Description
99.1	News release of Unum Group dated May 4, 2020, concerning earnings for the first quarter of 2020.
99.2	Statistical Supplement of Unum Group for the first quarter of 2020.
99.3	Supplemental Exhibit concerning the Unum Group investment portfolio as of March 31, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

	Unum Group
	(Registrant)
Date: May 4, 2020	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

EX-99.1

		Exhibit 99.1
		1 Fountain Square Chattanooga, TN 37402 www.unum.com
	FOR IMMEDIATE RELEASE
	Contacts
	MEDIA	Brad Carmony 901-568-3088 bcarmony@unum.com
	INVESTORS	Tom White 423-294-8996 tawhite@unum.com

Unum Group Reports First Quarter 2020 Results

•Net income of $161.0 million ($0.79 per diluted common share) for the first quarter of 2020; after-tax adjusted operating income was $274.1 million ($1.35 per diluted common share).

•Strong balance sheet and liquidity with holding company cash of $1.0 billion; weighted average risk-based capital ratio of approximately 365 percent; and after-tax adjusted operating statutory income of $326.1 million for the first quarter of 2020.

•State of Maine regulator requiring additional statutory funding for long-term care to be phased in over seven years; initial year-end 2020 funding estimated to be between $200 million and $250 million.

•The Company has suspended its current share repurchase authorization and will not repurchase shares in 2020. The Company intends to continue to pay its common stock dividend at the current rate.

•The Company is suspending its financial guidance for the remainder of 2020 due to the uncertain economic environment caused by the COVID-19 pandemic.

CHATTANOOGA, Tenn.(May 4, 2020) - Unum Group (NYSE: UNM) today reported net income of $161.0 million ($0.79 per diluted common share) for the first quarter of 2020, compared to net income of $280.9 million ($1.31 per diluted common share) for the first quarter of 2019.

Included in net income are net after-tax realized investment gains and losses on the Company’s investment portfolio. The Company reported a net after-tax realized investment loss of $113.1 million ($0.56 per diluted common share) in the first quarter of 2020, compared to a net after-tax realized investment gain on the Company's investment portfolio of $0.6 million ($— per diluted common share) in the first quarter of 2019. Excluding the items above, after-tax adjusted operating income was $274.1 million ($1.35 per diluted common share) in the first quarter of 2020, compared to $280.3 million ($1.31 per diluted common share) in the first quarter of 2019.

In connection with a financial examination of its Maine domiciled Unum Life Insurance Company of America (“Unum America”) subsidiary, which is expected to close at the end of the second quarter, the Maine Bureau of Insurance (the “MBOI”) has concluded that Unum America’s long-term care statutory reserves are deficient by $2.1 billion as of December 31, 2018. As permitted by the MBOI, Unum America will phase in the additional statutory reserves over seven years beginning with year-end 2020 and ending with year-end 2026. The 2020 phase-in amount is

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

estimated to be between $200 million and $250 million. This strengthening will be accomplished by our actuaries incorporating explicitly agreed upon margins into our existing assumptions for annual statutory reserve adequacy testing. These actions will add margin to Unum America’s best estimate assumptions. The Company plans to fund the additional statutory reserves with expected cash flows. The Company’s long-term care reserves and financial results reported under generally accepted accounting principles are not affected by the MBOI’s examination conclusion.

On March 11, 2020, the World Health Organization identified the spread of COVID-19 as a pandemic. COVID-19 has caused significant disruption to the global economy and has unfavorably impacted our company as well as the overall insurance industry. Due to the unprecedented nature of these events and the current pace of change in this environment, we cannot fully estimate the ultimate impact of the COVID-19 pandemic at this time. We are closely monitoring several key factors related to our business that have and may continue to have adverse impacts.

“While our first quarter results were solid, the emergence of the COVID-19 pandemic and resulting economic contraction have created uncertainty for both businesses and individuals worldwide. The current environment reinforces the importance of our corporate purpose, helping the working world thrive throughout life’s moments, and we will remain focused on providing excellent service to people in their time of need," said Richard P. McKenney, president and chief executive officer. "Our resilient franchise, with its strong capital and liquidity position, has weathered numerous economic and business cycles successfully in the past, and we have a well-developed road map for managing through these times. The resolution we reached with the Maine Bureau of Insurance regarding funding the long-term care business will build additional margin over our best estimates and should reduce market uncertainty over the block. With our dedicated people and excellent brands and strong reputation in the benefits marketplace, we will continue to invest in our operations and expand into new areas where we can best leverage our expertise and capabilities to capture growth opportunities as the economy begins to recover.”

RESULTS BY SEGMENT

We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for income before income tax or net income. 

Unum US Segment

Unum US reported adjusted operating income of $261.8 million in the first quarter of 2020, an increase of 3.8 percent from $252.3 million in the first quarter of 2019. Premium income for the segment increased 1.7 percent to $1,527.7 million in the first quarter of 2020, compared to premium income of $1,501.9 million in the first quarter of 2019. Net investment income for the segment decreased 1.4 percent to $179.6 million in the first quarter of 2020, compared to $182.1 million in the first quarter of 2019.

Within the Unum US operating segment, the group disability line of business reported a 7.6 percent decrease in adjusted operating income to $76.3 million in the first quarter of 2020, compared to $82.6 million in

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

the first quarter of 2019. Premium income for the group disability line of business increased 3.8 percent to $666.2 million in the first quarter of 2020, compared to $641.6 million in the first quarter of 2019, driven by growth in the in-force block resulting from higher prior period sales, partially offset by lower persistency. Net investment income decreased 6.6 percent to $93.4 million in the first quarter of 2020, compared to $100.0 million in the first quarter of 2019, driven by a decline in yield on invested assets, lower miscellaneous investment income, and a decrease in the level of invested assets. The benefit ratio for the first quarter of 2020 was 73.2 percent, compared to 74.7 percent in the first quarter of 2019, due primarily to favorable claim recovery experience in our group long-term disability product line, partially offset by higher claims incidence in both our group long-term and short-term disability product lines. Group long-term disability sales were $31.4 million in the first quarter of 2020, a decrease of 14.9 percent from $36.9 million in the first quarter of 2019. Group short-term disability sales were $14.2 million in the first quarter of 2020, compared to $20.9 million in the first quarter of 2019. Persistency in the group long-term disability product line was 90.6 percent in the first quarter of 2020, compared to 90.9 percent in the first quarter of 2019. Persistency in the group short-term disability product line was 86.1 percent in the first quarter of 2020, compared to 90.5 percent in the first quarter of 2019.

The group life and accidental death and dismemberment line of business reported adjusted operating income of $70.4 million in the first quarter of 2020, an increase of 4.5 percent from $67.4 million in the first quarter of 2019. Premium income for this line of business was $456.2 million in the first quarter of 2020, which was generally consistent with the $455.4 million in the first quarter of 2019, with growth in the in-force block resulting from prior period sales growth mostly offset by lower persistency. Net investment income was $25.7 million in the first quarter of 2020, which was generally consistent with the $25.6 million in the first quarter of 2019, due primarily to a higher level of invested assets and higher miscellaneous investment income, mostly offset by a decline in yield on invested assets. The benefit ratio in the first quarter of 2020 was 70.6 percent, compared to 70.9 percent in the first quarter of 2019, due primarily to lower claims incidence in the group accidental death and dismemberment product line. Sales of group life and accidental death and dismemberment products decreased 30.8 percent in the first quarter of 2020 to $28.1 million, compared to $40.6 million in the first quarter of 2019. Persistency in the group life product line was 88.4 percent in the first quarter of 2020, compared to 91.0 percent in the first quarter of 2019. Persistency in the accidental death and dismemberment product line was 87.9 percent in the first quarter of 2020, compared to 90.3 percent in the first quarter of 2019.

The supplemental and voluntary line of business reported an increase of 12.5 percent in adjusted operating income to $115.1 million in the first quarter of 2020, compared to $102.3 million in the first quarter of 2019. Premium income for the supplemental and voluntary line of business was $405.3 million in the first quarter of 2020, which was generally consistent with $404.9 million in the first quarter of 2019, with growth in the dental and vision product line mostly offset by lower persistency in all product lines. Net investment income increased 7.1 percent to $60.5 million in the first quarter of 2020, compared to $56.5 million in the first quarter of 2019, due to a higher level of invested assets and higher miscellaneous investment income, partially offset by a decline in yield on invested assets. The benefit ratio for the individual disability product line was

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

52.1 percent for the first quarter of 2020, compared to 49.9 percent for the first quarter of 2019, due to higher claims incidence. The benefit ratio for the voluntary benefits product line was 32.7 percent in the first quarter of 2020, compared to 35.4 percent for the first quarter of 2019, due primarily to the release of active life reserves resulting from a higher level of terminations. The benefit ratio for the dental and vision product line was 65.1 percent for the first quarter of 2020, compared to 67.7 percent for the first quarter of 2019, driven by lower claims incidence. Relative to the first quarter of 2019, sales in the individual disability product line increased 50.3 percent in the first quarter of 2020 to $22.7 million. Sales in the voluntary benefits product line declined 15.6 percent in the first quarter of 2020 to $128.6 million. Sales in the dental and vision product line totaled $10.8 million for the first quarter of 2020, a decrease of 13.6 percent compared to the first quarter of 2019. Persistency in the individual disability product line was 88.9 percent in the first quarter of 2020, compared to 90.3 percent in the first quarter of 2019. Persistency in the voluntary benefits product line was 72.4 percent in the first quarter of 2020, compared to 73.0 percent in the first quarter of 2019. Persistency in the dental and vision product line was 81.9 percent in the first quarter of 2020, compared to 84.3 percent in the first quarter of 2019.

Unum International

The Unum International segment reported adjusted operating income of $19.4 million in the first quarter of 2020, a decrease of 33.3 percent from $29.1 million in the first quarter of 2019. Premium income increased 6.9 percent to $164.6 million in the first quarter of 2020, compared to $154.0 million in the first quarter of 2019. Net investment income increased 6.9 percent to $26.5 million in the first quarter of 2020, compared to $24.8 million in the first quarter of 2019. Sales increased 5.8 percent to $23.9 million in the first quarter of 2020, compared to $22.6 million in the first quarter of 2019.

The Unum UK line of business reported adjusted operating income, in local currency, of £13.7 million in the first quarter of 2020, a decrease of 36.6 percent from £21.6 million in the first quarter of 2019. Premium income was £113.8 million in the first quarter of 2020, an increase of 8.4 percent from £105.0 million in the first quarter of 2019, driven by sales growth, higher overall persistency, and the impact of rate increases in the group long-term disability product line. Net investment income was £19.3 million in the first quarter of 2020, an increase of 8.4 percent from £17.8 million in the first quarter of 2019, due to higher investment income from inflation index-linked bonds, which we invest in to support the claim reserves associated with certain of our group policies that provide for inflation-linked increases in benefits, and higher miscellaneous income, partially offset by a decline in the yield on fixed-rate bonds. The benefit ratio in the first quarter of 2020 was 80.5 percent, compared to 70.2 percent in the first quarter of 2019, due to higher claims incidence in the group critical illness product line and lower claim resolutions in the group long-term disability product line due to disruption in our claims processes related to COVID-19. Also contributing to the unfavorable experience was higher inflation-linked increases in benefits related to our group products. Sales increased 12.2 percent to £16.5 million in the first quarter of 2020, compared to £14.7 million in the first quarter of 2019. Persistency in the group long-term disability product line was 90.1 percent in the first quarter of 2020, compared to 89.3 percent in the first quarter of 2019. Persistency in the group life product line was 86.3 percent in the first quarter of 2020,

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

compared to 85.7 percent in the first quarter of 2019. Persistency in the supplemental product line was 91.2 percent in the first quarter of 2020, compared to 91.5 percent in the first quarter of 2019.

Colonial Life Segment

Colonial Life reported a 4.8 percent decrease in adjusted operating income to $81.1 million in the first quarter of 2020, compared to $85.2 million in the first quarter of 2019. Premium income increased 3.7 percent to $434.7 million in the first quarter of 2020, compared to $419.3 million in the first quarter of 2019, driven primarily by growth in the in-force block resulting from prior period sales growth, offset partially by lower persistency. Net investment income increased 2.2 percent to $37.7 million in the first quarter of 2020, compared to $36.9 million in the first quarter of 2019, due to an increase in the level of invested assets and higher miscellaneous investment income, partially offset by a decline in the yield on invested assets. The benefit ratio was 52.4 percent in the first quarter of 2020, compared to 51.1 percent in the first quarter of 2019, with unfavorable experience in the accident, sickness, and disability line of business partially offset by favorable experience in the cancer and critical illness and life product lines.

Sales decreased 8.7 percent to $99.3 million in the first quarter of 2020, compared to $108.8 million in the first quarter of 2019. Persistency in Colonial Life was 76.8 percent in the first quarter of 2020, compared to 77.3 percent in the first quarter of 2019.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $29.7 million in the first quarter of 2020, compared to $31.0 million in the first quarter of 2019. Premium income for this segment declined 7.2 percent in the first quarter of 2020, compared to the first quarter of 2019, due to a one-time reinsurance cost related to a small block of policies and continued policy terminations and maturities in the individual disability line of business, partially offset by premium rate increases on certain in-force business in the long-term care line of business. Net investment income decreased 3.0 percent to $336.1 million in the first quarter of 2020, compared to $346.6 million in the first quarter of 2019, due to a decrease in yield on invested assets driven primarily by losses on certain of our perpetual preferred securities, partially offset by an increase in the level of invested assets and higher miscellaneous investment income. The interest adjusted loss ratio for the long-term care line of business was 81.0 percent in the first quarter of 2020, compared to an interest adjusted loss ratio of 88.5 percent in the first quarter of 2019, driven primarily by higher claimant mortality. The interest adjusted loss ratio for long-term care for the rolling twelve months ended March 31, 2020 was 86.2 percent which remains within our expected range. The interest adjusted loss ratio for the individual disability line of business was 84.5 percent in the first quarter of 2020, compared to 80.1 percent in the first quarter of 2019, driven primarily by the impact of the one-time reinsurance cost as previously discussed.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $45.9 million in the first quarter of 2020, compared to an adjusted operating loss of $45.4 million in the first quarter of 2019.

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

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 203.4 million for the first quarter of 2020, compared to 214.4 million for the first quarter of 2019. Shares outstanding totaled 203.3 million at March 31, 2020. The Company did not repurchase shares during the first quarter of 2020 and will not repurchase shares in the remainder of 2020.

Capital Management

At March 31, 2020, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 365 percent, and cash and marketable securities in the holding companies equaled $1,025 million.

The Company intends to continue to pay its common stock dividend at the current rate.

Book Value

Book value per common share as of March 31, 2020 was $48.21, compared to $42.68 at March 31, 2019.

Outlook

Due to the uncertain economic environment caused by the COVID-19 pandemic, the Company is suspending its financial guidance for the remainder of 2020.

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 measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of net realized investment gains and losses as specified in the reconciliations in the Financial Highlights section below.  We believe after-tax adjusted operating income is a better performance measure and better indicator of the 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.

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. We

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

exclude these items as we believe them to be infrequent or unusual in nature, 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 Tuesday, May 5, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the first 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 (800) 458-4121 for U.S. and Canada (pass code 8211562). For international, the dial-in number is (323) 794-2093 (pass code 8211562). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Tuesday, May 12 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International) - pass code 8211562.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement and supplemental slide presentation for the first quarter of 2020 are available on the “Investors” section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum Group (www.unum.com) provides a broad portfolio of financial protection benefits and services through the workplace, and is a leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $12.0 billion in 2019 and provided $7.5 billion in benefits.

For more information, connect with us on Facebook (www.facebook.com/unumbenefits), Twitter (www.twitter.com/unumnews) and LinkedIn (www.linkedin.com/company/unum).

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

SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about the amount and source of anticipated funding for long-term care statutory reserves and expectations for future shareholder dividends, 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) the impact of the COVID-19 pandemic on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (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 and morbidity rates, and policy benefit offsets; (4) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (5) changes in, or interpretations or enforcement of laws and regulations; (6) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) changes in our financial strength and credit ratings; (11) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (14) ability to generate sufficient internal liquidity and/or obtain external financing; (15) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (16) effectiveness of our risk management program; (17) contingencies and the level and results of litigation; (18) 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; (19) fluctuation in foreign currency exchange rates; and (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2019, as updated or supplemented from time to time in subsequent filings. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

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Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
	Three Months Ended March 31
	2020		2019
Revenue
Premium Income	$	2,371.4	$	2,338.7
Net Investment Income	585.0		594.7
Net Realized Investment Gain (Loss)	(144.0)		1.1
Other Income	58.7		53.1
Total Revenue	2,871.1		2,987.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,854.8		1,840.8
Commissions	279.2		290.1
Interest and Debt Expense	45.7		42.1
Deferral of Acquisition Costs	(162.0)		(173.7)
Amortization of Deferred Acquisition Costs	176.2		170.6
Other Expenses	475.1		464.4
Total Benefits and Expenses	2,669.0		2,634.3
Income Before Income Tax	202.1		353.3
Income Tax Expense	41.1		72.4
Net Income	$	161.0	$	280.9
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	0.79	$	1.31
Assuming Dilution	$	0.79	$	1.31
Weighted Average Common Shares - Basic (000s)	203,306.0		214,297.1
Weighted Average Common Shares - Assuming Dilution (000s)	203,355.7		214,429.7
Outstanding Shares - (000s)	203,325.1		212,290.3

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 9

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended March 31
	2020				2019
	(in millions)		per share *		(in millions)		per share *
Net Income	$	161.0	$	0.79	$	280.9	$	1.31
Excluding:
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $(30.9); $0.5)	(113.1)		(0.56)		0.6		—
After-tax Adjusted Operating Income	$	274.1	$	1.35	$	280.3	$	1.31
* Assuming Dilution

	March 31
	2020				2019
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	9,803.1	$	48.21	$	9,060.5	$	42.68
Excluding:
Net Unrealized Gain (Loss) on Securities	395.3		1.94		(0.1)		—
Net Gain on Hedges	210.6		1.04		230.1		1.08
Subtotal	9,197.2		45.23		8,830.5		41.60
Excluding:
Foreign Currency Translation Adjustment	(345.2)		(1.70)		(287.9)		(1.36)
Subtotal	9,542.4		46.93		9,118.4		42.96
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(477.8)		(2.35)		(444.4)		(2.09)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	10,020.2	$	49.28	$	9,562.8	$	45.05

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 10

EX-99.2

Unum Group

Statistical Supplement First Quarter 2020

TABLE OF CONTENTS

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

Interim Results are Unaudited

	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment
Unum US	9
Unum International	10
Colonial Life	11
Closed Block	12
Corporate	13
Reserves	14
Investments	15
Appendix to Statistical Supplement	16
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.1 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019				12/31/2019			12/31/2018
Consolidated U.S. GAAP Results¹
Premium Income	$	2,371.4		$	2,338.7			$	9,365.6		$	8,986.1
Adjusted Operating Revenue	$	3,015.1		$	2,986.5			$	12,022.1		$	11,638
Net Realized Investment Gain (Loss)	(144.0)			1.1				(23.2)			(39.5)
Revenue	$	2,871.1		$	2,987.6			$	11,998.9		$	11,598.5
Net Income	$	161.0		$	280.9			$	1,100.3		$	523.4
Net Income Per Common Share:
Basic	$	0.79		$	1.31			$	5.25		$	2.38
Assuming Dilution	$	0.79		$	1.31			$	5.24		$	2.38
Assets	$	65,335.9		$	63,921.7			$	67,013.4		$	61,875.6
Stockholders' Equity	$	9,803.1		$	9,060.5			$	9,965.0		$	8,621.8
Adjusted Operating Return on Equity
Unum US	18.4		%	17.6		%		18.0		%	18.4		%
Unum International	8.5		%	13.2		%		11.7		%	13.4		%
Colonial Life	16.5		%	17.4		%		17.5		%	18.0		%
Core Operating Segments	16.9		%	17.1		%		17.2		%	17.8		%
Consolidated	12.0		%	12.8		%		12.8		%	13.2		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	326.1	$	223.1	$	1,027.2	$	959.8
Net Realized Investment Gain (Loss), After Tax	(63.5)		(4.7)		(45.1)		(6.8)
Net Income	$	262.6	$	218.4	$	982.1	$	953.0
Capital and Surplus	$	3,549.5	$	3,511.3	$	3,644.4	$	3,572.7
Weighted Average Risk-based Capital Ratio	~ 365%		~ 360%		~ 365%		~ 370%

¹ Generally Accepted Accounting Principles

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

1

Unum Group Capital Metrics

	3/31/2020				3/31/2019				12/31/2019				12/31/2018
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	9,803.1	$	48.21	$	9,060.5	$	42.68	$	9,965.0	$	49.10	$	8,621.8	$	40.19
Excluding:
Net Unrealized Gain (Loss) on Securities	395.3		1.94		(0.1)		—		615.9		3.03		(312.4)		(1.46)
Net Gain on Hedges	210.6		1.04		230.1		1.08		187.8		0.93		250.6		1.17
Subtotal	9,197.2		45.23		8,830.5		41.60		9,161.3		45.14		8,683.6		40.48
Excluding:
Foreign Currency Translation Adjustment	(345.2)		(1.70)		(287.9)		(1.36)		(281.6)		(1.39)		(305.2)		(1.42)
Subtotal	9,542.4		46.93		9,118.4		42.96		9,442.9		46.53		8,988.8		41.90
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(477.8)		(2.35)		(444.4)		(2.09)		(484.8)		(2.39)		(447.2)		(2.08)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	10,020.2	$	49.28	$	9,562.8	$	45.05	$	9,927.7	$	48.92	$	9,436.0	$	43.98
Dividends Paid	$	58.8	$	0.29	$	57.5	$	0.26	$	231.3	$	1.09	$	217.0	$	0.98

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Shares Repurchased (millions)	—			2.7			12.3			8.7
Cost of Shares Repurchased (millions)(1)	$	—		$	100.0		$	400.4		$	350.7
Price (UNM closing price on last trading day of period)	$	15.01		$	33.83		$	29.16		$	29.38
Leverage Ratio	29.1		%	27.3		%	29.1		%	26.8		%
Holding Company Cash and Marketable Securities	$	1,025		$	594		$	863		$	602

⁽¹⁾ Includes commissions of a de minimis amount for the three months ended March 31, 2019 and $0.4 million and $0.7 million for the years ended December 31, 2019 and 2018, respectively.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Outlook	Stable	Negative	Stable	Stable
Issuer Credit Ratings	bbb	BBB-	Baa2	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company	A	A-	A2	A
Unum Life Insurance Company of America	A	A-	A2	A
Colonial Life & Accident Insurance Company	A	A-	A2	A
The Paul Revere Life Insurance Company	A	A-	A2	A
Starmount Life Insurance Company	A-	NR	NR	NR
Unum Insurance Company	A-	A-	A2	NR
Unum Limited	NR	NR	NR	A-

NR = not rated

3

Unum Group Consolidated Statements of Income

	Three Months Ended				Year Ended
	3/31/2020		3/31/2019		12/31/2019		12/31/2018
Revenue
Premium Income	$	2,371.4	$	2,338.7	$	9,365.6	$	8,986.1
Net Investment Income	585.0		594.7		2,435.3		2,453.7
Net Realized Investment Gain (Loss)	(144.0)		1.1		(23.2)		(39.5)
Other Income	58.7		53.1		221.2		198.2
Total Revenue	2,871.1		2,987.6		11,998.9		11,598.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,854.8		1,840.8		7,496.2		8,020.4
Commissions	279.2		290.1		1,122.7		1,108.4
Interest and Debt Expense - Non-recourse Debt	0.8		1.6		5.3		6.9
Interest and Debt Expense - All Other Debt	44.9		40.5		172.1		160.4
Cost Related to Early Retirement of Debt	—		—		27.3		—
Deferral of Acquisition Costs	(162.0)		(173.7)		(658.6)		(668.0)
Amortization of Deferred Acquisition Costs	176.2		170.6		609.9		565.5
Other Expenses	475.1		464.4		1,841.9		1,777.1
Total Benefits and Expenses	2,669.0		2,634.3		10,616.8		10,970.7
Income Before Income Tax	202.1		353.3		1,382.1		627.8
Income Tax	41.1		72.4		281.8		104.4
Net Income	$	161.0	$	280.9	$	1,100.3	$	523.4
Weighted Average Shares Outstanding
Basic	203.3		214.3		209.7		219.6
Assuming Dilution	203.4		214.4		209.9		220.1
Actual Number of Shares Outstanding	203.3		212.3		202.9		214.6

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2020		3/31/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	31.4	$	36.9	(14.9)	%	$	241.5	$	243.8
Group Short-term Disability	14.2		20.9		(32.1)		159.2		138.7
Group Life and AD&D	28.1		40.6		(30.8)		258.3		282.4
Subtotal	73.7		98.4		(25.1)		659.0		664.9
Supplemental and Voluntary
Individual Disability	22.7		15.1		50.3		75.9		77.2
Voluntary Benefits	128.6		152.4		(15.6)		300.6		303.1
Dental and Vision	10.8		12.5		(13.6)		74.6		69.4
Subtotal	162.1		180.0		(9.9)		451.1		449.7
Total Sales	$	235.8	$	278.4	(15.3)		$	1,110.1	$	1,114.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	51.2	$	48.7	5.1	%	$	370.8	$	395.1
Large Case Market	22.5		49.7		(54.7)		288.2		269.8
Subtotal	73.7		98.4		(25.1)		659.0		664.9
Supplemental and Voluntary	162.1		180.0		(9.9)		451.1		449.7
Total Sales	$	235.8	$	278.4	(15.3)		$	1,110.1	$	1,114.6

5

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Year Ended
(in millions of dollars)	3/31/2020		3/31/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Unum UK
Group Long-term Disability	$	8.6	$	8.2	4.9	%	$	43.2	$	44.7
Group Life	5.6		6.1		(8.2)		24.3		21.5
Supplemental	7.1		4.9		44.9		19.5		17.4
Unum Poland	2.6		3.4		(23.5)		13.0		3.4
Total Sales	$	23.9	$	22.6	5.8		$	100.0	$	87.0
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	9.1	$	8.5	7.1	%	$	38.2	$	36.6
Large Case Market	5.1		5.8		(12.1)		29.3		29.6
Subtotal	14.2		14.3		(0.7)		67.5		66.2
Supplemental	7.1		4.9		44.9		19.5		17.4
Unum Poland	2.6		3.4		(23.5)		13.0		3.4
Total Sales	$	23.9	$	22.6	5.8		$	100.0	$	87.0
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	6.7	£	6.2	8.1	%	£	33.7	£	33.5
Group Life	4.4		4.7		(6.4)		19.0		16.2
Supplemental	5.4		3.8		42.1		15.1		12.8
Total Sales	£	16.5	£	14.7	12.2		£	67.8	£	62.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	7.2	£	6.5	10.8	%	£	29.9	£	27.6
Large Case Market	3.9		4.4		(11.4)		22.8		22.1
Subtotal	11.1		10.9		1.8		52.7		49.7
Supplemental	5.4		3.8		42.1		15.1		12.8
Total Sales	£	16.5	£	14.7	12.2		£	67.8	£	62.5

Certain prior year and prior period amounts in the table above were reclassified to conform to current year presentation.

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2020		3/31/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Accident, Sickness, and Disability	$	64.6	$	72.2	(10.5)	%	$	354.4	$	355.0
Life	20.7		19.7		5.1		122.7		111.9
Cancer and Critical Illness	14.0		16.9		(17.2)		88.9		94.4
Total Sales	$	99.3	$	108.8	(8.7)		$	566.0	$	561.3
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	67.6	$	71.4	(5.3)	%	$	345.7	$	349.0
Large Case Market	11.9		14.3		(16.8)		81.4		95.5
Subtotal	79.5		85.7		(7.2)		427.1		444.5
Public Sector	19.8		23.1		(14.3)		138.9		116.8
Total Sales	$	99.3	$	108.8	(8.7)		$	566.0	$	561.3

5. 2

Unum Group Consolidated Balance Sheets

	March 31		December 31
	2020		2019
Assets
Investments
Fixed Maturity Securities	$	45,291.5	$	47,443.7
Mortgage Loans	2,452.1		2,397.0
Policy Loans	3,743.5		3,779.5
Other Long-term Investments	917.5		844.2
Short-term Investments	1,384.4		1,294.5
Total Investments	53,789.0		55,758.9
Other Assets
Cash and Bank Deposits	337.2		84.1
Accounts and Premiums Receivable	1,639.6		1,602.9
Reinsurance Recoverable	4,666.2		4,780.7
Accrued Investment Income	748.5		693.0
Deferred Acquisition Costs	2,333.3		2,324.0
Goodwill	348.8		351.7
Property and Equipment	540.7		534.1
Deferred Income Tax	47.3		—
Other Assets	885.3		884.0
Total Assets	$	65,335.9	$	67,013.4

6

Unum Group Consolidated Balance Sheets - Continued

	March 31		December 31
	2020		2019
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits	$	1,760.3	$	1,745.5
Reserves for Future Policy and Contract Benefits	45,706.5		47,780.1
Unearned Premiums	414.1		363.9
Other Policyholders’ Funds	1,599.3		1,599.7
Income Tax Payable	268.9		256.7
Deferred Income Tax	93.7		95.4
Short-term Debt	399.8		399.7
Long-term Debt - Non-recourse	63.4		78.1
Long-term Debt - All Other	2,850.9		2,848.8
Payables for Collateral on Investments	511.4		24.0
Other Liabilities	1,864.5		1,856.5
Total Liabilities	55,532.8		57,048.4
Stockholders’ Equity
Common Stock	30.6		30.6
Additional Paid-in Capital	2,357.3		2,348.1
Accumulated Other Comprehensive Income (Loss)	(217.1)		37.3
Retained Earnings	10,812.0		10,728.7
Treasury Stock	(3,179.7)		(3,179.7)
Total Stockholders’ Equity	9,803.1		9,965.0
Total Liabilities and Stockholders’ Equity	$	65,335.9	$	67,013.4

6. 1

Unum Group Deferred Acquisition Costs by Segment

	Unum US		Unum International		Colonial Life		Consolidated
Balance at December 31, 2018	$	1,239.4	$	20.0	$	1,050.0	$	2,309.4
Capitalization	334.5		12.8		311.3		658.6
Amortization	(344.0)		(7.1)		(258.8)		(609.9)
Adjustment Related to Unrealized Investment Gains and Losses	(6.9)		—		(27.9)		(34.8)
Foreign Currency	—		0.7		—		0.7
Balance at December 31, 2019	1,223.0		26.4		1,074.6		2,324.0
Capitalization	79.6		3.0		79.4		162.0
Amortization	(107.7)		(1.8)		(66.7)		(176.2)
Adjustment Related to Unrealized Investment Gains and Losses	3.6		—		21.7		25.3
Foreign Currency	—		(1.8)		—		(1.8)
Balance at March 31, 2020	$	1,198.5	$	25.8	$	1,109.0	$	2,333.3

6. 2

Unum Group Balance Sheets by Segment - March 31, 2020

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	8,010.4	$	2,406.2	$	5,169.6	$	15,586.2	$	3,216.1	$	3,188.4	$	29,898.2	$	1,900.1	$	53,789.0
Deferred Acquisition Costs	98.6		79.3		1,020.6		1,198.5		25.8		1,109.0		—		—		2,333.3
Goodwill	8.9		—		271.1		280.0		41.1		27.7		—		—		348.8
All Other	290.7		263.5		172.6		726.8		232.1		102.9		6,106.1		1,696.9		8,864.8
Total Assets	$	8,408.6	$	2,749.0	$	6,633.9	$	17,791.5	$	3,515.1	$	4,428.0	$	36,004.3	$	3,597.0	$	65,335.9
Liabilities
Reserves and Policyholder Benefits	$	6,965.5	$	1,697.4	$	4,165.7	$	12,828.6	$	2,707.4	$	2,735.2	$	31,209.0	$	—	$	49,480.2
Debt	—		—		—		—		—		—		63.4		3,250.7		3,314.1
All Other	34.8		20.7		238.5		294.0		112.5		57.0		339.4		1,935.6		2,738.5
Total Liabilities	7,000.3		1,718.1		4,404.2		13,122.6		2,819.9		2,792.2		31,611.8		5,186.3		55,532.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,379.2		1,030.9		2,092.1		4,502.2		727.2		1,551.8		4,100.2		(1,684.2)		9,197.2
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	29.1		—		137.6		166.7		(32.0)		84.0		292.3		94.9		605.9
Total Allocated Stockholders' Equity	1,408.3		1,030.9		2,229.7		4,668.9		695.2		1,635.8		4,392.5		(1,589.3)		9,803.1
Total Liabilities and Allocated Stockholders' Equity	$	8,408.6	$	2,749.0	$	6,633.9	$	17,791.5	$	3,515.1	$	4,428.0	$	36,004.3	$	3,597.0	$	65,335.9

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

6. 3

Unum Group Balance Sheets by Segment - December 31, 2019

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	8,251.4	$	2,522.8	$	5,233.7	$	16,007.9	$	3,378.1	$	3,281.4	$	31,042.0	$	2,049.5	$	55,758.9
Deferred Acquisition Costs	99.1		79.7		1,044.2		1,223.0		26.4		1,074.6		—		—		2,324.0
Goodwill	8.9		—		271.1		280.0		44.0		27.7		—		—		351.7
All Other	443.4		252.7		379.3		1,075.4		420.6		245.3		5,966.7		870.8		8,578.8
Total Assets	$	8,802.8	$	2,855.2	$	6,928.3	$	18,586.3	$	3,869.1	$	4,629.0	$	37,008.7	$	2,920.3	$	67,013.4
Liabilities
Reserves and Policyholder Benefits	$	7,288.7	$	1,749.8	$	4,219.6	$	13,258.1	$	2,909.4	$	2,711.2	$	32,610.5	$	—	$	51,489.2
Debt	—		—		—		—		—		—		78.1		3,248.5		3,326.6
All Other	128.0		34.2		404.8		567.0		132.6		216.2		13.5		1,303.3		2,232.6
Total Liabilities	7,416.7		1,784.0		4,624.4		13,825.1		3,042.0		2,927.4		32,702.1		4,551.8		57,048.4
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,363.9		1,033.7		2,114.7		4,512.3		771.9		1,555.2		4,069.3		(1,747.4)		9,161.3
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	22.2		37.5		189.2		248.9		55.2		146.4		237.3		115.9		803.7
Total Allocated Stockholders' Equity	1,386.1		1,071.2		2,303.9		4,761.2		827.1		1,701.6		4,306.6		(1,631.5)		9,965.0
Total Liabilities and Allocated Stockholders' Equity	$	8,802.8	$	2,855.2	$	6,928.3	$	18,586.3	$	3,869.1	$	4,629.0	$	37,008.7	$	2,920.3	$	67,013.4

6. 4

Unum Group Financial Results by Segment

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses and certain other items as specified in the following pages. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

	Three Months Ended						Year Ended
	3/31/2020		3/31/2019		% Change		12/31/2019		12/31/2018		% Change
Premium Income
Unum US	$	1,527.7	$	1,501.9	1.7	%	$	6,016.6	5,736.4		4.9	%
Unum International	164.6		154.0		6.9		630.5		568.8		10.8
Colonial Life	434.7		419.3		3.7		1,685.0		1,603.8		5.1
Closed Block	244.4		263.5		(7.2)		1,033.5		1,077.1		(4.0)
	2,371.4		2,338.7		1.4		9,365.6		8,986.1		4.2
Net Investment Income
Unum US	179.6		182.1		(1.4)		739.4		778.7		(5.0)
Unum International	26.5		24.8		6.9		122.5		117.2		4.5
Colonial Life	37.7		36.9		2.2		148.0		151.2		(2.1)
Closed Block	336.1		346.6		(3.0)		1,404.9		1,377.1		2.0
Corporate	5.1		4.3		18.6		20.5		29.5		(30.5)
	585.0		594.7		(1.6)		2,435.3		2,453.7		(0.7)
Other Income
Unum US	40.2		34.5		16.5		142.8		118.5		20.5
Unum International	—		—		—		0.6		0.4		50.0
Colonial Life	0.3		0.6		(50.0)		3.4		1.2		183.3
Closed Block	18.2		18.0		1.1		71.3		75.4		(5.4)
Corporate	—		—		—		3.1		2.7		14.8
	58.7		53.1		10.5		221.2		198.2		11.6
Total Adjusted Operating Revenue
Unum US	1,747.5		1,718.5		1.7		6,898.8		6,633.6		4.0
Unum International	191.1		178.8		6.9		753.6		686.4		9.8
Colonial Life	472.7		456.8		3.5		1,836.4		1,756.2		4.6
Closed Block	598.7		628.1		(4.7)		2,509.7		2,529.6		(0.8)
Corporate	5.1		4.3		18.6		23.6		32.2		(26.7)
	$	3,015.1	$	2,986.5	1.0		$	12,022.1	$	11,638.0	3.3

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Year Ended
	3/31/2020		3/31/2019		% Change		12/31/2019		12/31/2018		% Change
Benefits and Expenses
Unum US	$	1,485.7	$	1,466.2	1.3	%	$	5,867.7	$	5,619.0	4.4	%
Unum International	171.7		149.7		14.7		645.7		572.5		12.8
Colonial Life	391.6		371.6		5.4		1,491.9		1,421.0		5.0
Closed Block	569.0		597.1		(4.7)		2,372.0		3,154.9		(24.8)
Corporate	51.0		49.7		2.6		239.5		203.3		17.8
	2,669.0		2,634.3		1.3		10,616.8		10,970.7		(3.2)
Income (Loss) Before Income Tax and Net Realized Investment Gain (Loss)
Unum US	261.8		252.3		3.8		1,031.1		1,014.6		1.6
Unum International	19.4		29.1		(33.3)		107.9		113.9		(5.3)
Colonial Life	81.1		85.2		(4.8)		344.5		335.2		2.8
Closed Block	29.7		31.0		(4.2)		137.7		(625.3)		(122.0)
Corporate	(45.9)		(45.4)		1.1		(215.9)		(171.1)		26.2
	346.1		352.2		(1.7)		1,405.3		667.3		110.6
Income Tax	72.0		71.9		0.1		286.3		115.4		148.1
Income Before Net Realized Investment Gain (Loss)	274.1		280.3		(2.2)		1,119.0		551.9		102.8
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $(30.9); $0.5; $(4.5); $(11.0))	(113.1)		0.6		N.M.		(18.7)		(28.5)		34.4
Net Income	$	161.0	$	280.9	(42.7)		$	1,100.3	$	523.4	110.2

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		9/30/18		6/30/18		3/31/18
Premium Income
Unum US	$	1,527.7	$	1,508.3	$	1,501.9	$	1,504.5	$	1,501.9	$	1,435.1	$	1,446.2	$	1,416.3	$	1,438.8
Unum International	164.6		165.6		152.3		158.6		154.0		152.3		138.0		138.9		139.6
Colonial Life	434.7		424.9		419.9		420.9		419.3		410.1		400.0		395.4		398.3
Closed Block	244.4		253.8		257.1		259.1		263.5		265.8		267.6		270.4		273.3
	2,371.4		2,352.6		2,331.2		2,343.1		2,338.7		2,263.3		2,251.8		2,221.0		2,250.0
Net Investment Income
Unum US	179.6		189.0		184.2		184.1		182.1		187.7		200.3		196.5		194.2
Unum International	26.5		28.6		24.3		44.8		24.8		31.1		26.4		32.1		27.6
Colonial Life	37.7		37.0		36.9		37.2		36.9		37.0		36.7		40.2		37.3
Closed Block	336.1		356.6		347.3		354.5		346.6		345.8		348.0		345.6		337.7
Corporate	5.1		5.1		6.7		4.3		4.3		7.0		7.8		9.2		5.5
	585.0		616.3		599.4		624.9		594.7		608.6		619.2		623.6		602.3
Other Income
Unum US	40.2		36.7		34.8		36.8		34.5		30.0		30.7		28.8		29.0
Unum International	—		0.3		—		0.3		—		0.4		—		—		—
Colonial Life	0.3		1.2		0.9		0.7		0.6		0.2		0.4		0.3		0.3
Closed Block	18.2		17.8		18.9		16.5		18.0		18.6		18.9		18.9		19.0
Corporate	—		0.5		1.0		1.7		—		1.1		0.1		0.3		1.2
	58.7		56.5		55.6		56.0		53.1		50.3		50.1		48.3		49.5
Total Adjusted Operating Revenue
Unum US	1,747.5		1,734.0		1,720.9		1,725.4		1,718.5		1,652.8		1,677.2		1,641.6		1,662.0
Unum International	191.1		194.5		176.6		203.7		178.8		183.8		164.4		171.0		167.2
Colonial Life	472.7		463.1		457.7		458.8		456.8		447.3		437.1		435.9		435.9
Closed Block	598.7		628.2		623.3		630.1		628.1		630.2		634.5		634.9		630.0
Corporate	5.1		5.6		7.7		6.0		4.3		8.1		7.9		9.5		6.7
	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5	$	2,922.2	$	2,921.1	$	2,892.9	$	2,901.8

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		9/30/18		6/30/18		3/31/18
Benefits and Expenses
Unum US	$	1,485.7	$	1,470.9	$	1,459.5	$	1,471.1	$	1,466.2	$	1,404.1	$	1,406.3	$	1,390.5	$	1,418.1
Unum International	171.7		170.6		152.4		173.0		149.7		153.4		138.3		143.4		137.4
Colonial Life	391.6		375.4		370.5		374.4		371.6		361.9		352.9		351.3		354.9
Closed Block	569.0		582.1		596.4		596.4		597.1		595.4		1,353.1		605.3		601.1
Corporate	51.0		58.2		81.8		49.8		49.7		56.3		55.0		45.0		47.0
	2,669.0		2,657.2		2,660.6		2,664.7		2,634.3		2,571.1		3,305.6		2,535.5		2,558.5
Income (Loss) Before Income Tax Expense (Benefit) and Net Realized Investment Gain (Loss)
Unum US	261.8		263.1		261.4		254.3		252.3		248.7		270.9		251.1		243.9
Unum International	19.4		23.9		24.2		30.7		29.1		30.4		26.1		27.6		29.8
Colonial Life	81.1		87.7		87.2		84.4		85.2		85.4		84.2		84.6		81.0
Closed Block	29.7		46.1		26.9		33.7		31.0		34.8		(718.6)		29.6		28.9
Corporate	(45.9)		(52.6)		(74.1)		(43.8)		(45.4)		(48.2)		(47.1)		(35.5)		(40.3)
	346.1		368.2		325.6		359.3		352.2		351.1		(384.5)		357.4		343.3
Income Tax Expense (Benefit)	72.0		79.2		62.8		72.4		71.9		69.4		(92.0)		69.8		68.2
Income (Loss) Before Net Realized Investment Gain (Loss)	274.1		289.0		262.8		286.9		280.3		281.7		(292.5)		287.6		275.1
Net Realized Investment Gain (Loss)	(144.0)		9.2		(26.2)		(7.3)		1.1		(41.4)		6.7		(2.6)		(2.2)
Tax Expense (Benefit) on Net Realized Investment Gain (Loss)	(30.9)		2.0		(5.4)		(1.6)		0.5		(8.8)		(1.1)		(0.5)		(0.6)
Net Income (Loss)	$	161.0	$	296.2	$	242.0	$	281.2	$	280.9	$	249.1	$	(284.7)	$	285.5	$	273.5
Net Income (Loss) Per Common Share - Assuming Dilution	$	0.79	$	1.44	$	1.16	$	1.33	$	1.31	$	1.15	$	(1.30)	$	1.29	$	1.23

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income	$	1,527.7		$	1,501.9		$	6,016.6		$	5,736.4
Net Investment Income	179.6			182.1			739.4			778.7
Other Income	40.2			34.5			142.8			118.5
Total	1,747.5			1,718.5			6,898.8			6,633.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	984.6			980.7			4,022.1			3,856.5
Commissions	154.3			163.0			628.5			620.6
Deferral of Acquisition Costs	(79.6)			(87.6)			(334.5)			(344.0)
Amortization of Deferred Acquisition Costs	107.7			103.9			344.0			315.1
Other Expenses	318.7			306.2			1,207.6			1,170.8
Total	1,485.7			1,466.2			5,867.7			5,619.0
Adjusted Operating Income	$	261.8		$	252.3		$	1,031.1		$	1,014.6
Operating Ratios (% of Premium Income):
Benefit Ratio	64.4		%	65.3		%	66.9		%	67.2		%
Other Expense Ratio	20.9		%	20.4		%	20.1		%	20.4		%
Adjusted Operating Income Ratio	17.1		%	16.8		%	17.1		%	17.7		%

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	463.0		$	452.9		$	1,823.1		$	1,766.2
Group Short-term Disability	203.2			188.7			768.8			706.3
Total Premium Income	666.2			641.6			2,591.9			2,472.5
Net Investment Income	93.4			100.0			401.5			432.7
Other Income	38.4			32.2			133.8			109.0
Total	798.0			773.8			3,127.2			3,014.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	487.4			479.1			1,927.9			1,880.7
Commissions	49.9			50.3			193.8			186.5
Deferral of Acquisition Costs	(12.8)			(11.8)			(49.5)			(48.2)
Amortization of Deferred Acquisition Costs	13.3			12.2			50.7			44.7
Other Expenses	183.9			161.4			672.1			612.2
Total	721.7			691.2			2,795.0			2,675.9
Adjusted Operating Income	$	76.3		$	82.6		$	332.2		$	338.3
Operating Ratios (% of Premium Income):
Benefit Ratio	73.2		%	74.7		%	74.4		%	76.1		%
Other Expense Ratio	27.6		%	25.2		%	25.9		%	24.8		%
Adjusted Operating Income Ratio	11.5		%	12.9		%	12.8		%	13.7		%
Persistency:
Group Long-term Disability	90.6		%	90.9		%	90.7		%	90.9		%
Group Short-term Disability	86.1		%	90.5		%	89.8		%	87.2		%

9. 1

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

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Life	$	414.5		$	414.4		$	1,662.0		$	1,583.7
Accidental Death & Dismemberment	41.7			41.0			165.7			156.3
Total Premium Income	456.2			455.4			1,827.7			1,740.0
Net Investment Income	25.7			25.6			107.4			106.5
Other Income	0.5			0.6			2.7			4.7
Total	482.4			481.6			1,937.8			1,851.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	322.1			322.9			1,314.1			1,237.7
Commissions	36.4			37.6			147.7			141.1
Deferral of Acquisition Costs	(9.5)			(9.1)			(37.8)			(38.2)
Amortization of Deferred Acquisition Costs	9.9			9.5			38.1			35.9
Other Expenses	53.1			53.3			209.0			214.6
Total	412.0			414.2			1,671.1			1,591.1
Adjusted Operating Income	$	70.4		$	67.4		$	266.7		$	260.1
Operating Ratios (% of Premium Income):
Benefit Ratio	70.6		%	70.9		%	71.9		%	71.1		%
Other Expense Ratio	11.6		%	11.7		%	11.4		%	12.3		%
Adjusted Operating Income Ratio	15.4		%	14.8		%	14.6		%	14.9		%
Persistency:
Group Life	88.4		%	91.0		%	90.6		%	91.2		%
Accidental Death & Dismemberment	87.9		%	90.3		%	89.9		%	89.9		%

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Individual Disability	$	109.5		$	110.7		$	440.7		$	425.4
Voluntary Benefits	230.4			234.4			910.2			895.7
Dental and Vision	65.4			59.8			246.1			202.8
Total Premium Income	405.3			404.9			1,597.0			1,523.9
Net Investment Income	60.5			56.5			230.5			239.5
Other Income	1.3			1.7			6.3			4.8
Total	467.1			463.1			1,833.8			1,768.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	175.1			178.7			780.1			738.1
Commissions	68.0			75.1			287.0			293.0
Deferral of Acquisition Costs	(57.3)			(66.7)			(247.2)			(257.6)
Amortization of Deferred Acquisition Costs	84.5			82.2			255.2			234.5
Other Expenses	81.7			91.5			326.5			344.0
Total	352.0			360.8			1,401.6			1,352.0
Adjusted Operating Income	$	115.1		$	102.3		$	432.2		$	416.2
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability	52.1		%	49.9		%	50.9		%	50.6		%
Voluntary Benefits	32.7		%	35.4		%	41.8		%	42.8		%
Dental and Vision	65.1		%	67.7		%	71.1		%	68.5		%
Other Expense Ratio	20.2		%	22.6		%	20.4		%	22.6		%
Adjusted Operating Income Ratio	28.4		%	25.3		%	27.1		%	27.3		%
Persistency:
Individual Disability	88.9		%	90.3		%	89.8		%	90.3		%
Voluntary Benefits	72.4		%	73.0		%	73.2		%	75.9		%
Dental and Vision	81.9		%	84.3		%	82.6		%	84.5		%

9. 3

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Year Ended
	3/31/2020		3/31/2019		12/31/2019		12/31/2018
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	90.8	$	87.9	$	353.4	$	358.9
Group Life	30.9		27.2		115.7		110.8
Supplemental	23.9		21.7		89.5		81.7
Unum Poland	19.0		17.2		71.9		17.4
Total Premium Income	164.6		154.0		630.5		568.8
Net Investment Income	26.5		24.8		122.5		117.2
Other Income	—		—		0.6		0.4
Total	191.1		178.8		753.6		686.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	128.6		106.5		469.8		419.8
Commissions	12.3		12.1		48.7		39.1
Deferral of Acquisition Costs	(3.0)		(2.9)		(12.8)		(8.1)
Amortization of Deferred Acquisition Costs	1.8		1.8		7.1		8.2
Other Expenses	32.0		32.2		43.0		39.2
Total	171.7		149.7		555.8		498.2
Adjusted Operating Income	$	19.4	$	29.1	$	197.8	$	188.2

Certain prior year and prior period amounts in the table above were reclassified to conform to current year presentation.

10

Unum Group Financial Results for Unum UK

	Three Months Ended						Year Ended
(in millions of pounds, except exchange rate)	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	71.0		£	67.5		£	276.8		£	269.0
Group Life	24.2			20.8			90.7			83.0
Supplemental	18.6			16.7			70.0			61.3
Total Premium Income	113.8			105.0			437.5			413.3
Net Investment Income	19.3			17.8			90.5			86.5
Other Income	—			—			0.2			—
Total	133.1			122.8			528.2			499.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	91.6			73.7			335.5			307.4
Commissions	7.1			7.0			28.6			27.1
Deferral of Acquisition Costs	(1.2)			(1.1)			(5.4)			(5.0)
Amortization of Deferred Acquisition Costs	1.4			1.4			5.4			6.1
Other Expenses	20.5			20.2			83.7			80.2
Total	119.4			101.2			447.8			415.8
Adjusted Operating Income	£	13.7		£	21.6		£	80.4		£	84.0
Weighted Average Pound/Dollar Exchange Rate	1.277			1.306			1.279			1.336
Operating Ratios (% of Premium Income):
Benefit Ratio	80.5		%	70.2		%	76.7		%	74.4		%
Other Expense Ratio	18.0		%	19.2		%	19.1		%	19.4		%
Adjusted Operating Income Ratio	12.0		%	20.6		%	18.4		%	20.3		%
Persistency:
Group Long-term Disability	90.1		%	89.3		%	89.9		%	87.8		%
Group Life	86.3		%	85.7		%	89.0		%	88.5		%
Supplemental	91.2		%	91.5		%	89.9		%	93.1		%

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	249.3		$	242.2		$	973.4		$	929.3
Life	93.8			87.6			351.6			328.4
Cancer and Critical Illness	91.6			89.5			360.0			346.1
Total Premium Income	434.7			419.3			1,685.0			1,603.8
Net Investment Income	37.7			36.9			148.0			151.2
Other Income	0.3			0.6			3.4			1.2
Total	472.7			456.8			1,836.4			1,756.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	228.0			214.2			865.0			824.9
Commissions	93.0			94.4			364.5			364.6
Deferral of Acquisition Costs	(79.4)			(83.2)			(311.3)			(315.9)
Amortization of Deferred Acquisition Costs	66.7			64.9			258.8			242.2
Other Expenses	83.3			81.3			314.9			305.2
Total	391.6			371.6			1,491.9			1,421.0
Adjusted Operating Income	$	81.1		$	85.2		$	344.5		$	335.2
Operating Ratios (% of Premium Income):
Benefit Ratio	52.4		%	51.1		%	51.3		%	51.4		%
Other Expense Ratio	19.2		%	19.4		%	18.7		%	19.0		%
Adjusted Operating Income Ratio	18.7		%	20.3		%	20.4		%	20.9		%
Persistency:
Accident, Sickness, and Disability	73.0		%	73.4		%	73.2		%	74.2		%
Life	83.0		%	83.3		%	83.4		%	83.6		%
Cancer and Critical Illness	80.9		%	81.2		%	80.6		%	82.4		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Year Ended
	3/31/2020			3/31/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Long-term Care	$	164.8		$	163.0		$	651.6		$	648.3
Individual Disability	77.0			98.1			374.3			420.8
All Other	2.6			2.4			7.6			8.0
Total Premium Income	244.4			263.5			1,033.5			1,077.1
Net Investment Income	336.1			346.6			1,404.9			1,377.1
Other Income	18.2			18.0			71.3			75.4
Total	598.7			628.1			2,509.7			2,529.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	513.6			539.4			2,139.3			2,919.2
Commissions	19.6			20.6			81.0			84.1
Interest and Debt Expense	0.8			1.6			5.3			6.9
Other Expenses	35.0			35.5			146.4			144.7
Total	569.0			597.1			2,372.0			3,154.9
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses	29.7			31.0			137.7			(625.3)
Long-term Care Reserve Increase	—			—			—			750.8
Adjusted Operating Income	$	29.7		$	31.0		$	137.7		$	125.5
Interest Adjusted Loss Ratios:
Long-term Care*	81.0		%	88.5		%	88.1		%	206.8		%
Long-term Care Excluding Reserve Increase										91.0		%
Individual Disability	84.5		%	80.1		%	78.8		%	80.4		%
Operating Ratios (% of Premium Income):
Other Expense Ratio	14.3		%	13.5		%	14.2		%	13.4		%
Income (Loss) Ratio										(58.1)		%
Adjusted Operating Income Ratio	12.2		%	11.8		%	13.3		%	11.7		%
Persistency:
Long-term Care	95.6		%	95.6		%	95.7		%	95.8		%
Individual Disability	88.9		%	88.1		%	88.1		%	88.3		%

*The interest-adjusted loss ratio for the rolling twelve months ended March 31, 2020 was 86.2 percent.

12

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Year Ended
	3/31/2020		3/31/2019		12/31/2019		12/31/2018
Adjusted Operating Revenue
Net Investment Income	$	5.1	$	4.3	$	20.5	$	29.5
Other Income	—		—		3.1		2.7
Total	5.1		4.3		23.6		32.2
Interest, Debt, and Other Expenses	51.0		49.7		239.5		203.3
Loss Before Income Tax and Net Realized Investment Gains and Losses	(45.9)		(45.4)		(215.9)		(171.1)
Cost Related to Early Retirement of Debt	—		—		27.3		—
Adjusted Operating Loss	$	(45.9)	$	(45.4)	$	(188.6)	$	(171.1)

13

Unum Group Reserves

	March 31, 2020
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,737.7	$	720.1	28.2	%	$	6,457.8	$	58.2	$	6,399.6
Group Life and Accidental Death & Dismemberment	59.5		0.3		700.3		231.5		4.1		991.3		5.7		985.6
Individual Disability	490.6		2.4		1,407.0		139.3		6.8		2,036.9		220.5		1,816.4
Voluntary Benefits	1,689.1		8.2		46.2		54.0		0.4		1,789.3		25.9		1,763.4
Dental and Vision	—		—		—		13.7		0.1		13.7		0.2		13.5
Unum US Segment	2,239.2		10.9		7,891.2		1,158.6		39.6		11,289.0		310.5		10,978.5
Unum International Segment	175.5		0.8		1,865.1		111.7		8.6		2,152.3		82.1		2,070.2
Colonial Life Segment	2,248.7		10.9		305.3		116.6		1.8		2,670.6		5.3		2,665.3
Individual Disability	240.2		1.2		8,633.3		163.7		38.4		9,037.2		1,672.3		7,364.9
Long-term Care	9,951.4		48.1		2,099.5		236.3		10.2		12,287.2		43.6		12,243.6
Other	5,819.9		28.1		177.7		133.4		1.4		6,131.0		5,129.6		1,001.4
Closed Block Segment	16,011.5		77.4		10,910.5		533.4		50.0		27,455.4		6,845.5		20,609.9
Subtotal	$	20,674.9	100.0	%	$	20,972.1	$	1,920.3	100.0	%	43,567.3		7,243.4		36,323.9
Adjustment Related to Unrealized Investment Gains and Losses											3,899.5		322.7		3,576.8
Consolidated											$	47,466.8	$	7,566.1	$	39,900.7

The adjustment related to unrealized investment gains and losses reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the corresponding available-for-sale securities had been realized. Changes in this adjustment are primarily due to movements in credit spreads and U.S. Treasury rates.

14

Unum Group Reserves

	December 31, 2019
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,814.5	$	683.8	28.2	%	$	6,498.3	$	58.3	$	6,440.0
Group Life and Accidental Death & Dismemberment	59.9		0.3		721.1		234.2		4.1		1,015.2		6.2		1,009.0
Individual Disability	499.0		2.4		1,391.1		140.3		6.6		2,030.4		217.2		1,813.2
Voluntary Benefits	1,700.1		8.2		45.8		51.4		0.4		1,797.3		26.1		1,771.2
Dental and Vision	—		—		—		15.4		0.1		15.4		0.2		15.2
Unum US Segment	2,259.0		10.9		7,972.5		1,125.1		39.4		11,356.6		308.0		11,048.6
Unum International Segment	186.5		0.9		1,986.4		110.0		9.1		2,282.9		87.6		2,195.3
Colonial Life Segment	2,229.0		10.8		297.4		113.2		1.8		2,639.6		6.2		2,633.4
Individual Disability	258.8		1.3		8,724.1		172.7		38.5		9,155.6		1,669.4		7,486.2
Long-term Care	9,864.6		47.8		2,045.2		232.0		9.9		12,141.8		44.7		12,097.1
Other	5,847.9		28.3		177.6		120.5		1.3		6,146.0		5,133.1		1,012.9
Closed Block Segment	15,971.3		77.4		10,946.9		525.2		49.7		27,443.4		6,847.2		20,596.2
Subtotal	$	20,645.8	100.0	%	$	21,203.2	$	1,873.5	100.0	%	43,722.5		7,249.0		36,473.5
Adjustment Related to Unrealized Investment Gains and Losses											5,803.1		424.7		5,378.4
Consolidated											$	49,525.6	$	7,673.7	$	41,851.9

14. 1

Unum Group Investments

	3/31/2020						3/31/2020			12/31/2019
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	29,145.3		64.3	%	Earned Book Yield	4.75		%	5.00		%
Asset-Backed Securities	37.5			0.1		Average Duration (in years)	7.90			7.91
Residential Mortgage-Backed Securities	1,326.9			2.9
Commercial Mortgage-Backed Securities	81.3			0.2
Private Placements	5,681.3			12.5
High Yield	2,988.4			6.6
Government Securities	2,341.0			5.2
Municipal Securities (1)	3,647.4			8.1
Redeemable Preferred Stocks	42.4			0.1
Total	$	45,291.5		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Schedule BA and Non-Current
Aaa	6.7		%	7.0	%	Total Non-Current Investments	$	34.8		$	30.5
Aa	9.2			10.0		Total Schedule BA Assets	$	689.2		$	675.1
A	27.7			29.8
Baa	48.2			46.6
Below Baa	8.2			6.6
Total	100.0		%	100.0	%
(1) Includes $0.5 million of high yield taxable municipals.

15

Unum Group Investments at March 31, 2020

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain (Loss)		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	$	3,115.2	$	148.8	$	1,084.0	$	88.8	$	2,031.2	$	237.6
Capital Goods	4,240.0		380.5		777.1		47.4		3,462.9		427.9
Communications	2,956.7		418.8		344.6		37.8		2,612.1		456.6
Consumer Cyclical	1,417.0		79.5		438.6		50.4		978.4		129.9
Consumer Non-Cyclical	7,142.0		823.9		933.1		84.7		6,208.9		908.6
Energy	3,734.8		(349.7)		1,911.2		562.2		1,823.6		212.5
Financial Institutions	3,592.5		240.9		877.6		56.4		2,714.9		297.3
Mortgage/Asset-Backed	1,445.7		129.0		43.8		0.9		1,401.9		129.9
Sovereigns	958.3		172.0		4.1		2.2		954.2		174.2
Technology	1,812.5		66.3		490.2		42.4		1,322.3		108.7
Transportation	2,295.8		216.5		523.4		41.8		1,772.4		258.3
U.S. Government Agencies and Municipalities	5,030.1		745.5		299.6		9.8		4,730.5		755.3
Public Utilities	7,550.9		1,189.2		708.1		42.4		6,842.8		1,231.6
Total	$	45,291.5	$	4,261.2	$	8,435.4	$	1,067.2	$	36,856.1	$	5,328.4
Fixed Maturity Securities - Energy Classification - Unrealized Gain (Loss) Position
Midstream	$	1,838.5	$	(148.4)	$	1,021.5	$	217.7	$	817.0	$	69.3
Oil and Gas-Independent	877.6		(267.6)		582.7		307.0		294.9		39.4
Oil Field	68.1		(14.0)		67.1		14.0		1.0		—
Oil-Integrated	690.1		86.4		73.6		13.0		616.5		99.4
Oil-Refining	225.3		(6.3)		156.4		10.4		68.9		4.1
Other Energy	35.2		0.2		9.9		0.1		25.3		0.3
Total	$	3,734.8	$	(349.7)	$	1,911.2	$	562.2	$	1,823.6	$	212.5
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					$	6,431.8	$	644.6	$	1,777.9	$	291.2
91 through 180 days					3.1		0.1		10.7		3.4
181 through 270 days					0.2		0.2		17.4		13.6
271 days to 1 year					2.7		0.3		36.1		32.6
Greater than 1 year					36.4		5.0		119.1		76.2
Total					$	6,474.2	$	650.2	$	1,961.2	$	417.0

15. 1

15. 2

Appendix to Statistical Supplement

2020 Significant Items

•In June 2016, the Financial Accounting Standards Board (FASB) issued an update that amended the guidance on the impairment of financial instruments. This update added an impairment model known as the current expected credit loss model that is based on expected losses rather than incurred losses, and will generally result in earlier recognition of allowances for losses. This new model applies to financial instruments such as mortgage loans, fixed maturity securities classified as held-to-maturity, and certain receivables. This update also prospectively modified the other-than-temporary impairment model used for available-for-sale fixed maturity securities such that credit losses are recognized as an allowance rather than as a reduction in the amortized cost of the security. We adopted this update effective January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2020 which resulted in a decrease to retained earnings of $18.9 million, a decrease to mortgage loans of $8.3 million, a decrease in reinsurance recoverable of $1.8 million, a decrease in accounts and premiums receivable of $13.5 million, a decrease in deferred income tax liability of $5.0 million, and an increase to other liabilities of $0.3 million.

2019 Significant Items

•2019 cost related to the early retirement of debt of $27.3 million before tax and $21.6 million after tax.

•In February 2016, the FASB issued an update that changed the accounting and disclosure requirements for leases. These changes include the requirement for lessees to report most leases on their balance sheets, regardless of whether the lease is classified as a finance lease or an operating lease. For lessees, the initial lease liability is equal to the present value of lease payments and a corresponding asset, adjusted for certain items, is also recorded. The expense recognition for lessees remained similar to previous accounting requirements for capital and operating leases. We adopted this update effective January 1, 2019 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2019 which resulted in a decrease to retained earnings of $3.4 million, an increase to other assets of $117.7 million, a decrease in deferred income tax of $0.4 million, an increase to other liabilities of $122.0 million, and a decrease to income tax payable of $1.3 million.

2018 Significant Items

•In October 2018, we acquired 100 percent of the shares and voting interests in Unum Poland, a financial protection benefits provider in Poland. This acquisition will expand our European presence, which we believe to be an attractive market for financial protection benefits. This acquisition, the results of which are included in our consolidated financial statements for the period subsequent to the date of acquisition, did not have a material impact on revenue, operating results, or sales during 2018.

•Third quarter of 2018 reserve increase of $750.8 million before tax and $593.1 million after tax related to long-term care.

•In January 2016, the FASB issued an update that changed the accounting and disclosure requirements for certain financial instruments. These changes include a requirement to measure equity investments, other than those that result in consolidation or are accounted for under the equity method, at fair value through net income unless the investment qualifies for certain practicability exceptions. In addition, the update clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities. We adopted this update effective January 1, 2018 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2018 which resulted in a decrease to accumulated other comprehensive income (AOCI) of $17.5 million, an increase to retained earnings of $14.5 million, a decrease to other long-term investments of $3.8 million, and a decrease to deferred income tax liability of $0.8 million.

16

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

•After-tax adjusted operating income or loss, which excludes realized investment gains or losses, and certain other items, as applicable;

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

•Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on hedges, and the non-recourse debt and associated capital of Northwind Holdings, LLC; and

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

Realized investment gains or losses and unrealized gains or losses on securities and net gains on 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. We exclude these items as we believe them to be infrequent or unusual in nature, 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 the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 16.2, other than book value per common share, which is presented on page 2.

16. 1

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31		December 31		September 30		June 30		March 31		December 31		September 30		June 30		March 31
	2020		2019								2018
Total Revenue	$	2,871.1	$	3,034.6	$	2,960.0	$	3,016.7	$	2,987.6	$	2,880.8	$	2,927.8	$	2,890.3	$	2,899.6
Excluding:
Net Realized Investment Gain (Loss)	(144.0)		9.2		(26.2)		(7.3)		1.1		(41.4)		6.7		(2.6)		(2.2)
Adjusted Operating Revenue	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5	$	2,922.2	$	2,921.1	$	2,892.9	$	2,901.8

16. 2

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity(1)		Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2020
Unum US	$	206.9	$	4,503.1	18.4	%
Unum International	15.8		749.6		8.5	%
Colonial Life	63.9		1,549.2		16.5	%
Core Operating Segments	286.6		6,801.9		16.9	%
Closed Block	21.3		4,084.0
Corporate	(33.8)		(1,716.1)
Total	$	274.1	$	9,169.8	12.0	%
Three Months Ended March 31, 2019
Unum US	$	199.6	$	4,522.6	17.6	%
Unum International	24.7		751.0		13.2	%
Colonial Life	67.4		1,546.2		17.4	%
Core Operating Segments	291.7		6,819.8		17.1	%
Closed Block	23.7		3,655.4
Corporate	(35.1)		(1,719.8)
Total	$	280.3	$	8,755.4	12.8	%

⁽¹⁾ Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.5. Due to the implementation of a FASB update for which the beginning balances of 2020 and 2019 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2020 and 2019 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2020 and 2019, respectively. As a result, average equity for the three months ended March 31, 2020 and 2019 for certain of our segments will not compute using the historical allocated equity at December 31, 2019 and 2018, respectively.

16. 3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity(2)		Adjusted Operating Return on Equity
Year Ended December 31, 2019
Unum US	$	816.3	$	4,526.6	18.0	%
Unum International	88.4		757.9		11.7	%
Colonial Life	272.7		1,558.6		17.5	%
Core Operating Segments	1,177.4		6,843.1		17.2	%
Closed Block	104.4		3,842.2
Corporate	(141.2)		(1,764.5)
Total	$	1,140.6	$	8,920.8	12.8	%
Year Ended December 31, 2018
Unum US	$	803.4	$	4,368.2	18.4	%
Unum International	93.1		694.4		13.4	%
Colonial Life	265.1		1,475.6		18.0	%
Core Operating Segments	1,161.6		6,538.2		17.8	%
Closed Block	117.0		3,512.5
Corporate	(133.6)		(1,359.1)
Total	$	1,145.0	$	8,691.6	13.2	%

⁽²⁾Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.5. Due to the implementation of a FASB update for which the beginning balances of 2019 and 2018 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2019 and 2018 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2019 and 2018, respectively. As a result, average equity for the years ended December 31, 2019 and 2018 for certain of our segments will not compute using the historical allocated equity at December 31, 2018 and 2017, respectively.

16. 4

Average allocated equity is computed as follows:

	3/31/2020		12/31/2019		3/31/2019		12/31/2018		12/31/2017
Total Stockholders' Equity	$	9,803.1	$	9,965.0	$	9,060.5	$	8,621.8	$	9,574.9
Excluding:
Net Unrealized Gain (Loss) on Securities	395.3		615.9		(0.1)		(312.4)		607.8
Net Gain on Hedges	210.6		187.8		230.1		250.6		282.3
Total Adjusted Stockholders' Equity	$	9,197.2	$	9,161.3	$	8,830.5	$	8,683.6	$	8,684.8
	Three Months Ended		Twelve Months Ended		Three Months Ended		Twelve Months Ended
	3/31/2020		12/31/2019		3/31/2019		12/31/2018
Average Adjusted Stockholders' Equity	$	9,169.8	$	8,920.8	$	8,755.4	$	8,691.6

16. 5

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended March 31
	2020				2019
	(in millions)		per share*		(in millions)		per share*
Net Income	$	161.0	$	0.79	$	280.9	$	1.31
Excluding:
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $(30.9); $0.5)	(113.1)		(0.56)		0.6		—
After-tax Adjusted Operating Income	$	274.1	$	1.35	$	280.3	$	1.31
	Year Ended December 31
	2019				2018
	(in millions)		per share *		(in millions)		per share *
Net Income	$	1,100.3	$	5.24	$	523.4	$	2.38
Excluding:
Net Realized Investment Loss (net of tax benefit of $4.5; $11.0)	(18.7)		(0.09)		(28.5)		(0.12)
Cost Related to Early Retirement of Debt (net of tax benefit of $5.7; $—)	(21.6)		(0.11)		—		—
Long-term Care Reserve Increase (net of tax benefit of $—; $157.7)	—		—		(593.1)		(2.70)
After-tax Adjusted Operating Income	$	1,140.6	$	5.44	$	1,145.0	$	5.20

*Assuming Dilution.

16. 6

Reconciliation of Non-GAAP Financial Measures - Continued

	March 31						December 31
	2020			2019			2019			2018
Debt	$	3,314.1		$	2,958.7		$	3,326.6		$	2,971.3
Including:
Lease Liability	116.8			122.1			114.7			—
Excluding:
Non-recourse Debt	63.4			122.3			78.1			137.1
Adjusted Debt and Lease Liability	$	3,367.5		$	2,958.5		$	3,363.2		$	2,834.2
Total Stockholders' Equity	$	9,803.1		$	9,060.5		$	9,965.0		$	8,621.8
Excluding:
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	605.9			230.0			803.7			(61.8)
Northwind Capital	986.3			963.2			984.6			953.1
Equity, As Adjusted	8,210.9			7,867.3			8,176.7			7,730.5
Debt, As Adjusted and Lease Liability	3,367.5			2,958.5			3,363.2			2,834.2
Total Adjusted Capital	$	11,578.4		$	10,825.8		$	11,539.9		$	10,564.7
Leverage Ratio (3)	29.1		%	27.3		%	29.1		%	26.8		%

⁽³⁾ In connection with our January 1, 2019 adoption of the accounting update for leases, we have included the lease liability in the calculation of our leverage ratio on a prospective basis.

16. 7

EX-99.3

Supplemental Exhibit Unum Group Investment Portfolio as of March 31, 2020 1

Investment Portfolio INVESTMENT PORTFOLIO Portfolio Management Strategy 3/31/2020 • Portfolio built and managed for long-term performance through cycles Other Long-term • Liability mix drives our long-duration, fixed-income focus Policy Loans Investments Mortgage 7.0% 1.7% • Strong focus on credit analysis Loans • A- average credit rating 4.6% Short-term investments • Investments complement Unum’s business 2.6% characteristics: ⁃ Minimal disintermediation risk ⁃ Minimal catastrophe risk ⁃ Covariance benefit buffers downgrade impacts • Commercial mortgage loans well diversified by property type and geography Fixed Maturity ⁃ 253 loans with no delinquencies Securities, 84.2% ⁃ No exposure to malls or hotels ⁃ 8 requests for COVID related modifications; none granted. Predominantly in retail sector 2

Fixed Maturities Securities Portfolio ENERGY MIX1 Oil Field and Other 1 Refining INDUSTRY MIX 6.0% 2.8% Integrated Oil Public Utilities 16.7% 18.5% ~90% Consumer Non-Cyclical 15.8% INVESTMENT Midstream GRADE 49.2% U.S. Government 11.1% Capital Goods 9.4% Independent Oil and Gas Energy 8.2% 23.5% Financial Institutions 7.9% Basic Industry 6.9% CREDIT RATING1 Basic Communications 6.5% < BBB 6.6% Transportation 5.1% BBB+ 16.1% Technology 4.0% A Mortgage/Asset Backed 3.2% 29.8% BBB 21.6% Consumer Cyclical 3.1% Sovereign 2.1% BBB- AA 8.9% 10.0% AAA 1Based on market value 7.0% 3

XML

Cover	May 04, 2020
Entity Information
Document Type	8-K
Document Period End Date	May 04, 2020
Entity Registrant Name	UNUM GROUP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11294
Entity Tax Identification Number	62-1598430
Entity Address, Address Line One	1 Fountain Square
Entity Address, City or Town	Chattanooga,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37402
City Area Code	423
Local Phone Number	294-1011
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000005513
Amendment Flag	false
Common Class A | NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	UNM
Security Exchange Name	NYSE
6.250% Junior Subordinated Notes due 2058 | NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	6.250% Junior Subordinated Notes due 2058
Trading Symbol	UNMA
Security Exchange Name	NYSE