cover1q26.jpg


Unum Group
Statistical Supplement First Quarter 2026

 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
We applied updates to prior year reported information throughout this document to align to current year presentation. See "Appendix to the Statistical Supplement" beginning on page 15 for more information regarding this update.
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Consolidated U.S. GAAP Results¹
Premium Income$2,794.0 $2,702.9 $10,831.0 $10,497.4 
Segment Adjusted Operating Revenue
$3,360.2 $3,298.4 $13,182.1 $12,921.9 
Net Investment Loss(5.0)(206.8)(106.6)(34.6)
Total Revenue$3,355.2 $3,091.6 $13,075.5 $12,887.3 
Net Income$232.0 $189.1 $738.5 $1,779.1 
Net Income Per Common Share:
Basic $1.41 $1.06 $4.28 $9.49 
Assuming Dilution $1.41 $1.06 $4.27 $9.46 
Assets$62,714.3 $62,459.8 $63,519.4 $61,959.3 
Liabilities$51,821.9 $51,245.8 $52,400.3 $50,998.2 
Stockholders' Equity$10,892.4 $11,214.0 $11,119.1 $10,961.1 
Adjusted Stockholders' Equity$12,211.7 $12,753.3 $12,471.1 $12,801.6 
Adjusted Operating Return on Equity
Unum US25.0 %23.0 %22.8 %25.2 %
Unum International10.9 %15.4 %14.8 %15.6 %
Colonial Life19.2 %18.6 %18.2 %19.7 %
Core Operating Segments21.7 %21.0 %20.6 %22.7 %
Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax$314.0 $489.8 $652.5 $1,337.0 
Net Realized Capital Loss, After Tax
(0.5)(38.5)(18.5)(14.6)
Net Income$313.5 $451.3 $634.0 $1,322.4 
Capital and Surplus$4,031.2 $4,190.3 $3,770.6 $3,909.7 
Weighted Average Risk-based Capital Ratio~ 460%~ 460%~ 440%~ 430%
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
3/31/20263/31/202512/31/202512/31/2024
(in millions)per share(in millions)per share(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$10,892.4 $67.76 $11,214.0 $63.78 $11,119.1 $67.11 $10,961.1 $61.38 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(15.13)(2,333.2)(13.27)(2,003.1)(12.09)(2,755.2)(15.43)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 8.68 1,019.1 5.80 929.9 5.61 1,185.4 6.64 
Net Loss on Derivatives(282.1)(1.76)(225.2)(1.28)(278.8)(1.68)(270.7)(1.51)
Subtotal12,211.7 75.97 12,753.3 72.53 12,471.1 75.27 12,801.6 71.68 
Excluding:
Foreign Currency Translation Adjustment(268.6)(1.67)(300.7)(1.71)(245.6)(1.48)(343.0)(1.93)
Subtotal12,480.3 77.64 13,054.0 74.24 12,716.7 76.75 13,144.6 73.61 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(207.6)(1.29)(338.8)(1.93)(210.9)(1.27)(340.2)(1.90)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss$12,687.9 $78.93 $13,392.8 $76.17 $12,927.6 $78.02 $13,484.8 $75.51 
Dividends Paid$78.4 $0.46 $77.3 $0.42 $307.2 $1.76 $296.6 $1.570 

Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Shares Repurchased (millions)1
5.4 3.3 13.6 15.7 
Cost of Shares Repurchased (millions)2
$402.4 $202.6 $1,011.7 $979.3 
Price (UNM closing price on last trading day of period)$73.03 $81.46 $77.50 $73.03 
Leverage Ratio
23.9 %23.0 %23.6 %22.9 %
Holding Company Liquidity (millions)
$1,726 $2,215 $2,344 $1,987 
1For the three months ended March 31, 2025, and for the year ended December 31, 2025, $0.7 million shares were included related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.
2Includes commissions of $0.1 million for the three months ended March 31, 2026, $0.5 million for the three months ended March 31, 2025, $1.9 million for the year ended December 31, 2025, and a de minimis amount for the year ended December 31, 2024. There was excise tax of $3.7 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively, and $9.8 million and $8.3 million for the years ended December 31, 2025 and 2024, 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
OutlookStableStableStableStable
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
3/31/20263/31/202512/31/202512/31/2024
Revenue
Premium Income$2,794.0 $2,702.9 $10,831.0 $10,497.4 
Net Investment Income483.4 513.2 2,032.7 2,130.0 
Net Investment Loss(5.0)(206.8)(106.6)(34.6)
Other Income82.8 82.3 318.4 294.5 
Total Revenue3,355.2 3,091.6 13,075.5 12,887.3 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain
2,004.0 1,871.0 8,065.3 6,917.9 
Commissions368.5 343.2 1,355.3 1,258.6 
Interest and Debt Expense53.1 52.0 208.8 201.1 
Deferral of Acquisition Costs(190.6)(172.6)(697.1)(651.5)
Amortization of Deferred Acquisition Costs134.2 125.4 527.1 521.0 
Other Expenses683.3 629.0 2,682.6 2,388.9 
Total Benefits and Expenses3,052.5 2,848.0 12,142.0 10,636.0 
Income Before Income Tax302.7 243.6 933.5 2,251.3 
Income Tax Expense70.7 54.5 195.0 472.2 
Net Income$232.0 $189.1 $738.5 $1,779.1 
Weighted Average Shares Outstanding
Basic164.1 178.3 172.5 187.5 
Assuming Dilution164.4 178.9 172.9 188.1 
Actual Number of Shares Outstanding160.7 175.8 165.7 178.6 


4

Unum Group Sales Data for Unum US Segment
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)$93.5 $70.9 31.9 %$527.8 $512.6 
Large Case Market52.3 48.5 7.8 351.5 363.7 
Subtotal145.8 119.4 22.1 879.3 876.3 
Supplemental and Voluntary189.3 158.1 19.7 479.6 490.7 
Total Sales$335.1 $277.5 20.8 $1,358.9 $1,367.0 


5

Unum Group Sales Data for Unum International Segment
Three Months EndedYear Ended
(in millions of dollars)3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)$10.2 $11.2 (8.9)%$48.2 $41.8 
Large Case Market11.7 6.8 72.1 70.0 73.8 
Subtotal21.9 18.0 21.7 118.2 115.6 
Supplemental11.2 8.7 28.7 32.8 34.9 
Unum Poland9.0 10.2 (11.8)46.2 36.4 
Total Sales$42.1 $36.9 14.1 $197.2 $186.9 
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)£7.6 £8.9 (14.6)%£36.6 £32.8 
Large Case Market8.6 5.4 59.3 52.8 57.8 
Subtotal16.2 14.3 13.3 89.4 90.6 
Supplemental8.3 7.0 18.6 25.0 27.5 
Total Sales£24.5 £21.3 15.0 £114.4 £118.1 


5. 1

Unum Group Sales Data for Colonial Life Segment
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)$70.5 $69.8 1.0 %$343.5 $331.9 
Large Case Market9.8 9.3 5.4 71.8 65.1 
Subtotal80.3 79.1 1.5 415.3 397.0 
Public Sector26.0 26.2 (0.8)145.0 135.2 
Total Sales$106.3 $105.3 0.9 $560.3 $532.2 



5. 2

Unum Group Consolidated Balance Sheets
March 31December 31
20262025
Assets
Investments
Fixed Maturity Securities - at fair value$33,300.8 $33,056.6 
Mortgage Loans2,066.3 2,109.5 
Policy Loans3,702.9 3,668.1 
Other Long-term Investments1,664.8 1,670.4 
Short-term Investments2,055.3 3,016.2 
Total Investments42,790.1 43,520.8 
Other Assets
Cash and Bank Deposits192.6 158.2 
Accounts and Premiums Receivable1,614.4 1,429.8 
Reinsurance Recoverable11,310.9 11,574.6 
Accrued Investment Income582.0 596.0 
Deferred Acquisition Costs2,974.4 2,920.3 
Goodwill353.0 353.9 
Property and Equipment509.3 503.7 
Deferred Income Tax37.2 79.5 
Other Assets2,350.4 2,382.6 
Total Assets$62,714.3 $63,519.4 

6

Unum Group Consolidated Balance Sheets - Continued
March 31December 31
20262025
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits
$37,300.5 $38,017.0 
Policyholders' Account Balances
5,736.0 5,636.4 
Unearned Premiums509.1 412.8 
Other Policyholders’ Funds1,472.6 1,479.7 
Income Tax Payable87.6 52.2 
Deferred Income Tax41.0 38.8 
Long-term Debt3,762.0 3,767.6 
Other Liabilities 2,913.1 2,995.8 
Total Liabilities51,821.9 52,400.3 
Stockholders’ Equity
Common Stock19.6 19.6 
Additional Paid-in Capital1,602.1 1,593.0 
Accumulated Other Comprehensive Loss(1,795.5)(1,808.5)
Retained Earnings13,498.9 13,345.3 
Treasury Stock - at cost(2,432.7)(2,030.3)
Total Stockholders’ Equity10,892.4 11,119.1 
Total Liabilities and Stockholders’ Equity$62,714.3 $63,519.4 

6. 1

Unum Group Balance Sheets by Segment - March 31, 2026
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,537.1 $1,837.5 $4,310.4 $11,685.0 $2,869.6 $3,534.1 $20,596.0 $4,105.4 $42,790.1 
Deferred Acquisition Costs66.0 61.2 1,104.4 1,231.6 75.6 1,667.2 — — 2,974.4 
Goodwill10.1 — 271.1 281.2 44.1 27.7 — — 353.0 
Reinsurance Recoverable
25.2 8.8 410.5 444.5 121.5 5.5 10,739.4 — 11,310.9 
All Other423.9 315.1 119.6 858.6 551.1 97.9 1,167.8 2,610.5 5,285.9 
Total Assets$6,062.3 $2,222.6 $6,216.0 $14,500.9 $3,661.9 $5,332.4 $32,503.2 $6,715.9 $62,714.3 
Liabilities
Future Policy Benefits$4,521.6 $779.2 $3,059.6 $8,360.4 $2,248.5 $2,013.5 $24,678.1 $— $37,300.5 
Policyholders' Account Balances— — 659.0 659.0 — 855.7 4,114.8 106.5 5,736.0 
Unearned Premiums3.5 6.6 60.8 70.9 268.4 47.9 121.9 — 509.1 
Other Policyholders' Funds39.1 775.0 31.2 845.3 70.6 8.2 548.5 — 1,472.6 
Debt— — — — — — — 3,762.0 3,762.0 
All Other49.6 28.5 209.3 287.4 167.3 84.1 586.9 1,916.0 3,041.7 
Total Liabilities4,613.8 1,589.3 4,019.9 10,223.0 2,754.8 3,009.4 30,050.2 5,784.5 51,821.9 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,420.0 694.6 2,156.2 4,270.8 853.2 2,133.9 3,487.4 1,466.4 12,211.7 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(150.0)(79.7)(172.3)(402.0)(149.8)(100.8)(1,526.8)(535.0)(2,714.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
178.5 18.4 212.2 409.1 203.7 289.9 492.4 — 1,395.1 
Total Allocated Stockholders' Equity1,448.5 633.3 2,196.1 4,277.9 907.1 2,323.0 2,453.0 931.4 10,892.4 
Total Liabilities and Allocated Stockholders' Equity$6,062.3 $2,222.6 $6,216.0 $14,500.9 $3,661.9 $5,332.4 $32,503.2 $6,715.9 $62,714.3 

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, 2025
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,685.7 $1,827.5 $4,314.6 $11,827.8 $3,183.2 $3,420.8 $21,459.4 $3,629.6 $43,520.8 
Deferred Acquisition Costs63.6 57.6 1,087.5 1,208.7 72.1 1,639.5 — — 2,920.3 
Goodwill10.1 — 271.1 281.2 45.0 27.7 — — 353.9 
Reinsurance Recoverable
26.2 7.6 410.1 443.9 93.3 4.6 11,032.8 — 11,574.6 
All Other386.5 326.9 160.3 873.7 254.4 197.3 1,395.6 2,428.8 5,149.8 
Total Assets$6,172.1 $2,219.6 $6,243.6 $14,635.3 $3,648.0 $5,289.9 $33,887.8 $6,058.4 $63,519.4 
Liabilities
Future Policy Benefits$4,591.6 $802.4 $3,099.4 $8,493.4 $2,404.3 $2,032.0 $25,087.3 $— $38,017.0 
Policyholders' Account Balances— — 665.7 665.7 — 858.9 4,111.8 — 5,636.4 
Unearned Premiums1.3 5.7 41.7 48.7 201.5 46.9 115.7 — 412.8 
Other Policyholders' Funds26.1 769.6 33.0 828.7 78.3 8.8 563.9 — 1,479.7 
Debt— — — — — — — 3,767.6 3,767.6 
All Other36.3 27.2 209.2 272.7 125.6 71.1 594.4 2,023.0 3,086.8 
Total Liabilities4,655.3 1,604.9 4,049.0 10,309.2 2,809.7 3,017.7 30,473.1 5,790.6 52,400.3 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,473.7 666.6 2,165.0 4,305.3 822.4 2,083.1 4,495.2 765.1 12,471.1 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(106.3)(67.0)(141.6)(314.9)(115.0)(72.1)(1,282.6)(497.3)(2,281.9)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits149.4 15.1 171.2 335.7 130.9 261.2 202.1 — 929.9 
Total Allocated Stockholders' Equity1,516.8 614.7 2,194.6 4,326.1 838.3 2,272.2 3,414.7 267.8 11,119.1 
Total Liabilities and Allocated Stockholders' Equity$6,172.1 $2,219.6 $6,243.6 $14,635.3 $3,648.0 $5,289.9 $33,887.8 $6,058.4 $63,519.4 

6. 3

Unum Group Financial Results by Segment

We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment 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, 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
3/31/20263/31/2025% Change12/31/202512/31/2024% Change
Premium Income
Unum US$1,840.5 $1,780.9 3.3 %$7,083.5 $6,883.2 2.9 %
Unum International286.7 246.7 16.2 1,082.8 949.5 14.0 
Colonial Life472.7 457.3 3.4 1,839.1 1,783.9 3.1 
Closed Block194.1 218.0 (11.0)825.6 880.8 (6.3)
2,794.0 2,702.9 3.4 10,831.0 10,497.4 3.2 
Net Investment Income
Unum US158.3 148.9 6.3 604.2 632.2 (4.4)
Unum International29.6 28.5 3.9 145.6 128.8 13.0 
Colonial Life46.8 42.2 10.9 172.6 161.5 6.9 
Closed Block229.1 269.7 (15.1)1,016.5 1,148.9 (11.5)
Corporate19.6 23.9 (18.0)93.8 58.6 60.1 
483.4 513.2 (5.8)2,032.7 2,130.0 (4.6)
Other Income
Unum US66.8 71.9 (7.1)258.8 235.9 9.7 
Unum International3.3 0.1 N.M.7.7 1.6 N.M.
Colonial Life0.7 0.4 75.0 1.6 4.0 (60.0)
Closed Block11.3 9.9 14.1 49.9 51.7 (3.5)
Corporate0.7 — N.M.0.4 1.3 (69.2)
82.8 82.3 0.6 318.4 294.5 8.1 
Total Segment Adjusted Operating Revenue
Unum US2,065.6 2,001.7 3.2 7,946.5 7,751.3 2.5 
Unum International319.6 275.3 16.1 1,236.1 1,079.9 14.5 
Colonial Life520.2 499.9 4.1 2,013.3 1,949.4 3.3 
Closed Block434.5 497.6 (12.7)1,892.0 2,081.4 (9.1)
Corporate20.3 23.9 (15.1)94.2 59.9 57.3 
$3,360.2 $3,298.4 1.9 $13,182.1 $12,921.9 2.0 

7

Unum Group Financial Results by Segment - Continued
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024% Change
Adjusted Benefits and Expenses
Unum US$1,727.7 $1,672.6 3.3 %$6,666.6 $6,312.1 5.6 %
Unum International288.7 236.6 22.0 1,083.8 922.1 17.5 
Colonial Life392.4 384.2 2.1 1,549.7 1,482.7 4.5 
Closed Block579.8 489.6 18.4 1,973.8 2,010.1 (1.8)
Corporate63.9 65.0 (1.7)265.8 251.1 5.9 
3,052.5 2,848.0 7.2 11,539.7 10,978.1 5.1 
Segment Adjusted Operating Income (Loss)
Unum US337.9 329.1 2.7 1,279.9 1,439.2 (11.1)
Unum International30.9 38.7 (20.2)152.3 157.8 (3.5)
Colonial Life127.8 115.7 10.5 463.6 466.7 (0.7)
Closed Block(145.3)8.0 N.M.(81.8)71.3 N.M.
Corporate(43.6)(41.1)6.1 (171.6)(191.2)(10.3)
$307.7 $450.4 (31.7)$1,642.4 $1,943.8 (15.5)
7. 1

Unum Group Quarterly Historical Financial Results by Segment
3/31/202612/31/20259/30/20256/30/20253/31/2025
Premium Income
Unum US$1,840.5 $1,748.6 $1,755.4 $1,798.6 $1,780.9 
Unum International286.7 283.9 281.1 271.1 246.7 
Colonial Life472.7 463.2 456.5 462.1 457.3 
Closed Block194.1 196.4 195.0 216.2 218.0 
2,794.0 2,692.1 2,688.0 2,748.0 2,702.9 
Net Investment Income
Unum US158.3 148.3 151.9 155.1 148.9 
Unum International29.6 34.7 36.2 46.2 28.5 
Colonial Life46.8 43.5 44.3 42.6 42.2 
Closed Block229.1 237.6 224.7 284.5 269.7 
Corporate19.6 17.9 19.7 32.3 23.9 
483.4 482.0 476.8 560.7 513.2 
Other Income
Unum US66.8 63.4 65.5 58.0 71.9 
Unum International3.3 4.4 2.9 0.3 0.1 
Colonial Life0.7 0.3 0.6 0.3 0.4 
Closed Block11.3 11.6 16.3 12.1 9.9 
Corporate0.7 0.4 0.3 (0.3)— 
82.8 80.1 85.6 70.4 82.3 
Total Segment Adjusted Operating Revenue
Unum US2,065.6 1,960.3 1,972.8 2,011.7 2,001.7 
Unum International319.6 323.0 320.2 317.6 275.3 
Colonial Life520.2 507.0 501.4 505.0 499.9 
Closed Block434.5 445.6 436.0 512.8 497.6 
Corporate20.3 18.3 20.0 32.0 23.9 
$3,360.2 $3,254.2 $3,250.4 $3,379.1 $3,298.4 


8

Unum Group Quarterly Historical Financial Results by Segment - Continued
3/31/202612/31/20259/30/20256/30/20253/31/2025
Adjusted Benefits and Expenses
Unum US$1,727.7 $1,666.8 $1,633.7 $1,693.5 $1,672.6 
Unum International288.7 289.8 281.4 276.0 236.6 
Colonial Life392.4 393.1 384.8 387.6 384.2 
Closed Block579.8 482.8 477.8 523.6 489.6 
Corporate63.9 69.4 67.7 63.7 65.0 
3,052.5 2,901.9 2,845.4 2,944.4 2,848.0 
Segment Adjusted Operating Income (Loss)
Unum US337.9 293.5 339.1 318.2 329.1 
Unum International30.9 33.2 38.8 41.6 38.7 
Colonial Life127.8 113.9 116.6 117.4 115.7 
Closed Block(145.3)(37.2)(41.8)(10.8)8.0 
Corporate(43.6)(51.1)(47.7)(31.7)(41.1)
$307.7 $352.3 $405.0 $434.7 $450.4 

8. 1

Unum Group Financial Results for Unum US Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income$1,840.5 $1,780.9 $7,083.5 $6,883.2 
Net Investment Income158.3 148.9 604.2 632.2 
Other Income
66.8 71.9 258.8 235.9 
Total2,065.6 2,001.7 7,946.5 7,751.3 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
1,095.3 1,063.2 4,268.1 4,008.3 
Commissions219.4 205.6 794.9 729.3 
Deferral of Acquisition Costs(91.6)(84.7)(331.7)(320.9)
Amortization of Deferred Acquisition Costs68.7 65.2 283.3 292.5 
Other Expenses435.9 423.3 1,652.0 1,602.9 
Total1,727.7 1,672.6 6,666.6 6,312.1 
Segment Adjusted Operating Income337.9 329.1 1,279.9 1,439.2 
Reserve Assumption Updates— — 147.7 143.6 
Income before Income Tax and Net Investment Gains and Losses$337.9 $329.1 $1,427.6 $1,582.8 
Operating Ratios (% of Premium Income):
Benefit Ratio1
59.5 %59.7 %60.3 %58.2 %
Other Expense Ratio2
22.9 %23.0 %22.6 %22.5 %
Segment Adjusted Operating Income Ratio
18.4 %18.5 %18.1 %20.9 %
Income Ratio
20.2 %23.0 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
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
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability$498.8 $504.5 $2,011.1 $2,086.1 
Group Short-term Disability310.7 278.3 1,138.4 1,084.0 
Total Premium Income809.5 782.8 3,149.5 3,170.1 
Net Investment Income76.0 74.0 296.0 311.2 
Other Income60.9 56.0 228.6 232.1 
Total946.4 912.8 3,674.1 3,713.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
515.7 483.7 1,964.3 1,871.8 
Commissions69.8 65.0 250.1 244.4 
Deferral of Acquisition Costs(16.3)(16.1)(60.7)(62.2)
Amortization of Deferred Acquisition Costs13.9 10.4 58.2 64.7 
Other Expenses256.7 250.6 982.4 973.5 
Total839.8 793.6 3,194.3 3,092.2 
Segment Adjusted Operating Income106.6 119.2 479.8 621.2 
Reserve Assumption Updates— — 105.8 90.0 
Income Before Income Tax and Net Investment Gains and Losses$106.6 $119.2 $585.6 $711.2 
Operating Ratios (% of Premium Income):
Benefit Ratio1
63.7 %61.8 %62.4 %59.0 %
Other Expense Ratio2
29.5 %29.9 %29.1 %28.6 %
Segment Adjusted Operating Income Ratio
13.2 %15.2 %15.2 %19.6 %
Income Ratio
18.6 %22.4 %
Persistency:
Group Long-term Disability92.2 %90.7 %91.1 %93.3 %
Group Short-term Disability90.7 %87.5 %88.9 %91.7 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
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
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Life$495.4 $466.2 $1,871.1 $1,784.7 
Accidental Death & Dismemberment53.0 48.2 195.6 186.1 
Total Premium Income548.4 514.4 2,066.7 1,970.8 
Net Investment Income23.5 18.2 81.6 88.3 
Other Income0.7 0.1 1.2 1.5 
Total572.6 532.7 2,149.5 2,060.6 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
338.7 356.7 1,394.9 1,307.2 
Commissions51.1 47.0 186.3 168.0 
Deferral of Acquisition Costs(12.3)(11.6)(45.5)(40.6)
Amortization of Deferred Acquisition Costs8.7 6.1 39.0 38.4 
Other Expenses71.3 65.3 255.4 243.0 
Total457.5 463.5 1,830.1 1,716.0 
Segment Adjusted Operating Income115.1 69.2 319.4 344.6 
Reserve Assumption Updates
— — 3.1 13.0 
Income Before Income Tax and Net Investment Gains and Losses$115.1 $69.2 $322.5 $357.6 
Operating Ratios (% of Premium Income):
Benefit Ratio1
61.8 %69.3 %67.5 %66.3 %
Other Expense Ratio13.0 %12.7 %12.4 %12.3 %
Segment Adjusted Operating Income Ratio
21.0 %13.5 %15.5 %17.5 %
Income Ratio
15.6 %18.1 %
Persistency:
Group Life92.6 %89.2 %90.2 %92.0 %
Accidental Death & Dismemberment92.2 %87.9 %89.1 %91.2 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Voluntary Benefits$253.8 $234.1 $927.4 $879.2 
Individual Disability146.5 168.7 615.1 566.0 
Dental and Vision82.3 80.9 324.8 297.1 
Total Premium Income482.6 483.7 1,867.3 1,742.3 
Net Investment Income58.8 56.7 226.6 232.7 
Other Income
5.2 15.8 29.0 2.3 
Total546.6 556.2 2,122.9 1,977.3 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
240.9 222.8 908.9 829.3 
Commissions98.5 93.6 358.5 316.9 
Deferral of Acquisition Costs(63.0)(57.0)(225.5)(218.1)
Amortization of Deferred Acquisition Costs46.1 48.7 186.1 189.4 
Other Expenses107.9 107.4 414.2 386.4 
Total430.4 415.5 1,642.2 1,503.9 
Segment Adjusted Operating Income116.2 140.7 480.7 473.4 
Reserve Assumption Updates - Voluntary Benefits— — 11.1 (12.2)
Reserve Assumption Updates - Individual Disability— — 27.7 52.8 
Income Before Income Tax and Net Investment Gains and Losses$116.2 $140.7 $519.5 $514.0 
Operating Ratios (% of Premium Income):
Benefit Ratio
49.9 %46.1 %48.7 %47.6 %
Other Expense Ratio22.4 %22.2 %22.2 %22.2 %
Segment Adjusted Operating Income Ratio
24.1 %29.1 %25.7 %27.2 %
Income Ratio
27.8 %29.5 %
Persistency:
Voluntary Benefits75.8 %76.8 %76.5 %76.0 %
Individual Disability87.9 %88.2 %87.7 %89.0 %
Dental and Vision79.9 %82.2 %83.3 %81.4 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
9. 3

Unum Group Financial Results for Unum International Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability$104.8 $100.2 $427.5 $418.0 
Group Life77.0 61.6 275.7 211.3 
Supplemental50.3 41.9 184.2 165.6 
Unum Poland54.6 43.0 195.4 154.6 
Total Premium Income286.7 246.7 1,082.8 949.5 
Net Investment Income29.6 28.5 145.6 128.8 
Other Income3.3 0.1 7.7 1.6 
Total319.6 275.3 1,236.1 1,079.9 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
203.5 164.1 772.8 649.2 
Commissions31.0 22.4 95.7 82.5 
Deferral of Acquisition Costs (9.2)(5.3)(22.0)(17.8)
Amortization of Deferred Acquisition Costs3.4 2.5 10.7 9.5 
Other Expenses60.0 52.9 226.6 198.7 
Total288.7 236.6 1,083.8 922.1 
Segment Adjusted Operating Income30.9 38.7 152.3 157.8 
Reserve Assumption Updates
— — 5.4 (7.5)
Income Before Income Tax and Net Investment Gains and Losses$30.9 $38.7 $157.7 $150.3 



10

Unum Group Financial Results for Unum UK

Three Months EndedYear Ended
(in millions of pounds, except exchange rate)
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability£77.8 £79.4 £324.0 £327.0 
Group Life57.1 48.9 208.8 165.1 
Supplemental37.2 33.2 139.6 129.5 
Total Premium Income172.1 161.5 672.4 621.6 
Net Investment Income19.1 20.1 99.4 91.9 
Other Income
2.3 0.1 5.3 0.1 
Total193.5 181.7 777.1 713.6 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
125.5 108.4 494.5 433.8 
Commissions14.9 10.1 40.6 38.2 
Deferral of Acquisition Costs(3.3)(1.2)(3.9)(3.8)
Amortization of Deferred Acquisition Costs1.6 1.3 4.9 5.2 
Other Expenses34.4 33.6 133.5 122.4 
Total173.1 152.2 669.6 595.8 
Segment Adjusted Operating Income20.4 29.5 107.5 117.8 
Reserve Assumption Updates
— — 0.7 (6.4)
Income Before Income Tax and Net Investment Gains and Losses£20.4 £29.5 £108.2 £111.4 
Weighted Average Pound/Dollar Exchange Rate1.343 1.264 1.318 1.278 
Operating Ratios (% of Premium Income):
Benefit Ratio1
72.9 %67.1 %73.5 %69.8 %
Other Expense Ratio20.0 %20.8 %19.9 %19.7 %
Segment Adjusted Operating Income Ratio
11.9 %18.3 %16.0 %19.0 %
Income Ratio
16.1 %17.9 %
Persistency:
Group Long-term Disability90.6 %92.1 %92.3 %92.0 %
Group Life87.1 %88.9 %90.1 %89.1 %
Supplemental91.4 %89.4 %93.3 %90.4 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
10. 1

Unum Group Financial Results for Colonial Life Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability$252.8 $247.1 $993.5 $969.5 
Life128.3 119.9 483.6 458.0 
Cancer and Critical Illness91.6 90.3 362.0 356.4 
Total Premium Income472.7 457.3 1,839.1 1,783.9 
Net Investment Income46.8 42.2 172.6 161.5 
Other Income0.7 0.4 1.6 4.0 
Total520.2 499.9 2,013.3 1,949.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
217.3 218.1 885.1 850.7 
Commissions102.9 97.3 398.6 378.4 
Deferral of Acquisition Costs(89.8)(82.6)(343.4)(312.8)
Amortization of Deferred Acquisition Costs62.1 57.7 233.1 219.0 
Other Expenses99.9 93.7 376.3 347.4 
Total392.4 384.2 1,549.7 1,482.7 
Segment Adjusted Operating Income127.8 115.7 463.6 466.7 
Reserve Assumption Updates
— — 8.9 46.0 
Income Before Income Tax and Net Investment Gains and Losses$127.8 $115.7 $472.5 $512.7 
Operating Ratios (% of Premium Income):
Benefit Ratio1
46.0 %47.7 %48.1 %47.7 %
Other Expense Ratio21.1 %20.5 %20.5 %19.5 %
Segment Adjusted Operating Income Ratio
27.0 %25.3 %25.2 %26.2 %
Income Ratio
25.7 %28.7 %
Persistency:
Accident, Sickness, and Disability73.8 %73.6 %74.1 %73.7 %
Life84.3 %83.8 %84.2 %84.4 %
Cancer and Critical Illness81.2 %82.2 %82.1 %82.2 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
11

Unum Group Financial Results for Closed Block Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Long-term Care $159.4 $176.2 $670.8 $696.1 
All Other34.7 41.8 154.8 184.7 
Total Premium Income194.1 218.0 825.6 880.8 
Net Investment Income229.1 269.7 1,016.5 1,148.9 
Other Income11.3 9.9 49.9 51.7 
Total434.5 497.6 1,892.0 2,081.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
487.9 425.6 1,660.8 1,767.1 
Commissions15.2 17.9 66.1 68.4 
Other Expenses76.7 46.1 246.9 174.6 
Total579.8 489.6 1,973.8 2,010.1 
Segment Adjusted Operating Income (Loss)(145.3)8.0 (81.8)71.3 
Reserve Assumption Updates - Long-Term Care
— — (643.1)174.1 
Reserve Assumption Updates - All Other
— — 2.6 1.2 
Income (Loss) Before Income Tax and Net Investment Gains and Losses$(145.3)$8.0 $(722.3)$246.6 
Long-term Care Net Premium Ratio1
97.6 %94.7 %97.5 %94.6 %
Operating Ratios (% of Premium Income):
Other Expense Ratio
39.5 %21.1 %29.9 %19.8 %
Segment Adjusted Operating Income (Loss) Ratio(74.9)%3.7 %(9.9)%8.1 %
Income (Loss) Ratio(87.5)%28.0 %
1Gross of reinsurance.
12

Unum Group Financial Results for Corporate Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Net Investment Income$19.6 $23.9 $93.8 $58.6 
Other Income
0.7 — 0.4 1.3 
Total20.3 23.9 94.2 59.9 
Interest, Debt, and Adjusted Other Expenses
63.9 65.0 265.8 251.1 
Segment Adjusted Operating Loss(43.6)(41.1)(171.6)(191.2)
Settlement Loss on the U.S. Pension Plan Annuity Purchase— — (103.8)— 
Accelerated Charitable Contribution— — (20.0)— 
Loss on Legal Settlement— — — (15.3)
Loss Before Income Tax and Net Investment Gains and Losses$(43.6)$(41.1)$(295.4)$(206.5)
13

Unum Group Investments
3/31/20263/31/202612/31/2025
Fixed Maturity Securities (Fair Value)Selected Statistics
Corporate Bonds
$27,546.3 82.8 %Earned Book Yield4.29 %4.35 %
Municipal Securities
3,000.0 9.0 Average Duration (in years)8.318.42
Foreign Governments
844.9 2.5 
Asset-Backed Securities1
586.8 1.8 
Mortgage-Backed Securities
770.1 2.3 
United States Government and Agencies
544.9 1.6 
Redeemable Preferred Stocks
7.8 — 
Total$33,300.8 100.0 %
3/31/2026
Fixed Maturity Securities (Fair Value)
Public$27,240.3 81.8 %
Private2
6,060.5 18.2 
Total$33,300.8 100.0 %
Amortized CostFair ValuePrivate Equity Partnerships3/31/202612/31/2025
Quality Ratings of Fixed Maturity SecuritiesPrivate Credit Partnerships$231.2 $255.8 
Aaa3.7 %3.7 %Private Equity Partnerships658.7 651.4 
Aa16.9 16.3 Real Asset Partnerships554.2 549.1 
A32.9 33.3 Total $1,444.1 $1,456.3 
Baa42.8 42.9 
Below Baa3.7 3.8 
Total100.0 %100.0 %Non-Current Investments$— $— 

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
2Excludes Rule 144A securities, which are included in Public investments
14

Unum Group Investments at March 31, 2026
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$2,146.2 $(110.2)$1,426.2 $(140.8)$720.0 $30.6 
Capital Goods2,819.4 (132.6)1,818.0 (185.3)1,001.4 52.7 
Communications1,990.3 (86.4)1,053.4 (156.8)936.9 70.4 
Consumer Cyclical1,260.5 (96.3)895.1 (112.7)365.4 16.4 
Consumer Non-Cyclical5,630.5 (502.4)4,109.1 (586.9)1,521.4 84.5 
Energy2,127.7 15.1 805.2 (73.2)1,322.5 88.3 
Financial Institutions3,655.6 (292.4)2,992.2 (310.3)663.4 17.9 
Mortgage/Asset-Backed1
1,356.9 (15.0)800.5 (22.7)556.4 7.7 
Sovereigns844.9 (144.5)425.5 (159.4)419.4 14.9 
Technology1,478.4 (135.3)1,242.3 (143.9)236.1 8.6 
Transportation1,440.1 (115.9)1,033.5 (132.8)406.6 16.9 
U.S. Government Agencies and Municipalities3,544.9 (417.2)2,329.8 (492.3)1,215.1 75.1 
Public Utilities5,005.4 (196.9)2,716.6 (333.7)2,288.8 136.8 
Total$33,300.8 $(2,230.0)$21,647.4 $(2,850.8)$11,653.4 $620.8 
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$5,084.6 $(91.5)$341.9 $(7.1)
91 through 180 days1,090.6 (52.9)16.3 (1.2)
181 through 270 days149.4 (12.0)3.4 (0.4)
271 days to 1 year27.4 (2.6)— — 
Greater than 1 year14,667.9 (2,625.0)265.9 (58.1)
Total$21,019.9 $(2,784.0)$627.5 $(66.8)

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

Appendix to Statistical Supplement

2026 Significant Items:
•None.

2025 Significant Items:

•In February 2025, Unum Life Insurance Company of America entered into a master transaction agreement with Fortitude Reinsurance Company Ltd. (Fortitude Re) which resulted in the execution of a coinsurance agreement (reinsurance agreement) during July 2025. This reinsurance agreement reinsures a portion of our Closed Block long-term care business and a portion of our Unum US individual disability business on a coinsurance basis to Fortitude Re effective January 2025. The reinsurance agreement represents approximately 21 percent of total Closed Block long-term care future policy benefits and approximately 15 percent of Unum US individual disability future policy benefits as of December 31, 2024. Upon closing the transaction in July of 2025, we transferred to Fortitude Re $953.5 million million of cash as well as fixed maturity securities with a fair value totaling $3,230.1 million and accrued investment income of $47.1 million. After consideration of the final settlement, the final ceding commission related to this transaction was $442.3 million. Fortitude Re has an A rating by A.M. Best Company and has established a collateralized trust account for the benefit of Unum America to secure its obligations. As a result of this reinsurance agreement, we recognized the following:
•Net realized investment loss totaling $46.8 million during the year ended December 31, 2025.
•Reinsurance recoverable of $3,620.5 million comprised of ceded reserves of $3,315.2 million related to the Closed Block long-term care product line and $305.3 million related to the Unum US individual disability product line.
•Cost of reinsurance of $848.2 million related to the Closed Block long-term care product line and a deferred gain on reinsurance related to the Unum US individual disability product line of $145.9 million
•Write-off of deferred acquisition costs related to the Unum US individual disability product line of $100.3 million which is included as a component of deferred gain on reinsurance.
•Third quarter of 2025 reserve assumption updates resulting in a net reserve increase of $478.5 million before tax, or $377.8 million after tax.
•During the fourth quarter of 2025, we incurred a loss related to an accelerated charitable contribution of $20.0 million before tax, or $15.8 million after tax.
•During the fourth quarter of 2025, we incurred a settlement loss of $103.8 million before tax, or $82.0 million after tax, related to a purchase of an annuity contract which transferred a portion of our U.S. qualified defined benefit pension plan obligation to a third party.

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.




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:

•After-tax adjusted operating income or loss, which excludes investment gains or losses, Closed Block segment after-tax adjusted operating income or loss, and reserve assumption updates, as well as certain other items, as applicable;
•Adjusted operating return on equity, which is calculated using our core operating segments' after-tax segment adjusted operating income or loss and our core operating segments' equity adjusted to exclude 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;
•After-tax segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable.
•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

We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the following items:

•Segment adjusted operating revenue, which excludes investment gains or losses;
•Segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable.

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 have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation.

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
Year Ended
March 31December 31September 30June 30March 31December 31December 31
2026202520252024
Total Revenue$3,355.2 $3,244.1 $3,378.4 $3,361.4 $3,091.6 $13,075.5 $12,887.3 
Excluding:
Net Investment Gain (Loss)(5.0)(10.1)128.0 (17.7)(206.8)(106.6)(34.6)
Segment Adjusted Operating Revenue
$3,360.2 $3,254.2 $3,250.4 $3,379.1 $3,298.4 $13,182.1 $12,921.9 
Three Months EndedYear Ended
March 31December 31September 30June 30March 31December 31December 31
2026202520252024
Income Before Income Tax$302.7 $218.4 $54.5 $417.0 $243.6 $933.5 $2,251.3 
Excluding:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transaction
— — 137.6 (8.5)(175.9)(46.8)— 
Net Investment Loss, Other
(5.0)(10.1)(9.6)(9.2)(30.9)(59.8)(34.6)
Net Investment Gain (Loss)(5.0)(10.1)128.0 (17.7)(206.8)(106.6)(34.6)
Reserve Assumption Updates
— — (478.5)— — (478.5)357.4 
Settlement Loss on the U.S. Pension Plan Annuity Purchase
— (103.8)— — — (103.8)— 
Accelerated Charitable Contribution
— (20.0)— — — (20.0)— 
Loss on Legal Settlement
— — — — — — (15.3)
Segment Adjusted Operating Income
$307.7 $352.3 $405.0 $434.7 $450.4 $1,642.4 $1,943.8 
15.3

Reconciliation of Non-GAAP Financial Measures - Continued
After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2026
Unum US$267.8 $4,291.0 25.0 %
Unum International22.8 837.8 10.9 %
Colonial Life101.2 2,109.7 19.2 %
Core Operating Segments391.8 7,238.5 21.7 %
Corporate(39.3)1,513.9 
Closed Block(116.5)3,589.0 
Total$236.0 $12,341.4 
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 %
Corporate(32.0)567.1 
Closed Block3.7 4,954.2 
Total$352.5 $12,777.5 

1Excludes 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. Due to updates to our calculation of after-tax adjusted operating income for which the beginning balance of 2026 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2026 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2026. As a result, average equity for the three months ended March 31, 2026 for certain of our segments will not compute using the historical allocated equity at December 31, 2025.
15.4

Reconciliation of Non-GAAP Financial Measures - Continued
After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
 Adjusted Operating Return on Equity
Year Ended December 31, 2025
Unum US$1,011.5 $4,441.2 22.8 %
Unum International118.5 799.0 14.8 %
Colonial Life365.8 2,011.0 18.2 %
Core Operating Segments1,495.8 7,251.2 20.6 %
Corporate(124.2)555.2 
Closed Block(74.0)4,830.0 
Consolidated$1,297.6 $12,636.4 
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 %
Corporate(137.1)53.8 
Closed Block46.0 5,324.1 
Consolidated$1,535.6 $12,547.1 

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


Three Months Ended March 31
Year Ended December 31
202620252025
2024
(in millions)(in millions)
Net Income$232.0 $189.1 $738.5 $1,779.1 
Excluding:
Net Investment Loss
Net Investment Loss Related to Fortitude Re Reinsurance Transaction (net of tax benefit of $—; $36.9; $9.9; $—)
— (139.0)(36.9)— 
Net Investment Loss, Other (net of tax benefit of $1.0; $6.5; $13.2; $7.6)
(4.0)(24.4)(46.6)(27.0)
Total Net Investment Loss
(4.0)(163.4)(83.5)(27.0)
Reserve Assumption Updates (net of tax expense (benefit) of $—; $—; $(100.7); $74.8)
— — (377.8)282.6 
Settlement Loss on the U.S. Pension Plan Annuity Purchase (net of tax benefit of $—; $—; $21.8; $—)
— — (82.0)— 
Accelerated Charitable Contribution (net of tax benefit of $—; $—; $4.2; $—)
— — (15.8)— 
Loss on Legal Settlement (net tax benefit of $—; $—; $—; $3.2)
— — — (12.1)
After-tax Segment Adjusted Operating Income
$236.0 $352.5 $1,297.6 $1,535.6 

Average allocated equity is computed as follows:
3/31/202612/31/20253/31/202512/31/202412/31/2023
Total Stockholders' Equity$10,892.4 $11,119.1 $11,214.0 $10,961.1 $9,651.4 
Excluding:
Net Unrealized Loss on Securities
(2,432.3)(2,003.1)(2,333.2)(2,755.2)(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 929.9 1,019.1 1,185.4 (648.4)
Net Unrealized Loss on Derivatives
(282.1)(278.8)(225.2)(270.7)(73.7)
Total Adjusted Stockholders' Equity$12,211.7 $12,471.1 $12,753.3 $12,801.6 $12,292.6 
Three Months EndedTwelve Months EndedThree Months EndedTwelve Months Ended
3/31/202612/31/20253/31/202512/31/2024
Average Adjusted Stockholders' Equity $12,341.4 $12,636.4 $12,777.5 $12,547.1 

15.6

Reconciliation of Non-GAAP Financial Measures - Continued
Three Months Ended March 31
20262025
(in millions)per share*(in millions)per share*
Net Income$232.0 $1.41 $189.1 $1.06 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Fortitude Re Reinsurance Transaction (net of tax benefit of $—; $36.9)
— — (139.0)(0.78)
Net Investment Loss, Other (net of tax benefit of $1.0; $6.5)
(4.0)(0.03)(24.4)(0.13)
Total Net Investment Loss
(4.0)(0.03)(163.4)(0.91)
Closed Block Segment After-Tax Adjusted Operating Income (Loss) (net of tax expense (benefit) of $(28.8); $4.3)
(116.5)(0.70)3.7 0.02 
After-tax Adjusted Operating Income$352.5 $2.14 $348.8 $1.95 
*Assuming Dilution.

15.7

Reconciliation of Non-GAAP Financial Measures - Continued
Year Ended December 31
20252024
(in millions)per share *(in millions)per share *
Net Income$738.5 $4.27 $1,779.1 $9.46 
Excluding:
Net Investment Losses
Net Investment Loss Related to Reinsurance Transaction (net of tax benefit of $9.9; $—)
(36.9)(0.21)— — 
Net Investment Loss, Other (net of tax benefit of $13.2; $7.6)
(46.6)(0.28)(27.0)(0.14)
Total Net Investment Loss
(83.5)(0.49)(27.0)(0.14)
Closed Block Segment After-tax Adjusted Operating Income (Loss) (net of tax expense (benefit) of $(7.8); $25.3)
(74.0)(0.43)46.0 0.24 
Reserve Assumption Updates (net of tax expense (benefit) of $(100.7); $74.8)
(377.8)(2.18)282.6 1.50 
Settlement Loss on the U.S. Pension Plan Annuity Purchase (net of tax benefit of $21.8; $—)
(82.0)(0.47)— — 
Accelerated Charitable Contribution (net of tax benefit of $4.2; $—)
(15.8)(0.09)— — 
Loss on Legal Settlement (net tax benefit of $—; $3.2)
— — (12.1)(0.06)
After-tax Adjusted Operating Income$1,371.6 $7.93 $1,489.6 $7.92 
*Assuming Dilution.














15.8

Reconciliation of Non-GAAP Financial Measures - Continued

March 31December 31
2026202520252024
Debt$3,762.0 $3,741.6 $3,767.6 $3,739.8 
Including:
Lease Liability 74.7 68.3 78.9 69.4 
Adjusted Debt and Lease Liability$3,836.7 $3,809.9 $3,846.5 $3,809.2 
Total Stockholders' Equity$10,892.4 $11,214.0 $11,119.1 $10,961.1 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(2,333.2)(2,003.1)(2,755.2)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 1,019.1 929.9 1,185.4 
Net Loss on Derivatives
(282.1)(225.2)(278.8)(270.7)
Equity, As Adjusted12,211.7 12,753.3 12,471.1 12,801.6 
Debt, As Adjusted and Lease Liability3,836.7 3,809.9 3,846.5 3,809.2 
Total Adjusted Capital$16,048.4 $16,563.2 $16,317.6 $16,610.8 
Leverage Ratio23.9 %23.0 %23.6 %22.9 %

March 31, 2026March 31, 2025
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$232.1 £161.5 1.349 $217.9 
Unum Poland54.6 zł171.2 0.277 47.4 
Total286.7 265.3 
Unum US1,840.5 $1,780.9 1,780.9 
Colonial Life472.7 $457.3 457.3 
Core Operations$2,599.9 $2,503.5 
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