Fourth Quarter 2024 Q4 2024 Statistical Supplement and Notes

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%

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

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

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

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