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Unum Group
Statistical Supplement First Quarter 2025

 TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
Page
See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage



Unum Group Financial Highlights
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Consolidated U.S. GAAP Results¹
Premium Income$2,702.9 $2,610.3 $10,497.4 $10,046.0 
Adjusted Operating Revenue$3,298.4 $3,201.5 $12,921.9 $12,421.9 
Net Investment Loss(206.8)(1.2)(34.6)(36.0)
Total Revenue$3,091.6 $3,200.3 $12,887.3 $12,385.9 
Net Income$189.1 $395.2 $1,779.1 $1,283.8 
Net Income Per Common Share:
Basic $1.06 $2.05 $9.49 $6.53 
Assuming Dilution $1.06 $2.04 $9.46 $6.50 
Assets$62,459.8 $62,487.8 $61,959.3 $63,255.2 
Liabilities$51,245.8 $52,268.3 $50,998.2 $53,603.8 
Stockholders' Equity$11,214.0 $10,219.5 $10,961.1 $9,651.4 
Adjusted Stockholders' Equity$12,753.3 $12,482.0 $12,801.6 $12,292.6 
Adjusted Operating Return on Equity
Unum US23.0 %27.4 %25.2 %23.1 %
Unum International15.4 %14.6 %15.6 %16.5 %
Colonial Life18.6 %19.8 %19.7 %18.1 %
Core Operating Segments21.0 %24.0 %22.7 %21.2 %
Consolidated11.4 %13.2 %12.7 %12.7 %
Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax$489.8 $350.5 $1,337.0 $1,351.5 
Net Realized Capital Gain (Loss), After Tax(38.5)7.8 (14.6)(21.6)
Net Income$451.3 $358.3 $1,322.4 $1,329.9 
Capital and Surplus$4,190.3 $4,044.9 $3,909.7 $3,751.3 
Weighted Average Risk-based Capital Ratio~ 460%~ 440%~ 430%~ 415%
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, First Unum Life Insurance Company, Colonial Life & Accident Insurance Company, The Paul Revere Life Insurance Company, Unum Insurance Company, Provident Life and Casualty Insurance Company, and Starmount Life Insurance Company.
1

Unum Group Capital Metrics
3/31/20253/31/202412/31/202412/31/2023
(in millions)per share(in millions)per share(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$11,214.0 $63.78 $10,219.5 $53.38 $10,961.1 $61.38 $9,651.4 $49.91 
Excluding:
Net Unrealized Loss on Securities(2,333.2)(13.27)(2,360.8)(12.33)(2,755.2)(15.43)(1,919.1)(9.92)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,019.1 5.80 225.3 1.18 1,185.4 6.64 (648.4)(3.35)
Net Loss on Derivatives(225.2)(1.28)(127.0)(0.66)(270.7)(1.51)(73.7)(0.39)
Subtotal12,753.3 72.53 12,482.0 65.19 12,801.6 71.68 12,292.6 63.57 
Excluding:
Foreign Currency Translation Adjustment(300.7)(1.71)(332.6)(1.74)(343.0)(1.93)(321.1)(1.66)
Subtotal13,054.0 74.24 12,814.6 66.93 13,144.6 73.61 12,613.7 65.23 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(338.8)(1.93)(344.9)(1.80)(340.2)(1.90)(345.7)(1.79)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss$13,392.8 $76.17 $13,159.5 $68.73 $13,484.8 $75.51 $12,959.4 $67.02 
Dividends Paid$77.3 $0.420 $72.6 $0.365 $296.6 $1.570 $277.1 $1.390 

Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Shares Repurchased (millions)1
3.3 2.5 15.7 5.7 
Cost of Shares Repurchased (millions)2
$202.6 $123.0 $979.3 $252.0 
Price (UNM closing price on last trading day of period)$81.46 $53.66 $73.03 $45.22 
Leverage Ratio
23.0 %21.9 %22.9 %22.1 %
Holding Company Liquidity (millions)
$2,215 $1,406 $1,987 $1,650 
1For the three months ended March 31, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.
2Includes commissions of $0.5 million for the three months ended March 31, 2025, a de minimis amount for the three months ended March 31, 2024, and year ended December 31, 2024, and $0.1 million for the year ended December 31, 2023. There was excise tax of $2.1 million and $1.1 million for the three months ended March 31, 2025 and 2024, respectively, and $8.3 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement.

2

Unum Group Ratings

AM BestFitchMoody'sS&P
OutlookStablePositiveStableStable
Senior Unsecured Debt Ratingsbbb+BBBBaa2BBB
Financial Strength Ratings
Provident Life and Accident Insurance CompanyAAA2A
Unum Life Insurance Company of AmericaAAA2A
First Unum Life Insurance CompanyAAA2A
Colonial Life & Accident Insurance CompanyAAA2A
The Paul Revere Life Insurance CompanyAAA2A
Unum Insurance CompanyAAA2NR
Provident Life and Casualty Insurance CompanyAANRNR
Starmount Life Insurance CompanyANRNRNR
Unum LimitedNRNRNRA-
NR = not rated



3

Unum Group Consolidated Statements of Income
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Revenue
Premium Income$2,702.9 $2,610.3 $10,497.4 $10,046.0 
Net Investment Income513.2 513.5 2,130.0 2,096.7 
Net Investment Loss(206.8)(1.2)(34.6)(36.0)
Other Income82.3 77.7 294.5 279.2 
Total Revenue3,091.6 3,200.3 12,887.3 12,385.9 
Benefits and Expenses
Policy Benefits Including Remeasurement Gain
1,871.0 1,785.3 6,917.9 7,257.1 
Commissions343.2 313.6 1,258.6 1,170.1 
Interest and Debt Expense52.0 49.5 201.1 194.8 
Deferral of Acquisition Costs(172.6)(166.9)(651.5)(632.2)
Amortization of Deferred Acquisition Costs125.4 126.2 521.0 481.4 
Other Expenses629.0 596.9 2,388.9 2,274.6 
Total Benefits and Expenses2,848.0 2,704.6 10,636.0 10,745.8 
Income Before Income Tax243.6 495.7 2,251.3 1,640.1 
Income Tax Expense54.5 100.5 472.2 356.3 
Net Income$189.1 $395.2 $1,779.1 $1,283.8 
Weighted Average Shares Outstanding
Basic178.3 192.6 187.5 196.7 
Assuming Dilution178.9 193.3 188.1 197.6 
Actual Number of Shares Outstanding175.8 191.5 178.6 193.4 


4

Unum Group Sales Data for Unum US Segment
Three Months EndedYear Ended
3/31/20253/31/2024% Change12/31/202412/31/2023
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability$43.1 $54.6 (21.1)%$298.3 $292.7 
Group Short-term Disability31.9 35.9 (11.1)216.5 229.5 
Group Life and AD&D44.4 42.8 3.7 361.5 305.4 
Subtotal119.4 133.3 (10.4)876.3 827.6 
Supplemental and Voluntary
Voluntary Benefits122.9 107.9 13.9 293.7 263.2 
Individual Disability23.7 21.2 11.8 101.7 108.9 
Dental and Vision11.5 11.7 (1.7)95.3 84.1 
Subtotal158.1 140.8 12.3 490.7 456.2 
Total Sales$277.5 $274.1 1.2 $1,367.0 $1,283.8 
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)$70.9 $77.3 (8.3)%$512.6 $521.3 
Large Case Market48.5 56.0 (13.4)363.7 306.3 
Subtotal119.4 133.3 (10.4)876.3 827.6 
Supplemental and Voluntary158.1 140.8 12.3 490.7 456.2 
Total Sales$277.5 $274.1 1.2 $1,367.0 $1,283.8 


5

Unum Group Sales Data for Unum International Segment
Three Months EndedYear Ended
(in millions of dollars)3/31/20253/31/2024% Change12/31/202412/31/2023
Sales by Product
Unum UK
Group Long-term Disability$7.0 $15.1 (53.6)%$47.3 $48.3 
Group Life11.0 9.9 11.1 68.3 61.4 
Supplemental8.7 12.6 (31.0)34.9 28.0 
Unum Poland10.2 8.0 27.5 36.4 33.2 
Total Sales$36.9 $45.6 (19.1)$186.9 $170.9 
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)$11.2 $9.3 20.4 %$41.8 $51.2 
Large Case Market6.8 15.7 (56.7)73.8 58.5 
Subtotal18.0 25.0 (28.0)115.6 109.7 
Supplemental8.7 12.6 (31.0)34.9 28.0 
Unum Poland10.2 8.0 27.5 36.4 33.2 
Total Sales$36.9 $45.6 (19.1)$186.9 $170.9 
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability£5.6 £11.9 (52.9)%£37.2 £38.8 
Group Life8.7 7.8 11.5 53.4 49.4 
Supplemental7.0 9.9 (29.3)27.5 22.6 
Total Sales£21.3 £29.6 (28.0)£118.1 £110.8 
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)£8.9 £7.4 20.3 %£32.8 £41.2 
Large Case Market5.4 12.3 (56.1)57.8 47.0 
Subtotal14.3 19.7 (27.4)90.6 88.2 
Supplemental7.0 9.9 (29.3)27.5 22.6 
Total Sales£21.3 £29.6 (28.0)£118.1 £110.8 


5. 1

Unum Group Sales Data for Colonial Life Segment
Three Months EndedYear Ended
3/31/20253/31/2024% Change12/31/202412/31/2023
Sales by Product
Accident, Sickness, and Disability$66.2 $64.6 2.5 %$326.3 $329.5 
Life25.0 24.8 0.8 127.9 132.1 
Cancer and Critical Illness14.1 13.6 3.7 78.0 78.0 
Total Sales$105.3 $103.0 2.2 $532.2 $539.6 
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)$69.8 $71.7 (2.6)%$331.9 $347.4 
Large Case Market9.3 9.2 1.1 65.1 62.3 
Subtotal79.1 80.9 (2.2)397.0 409.7 
Public Sector26.2 22.1 18.6 135.2 129.9 
Total Sales$105.3 $103.0 2.2 $532.2 $539.6 



5. 2

Unum Group Consolidated Balance Sheets
March 31December 31
20252024
Assets
Investments
Fixed Maturity Securities - at fair value$35,751.4 $35,629.9 
Mortgage Loans2,187.7 2,224.5 
Policy Loans3,636.4 3,617.2 
Other Long-term Investments1,689.8 1,694.4 
Short-term Investments2,965.3 2,540.3 
Total Investments46,230.6 45,706.3 
Other Assets
Cash and Bank Deposits237.7 162.8 
Accounts and Premiums Receivable1,557.1 1,459.0 
Reinsurance Recoverable8,121.9 8,296.4 
Accrued Investment Income622.9 649.8 
Deferred Acquisition Costs2,893.2 2,842.8 
Goodwill350.6 349.1 
Property and Equipment496.3 487.6 
Deferred Income Tax314.8 369.7 
Other Assets1,634.7 1,635.8 
Total Assets$62,459.8 $61,959.3 

6

Unum Group Consolidated Balance Sheets - Continued
March 31December 31
20252024
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits
$37,030.7 $36,806.4 
Policyholders' Account Balances
5,620.8 5,633.7 
Unearned Premiums475.6 384.0 
Other Policyholders’ Funds1,522.8 1,526.7 
Income Tax Payable302.3 226.5 
Deferred Income Tax32.8 31.0 
Long-term Debt3,467.0 3,465.2 
Other Liabilities 2,519.2 2,650.1 
Total Liabilities51,245.8 50,998.2 
Stockholders’ Equity
Common Stock19.5 19.5 
Additional Paid-in Capital1,568.7 1,489.6 
Accumulated Other Comprehensive Loss(2,178.8)(2,523.7)
Retained Earnings13,025.8 12,914.0 
Treasury Stock - at cost(1,221.2)(938.3)
Total Stockholders’ Equity11,214.0 10,961.1 
Total Liabilities and Stockholders’ Equity$62,459.8 $61,959.3 

6. 1

Unum Group Balance Sheets by Segment - March 31, 2025
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,889.2 $1,865.4 $4,558.2 $12,312.8 $3,077.7 $3,337.2 $24,370.7 $3,132.2 $46,230.6 
Deferred Acquisition Costs66.8 56.6 1,156.7 1,280.1 59.0 1,554.1 — — 2,893.2 
Goodwill8.9 — 271.1 280.0 42.9 27.7 — — 350.6 
Reinsurance Recoverable
29.3 9.8 91.1 130.2 92.1 5.2 7,894.4 — 8,121.9 
All Other403.5 260.5 172.2 836.2 116.6 132.7 970.5 2,807.5 4,863.5 
Total Assets$6,397.7 $2,192.3 $6,249.3 $14,839.3 $3,388.3 $5,056.9 $33,235.6 $5,939.7 $62,459.8 
Liabilities
Future Policy Benefits$4,748.3 $806.8 $3,090.6 $8,645.7 $2,218.3 $1,944.1 $24,222.6 $— $37,030.7 
Policyholders' Account Balances— — 674.1 674.1 — 860.8 4,085.9 — 5,620.8 
Unearned Premiums3.8 6.7 62.4 72.9 230.9 47.1 124.7 — 475.6 
Other Policyholders' Funds39.6 787.1 29.4 856.1 58.5 8.8 599.4 — 1,522.8 
Debt— — — — — — — 3,741.6 3,741.6 
All Other43.7 26.3 59.7 129.7 116.2 61.9 554.5 1,992.0 2,854.3 
Total Liabilities4,835.4 1,626.9 3,916.2 10,378.5 2,623.9 2,922.7 29,587.1 5,733.6 51,245.8 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,512.9 636.9 2,325.0 4,474.8 763.7 1,982.2 4,743.7 788.9 12,753.3 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(151.5)(92.3)(179.5)(423.3)(154.2)(113.5)(1,284.6)(582.8)(2,558.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
200.9 20.8 187.6 409.3 154.9 265.5 189.4 — 1,019.1 
Total Allocated Stockholders' Equity1,562.3 565.4 2,333.1 4,460.8 764.4 2,134.2 3,648.5 206.1 11,214.0 
Total Liabilities and Allocated Stockholders' Equity$6,397.7 $2,192.3 $6,249.3 $14,839.3 $3,388.3 $5,056.9 $33,235.6 $5,939.7 $62,459.8 

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. 2

Unum Group Balance Sheets by Segment - December 31, 2024
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$6,016.7 $1,924.5 $4,557.3 $12,498.5 $2,968.7 $3,249.7 $23,862.5 $3,126.9 $45,706.3 
Deferred Acquisition Costs61.1 51.1 1,148.4 1,260.6 53.0 1,529.2 — — 2,842.8 
Goodwill8.9 — 271.1 280.0 41.4 27.7 — — 349.1 
Reinsurance Recoverable
31.7 5.7 166.4 203.8 99.0 4.3 7,989.3 — 8,296.4 
All Other351.2 202.4 185.1 738.7 129.2 153.3 1,524.2 2,219.3 4,764.7 
Total Assets$6,469.6 $2,183.7 $6,328.3 $14,981.6 $3,291.3 $4,964.2 $33,376.0 $5,346.2 $61,959.3 
Liabilities
Future Policy Benefits$4,773.9 $836.0 $3,059.8 $8,669.7 $2,163.0 $1,904.2 $24,069.5 $— $36,806.4 
Policyholders' Account Balances— — 675.7 675.7 — 862.5 4,095.5 — 5,633.7 
Unearned Premiums1.6 6.1 44.0 51.7 165.5 45.4 121.4 — 384.0 
Other Policyholders' Funds37.7 775.9 32.7 846.3 60.1 8.3 612.0 — 1,526.7 
Debt— — — — — — — 3,739.8 3,739.8 
All Other34.2 25.8 149.3 209.3 119.0 63.9 598.2 1,917.2 2,907.6 
Total Liabilities4,847.4 1,643.8 3,961.5 10,452.7 2,507.6 2,884.3 29,496.6 5,657.0 50,998.2 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,584.2 626.8 2,366.2 4,577.2 775.6 1,938.8 5,164.7 345.3 12,801.6 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(192.6)(111.0)(211.1)(514.7)(134.9)(138.8)(1,581.4)(656.1)(3,025.9)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits230.6 24.1 211.7 466.4 143.0 279.9 296.1 — 1,185.4 
Total Allocated Stockholders' Equity1,622.2 539.9 2,366.8 4,528.9 783.7 2,079.9 3,879.4 (310.8)10,961.1 
Total Liabilities and Allocated Stockholders' Equity$6,469.6 $2,183.7 $6,328.3 $14,981.6 $3,291.3 $4,964.2 $33,376.0 $5,346.2 $61,959.3 

6. 3

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 or losses, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, 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, impairment 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 EndedYear Ended
3/31/20253/31/2024% Change12/31/202412/31/2023% Change
Premium Income
Unum US$1,780.9 $1,707.4 4.3 %$6,883.2 $6,579.2 4.6 %
Unum International246.7 231.7 6.5 949.5 825.2 15.1 
Colonial Life457.3 446.9 2.3 1,783.9 1,726.1 3.3 
Closed Block218.0 224.3 (2.8)880.8 915.5 (3.8)
2,702.9 2,610.3 3.5 10,497.4 10,046.0 4.5 
Net Investment Income
Unum US148.9 157.0 (5.2)632.2 639.9 (1.2)
Unum International28.5 26.1 9.2 128.8 137.2 (6.1)
Colonial Life42.2 39.3 7.4 161.5 153.5 5.2 
Closed Block269.7 273.1 (1.2)1,148.9 1,066.3 7.7 
Corporate23.9 18.0 32.8 58.6 99.8 (41.3)
513.2 513.5 (0.1)2,130.0 2,096.7 1.6 
Other Income
Unum US71.9 60.6 18.6 235.9 220.5 7.0 
Unum International0.1 0.3 (66.7)1.6 1.6 — 
Colonial Life0.4 3.0 (86.7)4.0 1.2 N.M.
Closed Block9.9 13.1 (24.4)51.7 52.6 (1.7)
Corporate— 0.7 N.M.1.3 3.3 (60.6)
82.3 77.7 5.9 294.5 279.2 5.5 
Total Adjusted Operating Revenue
Unum US2,001.7 1,925.0 4.0 7,751.3 7,439.6 4.2 
Unum International275.3 258.1 6.7 1,079.9 964.0 12.0 
Colonial Life499.9 489.2 2.2 1,949.4 1,880.8 3.6 
Closed Block497.6 510.5 (2.5)2,081.4 2,034.4 2.3 
Corporate23.9 18.7 27.8 59.9 103.1 (41.9)
$3,298.4 $3,201.5 3.0 $12,921.9 $12,421.9 4.0 

7

Unum Group Financial Results by Segment - Continued
Three Months EndedYear Ended
3/31/20253/31/2024% Change12/31/202412/31/2023% Change
Benefits and Expenses
Unum US$1,672.6 $1,539.8 8.6 %$6,168.5 $5,955.3 3.6 %
Unum International236.6 220.7 7.2 929.6 823.8 12.8 
Colonial Life384.2 375.5 2.3 1,436.7 1,400.0 2.6 
Closed Block489.6 503.8 (2.8)1,834.8 2,317.2 (20.8)
Corporate65.0 64.8 0.3 266.4 249.5 6.8 
2,848.0 2,704.6 5.3 10,636.0 10,745.8 (1.0)
Income (Loss) Before Income Tax and Net Investment Loss
Unum US329.1 385.2 (14.6)1,582.8 1,484.3 6.6 
Unum International38.7 37.4 3.5 150.3 140.2 7.2 
Colonial Life115.7 113.7 1.8 512.7 480.8 6.6 
Closed Block8.0 6.7 19.4 246.6 (282.8)187.2 
Corporate(41.1)(46.1)(10.8)(206.5)(146.4)41.1 
450.4 496.9 (9.4)2,285.9 1,676.1 36.4 
Income Tax Expense Before Net Investment Loss
97.9 100.9 (3.0)479.8 364.1 31.8 
Income Before Net Investment Loss352.5 396.0 (11.0)1,806.1 1,312.0 37.7 
Net Investment Loss (net of tax benefit of $43.4; $0.4; $7.6; $7.8)(163.4)(0.8)N.M.(27.0)(28.2)(4.3)
Net Income$189.1 $395.2 (52.2)$1,779.1 $1,283.8 38.6 
7. 1

Unum Group Quarterly Historical Financial Results by Segment
3/31/202512/31/20249/30/20246/30/20243/31/2024
Premium Income
Unum US$1,780.9 $1,721.4 $1,723.5 $1,730.9 $1,707.4 
Unum International246.7 242.4 246.6 228.8 231.7 
Colonial Life457.3 448.9 441.9 446.2 446.9 
Closed Block218.0 218.4 216.8 221.3 224.3 
2,702.9 2,631.1 2,628.8 2,627.2 2,610.3 
Net Investment Income
Unum US148.9 156.1 161.0 158.1 157.0 
Unum International28.5 34.3 30.4 38.0 26.1 
Colonial Life42.2 42.1 39.6 40.5 39.3 
Closed Block269.7 297.3 284.3 294.2 273.1 
Corporate23.9 13.8 12.5 14.3 18.0 
513.2 543.6 527.8 545.1 513.5 
Other Income
Unum US71.9 57.0 60.1 58.2 60.6 
Unum International0.1 0.4 0.4 0.5 0.3 
Colonial Life0.4 0.4 0.4 0.2 3.0 
Closed Block9.9 14.0 12.4 12.2 13.1 
Corporate— 0.2 — 0.4 0.7 
82.3 72.0 73.3 71.5 77.7 
Total Adjusted Operating Revenue
Unum US2,001.7 1,934.5 1,944.6 1,947.2 1,925.0 
Unum International275.3 277.1 277.4 267.3 258.1 
Colonial Life499.9 491.4 481.9 486.9 489.2 
Closed Block497.6 529.7 513.5 527.7 510.5 
Corporate23.9 14.0 12.5 14.7 18.7 
$3,298.4 $3,246.7 $3,229.9 $3,243.8 $3,201.5 


8

Unum Group Quarterly Historical Financial Results by Segment - Continued
3/31/202512/31/20249/30/20246/30/20243/31/2024
Benefits and Expenses
Unum US$1,672.6 $1,601.3 $1,437.7 $1,589.7 $1,539.8 
Unum International236.6 239.5 244.6 224.8 220.7 
Colonial Life384.2 368.7 322.5 370.0 375.5 
Closed Block489.6 517.2 320.4 493.4 503.8 
Corporate65.0 64.4 77.2 60.0 64.8 
2,848.0 2,791.1 2,402.4 2,737.9 2,704.6 
Income (Loss) Before Income Tax and Net Investment Loss
Unum US329.1 333.2 506.9 357.5 385.2 
Unum International38.7 37.6 32.8 42.5 37.4 
Colonial Life115.7 122.7 159.4 116.9 113.7 
Closed Block8.0 12.5 193.1 34.3 6.7 
Corporate(41.1)(50.4)(64.7)(45.3)(46.1)
450.4 455.6 827.5 505.9 496.9 
Income Tax Expense Before Net Investment Loss97.9 98.7 172.0 108.2 100.9 
Income Before Net Investment Loss352.5 356.9 655.5 397.7 396.0 
Net Investment Loss(206.8)(10.1)(12.9)(10.4)(1.2)
Tax Benefit on Net Investment Loss(43.4)(1.9)(3.1)(2.2)(0.4)
Net Income$189.1 $348.7 $645.7 $389.5 $395.2 
Net Income Per Common Share - Assuming Dilution$1.06 $1.92 $3.46 $2.05 $2.04 

8. 1

Unum Group Financial Results for Unum US Segment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income$1,780.9 $1,707.4 $6,883.2 $6,579.2 
Net Investment Income148.9 157.0 632.2 639.9 
Other Income71.9 60.6 235.9 220.5 
Total2,001.7 1,925.0 7,751.3 7,439.6 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain1,063.2 969.3 3,864.7 3,808.5 
Commissions205.6 182.2 729.3 664.4 
Deferral of Acquisition Costs(84.7)(83.3)(320.9)(314.7)
Amortization of Deferred Acquisition Costs65.2 69.8 292.5 267.6 
Other Expenses423.3 401.8 1,602.9 1,529.5 
Total1,672.6 1,539.8 6,168.5 5,955.3 
Income before Income Tax and Net Investment Gains and Losses329.1 385.2 1,582.8 1,484.3 
Reserve Assumption Updates— — (143.6)(128.8)
Adjusted Operating Income$329.1 $385.2 $1,439.2 $1,355.5 
Operating Ratios (% of Premium Income):
Benefit Ratio1
59.7 %56.8 %58.2 %59.8 %
Other Expense Ratio2
23.0 %22.8 %22.5 %22.5 %
Income Ratio23.0 %22.6 %
Adjusted Operating Income Ratio18.5 %22.6 %20.9 %20.6 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.


9

Unum Group Financial Results for Unum US Group Disability
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability$504.5 $516.7 $2,086.1 $2,057.2 
Group Short-term Disability278.3 263.1 1,084.0 1,012.3 
Total Premium Income782.8 779.8 3,170.1 3,069.5 
Net Investment Income74.0 77.8 311.2 324.8 
Other Income56.0 58.7 232.1 211.6 
Total912.8 916.3 3,713.4 3,605.9 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain483.7 448.6 1,781.8 1,693.2 
Commissions65.0 61.8 244.4 230.5 
Deferral of Acquisition Costs(16.1)(16.5)(62.2)(60.2)
Amortization of Deferred Acquisition Costs10.4 14.4 64.7 57.6 
Other Expenses250.6 243.2 973.5 936.1 
Total793.6 751.5 3,002.2 2,857.2 
Income Before Income Tax and Net Investment Gains and Losses119.2 164.8 711.2 748.7 
Reserve Assumption Updates— — (90.0)(121.0)
Adjusted Operating Income$119.2 $164.8 $621.2 $627.7 
Operating Ratios (% of Premium Income):
Benefit Ratio1
61.8 %57.5 %59.0 %59.1 %
Other Expense Ratio2
29.9 %29.0 %28.6 %28.5 %
Income Ratio22.4 %24.4 %
Adjusted Operating Income Ratio15.2 %21.1 %19.6 %20.4 %
Persistency:
Group Long-term Disability90.7 %93.1 %93.3 %90.8 %
Group Short-term Disability87.5 %91.3 %91.7 %88.9 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.


9. 1

Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Group Life$466.2 $442.6 $1,784.7 $1,679.0 
Accidental Death & Dismemberment48.2 45.8 186.1 175.5 
Total Premium Income514.4 488.4 1,970.8 1,854.5 
Net Investment Income18.2 22.0 88.3 90.1 
Other Income0.1 1.0 1.5 1.0 
Total532.7 511.4 2,060.6 1,945.6 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain356.7 333.2 1,294.2 1,347.7 
Commissions47.0 41.7 168.0 155.9 
Deferral of Acquisition Costs(11.6)(10.5)(40.6)(38.6)
Amortization of Deferred Acquisition Costs6.1 6.9 38.4 39.0 
Other Expenses65.3 61.3 243.0 229.9 
Total463.5 432.6 1,703.0 1,733.9 
Income Before Income Tax and Net Investment Gains and Losses69.2 78.8 357.6 211.7 
Reserve Assumption Update— — (13.0)— 
Adjusted Operating Income$69.2 $78.8 $344.6 $211.7 
Operating Ratios (% of Premium Income):
Benefit Ratio1
69.3 %68.2 %66.3 %72.7 %
Other Expense Ratio12.7 %12.6 %12.3 %12.4 %
Income Ratio18.1 %
Adjusted Operating Income Ratio
13.5 %16.1 %17.5 %11.4 %
Persistency:
Group Life89.2 %91.7 %92.0 %89.6 %
Accidental Death & Dismemberment87.9 %91.4 %91.2 %88.7 %
1Excludes the reserve assumption update that occurred during the third quarter of 2024.
9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Voluntary Benefits$234.1 $222.9 $879.2 $850.1 
Individual Disability168.7 142.0 566.0 527.0 
Dental and Vision80.9 74.3 297.1 278.1 
Total Premium Income483.7 439.2 1,742.3 1,655.2 
Net Investment Income56.7 57.2 232.7 225.0 
Other Income15.8 0.9 2.3 7.9 
Total556.2 497.3 1,977.3 1,888.1 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain222.8 187.5 788.7 767.6 
Commissions93.6 78.7 316.9 278.0 
Deferral of Acquisition Costs(57.0)(56.3)(218.1)(215.9)
Amortization of Deferred Acquisition Costs48.7 48.5 189.4 171.0 
Other Expenses107.4 97.3 386.4 363.5 
Total415.5 355.7 1,463.3 1,364.2 
Income Before Income Tax and Net Investment Gains and Losses140.7 141.6 514.0 523.9 
Reserve Assumption Updates - Voluntary Benefits— — 12.2 (10.4)
Reserve Assumption Updates - Individual Disability— — (52.8)2.6 
Adjusted Operating Income$140.7 $141.6 $473.4 $516.1 
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1
44.1 %33.8 %43.0 %39.8 %
Individual Disability1
35.5 %41.1 %41.0 %44.3 %
Dental and Vision73.7 %72.4 %73.9 %73.1 %
Other Expense Ratio22.2 %22.2 %22.2 %22.0 %
Income Ratio29.5 %31.7 %
Adjusted Operating Income Ratio29.1 %32.2 %27.2 %31.2 %
Persistency:
Voluntary Benefits76.8 %75.7 %76.0 %75.5 %
Individual Disability88.2 %89.2 %89.0 %89.0 %
Dental and Vision82.2 %80.5 %81.4 %77.1 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
9. 3

Unum Group Financial Results for Unum International Segment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability$100.2 $103.5 $418.0 $396.1 
Group Life61.6 48.7 211.3 169.3 
Supplemental41.9 43.1 165.6 141.5 
Unum Poland43.0 36.4 154.6 118.3 
Total Premium Income246.7 231.7 949.5 825.2 
Net Investment Income28.5 26.1 128.8 137.2 
Other Income0.1 0.3 1.6 1.6 
Total275.3 258.1 1,079.9 964.0 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain164.1 155.9 656.7 579.8 
Commissions22.4 19.6 82.5 72.5 
Deferral of Acquisition Costs (5.3)(4.3)(17.8)(14.6)
Amortization of Deferred Acquisition Costs2.5 2.4 9.5 8.4 
Other Expenses52.9 47.1 198.7 177.7 
Total236.6 220.7 929.6 823.8 
Income Before Income Tax and Net Investment Gains and Losses38.7 37.4 150.3 140.2 
Reserve Assumption Updates
— — 7.5 17.9 
Adjusted Operating Income$38.7 $37.4 $157.8 $158.1 



10

Unum Group Financial Results for Unum UK

Three Months EndedYear Ended
(in millions of pounds, except exchange rate)
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability£79.4 £81.6 £327.0 £318.5 
Group Life48.9 38.4 165.1 136.1 
Supplemental33.2 34.0 129.5 113.7 
Total Premium Income161.5 154.0 621.6 568.3 
Net Investment Income20.1 18.4 91.9 102.4 
Other Income0.1 0.1 0.1 0.2 
Total181.7 172.5 713.6 670.9 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain108.4 104.8 440.2 408.5 
Commissions10.1 9.4 38.2 37.4 
Deferral of Acquisition Costs(1.2)(1.1)(3.8)(3.9)
Amortization of Deferred Acquisition Costs1.3 1.4 5.2 5.2 
Other Expenses33.6 29.8 122.4 115.4 
Total152.2 144.3 602.2 562.6 
Income Before Income Tax and Net Investment Gains and Losses29.5 28.2 111.4 108.3 
Reserve Assumption Updates
— — 6.4 16.3 
Adjusted Operating Income£29.5 £28.2 £117.8 £124.6 
Weighted Average Pound/Dollar Exchange Rate1.264 1.266 1.278 1.243 
Operating Ratios (% of Premium Income):
Benefit Ratio1
67.1 %68.1 %69.8 %69.0 %
Other Expense Ratio20.8 %19.4 %19.7 %20.3 %
Income Ratio
17.9 %19.1 %
Adjusted Operating Income Ratio18.3 %18.3 %19.0 %21.9 %
Persistency:
Group Long-term Disability92.1 %92.7 %92.0 %92.5 %
Group Life88.9 %88.3 %89.1 %83.0 %
Supplemental89.4 %87.7 %90.4 %91.7 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
10. 1

Unum Group Financial Results for Colonial Life Segment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability$247.1 $243.2 $969.5 $946.1 
Life119.9 114.3 458.0 426.5 
Cancer and Critical Illness90.3 89.4 356.4 353.5 
Total Premium Income457.3 446.9 1,783.9 1,726.1 
Net Investment Income42.2 39.3 161.5 153.5 
Other Income0.4 3.0 4.0 1.2 
Total499.9 489.2 1,949.4 1,880.8 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain218.1 217.1 804.7 798.1 
Commissions97.3 95.2 378.4 359.4 
Deferral of Acquisition Costs(82.6)(79.3)(312.8)(302.9)
Amortization of Deferred Acquisition Costs57.7 54.0 219.0 205.4 
Other Expenses93.7 88.5 347.4 340.0 
Total384.2 375.5 1,436.7 1,400.0 
Income Before Income Tax and Net Investment Gains and Losses115.7 113.7 512.7 480.8 
Reserve Assumption Updates
— — (46.0)(80.7)
Adjusted Operating Income$115.7 $113.7 $466.7 $400.1 
Operating Ratios (% of Premium Income):
Benefit Ratio1
47.7 %48.6 %47.7 %50.9 %
Other Expense Ratio20.5 %19.8 %19.5 %19.7 %
Income Ratio28.7 %27.9 %
Adjusted Operating Income Ratio25.3 %25.4 %26.2 %23.2 %
Persistency:
Accident, Sickness, and Disability73.6 %73.7 %73.7 %73.6 %
Life83.8 %85.1 %84.4 %85.1 %
Cancer and Critical Illness82.2 %82.2 %82.2 %82.4 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
11

Unum Group Financial Results for Closed Block Segment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Premium Income
Long-term Care $176.2 $174.5 $696.1 $696.0 
All Other41.8 49.8 184.7 219.5 
Total Premium Income218.0 224.3 880.8 915.5 
Net Investment Income269.7 273.1 1,148.9 1,066.3 
Other Income9.9 13.1 51.7 52.6 
Total497.6 510.5 2,081.4 2,034.4 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain425.6 443.0 1,591.8 2,070.7 
Commissions17.9 16.6 68.4 73.8 
Other Expenses46.1 44.2 174.6 172.7 
Total489.6 503.8 1,834.8 2,317.2 
Income (Loss) Before Income Tax and Net Investment Gains and Losses8.0 6.7 246.6 (282.8)
Amortization of the Cost of Reinsurance9.6 10.4 41.4 44.1 
Non-Contemporaneous Reinsurance6.8 7.2 25.1 34.8 
Reserve Assumption Updates - Long-Term Care
— — (174.1)368.1 
Reserve Assumption Updates- All Other
— — (1.2)0.7 
Adjusted Operating Income$24.4 $24.3 $137.8 $164.9 
Long-term Care Net Premium Ratio
94.7 %93.8 %94.6 %93.5 %
Operating Ratios (% of Premium Income):
Other Expense Ratio1
16.7 %15.1 %15.1 %14.0 %
Income (Loss) Ratio
3.7 %3.0 %28.0 %(30.9)%
Adjusted Operating Income Ratio11.2 %10.8 %15.6 %18.0 %
Long-term Care Persistency
95.2 %95.3 %95.8 %95.6 %
1Excludes amortization of the cost of reinsurance.
12

Unum Group Financial Results for Corporate Segment
Three Months EndedYear Ended
3/31/20253/31/202412/31/202412/31/2023
Adjusted Operating Revenue
Net Investment Income$23.9 $18.0 $58.6 $99.8 
Other Income— 0.7 1.3 3.3 
Total23.9 18.7 59.9 103.1 
Interest, Debt, and Other Expenses65.0 64.8 266.4 249.5 
Loss Before Income Tax and Net Investment Gains and Losses(41.1)(46.1)(206.5)(146.4)
Loss on Legal Settlement— — 15.3 — 
Adjusted Operating Loss$(41.1)$(46.1)$(191.2)$(146.4)
13

Unum Group Investments
3/31/20253/31/202512/31/2024
Fixed Maturity Securities (Fair Value)Selected Statistics
Public$23,030.2 64.4 %Earned Book Yield4.25 %4.44 %
Mortgage-Backed/Asset-Backed Securities960.8 2.7 Average Duration (in years)8.318.28
Private Placements5,697.0 15.9 
High Yield1,453.9 4.1 
Government Securities1,344.0 3.8 
Municipal Securities3,257.8 9.1 
Redeemable Preferred Stocks7.7 — 
Total$35,751.4 100.0 %
Amortized CostFair ValuePrivate Equity Partnerships3/31/202512/31/2024
Quality Ratings of Fixed Maturity SecuritiesPrivate Credit Partnerships$285.6 $289.2 
Aaa3.0 %3.0 %Private Equity Partnerships639.7 640.2 
Aa15.4 14.8 Real Asset Partnerships510.0 521.2 
A31.2 31.6 Total $1,435.3 $1,450.6 
Baa46.4 46.5 
Below Baa4.0 4.1 
Total100.0 %100.0 %Non-Current Investments$11.8 $13.0 


14

Unum Group Investments at March 31, 2025
Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
ClassificationFair ValueNet Unrealized Gain (Loss)Fair Value with Gross Unrealized LossGross Unrealized LossFair Value with Gross Unrealized GainGross Unrealized Gain
Basic Industry$2,447.1 $(104.0)$1,430.7 $142.9 $1,016.4 $38.9 
Capital Goods3,258.5 (111.3)1,833.4 189.9 1,425.1 78.6 
Communications2,206.1 (82.5)1,028.3 174.4 1,177.8 91.9 
Consumer Cyclical1,376.1 (94.8)1,034.9 115.8 341.2 21.0 
Consumer Non-Cyclical6,269.0 (440.0)3,967.9 565.4 2,301.1 125.4 
Energy2,530.0 21.1 839.6 84.9 1,690.4 106.0 
Financial Institutions3,856.2 (312.7)3,120.3 338.1 735.9 25.4 
Mortgage/Asset-Backed1
960.8 (19.3)519.1 24.8 441.7 5.5 
Sovereigns810.3 (150.4)443.3 164.1 367.0 13.7 
Technology1,366.0 (117.1)1,133.2 126.3 232.8 9.2 
Transportation1,592.6 (110.6)1,081.8 132.9 510.8 22.3 
U.S. Government Agencies and Municipalities3,791.5 (428.6)2,358.2 519.3 1,433.3 90.7 
Public Utilities5,287.2 (154.8)2,420.6 322.3 2,866.6 167.5 
Total$35,751.4 $(2,105.0)$21,211.3 $2,901.1 $14,540.1 $796.1 
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
Investment-GradeBelow-Investment-Grade
CategoryFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
Less than 91 days$1,833.5 $38.1 $215.0 $3.4 
91 through 180 days2,857.2 115.6 131.0 3.9 
181 through 270 days751.9 46.0 30.4 0.4 
271 days to 1 year27.3 3.1 — — 
Greater than 1 year14,965.9 2,630.5 399.1 60.1 
Total$20,435.8 $2,833.3 $775.5 $67.8 

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
14.1

Appendix to Statistical Supplement

2025 Significant Items:

•First quarter of 2025 net investment loss of $175.9 million before tax, or $139.0 million after tax, related to the anticipated reinsurance transaction with Fortitude Reinsurance Company Ltd, which, subject to receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, is expected to result in the execution of a coinsurance agreement during 2025.

2024 Significant Items:

•Third quarter of 2024 reserve assumption updates resulting in a net reserve decrease of $357.4 million before tax, or $282.6 million after tax.
•During the third quarter of 2024, we incurred a loss of $15.3 million before tax, or $12.1 million after tax, for the settlement of an employment-related matter.

2023 Significant Items:

•Third quarter of 2023 reserve assumption updates resulting in a net reserve increase of $177.2 million before tax, or $139.3 million after tax.
•In 2018, the Financial Accounting Standards Board issued ASU 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts”. This update significantly amended the accounting and disclosure requirements for long-duration insurance contracts. The update was effective for periods beginning January 1, 2023. We adopted this guidance effective January 1, 2023 using the modified retrospective approach with changes applied as of January 1, 2021, also referred to as the transition date.




15

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, amortization of the cost of reinsurance, non-contemporaneous reinsurance, and reserve assumption updates, 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, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI).
•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and
•Adjusted operating expense ratio, which excludes amortization of the cost of reinsurance as well as certain other items.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment 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.

We 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 we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
15.1

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


15.2

Reconciliation of Non-GAAP Financial Measures
Three Months Ended
March 31December 31September 30June 30March 31
20252024
Total Revenue$3,091.6 $3,236.6 $3,217.0 $3,233.4 $3,200.3 
Excluding:
Net Investment Loss
(206.8)(10.1)(12.9)(10.4)(1.2)
Adjusted Operating Revenue$3,298.4 $3,246.7 $3,229.9 $3,243.8 $3,201.5 

15.3

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 March 31, 2025
Unum US$259.9 $4,526.0 23.0 %
Unum International29.6 769.7 15.4 %
Colonial Life91.3 1,960.5 18.6 %
Core Operating Segments380.8 7,256.2 21.0 %
Closed Block16.7 4,954.2 
Corporate(32.0)567.1 
Total$365.5 $12,777.5 11.4 %
Three Months Ended March 31, 2024
Unum US$304.4 $4,444.0 27.4 %
Unum International28.0 765.8 14.6 %
Colonial Life89.7 1,816.3 19.8 %
Core Operating Segments422.1 7,026.1 24.0 %
Closed Block16.7 5,511.0 
Corporate(28.9)(149.8)
Total$409.9 $12,387.3 13.2 %

1Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.
15.4

Reconciliation of Non-GAAP Financial Measures - Continued
After-Tax Adjusted Operating Income (Loss)
 Average Allocated Equity1
 Adjusted Operating Return on Equity
Year Ended December 31, 2024
Unum US$1,137.6 $4,523.2 25.2 %
Unum International120.9 776.8 15.6 %
Colonial Life368.2 1,869.2 19.7 %
Core Operating Segments1,626.7 7,169.2 22.7 %
Closed Block98.6 5,324.1 
Corporate(137.1)53.8 
Total$1,588.2 $12,547.1 12.7 %
Year Ended December 31, 2023
Unum US$1,071.0 $4,635.7 23.1 %
Unum International127.9 774.3 16.5 %
Colonial Life315.6 1,744.5 18.1 %
Core Operating Segments1,514.5 7,154.5 21.2 %
Closed Block120.8 5,295.1 
Corporate(121.7)(573.7)
Total$1,513.6 $11,875.9 12.7 %

1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.6.
15.5

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:
3/31/202512/31/20243/31/202412/31/202312/31/2022
Total Stockholders' Equity$11,214.0 $10,961.1 $10,219.5 $9,651.4 $8,735.0 
Excluding:
Net Unrealized Loss on Securities
(2,333.2)(2,755.2)(2,360.8)(1,919.1)(3,028.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,019.1 1,185.4 225.3 (648.4)313.9 
Net Unrealized Loss on Derivatives
(225.2)(270.7)(127.0)(73.7)(9.6)
Total Adjusted Stockholders' Equity$12,753.3 $12,801.6 $12,482.0 $12,292.6 $11,459.1 
Three Months EndedTwelve Months EndedThree Months EndedTwelve Months Ended
3/31/202512/31/20243/31/202412/31/2023
Average Adjusted Stockholders' Equity $12,777.5 $12,547.1 $12,387.3 $11,875.9 

15.6

Reconciliation of Non-GAAP Financial Measures - Continued
Three Months Ended March 31
20252024
(in millions)per share*(in millions)per share*
Net Income$189.1 $1.06 $395.2 $2.04 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Anticipated Reinsurance Agreement (net of tax benefit of $36.9; $—)
(139.0)(0.78)— — 
Net Investment Loss, Other (net of tax benefit of $6.5; $0.4)
(24.4)(0.13)(0.8)— 
Total Net Investment Loss
(163.4)(0.91)(0.8)— 
Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.2)
(7.6)(0.04)(8.2)(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.4; $1.5)
(5.4)(0.03)(5.7)(0.04)
After-tax Adjusted Operating Income$365.5 $2.04 $409.9 $2.12 
*Assuming Dilution.

15.7

Reconciliation of Non-GAAP Financial Measures - Continued
Year Ended December 31
20242023
(in millions)per share *(in millions)per share *
Net Income$1,779.1 $9.46 $1,283.8 $6.50 
Excluding:
Net Investment Loss (net of tax benefit of $7.6; $7.8)
(27.0)(0.14)(28.2)(0.14)
Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3)
(32.7)(0.17)(34.8)(0.18)
Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3)
(19.9)(0.11)(27.5)(0.14)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9))
282.6 1.50 (139.3)(0.70)
Loss on Legal Settlement (net tax benefit of $3.2; $—)
(12.1)(0.06)— — 
After-tax Adjusted Operating Income$1,588.2 $8.44 $1,513.6 $7.66 
*Assuming Dilution.


15.8

Reconciliation of Non-GAAP Financial Measures - Continued

March 31December 31
2025202420242023
Debt$3,741.6 $3,431.0 $3,739.8 $3,430.4 
Including:
Lease Liability 68.3 60.5 69.4 62.6 
Adjusted Debt and Lease Liability$3,809.9 $3,491.5 $3,809.2 $3,493.0 
Total Stockholders' Equity$11,214.0 $10,219.5 $10,961.1 $9,651.4 
Excluding:
Net Unrealized Loss on Securities(2,333.2)(2,360.8)(2,755.2)(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,019.1 225.3 1,185.4 (648.4)
Net Loss on Derivatives
(225.2)(127.0)(270.7)(73.7)
Equity, As Adjusted12,753.3 12,482.0 12,801.6 12,292.6 
Debt, As Adjusted and Lease Liability3,809.9 3,491.5 3,809.2 3,493.0 
Total Adjusted Capital$16,563.2 $15,973.5 $16,610.8 $15,785.6 
Leverage Ratio23.0 %21.9 %22.9 %22.1 %

Three Months Ended
March 31, 2025
March 31, 2024
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$203.7 £154.0 1.261 $194.2 
Unum Poland43.0 zł145.0 0.251 36.4 
Total246.7 230.6 
Unum US1,780.9 $1,707.4 1,707.4 
Colonial Life457.3 $446.9 446.9 
Core Operations$2,484.9 $2,384.9 
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.

15.9