2024 Annual Report

2023

2022

Net Investment Loss (net of tax benefit of $7.6; $7.8; $3.5)

Amortization of the Cost of Reinsurance (net of tax benefit of $8.7; $9.3; $10.6)

Non-Contemporaneous Reinsurance (net of tax benefit of $5.2; $7.3; $7.2)

Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9); $51.2)

Loss on Legal Settlement (net of tax benefit of $3.2; $-; $-)

After-tax Adjusted Operating Income

*Assuming Dilution

Net Income

Excluding:

Net Investment Gains and Losses

(27.0)(0.14)

(32.7) (0.17)

(19.9) (0.11)

282.61.50

2021

192.10.96

20201

Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $14.2; $273.5) Net Investment Gain (Loss), Other (net of tax expense (benefit) of $1.9; $(20.9))

Total Net Investment Gain

Items Related to Closed Block Individual Disability Reinsurance Transaction

Amortization of the Cost of Reinsurance (net of tax benefit of $14.7, $0.6)

Non-Contemporaneous Reinsurance (net of tax benefit of $7.0; $-)

Change in Benefit Reserves (net of tax benefit of $-; $269.8)

Transaction Costs (net of tax benefit of $1.2; $4.4)

Net Tax Benefits of Reinsurance Transaction

Total Items Related to Closed Block Individual Disability Reinsurance Transaction

Reserve Assumption Updates (net of tax expense (benefit) of $49.1; $(35.5))

Impairment Loss on Internal-Use Software (net of tax benefit of $2.5; $-)

Cost Related to Early Retirement of Debt (net of tax benefit of $14.1; $-)

Impairment Loss on ROU Asset (net of tax benefit of $2.9; $2.7)

Impact of U.K. Tax Rate Increase

Costs Related to Organizational Design Update (net of tax benefit of $-; $4.7)

After-tax Adjusted Operating Income

*Assuming Dilution

Net Income

Excluding:

Net Investment Gain (Loss) (net of tax expense (benefit) of $(4.5); $(11.0); $15.0)

Cost Related to Early Retirement of Debt (net of tax benefit of $5.7, $-; $-)

Long-term Care Reserve Increase

(net of tax benefit of $-; $157.7; $-)

Loss from Guarantee Fund Assessment (net of tax benefit of $-; $-; $7.2)

Unclaimed Death Benefits Reserve Increase (net of tax benefits of $-; $-; $13.6)

Net Tax Benefit from Impacts of TCJA

After-tax Adjusted Operating Income

*Assuming Dilution

Total Stockholders' Equity (Book Value)

Excluding:

Net Unrealized Gain (Loss) on Securities

Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits

Net Gain (Loss) on Derivatives

Subtotal

Excluding:

Foreign Currency Translation Adjustment

Subtotal

Excluding:

Unrecognized Pension and Postretirement Benefit Costs

Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)

Total Stockholders' Equity (Book Value)

Excluding:

Net Unrealized Gain (Loss) on Securities

Net Gain on Derivatives

Subtotal

Excluding:

Foreign Currency Translation Adjustment

Subtotal

Excluding:

Unrecognized Pension and Postretirement Benefit Costs

Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)

Total Stockholders' Equity (Book Value)

Excluding:

Net Unrealized Gain on Securities

Net Gain on Derivatives

Subtotal

Excluding:

Foreign Currency Translation Adjustment

Subtotal

Excluding:

Unrecognized Pension and Postretirement Benefit Costs

Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)

Unum Group saw strong demand from companies and their employees for the benefits and services we offer. This translated into steady, disciplined top- line growth across most product lines. We remain committed to elevating the experience for companies and their employees through continued investments in our industry-leading digital capabilities. These advancements helped drive greater customer retention and - coupled with our ongoing focus on underwriting and operational excellence - double-digit bottom-line growth and attractive returns for shareholders.

Equally noteworthy was our success on the capital stewardship front. We continue to generate attractive cash flows from our businesses and leverage that capital to advance many of our long-term goals.

This has allowed us to elevate the pace of our share repurchases and continue our trend of increasing our dividend.

Importantly, we've taken steps to further drive predictability and remove uncertainty in the performance of our Closed Block segment. Earlier this year, we announced a transaction with Fortitude Re to reinsure a portion of our long-term care business. Upon completion of this transaction, which we anticipate closing this year, we will reduce our exposure to our long-term care liabilities. In addition, an internal restructuring initiative will further enhance protections for policyholders and reduce capital volatility in the business. We are very pleased to have achieved these milestones, which will allow us to further focus our energies on growing our core businesses.

Our consistent execution and proactive management of the various aspects of our business reflect our purpose-driven strategy that has resonated through different economic cycles. This clear-eyed approach has delivered sustained growth over the last decade, with compound annual growth rates of 4% for core premiums, 9% for book value per share excluding AOCI and 10% for after-tax adjusted operating earnings per share.

2024: PERFORMANCE

BY THE NUMBERS

$75.51

Book value

per share

(excluding accumulated other

comprehensive income)

up 12.7% from 2023

12.7%

Adjusted operating retuon equity

$8.44

After-tax adjusted operating earnings per diluted share

We also ended the year in a strong financial position with excellent capital metrics:

• Improvement in holding company liquidity to $2.0 billion
• Risk-basedcapital of approximately 430%, in excess of our long-term target
• Leverage of 22.9%, below our long-term target
• Share repurchases totaling $971.0 million, up 288% from year-ago levels
• A 15% increase in our quarterly dividend to 42.0 cents per common share

Delivering for our customers

The workplace environment has never been more complex than it is today. Economic, technology and policy dynamics continue to increase the pace of change, creating new uncertainties for employers, and with them, new opportunities to deliver value. Companies are balancing a variety of regulatory guidelines across overlapping local, state and federal jurisdictions. Growing financial, mental health and caregiver challenges highlight the evolving needs

of employees. Both groups are striving to create a workplace environment where people can easily access the support they need to thrive.

53% of global workers

felt there is too much change happening all at once, and 35% said the nature of their role has changed in the last year, according to PwC's 2024 Global Workforce Hopes and Fears Survey.

We have built our market leadership position by relentlessly focusing on understanding and developing solutions that address these needs. Our suite of employee benefits and services covers a wide range of needs for every stage of working life. The complex environment in which we operate also demands deep partnerships with employers built on sophisticated and modesupport for their evolving workplace requirements. By leveraging our decades of experience helping employers and the expertise of our people, we help companies take better care of their employees.

Over the last several years, we have made significant investments to develop and deploy digital capabilities that help our customers adapt to their shifting needs. We have enhanced our

services to address a range of challenges and streamlined the user experience for our customers and distribution partners.

Much of our recent technology investment has helped further integrate our products with the leading benefits administration platforms and our broker distribution partners. Through Broker Connect and HR Connect, we seamlessly integrate with our customers' full benefit offerings to offer fast and modeaccess to coverage and services for employees. Behind the scenes, these integrations streamline billing and other administrative activities, saving employers time and resources. For businesses without these platforms, our MyUnum and Gathr® portals provide the modeexperiences that these customers deserve.

Delivering benefits is where the rubber meets the road for employees. Customer portals across our brands allow employees to quickly file claims, upload supporting documentation and track status

• all at their fingertips and on their time. Solutions like Unum Care Hub and Help@Hand in the U.K. provide easy access to wellness and mental health resources for employees. In the expanding absence management space, services like Unum Total Leave allow employees to quickly and easily access leave benefits, request leave and keep their employers updated on their leave status. For employers, new capabilities like Unum Insights provide a modeand responsible platform for viewing claim and leave records - providing HR professionals the information they need to support their employees through the life cycle of a claim or leave and give them aggregate details of claims and leave across their organizations.