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): November 1, 2022

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 November 1, 2022, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2022, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on November 1, 2022, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2022. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

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

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	News release of Unum Group dated November 1, 2022, concerning earnings for the third quarter of 2022.
99.2	Statistical Supplement of Unum Group for the third quarter of 2022.
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: November 1, 2022	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	Natalie Godwin ngodwin@unum.com
	INVESTORS	Matt Royal 423-294-1037 mroyal@unum.com

Unum Group Reports Third Quarter 2022 Results

•Net income of $410.7 million ($2.04 per diluted common share) for the third quarter of 2022; after-tax adjusted operating income was $303.7 million ($1.51 per diluted common share).

•Results reflect continued strong operating performance, the shift towards endemic COVID impacts, and core business premium trends nearing our long-term growth expectations; core operations sales and premium growth on a constant currency basis of 14.1 percent and 3.9 percent, respectively.

•Strong balance sheet with holding company liquidity of $1.1 billion and weighted average risk-based capital ratio of approximately 415 percent, providing significant financial flexibility.

•Expanded hedging program to help mitigate interest rate risk in the long-term care block; notional amount entered into increased to $679.0 million through September 30, 2022.

•Completed our annual GAAP reserve adequacy study; sustained group long-term disability and group life wavier claim recovery trends drive GAAP reserve releases.

•Book value per common share of $43.49 declined 20.0 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (loss) (AOCI) grew 10.0 percent over the year-ago quarter to $59.23.

CHATTANOOGA, Tenn.(November 1, 2022) - Unum Group (NYSE: UNM) today reported net income of $410.7 million ($2.04 per diluted common share) for the third quarter of 2022, compared to net income of $328.6 million ($1.60 per diluted common share) for the third quarter of 2021.

Included in net income for the third quarter of 2022 are the after-tax reserve decreases related to reserve assumption updates of $122.5 million ($0.61 per diluted common share), the after-tax amortization of the cost of reinsurance of $12.1 million ($0.06 per diluted common share), and a net after-tax investment loss on the Company’s investment portfolio of $3.4 million ($0.02 per diluted common share). Included in net income for the third quarter of 2021 are a net after-tax reserve decrease related to reserve assumption updates of $143.3 million ($0.70 per diluted common share), an after-tax impairment loss on internal-use software of $9.6 million ($0.05 per diluted common share), the after-tax amortization of the cost of reinsurance of $15.5 million ($0.08 per diluted common share), as well as a net after-tax investment loss on the Company's investment portfolio of $0.1 million ($— per diluted common share). Excluding the items above, after-tax adjusted operating income was $303.7 million ($1.51 per diluted common share) in the third quarter of 2022, compared to $210.5 million ($1.03 per diluted common share) in the third quarter of 2021.

“Our business is performing well as we look toward the last quarter of the year. The current environment remains advantageous for us and is supported by strong capital and an engaged team who continues to deliver on our purpose,” said Richard P. McKenney, president and chief executive officer. “Our excellent third quarter results reflect the earnings power of our business lines and our continued favorable benefits experience, positioning us well for growth heading into next year.”

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

RESULTS BY SEGMENT

We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, amortization of cost of reinsurance, and certain other items. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with U.S. generally accepted accounting principles (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 $275.0 million in the third quarter of 2022, an increase of 210.7 percent from $88.5 million in the third quarter of 2021, which exclude the reserve decreases related to reserve assumption updates during each period. Premium income increased 3.9 percent to $1,559.6 million in the third quarter of 2022, compared to $1,500.8 million in the third quarter of 2021. Net investment income decreased 3.2 percent to $170.6 million in the third quarter of 2022, compared to $176.2 million in the third quarter of 2021.

Within the Unum US operating segment, the group disability line of business reported a 228.6 percent increase in adjusted operating income to $129.8 million in the third quarter of 2022, compared to $39.5 million in the third quarter of 2021, which exclude the reserve decreases related to the reserve assumption updates of $121.0 million and $215.0 million during the third quarters of 2022 and 2021, respectively. Premium income for the group disability line of business increased 7.4 percent to $713.1 million in the third quarter of 2022, compared to $663.8 million in the third quarter of 2021 due primarily to in-force block growth and favorable persistency. Net investment income decreased 9.1 percent to $84.8 million in the third quarter of 2022, compared to $93.3 million in the third quarter of 2021, driven by lower miscellaneous investment income and a decrease in the yield on invested assets. Excluding the previously discussed reserve assumption updates, the benefit ratio for the third quarter of 2022 was 62.7 percent, compared to 78.9 percent in the third quarter of 2021, due primarily to lower claims incidence in both the group short-term and long-term disability product lines as well as favorable claim recoveries in the group long-term disability product line. Group long-term disability sales were $35.4 million in the third quarter of 2022, an increase of 35.1 percent from $26.2 million in the third quarter of 2021. Group short-term disability sales were $18.3 million in the third quarter of 2022, a decrease of 15.3 percent from $21.6 million in the third quarter of 2021. Persistency in the group long-term disability product line was 90.7 percent for the first nine months of 2022, compared to 89.8 percent for the first nine months of 2021. Persistency in the group short-term disability product line was 89.2 percent for the first nine months of 2022, compared to 87.1 percent for the first nine months of 2021.

The group life and accidental death and dismemberment line of business reported adjusted operating income of $30.9 million in the third quarter of 2022, which excludes the reserve decrease related to the reserve assumption update of $34.0 million, compared to an adjusted operating loss of $67.1 million in the third quarter of 2021. Premium income for this line of business increased 4.0 percent to $461.5 million in the third quarter of 2022, compared to $443.8 million in the third quarter of 2021 driven by in-force block growth, partially offset by lower persistency. Net investment income increased 4.1 percent to $25.3 million in the third quarter of 2022, compared to $24.3 million in the third quarter of 2021, due primarily to an increase in the yield on invested assets and an increase in the level of invested assets, partially offset by lower miscellaneous investment income. The benefit ratio in the third quarter of 2022 was 78.0 percent, which excludes the previously discussed reserve assumption update, compared to 100.6 percent in the third quarter of 2021, largely due to lower mortality in the group life product line, resulting primarily from lessening impacts of COVID-19 on our insured population. Sales of group life and accidental death and dismemberment products increased 1.1 percent in the third quarter of 2022 to $26.9 million, compared to $26.6 million in the third quarter of 2021. Persistency in the group life product line was 89.2 percent for the first nine months of 2022, compared to 89.9 percent for the first nine months of 2021. Persistency in the accidental death and dismemberment product line was 88.1 percent for the first nine months of 2022, compared to 89.3 percent for the first nine months of 2021.

The supplemental and voluntary line of business reported a decrease of 1.6 percent in adjusted operating income to $114.3 million in the third quarter of 2022, compared to $116.1 million in the third quarter of 2021. Premium income for the supplemental and voluntary line of business decreased 2.1 percent to $385.0 million in the third quarter of

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

2022, compared to $393.2 million in the third quarter of 2021, due primarily to lower persistency in both the voluntary benefits and dental and vision product lines, partially offset by higher sales in both the individual disability and voluntary benefits product lines. Net investment income increased 3.2 percent to $60.5 million in the third quarter of 2022, compared to $58.6 million in the third quarter of 2021, due to an increase in the yield on invested assets. The benefit ratio for the voluntary benefits product line was 42.6 percent in the third quarter of 2022, compared to 46.6 percent for the third quarter of 2021, due to favorable claims experience in all products. Favorability for our voluntary benefits life products is primarily due to lessening impacts of COVID-19 on our insured population. The benefit ratio for the individual disability product line was 40.0 percent for the third quarter of 2022, compared to 40.1 percent for the third quarter of 2021, due primarily to lower claims activity. The benefit ratio for the dental and vision product line was 74.5 percent for the third quarter of 2022, compared to 75.0 percent for the third quarter of 2021, due primarily to lower claims incidence. Relative to the third quarter of 2021, sales in the voluntary benefits product line increased 19.1 percent in the third quarter of 2022 to $40.5 million. Sales in the individual disability product line increased 23.9 percent in the third quarter of 2022 to $25.9 million. Sales in the dental and vision product line totaled $10.5 million for the third quarter of 2022, a decrease of 16.7 percent compared to the third quarter of 2021. Persistency in the voluntary benefits product line was 75.1 percent for the first nine months of 2022, compared to 75.4 percent for the first nine months of 2021. Persistency in the individual disability product line was 89.2 percent for the first nine months of 2022, compared to 88.4 percent for the first nine months of 2021. Persistency in the dental and vision product line was 81.4 percent for the first nine months of 2022, compared to 86.3 percent for the first nine months of 2021.

Unum International

The Unum International segment reported adjusted operating income of $29.9 million in the third quarter of 2022, an increase of 9.1 percent from $27.4 million in the third quarter of 2021. Premium income decreased 4.6 percent to $173.3 million in the third quarter of 2022, compared to $181.6 million in the third quarter of 2021. Net investment income increased 11.8 percent to $37.0 million in the third quarter of 2022, compared to $33.1 million in the third quarter of 2021. Sales increased 66.4 percent to $40.1 million in the third quarter of 2022, compared to $24.1 million in the third quarter of 2021. For the third quarter of 2022, Unum International results were unfavorably impacted by fluctuations in the British pound sterling to U.S. dollar exchange rate relative to the third quarter of 2021.

The Unum UK line of business reported adjusted operating income, in local currency, of £23.6 million in the third quarter of 2022, an increase of 28.3 percent from £18.4 million in the third quarter of 2021. Premium income was £129.4 million in the third quarter of 2022, an increase of 12.1 percent from £115.4 million in the third quarter of 2021, due to in-force block growth and sales in the group life product line. Net investment income was £29.9 million in the third quarter of 2022, an increase of 32.9 percent from £22.5 million in the third quarter of 2021, due primarily to higher investment income from inflation index-linked bonds. The benefit ratio in the third quarter of 2022 was 78.6 percent, compared to 79.2 percent in the third quarter of 2021, due primarily to inflation-linked experience for our group life and group long-term disability products, partially offset by higher claim incidence in our supplemental product line. Due to rising inflation, many of our claims reached the maximum annual inflation index-linked adjustment in the first half of 2022, resulting in a decrease in inflation-related benefit adjustments in the third quarter of 2022 compared to the same period of 2021. Sales increased 106.0 percent to £30.9 million in the third quarter of 2022, compared to £15.0 million in the third quarter of 2021. Persistency in the group long-term disability product line was 84.9 percent for the first nine months of 2022, compared to 88.9 percent for the first nine months of 2021. Persistency in the group life product line was 88.2 percent for the first nine months of 2022, compared to 86.0 percent for the first nine months of 2021. Persistency in the supplemental product line was 92.3 percent for the first nine months of 2022, compared to 89.9 percent for the first nine months of 2021.

Colonial Life Segment

Colonial Life reported a 12.9 percent increase in adjusted operating income to $90.4 million in the third quarter of 2022, compared to $80.1 million in the third quarter of 2021. Premium income increased 0.6 percent to $423.3 million in the third quarter of 2022, compared to $420.8 million in the third quarter of 2021, due to higher sales in prior periods, partially offset by lower overall persistency. Net investment income decreased 25.5 percent to $38.6 million in the third quarter of 2022, compared to the $51.8 million in the third quarter of 2021, due to lower miscellaneous

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

investment income and a decline in the yield on invested assets, partially offset by an increase in the level of invested assets. The benefit ratio was 46.8 percent in the third quarter of 2022, compared to 55.9 percent in the third quarter of 2021 driven by favorable experience across all products lines.

Sales increased 3.2 percent to $115.9 million in the third quarter of 2022, compared to $112.3 million in the third quarter of 2021. Persistency in Colonial Life was 78.3 percent for the first nine months of 2022, compared to 78.9 percent for the first nine months of 2021.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $34.1 million in the third quarter of 2022, compared to $109.8 million in the third quarter of 2021. Excluded from adjusted operating income for the third quarter of 2022 and 2021 is the amortization of the cost of reinsurance related to the Closed Block individual disability reinsurance transaction of $15.2 million and $19.7 million, respectively. Also excluded from adjusted operating income for the third quarter of 2021 are the reserve increases related to reserve assumption updates of $33.6 million, primarily related to the closed group pension block. Premium income for this segment decreased 6.0 percent to $235.5 million in the third quarter of 2022, compared to $250.5 million in the third quarter of 2021, due to policy terminations and maturities, partially offset by rate increases. Net investment income decreased 11.7 percent to $251.4 million in the third quarter of 2022, compared to $284.6 million in the third quarter of 2021, due to lower miscellaneous investment income, partially related to smaller increases in net asset values on our private equity partnerships, and a decline in the yield on invested assets, partially offset by an increase in the level of invested assets.

The interest adjusted loss ratio for the long-term care line of business was 85.7 percent in the third quarter of 2022, compared to an interest adjusted loss ratio of 74.8 percent in the third quarter of 2021, excluding the reserve increase related to the assumption update in the third quarter of 2021, driven by higher submitted claims. The interest adjusted loss ratio for long-term care for the rolling twelve months ended September 30, 2022 was 81.0 percent which is below our long-term expected range. The interest adjusted loss ratio for the individual disability line of business was 77.5 percent in the third quarter of 2022, compared to 58.2 percent in the third quarter of 2021, excluding the reserve increase related to the assumption update in third quarter of 2021, due primarily to volatility as a result of the relatively small amount of business retained.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $49.5 million in the third quarter of 2022, compared to an adjusted operating loss of $45.4 million in the third quarter of 2021, which excludes the before-tax impairment loss on internal-use software of $12.1 million.

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

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 201.7 million for the third quarter of 2022, compared to 205.1 million for the third quarter of 2021. Shares outstanding totaled 199.1 million at September 30, 2022.

During the third quarter of 2022, the Company repurchased approximately 1.2 million shares in open market transactions at a cost of approximately $42.6 million. For the first nine months of 2022, the Company has repurchased approximately 4.2 million shares at a cost of $137.5 million.

Capital Management

At September 30, 2022, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 415 percent, and the holding companies had available holding company liquidity of $1,079.0 million.

Book Value

Book value per common share as of September 30, 2022 was $43.49, compared to $54.39 at September 30, 2021. Book value per common share excluding AOCI as of September 30, 2022 was $59.23, compared to $53.84 at September 30, 2021.

Outlook

The Company expects positive operating trends in our core business during 2022, with solid premium growth and improving claim experience as impacts from COVID-19 lessen. The Company continues to anticipate an increase in after-tax adjusted operating income per share of 40 percent to 45 percent relative to full-year 2021.

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 investment gains or losses and the amortization of the cost of reinsurance as well as certain other items as specified in the reconciliations in the Financial Highlights section below.  Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.

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 investment gains or losses.  Although we may experience 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 have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the ceded reserves for the cohort of

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

policies on claim status. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses.

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, November 2, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the third quarter. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

The dial-in number for the conference call is 1-833-927-1758 for callers in the U.S. (access code 420516). For callers in Canada the dial-in is 1-833-950-0062(access code 420516). For all other callers, the dial-in number is 1-929-526-1599 (access code 420516). 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 10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website, and will be available through Wednesday, November 9 by dialing 1-866-813-9403 (U.S.), 1-226-828-7578 (Canada), 0204-525-0658 (U.K. local), or +44-204-525-0658 (All Other Locations) - access code 966452.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2022 is available on the Investors section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum Group (www.unum.com) an international provider of workplace benefits and services, has been helping workers and their families for more than 170 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2021, Unum reported revenues of $12.0 billion and paid $8.2 billion in benefits. The Fortune 250 company is one of the 2022 World's Most Ethical Companies, recognized by Ethisphere®.

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. 6

SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) the impact of COVID-19 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 due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (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) our ability to hire and retain qualified employees; (7) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (8) 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; (9) 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; (10) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (11) changes in our financial strength and credit ratings; (12) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (13) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (14) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (15) ability to generate sufficient internal liquidity and/or obtain external financing; (16) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (17) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (18) effectiveness of our risk management program; (19) contingencies and the level and results of litigation; (20) 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; (21) fluctuation in foreign currency exchange rates; and (22) our ability to meet environment, social, and governance standards and expectations of investors, regulators, customers, and other stakeholders.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2021. 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.

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

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
	Three Months Ended September 30				Nine Months Ended September 30
	2022		2021		2022		2021
Revenue
Premium Income	$	2,391.7	$	2,353.7	$	7,212.3	$	7,106.4
Net Investment Income	511.6		550.2		1,597.8		1,662.4
Net Investment Gain (Loss)	(4.4)		(0.1)		(22.3)		85.4
Other Income	63.0		65.9		197.5		180.5
Total Revenue	2,961.9		2,969.7		8,985.3		9,034.7
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,579.3		1,753.9		5,181.3		5,659.2
Commissions	271.5		258.3		819.1		777.9
Interest and Debt Expense	47.0		44.7		141.3		134.4
Cost Related to Early Retirement of Debt	4.2		—		4.2		67.3
Deferral of Acquisition Costs	(139.4)		(128.6)		(419.1)		(388.9)
Amortization of Deferred Acquisition Costs	150.8		138.4		449.5		440.8
Other Expenses	533.2		493.1		1,538.5		1,472.7
Total Benefits and Expenses	2,446.6		2,559.8		7,714.8		8,163.4
Income Before Income Tax	515.3		409.9		1,270.5		871.3
Income Tax Expense	104.6		81.3		235.9		206.8
Net Income	$	410.7	$	328.6	$	1,034.6	$	664.5
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	2.05	$	1.61	$	5.14	$	3.25
Assuming Dilution	$	2.04	$	1.60	$	5.11	$	3.24
Weighted Average Common Shares - Basic (000s)	200,035.3		204,645.8		201,262.3		204,429.6
Weighted Average Common Shares - Assuming Dilution (000s)	201,650.2		205,142.3		202,519.0		205,052.9
Outstanding Shares - (000s)					199,125.3		204,405.8

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

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended September 30
	2022				2021
	(in millions)		per share *		(in millions)		per share *
Net Income	$	410.7	$	2.04	$	328.6	$	1.60
Excluding:
Net Investment Loss (net of tax benefit of $1.0; $—)	(3.4)		(0.02)		(0.1)		—
Amortization of the Cost of Reinsurance (net of tax benefit of $3.1; $4.2)	(12.1)		(0.06)		(15.5)		(0.08)
Net Reserve Decrease Related to Reserve Assumption Updates (net of tax expense of $32.5; $38.1)	122.5		0.61		143.3		0.70
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5)	—		—		(9.6)		(0.05)
After-tax Adjusted Operating Income	$	303.7	$	1.51	$	210.5	$	1.03
* Assuming Dilution

	September 30
	2022				2021
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	8,659.5	$	43.49	$	11,118.2	$	54.39
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,329.3)		(11.70)		836.0		4.09
Net Gain on Hedges	13.5		0.07		69.5		0.34
Subtotal	10,975.3		55.12		10,212.7		49.96
Excluding:
Foreign Currency Translation Adjustment	(438.0)		(2.20)		(275.2)		(1.35)
Subtotal	11,413.3		57.32		10,487.9		51.31
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(380.9)		(1.91)		(516.4)		(2.53)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	11,794.2	$	59.23	$	11,004.3	$	53.84

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

EX-99.2

Unum Group

Statistical Supplement Third Quarter 2022

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 16.2 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Consolidated U.S. GAAP Results¹
Premium Income	$	2,391.7		$	2,353.7		$	7,212.3		$	7,106.4		$	9,481.0		$	9,378.1
Adjusted Operating Revenue	$	2,966.3		$	2,969.8		$	9,007.6		$	8,949.3		$	11,937.1		$	11,963.0
Net Investment Gain (Loss)	(4.4)			(0.1)			(22.3)			85.4			76.7			1,199.1
Revenue	$	2,961.9		$	2,969.7		$	8,985.3		$	9,034.7		$	12,013.8		$	13,162.1
Net Income	$	410.7		$	328.6		$	1,034.6		$	664.5		$	824.2		$	793.0
Net Income Per Common Share:
Basic	$	2.05		$	1.61		$	5.14		$	3.25		$	4.04		$	3.89
Assuming Dilution	$	2.04		$	1.60		$	5.11		$	3.24		$	4.02		$	3.89
Assets							$	60,866.7		$	70,597.9		$	70,115.6		$	70,625.8
Stockholders' Equity							$	8,659.5		$	11,118.2		$	11,416.4		$	10,871.0
Adjusted Operating Return on Equity
Unum US	18.6		%	6.2		%	16.7		%	8.9		%	8.2		%	14.6		%
Unum International	24.7		%	11.8		%	21.1		%	10.4		%	10.4		%	6.5		%
Colonial Life	18.1		%	16.1		%	19.3		%	16.4		%	16.4		%	16.7		%
Core Operating Segments	19.1		%	9.1		%	17.7		%	10.8		%	10.3		%	14.1		%
Consolidated	11.2		%	8.3		%	12.1		%	9.5		%	8.9		%	10.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	243.2	$	117.1	$	725.0	$	431.3	$	681.1	$	726.2
Net Realized Capital Gain (Loss), After Tax	(0.1)		68.9		(2.3)		87.3		98.4		(79.4)
Net Income	$	243.1	$	186.0	$	722.7	$	518.6	$	779.5	$	646.8
Capital and Surplus					$	4,136.9	$	3,830.9	$	3,950.3	$	3,875.0
Weighted Average Risk-based Capital Ratio					~ 415%		~ 380%		~ 395%		~ 365%

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

	9/30/2022				9/30/2021				12/31/2021				12/31/2020
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	8,659.5	$	43.49	$	11,118.2	$	54.39	$	11,416.4	$	56.37	$	10,871.0	$	53.37
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,329.3)		(11.70)		836.0		4.09		962.2		4.75		1,067.7		5.24
Net Gain on Hedges	13.5		0.07		69.5		0.34		61.8		0.30		97.8		0.48
Subtotal	10,975.3		55.12		10,212.7		49.96		10,392.4		51.32		9,705.5		47.65
Excluding:
Foreign Currency Translation Adjustment	(438.0)		(2.20)		(275.2)		(1.35)		(273.9)		(1.35)		(261.3)		(1.28)
Subtotal	11,413.3		57.32		10,487.9		51.31		10,666.3		52.67		9,966.8		48.93
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(380.9)		(1.91)		(516.4)		(2.53)		(396.0)		(1.96)		(530.0)		(2.61)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	11,794.2	$	59.23	$	11,004.3	$	53.84	$	11,062.3	$	54.63	$	10,496.8	$	51.54
Dividends Paid	$	189.5	$	0.93	$	179.3	$	0.87	$	240.6	$	1.17	$	233.2	$	1.14

	Three Months Ended				Nine Months Ended						Year Ended
	9/30/2022		9/30/2021		9/30/2022			9/30/2021			12/31/2021			12/31/2020
Shares Repurchased (millions)	1.2		—		4.2			—			1.9			—
Cost of Shares Repurchased (millions)1	$	42.6	$	—	$	137.5		$	—		$	50.0		$	—
Price (UNM closing price on last trading day of period)					$	38.80		$	25.06		$	24.57		$	22.94
Leverage Ratio					24.2		%	25.7		%	25.3		%	26.2		%
Holding Company Liquidity					$	1,079		$	1,638		$	1,515		$	1,512

1Includes a de minimis amount and $0.1 million of commissions for the three and nine months ended September 30, 2022.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Issuer Credit Ratings	bbb	BBB-	Baa3	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company	A	A-	A3	A
Provident Life and Casualty Insurance Company	A	A-	NR	NR
Unum Life Insurance Company of America	A	A-	A3	A
First Unum Life Insurance Company	A	A-	A3	A
Colonial Life & Accident Insurance Company	A	A-	A3	A
The Paul Revere Life Insurance Company	A	A-	A3	A
Starmount Life Insurance Company	A	NR	NR	NR
Unum Insurance Company	A	A-	A3	NR
Unum Limited	NR	NR	NR	A-
Outlooks
Issuer Credit Rating	Positive	Stable	Stable	Stable
Financial Strength Rating	Stable	Stable	Stable	Stable

NR = not rated

3

Unum Group Consolidated Statements of Income

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021		12/31/2021		12/31/2020
Revenue
Premium Income	$	2,391.7	$	2,353.7	$	7,212.3	$	7,106.4	$	9,481.0	$	9,378.1
Net Investment Income	511.6		550.2		1,597.8		1,662.4		2,213.2		2,360.7
Net Investment Gain (Loss)	(4.4)		(0.1)		(22.3)		85.4		76.7		1,199.1
Other Income	63.0		65.9		197.5		180.5		242.9		224.2
Total Revenue	2,961.9		2,969.7		8,985.3		9,034.7		12,013.8		13,162.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,579.3		1,753.9		5,181.3		5,659.2		7,598.6		8,972.9
Commissions	271.5		258.3		819.1		777.9		1,038.1		1,057.3
Interest and Debt Expense - Non-recourse Debt	—		—		—		—		—		3.1
Interest and Debt Expense - All Other Debt	47.0		44.7		141.3		134.4		185.0		185.1
Cost Related to Early Retirement of Debt	4.2		—		4.2		67.3		67.3		—
Deferral of Acquisition Costs	(139.4)		(128.6)		(419.1)		(388.9)		(508.1)		(576.2)
Amortization of Deferred Acquisition Costs	150.8		138.4		449.5		440.8		586.1		606.1
Other Expenses	533.2		493.1		1,538.5		1,472.7		1,983.8		1,949.8
Total Benefits and Expenses	2,446.6		2,559.8		7,714.8		8,163.4		10,950.8		12,198.1
Income Before Income Tax	515.3		409.9		1,270.5		871.3		1,063.0		964.0
Income Tax	104.6		81.3		235.9		206.8		238.8		171.0
Net Income	$	410.7	$	328.6	$	1,034.6	$	664.5	$	824.2	$	793.0
Weighted Average Shares Outstanding
Basic	200.0		204.6		201.3		204.4		204.2		203.6
Assuming Dilution	201.7		205.1		202.5		205.1		204.8		203.8
Actual Number of Shares Outstanding					199.1		204.4		202.5		203.7

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022		9/30/2021		% Change		9/30/2022		9/30/2021		% Change		12/31/2021		12/31/2020
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	35.4	$	26.2	35.1	%	$	139.2	$	99.3	40.2	%	$	206.6	$	239.7
Group Short-term Disability	18.3		21.6		(15.3)		82.4		76.9		7.2		142.7		158.7
Group Life and AD&D	26.9		26.6		1.1		137.5		120.6		14.0		223.8		224.3
Subtotal	80.6		74.4		8.3		359.1		296.8		21.0		573.1		622.7
Supplemental and Voluntary
Voluntary Benefits	40.5		34.0		19.1		188.8		178.7		5.7		231.2		241.6
Individual Disability	25.9		20.9		23.9		64.9		52.8		22.9		75.0		71.4
Dental and Vision	10.5		12.6		(16.7)		32.6		33.6		(3.0)		62.4		63.9
Subtotal	76.9		67.5		13.9		286.3		265.1		8.0		368.6		376.9
Total Sales	$	157.5	$	141.9	11.0		$	645.4	$	561.9	14.9		$	941.7	$	999.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	58.7	$	45.9	27.9	%	$	228.5	$	187.5	21.9	%	$	371.5	$	377.0
Large Case Market	21.9		28.5		(23.2)		130.6		109.3		19.5		201.6		245.7
Subtotal	80.6		74.4		8.3		359.1		296.8		21.0		573.1		622.7
Supplemental and Voluntary	76.9		67.5		13.9		286.3		265.1		8.0		368.6		376.9
Total Sales	$	157.5	$	141.9	11.0		$	645.4	$	561.9	14.9		$	941.7	$	999.6

5

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Nine Months Ended						Year Ended
(in millions of dollars)	9/30/2022		9/30/2021		% Change		9/30/2022		9/30/2021		% Change		12/31/2021		12/31/2020
Sales by Product
Unum UK
Group Long-term Disability	$	6.4	$	10.1	(36.6)	%	$	35.2	$	33.4	5.4	%	$	41.4	$	37.7
Group Life	28.1		6.8		N.M.		49.0		22.9		114.0		31.3		20.6
Supplemental	2.2		3.7		(40.5)		14.5		13.6		6.6		17.0		18.9
Unum Poland	3.4		3.5		(2.9)		11.4		10.5		8.6		16.1		13.3
Total Sales	$	40.1	$	24.1	66.4		$	110.1	$	80.4	36.9		$	105.8	$	90.5
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	9.3	$	9.3	—	%	$	32.8	$	30.5	7.5	%	$	41.5	$	36.2
Large Case Market	25.2		7.6		N.M.		51.4		25.8		99.2		31.2		22.1
Subtotal	34.5		16.9		104.1		84.2		56.3		49.6		72.7		58.3
Supplemental	2.2		3.7		(40.5)		14.5		13.6		6.6		17.0		18.9
Unum Poland	3.4		3.5		(2.9)		11.4		10.5		8.6		16.1		13.3
Total Sales	$	40.1	$	24.1	66.4		$	110.1	$	80.4	36.9		$	105.8	$	90.5
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	5.5	£	7.4	(25.7)	%	£	27.6	£	24.1	14.5	%	£	30.0	£	29.5
Group Life	23.5		4.9		N.M.		39.7		16.5		140.6		22.8		16.1
Supplemental	1.9		2.7		(29.6)		11.3		9.9		14.1		12.3		14.9
Total Sales	£	30.9	£	15.0	106.0		£	78.6	£	50.5	55.6		£	65.1	£	60.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	7.9	£	6.7	17.9	%	£	25.9	£	22.0	17.7	%	£	30.2	£	28.3
Large Case Market	21.1		5.6		N.M.		41.4		18.6		122.6		22.6		17.3
Subtotal	29.0		12.3		135.8		67.3		40.6		65.8		52.8		45.6
Supplemental	1.9		2.7		(29.6)		11.3		9.9		14.1		12.3		14.9
Total Sales	£	30.9	£	15.0	106.0		£	78.6	£	50.5	55.6		£	65.1	£	60.5

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022		9/30/2021		% Change		9/30/2022		9/30/2021		% Change		12/31/2021		12/31/2020
Sales by Product
Accident, Sickness, and Disability	$	71.4	$	69.8	2.3	%	$	210.0	$	196.4	6.9	%	$	297.9	$	261.5
Life	27.9		26.4		5.7		80.4		73.2		9.8		111.0		88.8
Cancer and Critical Illness	16.6		16.1		3.1		47.7		44.0		8.4		70.9		62.8
Total Sales	$	115.9	$	112.3	3.2		$	338.1	$	313.6	7.8		$	479.8	$	413.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	73.4	$	72.3	1.5	%	$	225.4	$	207.2	8.8	%	$	313.2	$	266.2
Large Case Market	10.7		14.3		(25.2)		36.3		43.4		(16.4)		68.5		57.4
Subtotal	84.1		86.6		(2.9)		261.7		250.6		4.4		381.7		323.6
Public Sector	31.8		25.7		23.7		76.4		63.0		21.3		98.1		89.5
Total Sales	$	115.9	$	112.3	3.2		$	338.1	$	313.6	7.8		$	479.8	$	413.1

5. 2

Unum Group Consolidated Balance Sheets

	September 30		December 31
	2022		2021
Assets
Investments
Fixed Maturity Securities	$	34,148.2	$	43,336.0
Mortgage Loans	2,476.4		2,560.4
Policy Loans	3,640.8		3,662.9
Other Long-term Investments	1,430.4		1,203.0
Short-term Investments	1,183.2		1,388.0
Total Investments	42,879.0		52,150.3
Other Assets
Cash and Bank Deposits	143.3		75.0
Accounts and Premiums Receivable	1,475.4		1,519.9
Reinsurance Recoverable	10,289.7		10,919.3
Accrued Investment Income	717.2		602.7
Deferred Acquisition Costs	2,254.6		2,207.9
Goodwill	344.4		352.2
Property and Equipment	442.4		462.7
Deferred Income Tax	523.1		—
Other Assets	1,797.6		1,825.6
Total Assets	$	60,866.7	$	70,115.6

6

Unum Group Consolidated Balance Sheets - Continued

	September 30		December 31
	2022		2021
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits	$	1,771.4	$	1,907.7
Reserves for Future Policy and Contract Benefits	42,108.7		48,007.5
Unearned Premiums	394.0		347.5
Other Policyholders’ Funds	1,756.0		1,790.9
Income Tax Payable	212.2		159.1
Deferred Income Tax	6.5		458.4
Long-term Debt	3,429.2		3,442.2
Other Liabilities	2,529.2		2,585.9
Total Liabilities	52,207.2		58,699.2
Stockholders’ Equity
Common Stock	30.8		30.7
Additional Paid-in Capital	2,432.3		2,408.1
Accumulated Other Comprehensive Income (Loss)	(3,134.7)		354.1
Retained Earnings	12,698.3		11,853.2
Treasury Stock	(3,367.2)		(3,229.7)
Total Stockholders’ Equity	8,659.5		11,416.4
Total Liabilities and Stockholders’ Equity	$	60,866.7	$	70,115.6

6. 1

Unum Group Deferred Acquisition Costs by Segment

	Unum US		Unum International		Colonial Life		Consolidated
Balance at December 31, 2020	$	1,168.7	$	32.0	$	1,071.9	$	2,272.6
Capitalization	242.7		12.8		252.6		508.1
Amortization	(319.0)		(8.0)		(259.1)		(586.1)
Adjustment Related to Unrealized Investment Gains and Losses	3.8		—		10.9		14.7
Foreign Currency	—		(1.4)		—		(1.4)
Balance at December 31, 2021	1,096.2		35.4		1,076.3		2,207.9
Capitalization	199.4		9.3		210.4		419.1
Amortization	(228.0)		(5.8)		(215.7)		(449.5)
Adjustment Related to Unrealized Investment Gains and Losses	15.4		—		68.5		83.9
Foreign Currency	—		(6.8)		—		(6.8)
Balance at September 30, 2022	$	1,083.0	$	32.1	$	1,139.5	$	2,254.6

6. 2

Unum Group Balance Sheets by Segment - September 30, 2022

	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	$	7,129.9	$	2,356.5	$	4,500.0	$	13,986.4	$	2,518.6	$	3,110.3	$	21,679.3	$	1,584.4	$	42,879.0
Deferred Acquisition Costs	93.2		61.3		928.5		1,083.0		32.1		1,139.5		—		—		2,254.6
Goodwill	8.9		—		271.1		280.0		36.7		27.7		—		—		344.4
All Other	144.4		310.4		378.8		833.6		323.1		135.0		12,197.5		1,899.5		15,388.7
Total Assets	$	7,376.4	$	2,728.2	$	6,078.4	$	16,183.0	$	2,910.5	$	4,412.5	$	33,876.8	$	3,483.9	$	60,866.7
Liabilities
Reserves and Policyholder Benefits	$	5,599.9	$	1,862.7	$	3,857.1	$	11,319.7	$	2,213.8	$	2,963.1	$	29,533.5	$	—	$	46,030.1
Debt	—		—		—		—		—		—		—		3,429.2		3,429.2
All Other	39.2		92.2		215.8		347.2		104.2		58.1		605.6		1,632.8		2,747.9
Total Liabilities	5,639.1		1,954.9		4,072.9		11,666.9		2,318.0		3,021.2		30,139.1		5,062.0		52,207.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,742.1		909.2		2,139.5		4,790.8		683.3		1,539.3		4,666.8		(704.9)		10,975.3
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	(4.8)		(135.9)		(134.0)		(274.7)		(90.8)		(148.0)		(929.1)		(873.2)		(2,315.8)
Total Allocated Stockholders' Equity	1,737.3		773.3		2,005.5		4,516.1		592.5		1,391.3		3,737.7		(1,578.1)		8,659.5
Total Liabilities and Allocated Stockholders' Equity	$	7,376.4	$	2,728.2	$	6,078.4	$	16,183.0	$	2,910.5	$	4,412.5	$	33,876.8	$	3,483.9	$	60,866.7

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, 2021

	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	$	8,260.2	$	2,525.5	$	5,301.1	$	16,086.8	$	3,740.2	$	3,533.8	$	25,968.2	$	2,821.3	$	52,150.3
Deferred Acquisition Costs	93.7		59.1		943.4		1,096.2		35.4		1,076.3		—		—		2,207.9
Goodwill	8.9		—		271.1		280.0		44.5		27.7		—		—		352.2
All Other	411.3		416.3		405.7		1,233.3		266.4		258.1		12,319.7		1,327.7		15,405.2
Total Assets	$	8,774.1	$	3,000.9	$	6,921.3	$	18,696.3	$	4,086.5	$	4,895.9	$	38,287.9	$	4,149.0	$	70,115.6
Liabilities
Reserves and Policyholder Benefits	$	6,913.6	$	2,007.9	$	4,289.8	$	13,211.3	$	3,136.4	$	2,985.4	$	32,720.5	$	—	$	52,053.6
Debt	—		—		—		—		—		—		—		3,442.2		3,442.2
All Other	160.2		125.6		334.5		620.3		161.2		203.8		629.0		1,589.1		3,203.4
Total Liabilities	7,073.8		2,133.5		4,624.3		13,831.6		3,297.6		3,189.2		33,349.5		5,031.3		58,699.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,663.2		832.9		2,091.3		4,587.4		788.8		1,539.0		4,526.7		(1,049.5)		10,392.4
Net Unrealized Gain on Securities and Net Gain on Hedges	37.1		34.5		205.7		277.3		0.1		167.7		411.7		167.2		1,024.0
Total Allocated Stockholders' Equity	1,700.3		867.4		2,297.0		4,864.7		788.9		1,706.7		4,938.4		(882.3)		11,416.4
Total Liabilities and Allocated Stockholders' Equity	$	8,774.1	$	3,000.9	$	6,921.3	$	18,696.3	$	4,086.5	$	4,895.9	$	38,287.9	$	4,149.0	$	70,115.6

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 investment gains and losses and amortization of the cost of reinsurance as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

	Three Months Ended						Nine Months Ended
	9/30/2022		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Premium Income
Unum US	$	1,559.6	$	1,500.8	3.9	%	$	4,676.8	$	4,548.7	2.8	%
Unum International	173.3		181.6		(4.6)		540.5		539.5		0.2
Colonial Life	423.3		420.8		0.6		1,281.6		1,266.9		1.2
Closed Block	235.5		250.5		(6.0)		713.4		751.3		(5.0)
	2,391.7		2,353.7		1.6		7,212.3		7,106.4		1.5
Net Investment Income
Unum US	170.6		176.2		(3.2)		509.4		539.5		(5.6)
Unum International	37.0		33.1		11.8		122.3		94.8		29.0
Colonial Life	38.6		51.8		(25.5)		115.4		131.1		(12.0)
Closed Block	251.4		284.6		(11.7)		817.7		876.5		(6.7)
Corporate	14.0		4.5		N.M.		33.0		20.5		61.0
	511.6		550.2		(7.0)		1,597.8		1,662.4		(3.9)
Other Income
Unum US	49.0		43.5		12.6		146.8		125.2		17.3
Unum International	0.2		0.4		(50.0)		0.7		0.6		16.7
Colonial Life	0.3		0.3		—		0.8		0.8		—
Closed Block	13.1		19.3		(32.1)		45.6		49.8		(8.4)
Corporate	0.4		2.4		(83.3)		3.6		4.1		(12.2)
	63.0		65.9		(4.4)		197.5		180.5		9.4
Total Adjusted Operating Revenue
Unum US	1,779.2		1,720.5		3.4		5,333.0		5,213.4		2.3
Unum International	210.5		215.1		(2.1)		663.5		634.9		4.5
Colonial Life	462.2		472.9		(2.3)		1,397.8		1,398.8		(0.1)
Closed Block	500.0		554.4		(9.8)		1,576.7		1,677.6		(6.0)
Corporate	14.4		6.9		108.7		36.6		24.6		48.8
	$	2,966.3	$	2,969.8	(0.1)		$	9,007.6	$	8,949.3	0.7

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Nine Months Ended
	9/30/2022		9/30/2021		% Change		9/30/2022		9/30/2021		% Change
Benefits and Expenses
Unum US	$	1,349.2	$	1,417.0	(4.8)	%	$	4,436.0	$	4,614.9	(3.9)	%
Unum International	180.6		187.7		(3.8)		581.5		556.3		4.5
Colonial Life	371.8		392.8		(5.3)		1,116.2		1,149.6		(2.9)
Closed Block	481.1		497.9		(3.4)		1,417.7		1,591.9		(10.9)
Corporate	63.9		64.4		(0.8)		163.4		250.7		(34.8)
	2,446.6		2,559.8		(4.4)		7,714.8		8,163.4		(5.5)
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US	430.0		303.5		41.7		897.0		598.5		49.9
Unum International	29.9		27.4		9.1		82.0		78.6		4.3
Colonial Life	90.4		80.1		12.9		281.6		249.2		13.0
Closed Block	18.9		56.5		(66.5)		159.0		85.7		85.5
Corporate	(49.5)		(57.5)		13.9		(126.8)		(226.1)		43.9
	519.7		410.0		26.8		1,292.8		785.9		64.5
Income Tax	105.6		81.3		29.9		241.1		188.8		27.7
Income Before Net Investment Gain (Loss)	414.1		328.7		26.0		1,051.7		597.1		76.1
Net Investment Gain (Loss) (net of tax expense (benefit) of $(1.0); $—; $(5.2); $18.0)	(3.4)		(0.1)		N.M.		(17.1)		67.4		(125.4)
Net Income	$	410.7	$	328.6	25.0		$	1,034.6	$	664.5	55.7

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		12/31/20		9/30/20
Premium Income
Unum US	$	1,559.6	$	1,572.3	$	1,544.9	$	1,529.3	$	1,500.8	$	1,522.1	$	1,525.8	$	1,485.1	$	1,483.4
Unum International	173.3		179.4		187.8		177.5		181.6		183.5		174.4		165.7		165.4
Colonial Life	423.3		427.6		430.7		423.3		420.8		419.7		426.4		418.8		419.9
Closed Block	235.5		238.0		239.9		244.5		250.5		249.1		251.7		250.3		249.4
	2,391.7		2,417.3		2,403.3		2,374.6		2,353.7		2,374.4		2,378.3		2,319.9		2,318.1
Net Investment Income
Unum US	170.6		167.8		171.0		182.1		176.2		183.6		179.7		173.1		190.7
Unum International	37.0		50.8		34.5		37.9		33.1		35.7		26.0		25.5		26.3
Colonial Life	38.6		38.7		38.1		40.9		51.8		41.6		37.7		37.5		43.7
Closed Block	251.4		291.5		274.8		282.5		284.6		294.7		297.2		356.7		351.2
Corporate	14.0		10.2		8.8		7.4		4.5		7.9		8.1		0.7		1.3
	511.6		559.0		527.2		550.8		550.2		563.5		548.7		593.5		613.2
Other Income
Unum US	49.0		50.7		47.1		44.8		43.5		41.3		40.4		37.4		42.0
Unum International	0.2		0.3		0.2		—		0.4		0.1		0.1		0.1		0.2
Colonial Life	0.3		0.2		0.3		0.2		0.3		0.3		0.2		0.2		0.3
Closed Block	13.1		16.5		16.0		15.3		19.3		12.1		18.4		16.9		17.8
Corporate	0.4		1.0		2.2		2.1		2.4		0.4		1.3		0.6		0.3
	63.0		68.7		65.8		62.4		65.9		54.2		60.4		55.2		60.6
Total Adjusted Operating Revenue
Unum US	1,779.2		1,790.8		1,763.0		1,756.2		1,720.5		1,747.0		1,745.9		1,695.6		1,716.1
Unum International	210.5		230.5		222.5		215.4		215.1		219.3		200.5		191.3		191.9
Colonial Life	462.2		466.5		469.1		464.4		472.9		461.6		464.3		456.5		463.9
Closed Block	500.0		546.0		530.7		542.3		554.4		555.9		567.3		623.9		618.4
Corporate	14.4		11.2		11.0		9.5		6.9		8.3		9.4		1.3		1.6
	$	2,966.3	$	3,045.0	$	2,996.3	$	2,987.8	$	2,969.8	$	2,992.1	$	2,987.4	$	2,968.6	$	2,991.9

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21		3/31/21		12/31/20		9/30/20
Benefits and Expenses
Unum US	$	1,349.2	$	1,495.4	$	1,591.4	$	1,674.8	$	1,417.0	$	1,567.7	$	1,630.2	$	1,552.1	$	1,527.9
Unum International	180.6		205.6		195.3		188.3		187.7		194.5		174.1		170.6		170.5
Colonial Life	371.8		365.4		379.0		384.4		392.8		365.8		391.0		385.3		371.7
Closed Block	481.1		483.3		453.3		485.3		497.9		464.4		629.6		1,996.8		547.6
Corporate	63.9		48.1		51.4		54.6		64.4		138.0		48.3		44.0		79.0
	2,446.6		2,597.8		2,670.4		2,787.4		2,559.8		2,730.4		2,873.2		4,148.8		2,696.7
Income (Loss) Before Income Tax Expense (Benefit) and Net Investment Gain (Loss)
Unum US	430.0		295.4		171.6		81.4		303.5		179.3		115.7		143.5		188.2
Unum International	29.9		24.9		27.2		27.1		27.4		24.8		26.4		20.7		21.4
Colonial Life	90.4		101.1		90.1		80.0		80.1		95.8		73.3		71.2		92.2
Closed Block	18.9		62.7		77.4		57.0		56.5		91.5		(62.3)		(1,372.9)		70.8
Corporate	(49.5)		(36.9)		(40.4)		(45.1)		(57.5)		(129.7)		(38.9)		(42.7)		(77.4)
	519.7		447.2		325.9		200.4		410.0		261.7		114.2		(1,180.2)		295.2
Income Tax Expense (Benefit)	105.6		73.7		61.8		33.9		81.3		79.4		28.1		(285.2)		67.9
Income (Loss) Before Net Investment Gain (Loss)	414.1		373.5		264.1		166.5		328.7		182.3		86.1		(895.0)		227.3
Net Investment Gain (Loss)	(4.4)		(4.1)		(13.8)		(8.7)		(0.1)		0.9		84.6		1,304.9		4.4
Tax Expense (Benefit) on Net Investment Gain (Loss)	(1.0)		(1.0)		(3.2)		(1.9)		—		0.3		17.7		274.5		0.6
Net Income	$	410.7	$	370.4	$	253.5	$	159.7	$	328.6	$	182.9	$	153.0	$	135.4	$	231.1
Net Income Per Common Share - Assuming Dilution	$	2.04	$	1.83	$	1.25	$	0.78	$	1.60	$	0.89	$	0.75	$	0.66	$	1.13

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income	$	1,559.6		$	1,500.8		$	4,676.8		$	4,548.7		$	6,078.0		$	6,018.9
Net Investment Income	170.6			176.2			509.4			539.5			721.6			720.3
Other Income	49.0			43.5			146.8			125.2			170.0			154.9
Total	1,779.2			1,720.5			5,333.0			5,213.4			6,969.6			6,894.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	834.1			950.2			2,912.4			3,175.6			4,338.8			4,138.7
Commissions	151.3			143.5			458.6			439.0			583.4			594.9
Deferral of Acquisition Costs	(66.2)			(61.1)			(199.4)			(193.4)			(242.7)			(291.5)
Amortization of Deferred Acquisition Costs	75.3			71.1			228.0			243.7			319.0			341.0
Other Expenses	354.7			313.3			1,036.4			950.0			1,291.2			1,285.6
Total	1,349.2			1,417.0			4,436.0			4,614.9			6,289.7			6,068.7
Income Before Income Tax and Net Investment Gains and Losses	430.0			303.5			897.0			598.5			679.9			825.4
Reserve Assumption Updates	(155.0)			(215.0)			(155.0)			(215.0)			(215.0)			—
Adjusted Operating Income	$	275.0		$	88.5		$	742.0		$	383.5		$	464.9		$	825.4
Operating Ratios (% of Premium Income):
Benefit Ratio1	63.4		%	77.6		%	65.6		%	74.5		%	74.9		%	68.8		%
Other Expense Ratio	22.7		%	20.9		%	22.2		%	20.9		%	21.2		%	21.4		%
Adjusted Operating Income Ratio	17.6		%	5.9		%	15.9		%	8.4		%	7.6		%	13.7		%

1Excludes the $155.0 million and $215.0 million reserve decreases during the third quarters and first nine months of 2022 and 2021, respectively, related to the assumption updates that occurred during each of the third quarters of 2022 and 2021.

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	480.9		$	451.4		$	1,419.2		$	1,367.7		$	1,827.8		$	1,828.5
Group Short-term Disability	232.2			212.4			685.9			641.2			864.0			799.2
Total Premium Income	713.1			663.8			2,105.1			2,008.9			2,691.8			2,627.7
Net Investment Income	84.8			93.3			262.6			284.7			379.6			388.8
Other Income	48.4			42.1			143.5			121.4			165.7			147.6
Total	846.3			799.2			2,511.2			2,415.0			3,237.1			3,164.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	326.0			308.6			1,301.3			1,314.3			1,849.2			1,921.9
Commissions	52.1			49.1			158.0			151.2			199.8			191.8
Deferral of Acquisition Costs	(12.9)			(12.3)			(38.1)			(37.4)			(49.8)			(49.3)
Amortization of Deferred Acquisition Costs	13.1			12.9			38.6			38.6			51.4			53.1
Other Expenses	217.2			186.4			630.5			569.8			773.9			756.6
Total	595.5			544.7			2,090.3			2,036.5			2,824.5			2,874.1
Income Before Income Tax and Net Investment Gains and Losses	250.8			254.5			420.9			378.5			412.6			290.0
Reserve Assumption Updates	(121.0)			(215.0)			(121.0)			(215.0)			(215.0)			—
Adjusted Operating Income	$	129.8		$	39.5		$	299.9		$	163.5		$	197.6		$	290.0
Operating Ratios (% of Premium Income):
Benefit Ratio1	62.7		%	78.9		%	67.6		%	76.1		%	76.7		%	73.1		%
Other Expense Ratio	30.5		%	28.1		%	30.0		%	28.4		%	28.8		%	28.8		%
Adjusted Operating Income Ratio	18.2		%	6.0		%	14.2		%	8.1		%	7.3		%	11.0		%
Persistency:
Group Long-term Disability							90.7		%	89.8		%	89.6		%	90.8		%
Group Short-term Disability							89.2		%	87.1		%	87.4		%	88.7		%

1Excludes the $121.0 million and $215.0 million reserve decreases during the third quarters and first nine months of 2022 and 2021, respectively, related to the assumption updates that occurred during each of the third quarters of 2022 and 2021.

9. 1

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

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Group Life	$	417.7		$	404.2		$	1,249.9		$	1,228.8		$	1,641.9		$	1,640.5
Accidental Death & Dismemberment	43.8			39.6			129.7			123.0			165.1			163.9
Total Premium Income	461.5			443.8			1,379.6			1,351.8			1,807.0			1,804.4
Net Investment Income	25.3			24.3			75.1			76.1			104.0			97.2
Other Income	0.4			0.5			1.2			1.3			1.7			2.4
Total	487.2			468.6			1,455.9			1,429.2			1,912.7			1,904.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	325.8			446.6			1,052.8			1,281.2			1,728.8			1,470.4
Commissions	38.8			36.4			113.7			109.1			144.7			143.2
Deferral of Acquisition Costs	(9.0)			(8.9)			(26.9)			(27.3)			(21.0)			(36.0)
Amortization of Deferred Acquisition Costs	8.3			9.5			24.8			28.7			38.3			39.3
Other Expenses	58.4			52.1			168.7			157.7			213.8			205.3
Total	422.3			535.7			1,333.1			1,549.4			2,104.6			1,822.2
Income (Loss) Before Income Tax and Net Investment Gains and Losses	64.9			(67.1)			122.8			(120.2)			(191.9)			81.8
Reserve Assumption Update	(34.0)			—			(34.0)			—			—			—
Adjusted Operating Income (Loss)	$	30.9		$	(67.1)		$	88.8		$	(120.2)		$	(191.9)		$	81.8
Operating Ratios (% of Premium Income):
Benefit Ratio1	78.0		%	100.6		%	78.8		%	94.8		%	95.7		%	81.5		%
Other Expense Ratio	12.7		%	11.7		%	12.2		%	11.7		%	11.8		%	11.4		%
Adjusted Operating Income (Loss) Ratio	6.7		%	(15.1)		%	6.4		%	(8.9)		%	(10.6)		%	4.5		%
Persistency:
Group Life							89.2		%	89.9		%	89.7		%	88.8		%
Accidental Death & Dismemberment							88.1		%	89.3		%	89.1		%	88.2		%

1Excludes the $34.0 million reserve decrease during the third quarter and first nine months of 2022 related to the assumption update that occurred during the third quarter of 2022.

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	199.0		$	209.6		$	635.2		$	640.4		$	846.7		$	875.2
Individual Disability	118.9			115.7			350.3			345.0			459.8			456.0
Dental and Vision	67.1			67.9			206.6			202.6			272.7			255.6
Total Premium Income	385.0			393.2			1,192.1			1,188.0			1,579.2			1,586.8
Net Investment Income	60.5			58.6			171.7			178.7			238.0			234.3
Other Income	0.2			0.9			2.1			2.5			2.6			4.9
Total	445.7			452.7			1,365.9			1,369.2			1,819.8			1,826.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	182.3			195.0			558.3			580.1			760.8			746.4
Commissions	60.4			58.0			186.9			178.7			238.9			259.9
Deferral of Acquisition Costs	(44.3)			(39.9)			(134.4)			(128.7)			(171.9)			(206.2)
Amortization of Deferred Acquisition Costs	53.9			48.7			164.6			176.4			229.3			248.6
Other Expenses	79.1			74.8			237.2			222.5			303.5			323.7
Total	331.4			336.6			1,012.6			1,029.0			1,360.6			1,372.4
Adjusted Operating Income	$	114.3		$	116.1		$	353.3		$	340.2		$	459.2		$	453.6
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits	42.6		%	46.6		%	41.2		%	43.3		%	43.2		%	42.2		%
Individual Disability	40.0		%	40.1		%	41.3		%	43.6		%	42.8		%	48.8		%
Dental and Vision	74.5		%	75.0		%	73.6		%	75.1		%	72.6		%	60.6		%
Other Expense Ratio	20.5		%	19.0		%	19.9		%	18.7		%	19.2		%	20.4		%
Adjusted Operating Income Ratio	29.7		%	29.5		%	29.6		%	28.6		%	29.1		%	28.6		%
Persistency:
Voluntary Benefits							75.1		%	75.4		%	75.8		%	72.7		%
Individual Disability							89.2		%	88.4		%	89.7		%	89.5		%
Dental and Vision							81.4		%	86.3		%	86.0		%	85.0		%

9. 3

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021		12/31/2021		12/31/2020
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	89.8	$	101.6	$	287.5	$	303.8	$	401.9	$	364.9
Group Life	35.0		29.1		100.5		84.4		112.3		108.5
Supplemental	27.4		28.3		85.8		84.2		112.6		99.8
Unum Poland	21.1		22.6		66.7		67.1		90.2		79.6
Total Premium Income	173.3		181.6		540.5		539.5		717.0		652.8
Net Investment Income	37.0		33.1		122.3		94.8		132.7		104.6
Other Income	0.2		0.4		0.7		0.6		0.6		0.5
Total	210.5		215.1		663.5		634.9		850.3		757.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	131.1		139.6		432.8		416.6		556.2		500.9
Commissions	15.0		13.9		44.9		40.7		54.1		49.7
Deferral of Acquisition Costs	(2.9)		(3.3)		(9.3)		(9.6)		(12.8)		(12.1)
Amortization of Deferred Acquisition Costs	1.2		2.0		5.8		6.1		8.0		7.4
Other Expenses	36.2		35.5		107.3		102.5		139.1		135.4
Total	180.6		187.7		581.5		556.3		744.6		681.3
Adjusted Operating Income	$	29.9	$	27.4	$	82.0	$	78.6	$	105.7	$	76.6

10

Unum Group Financial Results for Unum UK

	Three Months Ended						Nine Months Ended						Year Ended
(in millions of pounds, except exchange rate)	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	76.2		£	73.7		£	228.4		£	219.3		£	292.0		£	284.2
Group Life	29.8			21.1			80.3			60.9			81.7			84.6
Supplemental	23.4			20.6			68.4			60.8			81.8			77.7
Total Premium Income	129.4			115.4			377.1			341.0			455.5			446.5
Net Investment Income	29.9			22.5			93.3			64.2			91.0			76.0
Other Income	—			0.2			0.1			0.2			0.1			0.1
Total	159.3			138.1			470.5			405.4			546.6			522.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	101.7			91.4			312.8			269.6			362.8			352.5
Commissions	9.1			7.5			26.0			21.6			28.7			28.1
Deferral of Acquisition Costs	(1.0)			(1.2)			(3.3)			(3.2)			(4.3)			(4.2)
Amortization of Deferred Acquisition Costs	0.6			1.2			3.7			3.8			5.1			5.3
Other Expenses	25.3			20.8			69.2			59.8			81.8			86.5
Total	135.7			119.7			408.4			351.6			474.1			468.2
Adjusted Operating Income	£	23.6		£	18.4		£	62.1		£	53.8		£	72.5		£	54.4
Weighted Average Pound/Dollar Exchange Rate	1.169			1.380			1.246			1.385			1.377			1.287
Operating Ratios (% of Premium Income):
Benefit Ratio	78.6		%	79.2		%	82.9		%	79.1		%	79.6		%	78.9		%
Other Expense Ratio	19.6		%	18.0		%	18.4		%	17.5		%	18.0		%	19.4		%
Adjusted Operating Income Ratio	18.2		%	15.9		%	16.5		%	15.8		%	15.9		%	12.2		%
Persistency:
Group Long-term Disability							84.9		%	88.9		%	89.3		%	88.2		%
Group Life							88.2		%	86.0		%	86.5		%	81.8		%
Supplemental							92.3		%	89.9		%	90.9		%	90.7		%

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	236.1		$	238.0		$	714.0		$	715.1		$	953.3		$	975.1
Life	100.2			94.6			303.2			287.3			384.7			376.4
Cancer and Critical Illness	87.0			88.2			264.4			264.5			352.2			360.5
Total Premium Income	423.3			420.8			1,281.6			1,266.9			1,690.2			1,712.0
Net Investment Income	38.6			51.8			115.4			131.1			172.0			155.7
Other Income	0.3			0.3			0.8			0.8			1.0			1.1
Total	462.2			472.9			1,397.8			1,398.8			1,863.2			1,868.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	198.0			235.2			613.8			688.2			910.4			906.5
Commissions	86.0			80.5			258.0			236.9			320.1			334.3
Deferral of Acquisition Costs	(70.3)			(64.2)			(210.4)			(185.9)			(252.6)			(272.6)
Amortization of Deferred Acquisition Costs	74.3			65.3			215.7			191.0			259.1			257.7
Other Expenses	83.8			76.0			239.1			219.4			297.0			307.5
Total	371.8			392.8			1,116.2			1,149.6			1,534.0			1,533.4
Adjusted Operating Income	$	90.4		$	80.1		$	281.6		$	249.2		$	329.2		$	335.4
Operating Ratios (% of Premium Income):
Benefit Ratio	46.8		%	55.9		%	47.9		%	54.3		%	53.9		%	52.9		%
Other Expense Ratio	19.8		%	18.1		%	18.7		%	17.3		%	17.6		%	18.0		%
Adjusted Operating Income Ratio	21.4		%	19.0		%	22.0		%	19.7		%	19.5		%	19.6		%
Persistency:
Accident, Sickness, and Disability							73.8		%	75.6		%	75.4		%	74.3		%
Life							85.1		%	84.9		%	85.5		%	83.7		%
Cancer and Critical Illness							82.3		%	82.1		%	82.4		%	81.8		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2022			9/30/2021			9/30/2022			9/30/2021			12/31/2021			12/31/2020
Adjusted Operating Revenue
Premium Income
Long-term Care	$	174.5		$	176.1		$	523.0		$	528.4		$	704.3		$	666.9
Individual Disability	59.5			72.3			185.3			216.8			284.0			319.6
All Other	1.5			2.1			5.1			6.1			7.5			7.9
Total Premium Income	235.5			250.5			713.4			751.3			995.8			994.4
Net Investment Income	251.4			284.6			817.7			876.5			1,159.0			1,370.3
Other Income	13.1			19.3			45.6			49.8			65.1			66.6
Total	500.0			554.4			1,576.7			1,677.6			2,219.9			2,431.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	416.1			428.9			1,222.3			1,378.8			1,793.2			3,426.8
Commissions	19.2			20.4			57.6			61.3			80.5			78.4
Interest and Debt Expense	—			—			—			—			—			3.1
Other Expenses	45.8			48.6			137.8			151.8			203.5			158.7
Total	481.1			497.9			1,417.7			1,591.9			2,077.2			3,667.0
Income (Loss) Before Income Tax and Net Investment Gain and Losses	18.9			56.5			159.0			85.7			142.7			(1,235.7)
Long-term Care Reserve Assumption Update	—			2.1			—			2.1			2.1			151.5
Individual Disability Reserve Assumption Update	—			6.4			—			6.4			6.4			—
Group Pension Reserve Assumption Update	—			25.1			—			25.1			25.1			17.5
Impacts from Closed Block Individual Disability Reinsurance Transaction	—			—			—			139.3			139.3			1,305.5
Amortization of the Cost of Reinsurance	15.2			19.7			48.5			59.4			79.1			2.6
Adjusted Operating Income	$	34.1		$	109.8		$	207.5		$	318.0		$	394.7		$	241.4
Interest Adjusted Loss Ratios:
Long-term Care1	85.7		%	74.8		%	80.6		%	75.7		%	77.3		%	68.9		%
Individual Disability2	77.5		%	58.2		%	78.6		%	65.6		%	67.9		%	85.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio3	13.0		%	11.5		%	12.5		%	11.5		%	11.9		%	13.6		%
Income (Loss) Ratio	8.0		%	22.6		%	22.3		%	11.4		%	14.3		%	(124.3)		%
Adjusted Operating Income Ratio	14.5		%	43.8		%	29.1		%	42.3		%	39.6		%	24.3		%
Persistency:
Long-term Care							95.4		%	95.5		%	95.6		%	94.8		%
Individual Disability							86.4		%	86.5		%	86.4		%	88.0		%

12

1Excludes the $2.1 million reserve increase from the third quarter and first nine months of 2021 related to the assumption update that occurred during the third quarter of 2021 and excludes $151.5 million during the twelve months ended December 31, 2020, related to the reserve assumption update that occurred during the fourth quarter of 2020. The interest-adjusted loss ratio for the rolling twelve months ended September 30, 2022 and September 30, 2021 was 81.0 percent and 71.8 percent, respectively.

2The interest-adjusted loss ratio for the nine months ended September 30, 2021 and the twelve months ended December 31 2021 excludes the $133.1 million reserve recognition related to the second phase of the reinsurance transaction that occurred during the first quarter of 2021. Also excluded from the third quarter and first nine months of 2021 is $6.4 million related to reserve assumption updates that occurred during the third quarter of 2021. The interest adjusted loss ratio for the twelve months ended December 31, 2020 excludes the reserve recognition of $1,284.5 million related to the first phase of the reinsurance transaction.

3Excludes $15.2 million, $19.7 million, $48.5 million, $59.4 million, $79.1 million, and $2.6 million of amortization of the cost of reinsurance during the third quarter of 2022, third quarter of 2021, nine months ended September 30, 2022, nine months ended September 30, 2021, twelve months ended December 31, 2021, and twelve months ended December 31, 2020, respectively. Excludes $21.0 million of transaction costs related to the first phase of the reinsurance transaction from the twelve months ended December 31, 2020. Also excludes $6.2 million of transaction costs related to the second phase of the reinsurance transaction from the nine months ended September 30, 2021 and twelve months ended December 31, 2021.

12.1

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021		12/31/2021		12/31/2020
Adjusted Operating Revenue
Net Investment Income	$	14.0	$	4.5	$	33.0	$	20.5	$	27.9	$	9.8
Other Income	0.4		2.4		3.6		4.1		6.2		1.1
Total	14.4		6.9		36.6		24.6		34.1		10.9
Interest, Debt, and Other Expenses	63.9		64.4		163.4		250.7		305.3		247.7
Loss Before Income Tax and Net Investment Gains and Losses	(49.5)		(57.5)		(126.8)		(226.1)		(271.2)		(236.8)
Impairment Loss on Internal-Use Software	—		12.1		—		12.1		12.1		—
Cost Related to Early Retirement of Debt	—		—		—		67.3		67.3		—
Impairment Loss on ROU Asset	—		—		—		13.9		13.9		12.7
Costs Related to Organizational Design Update	—		—		—		—		—		23.3
Adjusted Operating Loss	$	(49.5)	$	(45.4)	$	(126.8)	$	(132.8)	$	(177.9)	$	(200.8)

13

Unum Group Reserves

	September 30, 2022
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,059.1	$	759.3	25.5	%	$	5,818.4	$	46.9	$	5,771.5
Group Life and Accidental Death & Dismemberment	54.9		0.3		668.0		239.8		4.0		962.7		5.9		956.8
Individual Disability	439.0		2.0		1,416.5		150.7		6.9		2,006.2		205.2		1,801.0
Voluntary Benefits	1,775.6		8.1		42.6		49.2		0.4		1,867.4		23.0		1,844.4
Dental and Vision	—		—		0.2		11.9		0.1		12.1		0.1		12.0
Unum US Segment	2,269.5		10.4		7,186.4		1,210.9		36.9		10,666.8		281.1		10,385.7
Unum International Segment	179.0		0.8		1,801.7		126.8		8.4		2,107.5		69.4		2,038.1
Colonial Life Segment	2,548.1		11.7		291.7		110.8		1.7		2,950.6		1.4		2,949.2
Individual Disability	116.8		0.5		9,006.6		109.5		40.0		9,232.9		7,890.5		1,342.4
Long-term Care	11,129.2		51.0		2,430.0		278.8		11.9		13,838.0		5.3		13,832.7
Other	5,602.4		25.6		144.8		101.4		1.1		5,848.6		4,924.3		924.3
Closed Block Segment	16,848.4		77.1		11,581.4		489.7		53.0		28,919.5		12,820.1		16,099.4
Subtotal	$	21,845.0	100.0	%	$	20,861.2	$	1,938.2	100.0	%	44,644.4		13,172.0		31,472.4
Adjustment Related to Unrealized Investment Gains and Losses											(764.3)		(24.7)		(739.6)
Consolidated											$	43,880.1	$	13,147.3	$	30,732.8

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, 2021
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,350.2	$	766.6	25.9	%	$	6,116.8	$	52.3	$	6,064.5
Group Life and Accidental Death & Dismemberment	56.7		0.3		715.8		281.0		4.2		1,053.5		4.4		1,049.1
Individual Disability	456.1		2.1		1,412.0		150.4		6.6		2,018.5		205.7		1,812.8
Voluntary Benefits	1,752.2		8.1		47.6		51.3		0.4		1,851.1		23.7		1,827.4
Dental and Vision	—		—		0.9		11.5		0.1		12.4		0.1		12.3
Unum US Segment	2,265.0		10.5		7,526.5		1,260.8		37.2		11,052.3		286.2		10,766.1
Unum International Segment	211.2		1.0		2,110.7		156.0		9.6		2,477.9		94.3		2,383.6
Colonial Life Segment	2,471.8		11.4		322.8		115.5		1.9		2,910.1		3.2		2,906.9
Individual Disability	148.6		0.7		9,210.0		123.6		39.4		9,482.2		8,145.4		1,336.8
Long-term Care	10,842.2		50.2		2,300.1		271.7		10.9		13,414.0		7.4		13,406.6
Other	5,652.2		26.2		153.2		113.8		1.0		5,919.2		4,950.1		969.1
Closed Block Segment	16,643.0		77.1		11,663.3		509.1		51.3		28,815.4		13,102.9		15,712.5
Subtotal	$	21,591.0	100.0	%	$	21,623.3	$	2,041.4	100.0	%	45,255.7		13,486.6		31,769.1
Adjustment Related to Unrealized Investment Gains and Losses											4,659.5		132.1		4,527.4
Consolidated											$	49,915.2	$	13,618.7	$	36,296.5

14. 1

Unum Group Investments

	9/30/2022						9/30/2022			12/31/2021
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	21,310.9		62.4	%	Earned Book Yield	4.59		%	4.85		%
Mortgage-Backed/Asset-Backed Securities	530.3			1.6		Average Duration (in years)	7.70			8.35
Private Placements	5,379.3			15.8
High Yield	2,013.3			5.9
Government Securities	1,275.4			3.7
Municipal Securities	3,635.5			10.6
Redeemable Preferred Stocks	3.5			—
Total	$	34,148.2		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Private Equity Partnerships	9/30/2022			12/31/2021
Aaa	5.0		%	5.1	%	Private Credit Partnerships	$	275.4		$	279.4
Aa	11.9			11.5		Private Equity Partnerships	446.9			384.6
A	26.8			27.4		Real Asset Partnerships	402.3			314.6
Baa	50.4			50.1		Total	$	1,124.6		$	978.6
Below Baa	5.9			5.9
Total	100.0		%	100.0	%
						Non-Current Investments	$	13.2		$	19.8

15

Unum Group Investments at September 30, 2022

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain (Loss)		Fair Value with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,528.8	$	(267.4)	$	2,030.1	$	294.3	$	498.7	$	26.9
Capital Goods	3,192.3		(296.2)		2,306.7		356.3		885.6		60.1
Communications	2,134.2		(193.6)		1,452.3		262.2		681.9		68.6
Consumer Cyclical	1,350.3		(148.1)		1,093.9		164.5		256.4		16.4
Consumer Non-Cyclical	5,448.3		(590.1)		3,953.3		683.1		1,495.0		93.0
Energy	2,736.3		(131.2)		1,583.0		194.2		1,153.3		63.0
Financial Institutions	3,305.3		(527.4)		3,013.4		541.3		291.9		13.9
Mortgage/Asset-Backed	530.3		(24.7)		399.6		32.1		130.7		7.4
Sovereigns	809.1		(63.5)		263.8		99.8		545.3		36.3
Technology	1,554.8		(217.0)		1,428.6		223.7		126.2		6.7
Transportation	1,545.8		(198.2)		1,233.4		214.2		312.4		16.0
U.S. Government Agencies and Municipalities	4,101.8		(651.3)		2,665.0		754.8		1,436.8		103.5
Public Utilities	4,910.9		(259.9)		2,744.6		386.6		2,166.3		126.7
Total	$	34,148.2	$	(3,568.6)	$	24,167.7	$	4,207.1	$	9,980.5	$	638.5
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	$	8,489.4	$	523.7					$	518.9	$	27.1
91 through 180 days	6,065.1		901.3						522.7		58.5
181 through 270 days	5,364.2		1,509.6						604.0		108.8
271 days to 1 year	1,499.7		646.0						63.9		15.2
Greater than 1 year	980.0		392.9						59.8		24.0
Total	$	22,398.4	$	3,973.5					$	1,769.3	$	233.6

15.1

Appendix to Statistical Supplement

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in reserve reductions of $121.0 million and $34.0 million before tax, or $95.6 million and $26.9 million after tax, in our Unum US group long-term disability and group life product lines, respectively.

2021 Significant Items

•Third quarter of 2021 reserve assumption updates resulting in a reserve reduction of $215.0 million before tax, or $169.9 million after tax, in our Unum US group long-term disability product line and reserve increases of $2.1 million, $6.4 million, and $25.1 million before tax, or $1.7 million, $5.1 million, and $19.8 million after tax, in our Closed Block long-term care, Closed Block individual disability, and Closed Block group pension product lines, respectively.

•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.

•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.

•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $24.2 million of additional tax expense through continuing operations for the revaluation of our deferred tax assets and liabilities.

•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.

In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.

In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we recognized the following in the first quarter of 2021 related to the second phase:

•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.

•Increase in benefits and change in reserves for future benefits of $133.1 million, or $105.1 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $6.2 million, or $5.0 million after tax.

•Reinsurance recoverable of $990.0 million related to the policies on claim status (DLR cohort).

•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.

16

Appendix to Statistical Supplement - Continued

•Cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort.

•Deposit asset of $5.0 million related to the ALR cohort.

2020 Significant Items

•In connection with the first phase of the previously-mentioned reinsurance transaction, the ceding companies paid a total cash ceding commission to Commonwealth of approximately $438 million and transferred additional assets consisting primarily of fixed maturity securities and cash totaling $6,669.8 million. PLC received a payment of $62 million from Commonwealth related to the 12-year volatility cover for the business reinsured during the first phase of the transaction. In addition, we recognized the following in the fourth quarter of 2020 related to the first phase:

•Net realized investment gain of $1,302.3 million before tax, or $1,028.8 million after tax, related to the transfer of investments.

•Increase in benefits and change in reserves for future benefits of $1,284.5 million, or $1,014.7 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $21.0 million, or $16.6 million after tax.

•Net tax benefit of $36.5 million.

•Reinsurance recoverable of $6,141.5 million representing the ceded reserves related to the DLR cohort.

•Cost of reinsurance, or prepaid reinsurance premium, of $815.7 million related to the DLR cohort, of which we recognized amortization expense of $2.6 million, or $2.0 million after tax.

•Deposit asset of $88.2 million related to the ALR cohort.

•Fourth quarter of 2020 reserve assumption updates resulting in reserve increases of $151.5 million and $17.5 million before tax, or $119.7 million and $13.8 million after tax, in our Closed Block long-term care and Closed Block group pension product lines, respectively.

•In December 2020, Northwind Holdings redeemed the remaining $35.0 million of principal on the Northwind notes, and was released of any contractual collateral requirements.

•Third quarter of 2020 costs related to organizational design update of $23.3 million before tax and $18.6 million after tax.

•Second quarter of 2020 impairment loss of $12.7 million, or $10.0 million after tax, on a ROU asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•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.

16.1

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

•After-tax adjusted operating income or loss, which excludes investment gains or losses and amortization of the cost of reinsurance as well as certain other items, as applicable;

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

•Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on hedges; and

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

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

As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021, respectively. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the DLR cohort of policies. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses.

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

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 16.3, other than book value per common share, which is presented on page 2.

16.2

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	September 30		June 30		March 31		December 31		September 30		June 30		March 31		December 31		September 30
	2022						2021								2020
Total Revenue	$	2,961.9	$	3,040.9	$	2,982.5	$	2,979.1	$	2,969.7	$	2,993.0	$	3,072.0	$	4,273.5	$	2,996.3
Excluding:
Net Investment Gain (Loss)	(4.4)		(4.1)		(13.8)		(8.7)		(0.1)		0.9		84.6		1,304.9		4.4
Adjusted Operating Revenue	$	2,966.3	$	3,045.0	$	2,996.3	$	2,987.8	$	2,969.8	$	2,992.1	$	2,987.4	$	2,968.6	$	2,991.9

16.3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2022
Unum US	$	217.4	$	4,678.5	18.6	%
Unum International	43.4		704.2		24.7	%
Colonial Life	71.3		1,572.4		18.1	%
Core Operating Segments	332.1		6,955.1		19.1	%
Closed Block	25.3		4,585.6
Corporate	(53.7)		(691.2)
Total	$	303.7	$	10,849.5	11.2	%
Three Months Ended September 30, 2021
Unum US	$	70.2	$	4,527.8	6.2	%
Unum International	23.7		803.9		11.8	%
Colonial Life	63.2		1,570.3		16.1	%
Core Operating Segments	157.1		6,902.0		9.1	%
Closed Block	25.8		4,114.0
Corporate	27.6		(930.3)
Total	$	210.5	$	10,085.7	8.3	%

1 Excludes net unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7.

16.4

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity2		Annualized Adjusted Operating Return on Equity
Nine Months Ended September 30, 2022
Unum US	$	586.6	$	4,689.3	16.7	%
Unum International	116.3		736.0		21.1	%
Colonial Life	222.3		1,539.2		19.3	%
Core Operating Segments	925.2		6,964.5		17.7	%
Closed Block	161.2		4,596.7
Corporate	(118.8)		(877.3)
Total	$	967.6	$	10,683.9	12.1	%
Nine Months Ended September 30, 2021
Unum US	$	303.5	$	4,523.9	8.9	%
Unum International	62.5		801.0		10.4	%
Colonial Life	196.7		1,597.9		16.4	%
Core Operating Segments	562.7		6,922.8		10.8	%
Closed Block	188.6		4,019.5
Corporate	(42.6)		(983.1)
Total	$	708.7	$	9,959.2	9.5	%

2 Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7.

16.5

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity3		Adjusted Operating Return on Equity
Year Ended December 31, 2021
Unum US	$	367.8	$	4,500.0	8.2	%
Unum International	84.1		806.1		10.4	%
Colonial Life	259.9		1,580.3		16.4	%
Core Operating Segments	711.8		6,886.4		10.3	%
Closed Block	248.6		4,208.6
Corporate	(69.7)		(1,046.0)
Total	$	890.7	$	10,049.0	8.9	%
Year Ended December 31, 2020
Unum US	$	651.4	$	4,458.2	14.6	%
Unum International	51.9		797.7		6.5	%
Colonial Life	264.5		1,584.1		16.7	%
Core Operating Segments	967.8		6,840.0		14.1	%
Closed Block	183.8		3,979.2
Corporate	(146.2)		(1,395.2)
Total	$	1,005.4	$	9,424.0	10.7	%

3 Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7. Due to the implementation of a FASB update for which the beginning balances of 2020 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2020 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2020. As a result, average equity for the year ended December 31, 2020 for certain of our segments will not compute using the historical allocated equity at December 31, 2019.

16.6

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

	9/30/2022		6/30/2022		12/31/2021		9/30/2021		6/30/2021		12/31/2020		12/31/2019
Total Stockholders' Equity	$	8,659.5	$	9,705.1	$	11,416.4	$	11,118.2	$	10,947.5	$	10,871.0	$	9,965.0
Excluding:
Net Unrealized Gain (Loss) on Securities	(2,329.3)		(1,064.9)		962.2		836.0		911.4		1,067.7		615.9
Net Gain on Hedges	13.5		46.4		61.8		69.5		77.5		97.8		187.8
Total Adjusted Stockholders' Equity	$	10,975.3	$	10,723.6	$	10,392.4	$	10,212.7	$	9,958.6	$	9,705.5	$	9,161.3
	Three Months Ended		Nine Months Ended		Twelve Months Ended		Three Months Ended		Nine Months Ended		Twelve Months Ended
	9/30/2022				12/31/2021		9/30/2021				12/31/2020
Average Adjusted Stockholders' Equity	$	10,849.5	$	10,683.9	$	10,049.0	$	10,085.7	$	9,959.2	$	9,424.0

16.7

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended September 30								Nine Months Ended September 30
	2022				2021				2022				2021
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	410.7	$	2.04	$	328.6	$	1.60	$	1,034.6	$	5.11	$	664.5	$	3.24
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $—; $—; $14.2)	—		—		—		—		—		—		53.4		0.26
Net Investment Gain (Loss) (net of tax expense (benefit) of $(1.0); $—; $(5.2); $3.8)	(3.4)		(0.02)		(0.1)		—		(17.1)		(0.09)		14.0		0.07
Total Net Investment Gain (Loss)	(3.4)		(0.02)		(0.1)		—		(17.1)		(0.09)		67.4		0.33
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $—; $—; $—; $29.2 )	—		—		—		—		—		—		(110.1)		(0.53)
Amortization of the Cost of Reinsurance (net of tax benefit of $3.1; $4.2; $10.1; $12.6 )	(12.1)		(0.06)		(15.5)		(0.08)		(38.4)		(0.19)		(46.8)		(0.24)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(12.1)		(0.06)		(15.5)		(0.08)		(38.4)		(0.19)		(156.9)		(0.77)
Net Reserve Decrease Related to Reserve Assumption Updates (net of tax expense of $32.5; $38.1; $32.5; $38.1 )	122.5		0.61		143.3		0.70		122.5		0.61		143.3		0.70
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5; $—; $2.5 )	—		—		(9.6)		(0.05)		—		—		(9.6)		(0.05)
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $—; $—; $14.1)	—		—		—		—		—		—		(53.2)		(0.26)
Impairment Loss on ROU Asset (net of tax benefit of $—; $—; $—; $2.9)	—		—		—		—		—		—		(11.0)		(0.05)
Impact of U.K. Tax Rate Increase	—		—				—		—		—		(24.2)		(0.12)
After-tax Adjusted Operating Income	$	303.7	$	1.51	$	210.5	$	1.03	$	967.6	$	4.78	$	708.7	$	3.46

*Assuming Dilution.

16.8

Reconciliation of Non-GAAP Financial Measures - Continued

	Year Ended December 31
	2021				2020
	(in millions)		per share *		(in millions)		per share *
Net Income	$	824.2	$	4.02	$	793.0	$	3.89
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $14.2; $273.5)	53.4		0.26		1,028.8		5.05
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $1.9; $(20.9))	7.2		0.03		(82.3)		(0.40)
Total Net Investment Gain	60.6		0.29		946.5		4.65
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $29.2; $274.2)	(110.1)		(0.53)		(1,031.3)		(5.06)
Amortization of the Cost of Reinsurance (net of tax benefit of $16.8; $0.6)	(62.3)		(0.31)		(2.0)		(0.01)
Net Tax Benefits of Reinsurance Transaction	—		—		36.5		0.18
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(172.4)		(0.84)		(996.8)		(4.89)
Net Reserve Change Related to Reserve Assumption Updates (net of tax expense (benefit) of $38.1; $(35.5))	143.3		0.70		(133.5)		(0.66)
Impairment Loss on Internal-Use Software (net of tax benefit of $2.5; $—)	(9.6)		(0.05)		—		—
Cost Related to Early Retirement of Debt (net of tax benefit of $14.1; $—)	(53.2)		(0.26)		—		—
Impairment Loss on ROU Asset (net of tax benefit of $2.9; $2.7)	(11.0)		(0.05)		(10.0)		(0.05)
Impact of U.K. Tax Rate Increase	(24.2)		(0.12)		—		—
Costs Related to Organizational Design Update (net of tax benefit of $—; $4.7)	—		—		(18.6)		(0.09)
After-tax Adjusted Operating Income	$	890.7	$	4.35	$	1,005.4	$	4.93

*Assuming Dilution.

16.9

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income		Average Allocated Equity		Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2022
Unum US Supplemental and Voluntary	$	90.2	$	2,096.4	17.2	%

16.10

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended
	September 30, 2022			September 30, 2021
		Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate2	Premium Income in Constant Currency
Unum International
Unum UK		$	152.2	£	115.4	1.176	$	135.7
Unum Poland		21.1		zł	87.3	0.212	18.5
Total		173.3					154.2
Unum US		1,559.6		$	1,500.8		1,500.8
Colonial Life		423.3		$	420.8		420.8
Core Operations		$	2,156.2				$	2,075.8

	Three Months Ended
	June 30, 2022			June 30, 2021
		Premium Income		Premium Income, local currency1		Weighted Average Exchange Rate3	Premium Income in Constant Currency
Unum International
Unum UK		$	157.0	£	115.1	1.256	$	144.6
Unum Poland		22.4		zł	84.6	0.230	19.5
Total		179.4					164.1
Unum US		1,572.3		$	1,522.1		1,522.1
Colonial Life		427.6		$	419.7		419.7
Core Operations		$	2,179.3				$	2,105.9

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

2Exchange rate calculated using the premium income in U.S. dollars for the three months ended September 30, 2022 divided by premium income in local currency for the three months ended September 30, 2022.

3Exchange rate calculated using the premium income in U.S. dollars for the three months ended June 30, 2022 divided by premium income in local currency for the three months ended June 30, 2022.

16.11

Reconciliation of Non-GAAP Financial Measures - Continued

	September 30						December 31
	2022			2021			2021			2020
Debt	$	3,429.2		$	3,441.4		$	3,442.2		$	3,345.7
Including:
Lease Liability	69.8			87.3			82.6			105.9
Adjusted Debt and Lease Liability	$	3,499.0		$	3,528.7		$	3,524.8		$	3,451.6
Total Stockholders' Equity	$	8,659.5		$	11,118.2		$	11,416.4		$	10,871.0
Excluding:
Net Unrealized Gain on Securities and Net Gain on Hedges	(2,315.8)			905.5			1,024.0			1,165.5
Equity, As Adjusted	10,975.3			10,212.7			10,392.4			9,705.5
Debt, As Adjusted and Lease Liability	3,499.0			3,528.7			3,524.8			3,451.6
Total Adjusted Capital	$	14,474.3		$	13,741.4		$	13,917.2		$	13,157.1
Leverage Ratio	24.2		%	25.7		%	25.3		%	26.2		%

16.12

XML

Cover	Nov. 01, 2022
Entity Information
Document Type	8-K
Document Period End Date	Nov. 01, 2022
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