Fourth Quarter 2024 Q4 2024 Statistical Supplement and Notes

U.S. Markets via PUBT

Unum Group
Statistical Supplement Fourth Quarter 2024
TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment
Unum US	9
Unum International	10
Colonial Life	11
Closed Block	12
Corporate	13
Investments	14
Appendix to Statistical Supplement	15

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

Consolidated U.S. GAAP Results¹

Premium Income

Adjusted Operating Revenue

Net Investment Loss

Total Revenue

Net Income

Net Income Per Common Share:

Basic

Assuming Dilution

Assets

Liabilities

Stockholders' Equity

Adjusted Stockholders' Equity

Adjusted Operating Retuon Equity

Unum US

Unum International

Colonial Life

Core Operating Segments

Consolidated

Traditional U.S. Life Insurance Companies' Statutory Results2

Net Gain from Operations, After Tax

Net Realized Capital Gain (Loss), After Tax

Unum Group Financial Highlights

	Three Months Ended					Year Ended
12/31/2024		12/31/2023		12/31/2024		12/31/2023		12/31/2022
$	2,631.1	$	2,551.7	$	10,497.4	$	10,046.0	$	9,616.5
$	3,246.7	$	3,151.1	$	12,921.9	$	12,421.9	$	11,999.8
	(10.1)			(6.0)			(34.6)			(36.0)		(15.7)
$	3,236.6		$	3,145.1		$	12,887.3		$	12,385.9	$	11,984.1

$	348.7	$	330.6	$	1,779.1	$	1,283.8	$	1,407.2
$	1.93	$	1.70	$	9.49	$	6.53	$	7.01
$	1.92	$	1.69	$	9.46	$	6.50	$	6.96
					$	61,959.3	$	63,255.2	$	61,148.5
					$	50,998.2	$	53,603.8	$	52,413.5
					$	10,961.1	$	9,651.4	$	8,735.0
					$	12,801.6	$	12,292.6	$	11,459.1
	23.0 %			24.3 %			25.2 %			23.1 %		16.4 %
	14.6 %			16.1 %			15.6 %			16.5 %		20.7 %
	20.2 %			15.5 %			19.7 %			18.1 %		19.9 %
	21.4 %			21.1 %			22.7 %			21.2 %		17.7 %
	11.4 %			11.5 %			12.7 %			12.7 %		11.8 %
$	304.8	$	228.9	$	1,337.0	$	1,351.5	$	965.4
	(13.7)			(17.0)			(14.6)			(21.6)		-

Net Income	$	291.1	$	211.9	$	1,322.4	$	1,329.9	$	965.4

Capital and Surplus						$	3,911.1	$	3,751.3	$	3,816.3
Weighted Average Risk-based Capital Ratio								~ 430%			~ 415%	~ 420%

Generally Accepted Accounting Principles

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.

	Unum Group Capital Metrics
			12/31/2024						12/31/2023			12/31/2022
		(in millions)			per share			(in millions)				per share		(in millions)			per share
Total Stockholders' Equity (Book Value)	$	10,961.1	$	61.38			$	9,651.4	$	49.91	$	8,735.0	$	44.17
Excluding:
Net Unrealized Loss on Securities			(2,755.2)			(15.43)			(1,919.1)				(9.92)			(3,028.4)			(15.31)
Effect of Change in Discount Rate Assumptions on the Liability for Future	1,185.4			6.64				(648.4)				(3.35)			313.9			1.59
Policy Benefits
Net Loss on Derivatives			(270.7)			(1.51)			(73.7)				(0.39)			(9.6)			(0.05)
Subtotal			12,801.6			71.68				12,292.6				63.57			11,459.1			57.94
Excluding:
Foreign Currency Translation Adjustment			(343.0)			(1.93)			(321.1)				(1.66)			(390.1)			(1.98)
Subtotal			13,144.6			73.61				12,613.7				65.23			11,849.2			59.92
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(340.2)			(1.90)			(345.7)				(1.79)			(334.1)			(1.69)
Total Stockholders' Equity, Excluding Accumulated Other		$	13,484.8		$	75.51			$	12,959.4		$	67.02		$	12,183.3		$	61.61
Comprehensive Loss

Dividends Paid	$	296.6	$	1.57			$	277.1	$	1.39	$	255.3	$	1.26
							Three Months Ended							Year Ended
					12/31/2024			12/31/2023		12/31/2024	12/31/2023	12/31/2022
Shares Repurchased (millions)							6.0						1.8					15.7			5.7	5.7
Cost of Shares Repurchased (millions)1			$		474.5			$		76.6		$	979.3	$	252.0	$	200.1
Price (UNM closing price on last trading day of period)															$	73.03	$	45.22	$	41.03
Leverage Ratio																		22.9 %			22.1 %	23.4 %
Holding Company Liquidity (millions)															$	1,987	$	1,650	$	1,571

1Includes $80.3 million related to shares which settled in February 2025 in connection with the November 2024 accelerated share repurchase agreement (ASR) for the three months and year ended December 31, 2024, commissions of a de minimis amount for the three months ended December 31, 2024 and 2023, and year ended December 31, 2024, and $0.1 million for the years ended December 31, 2023 and 2022. There was excise tax of $3.5 million and $8.3 million for the three months and year ended December 31, 2024, respectively, $0.7 million, and $1.9 million for the three months and year ended December 31, 2023, respectively, and no excise tax for the three months ended or year ended December 31, 2022.

	Unum Group Ratings
		AM Best	Fitch	Moody's	S&P
Outlook		Stable	Positive	Stable	Stable
Senior Unsecured Debt Ratings		bbb+	BBB	Baa2	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company		A	A	A2	A
Unum Life Insurance Company of America		A	A	A2	A
First Unum Life Insurance Company		A	A	A2	A
Colonial Life & Accident Insurance Company		A	A	A2	A
The Paul Revere Life Insurance Company		A	A	A2	A
Unum Insurance Company		A	A	A2	NR
Provident Life and Casualty Insurance Company		A	A	NR	NR
Starmount Life Insurance Company		A	NR	NR	NR
Unum Limited		NR	NR	NR	A-
NR = not rated

	Unum Group Consolidated Statements of Income
			Three Months Ended					Year Ended
	12/31/2024	12/31/2023	12/31/2024	12/31/2023	12/31/2022
Revenue
Premium Income	$	2,631.1	$	2,551.7	$	10,497.4	$	10,046.0	$	9,616.5
Net Investment Income			543.6			530.8			2,130.0		2,096.7	2,122.2
Net Investment Loss			(10.1)			(6.0)			(34.6)		(36.0)	(15.7)
Other Income			72.0			68.6			294.5		279.2	261.1
Total Revenue			3,236.6			3,145.1			12,887.3		12,385.9	11,984.1
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain			1,861.2			1,820.1			6,917.9		7,257.1	6,994.6
Commissions			310.8			300.4			1,258.6		1,170.1	1,086.4
Interest and Debt Expense			52.5			49.2			201.1		194.8	188.5
Cost Related to Early Retirement of Debt			-			-			-		-	4.2
Deferral of Acquisition Costs			(156.2)			(164.7)			(651.5)		(632.2)	(556.9)
Amortization of Deferred Acquisition Costs			133.1			122.7			521.0		481.4	421.1
Other Expenses			589.7			588.7			2,388.9		2,274.6	2,096.2
Total Benefits and Expenses			2,791.1			2,716.4			10,636.0		10,745.8	10,234.1
Income Before Income Tax			445.5			428.7			2,251.3		1,640.1	1,750.0
Income Tax Expense			96.8			98.1			472.2		356.3	342.8
Net Income	$	348.7	$	330.6	$	1,779.1	$	1,283.8	$	1,407.2
Weighted Average Shares Outstanding

Basic			181.0			194.7			187.5		196.7	200.6
Assuming Dilution			181.6			195.5			188.1		197.6	202.1
Actual Number of Shares Outstanding									178.6		193.4	197.8

	Unum Group Sales Data for Unum US Segment
			Three Months Ended						Year Ended
	12/31/2024	12/31/2023			% Change	12/31/2024	12/31/2023	12/31/2022
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	154.5	$	136.6			13.1 %	$	298.3	$	292.7	$	295.3
Group Short-term Disability			122.4			112.4			8.9			216.5		229.5	184.3
Group Life and AD&D			210.3			152.5			37.9			361.5		305.4	232.4
Subtotal			487.2			401.5			21.3			876.3		827.6	712.0
Supplemental and Voluntary
Voluntary Benefits			60.7			50.7			19.7			293.7		263.2	238.7
Individual Disability			25.6			27.9			(8.2)			101.7		108.9	90.8
Dental and Vision			51.9			41.6			24.8			95.3		84.1	73.8
Subtotal			138.2			120.2			15.0			490.7		456.2	403.3
Total Sales	$	625.4	$	521.7			19.9	$	1,367.0	$	1,283.8	$	1,115.3
Sales by Market Sector

Group Disability and Group Life and AD&D
Core Market (<>2,000 employees)	$	265.5	$	266.2			(0.3)%	$	512.6	$	521.3	$	457.5
Large Case Market			221.7			135.3			63.9			363.7		306.3	254.5
Subtotal			487.2			401.5			21.3			876.3		827.6	712.0
Supplemental and Voluntary			138.2			120.2			15.0			490.7		456.2	403.3
Total Sales	$	625.4	$	521.7			19.9	$	1,367.0	$	1,283.8	$	1,115.3

	Unum Group Sales Data for Unum International Segment
			Three Months Ended						Year Ended
(in millions of dollars)	12/31/2024	12/31/2023			% Change	12/31/2024	12/31/2023	12/31/2022
Sales by Product
Unum UK
Group Long-term Disability	$	7.0	$	9.3			(24.7)%	$	47.3	$	48.3	$	43.3
Group Life			15.2			11.6			31.0			68.3		61.4	55.5
Supplemental			4.8			4.0			20.0			34.9		28.0	17.1
Unum Poland			11.8			9.4			25.5			36.4		33.2	17.8
Total Sales	$	38.8	$	34.3			13.1	$	186.9	$	170.9	$	133.7
Sales by Market Sector

Unum UK
Group Long-term Disability and Group Life
Core Market (<>500 employees)	$	11.1	$	10.9			1.8 %	$	41.8	$	51.2	$	42.7
Large Case Market			11.1			10.0			11.0			73.8		58.5	56.1
Subtotal			22.2			20.9			6.2			115.6		109.7	98.8
Supplemental			4.8			4.0			20.0			34.9		28.0	17.1
Unum Poland			11.8			9.4			25.5			36.4		33.2	17.8
Total Sales	$	38.8	$	34.3			13.1	$	186.9	$	170.9	$	133.7
(in millions of pounds)

Unum UK Sales by Product
Group Long-term Disability	£	5.5	£	7.5			(26.7)%	£	37.2	£	38.8	£	34.5
Group Life			11.9			9.3			28.0			53.4		49.4	45.4
Supplemental			3.7			3.3			12.1			27.5		22.6	13.5
Total Sales	£	21.1	£	20.1			5.0	£	118.1	£	110.8	£	93.4
Unum UK Sales by Market Sector

Group Long-term Disability and Group Life
Core Market (<>500 employees)	£	8.7	£	8.7			- %	£	32.8	£	41.2	£	34.4
Large Case Market			8.7			8.1			7.4			57.8		47.0	45.5
Subtotal			17.4			16.8			3.6			90.6		88.2	79.9
Supplemental			3.7			3.3			12.1			27.5		22.6	13.5
Total Sales	£	21.1	£	20.1			5.0	£	118.1	£	110.8	£	93.4

5. 1

	Unum Group Sales Data for Colonial Life Segment
			Three Months Ended						Year Ended
	12/31/2024	12/31/2023			% Change	12/31/2024	12/31/2023	12/31/2022
Sales by Product
Accident, Sickness, and Disability	$	111.2	$	115.0			(3.3)%	$	326.3	$	329.5	$	310.6
Life			44.8			45.8			(2.2)			127.9		132.1	121.5
Cancer and Critical Illness			29.4			28.7			2.4			78.0		78.0	76.0
Total Sales	$	185.4	$	189.5			(2.2)	$	532.2	$	539.6	$	508.1
Sales by Market Sector

Commercial
Core Market (<>1,000 employees)	$	111.5	$	115.8			(3.7)%	$	331.9	$	347.4	$	332.4
Large Case Market			27.8			30.0			(7.3)			65.1		62.3	58.1
Subtotal			139.3			145.8			(4.5)			397.0		409.7	390.5
Public Sector			46.1			43.7			5.5			135.2		129.9	117.6
Total Sales	$	185.4	$	189.5			(2.2)	$	532.2	$	539.6	$	508.1

5. 2

	Unum Group Consolidated Balance Sheets
			December 31
			2024		2023
Assets
Investments
Fixed Maturity Securities - at fair value	$	35,629.9	$	36,833.9
Mortgage Loans			2,224.5		2,318.2
Policy Loans			3,617.2		3,620.2
Other Long-term Investments			1,694.4		1,579.4
Short-term Investments			2,540.3		1,610.7
Total Investments			45,706.3		45,962.4
Other Assets
Cash and Bank Deposits			162.8		146.0
Accounts and Premiums Receivable			1,459.0		1,543.7
Reinsurance Recoverable			8,296.4		9,108.4
Accrued Investment Income			649.8		633.9
Deferred Acquisition Costs			2,842.8		2,714.5
Goodwill			349.1		349.9
Property and Equipment			487.6		485.3
Deferred Income Tax			369.7		649.4
Other Assets			1,635.8		1,661.7
Total Assets	$	61,959.3	$	63,255.2

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Disclaimer

Unum Group published this content on February 04, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 04, 2025 at 21:17:17.480.