Third Quarter 2024 Q3 2024 Statistical Supplement and Notes

Unum Group Financial Highlights

Three Months Ended

Nine Months Ended

Year Ended

Consolidated U.S. GAAP Results¹

9/30/2024

9/30/2023

9/30/2024

9/30/2023

12/31/2023

12/31/2022

Premium Income

$

2,628.8

$

2,525.9

$

7,866.3

$

7,494.3

$

10,046.0

$

9,616.5

Adjusted Operating Revenue

$

3,229.9

$

3,123.5

$

9,675.2

$

9,270.8

$

12,421.9

$

11,999.8

Net Investment Gain (Loss)

(12.9)

(31.0)

(24.5)

(30.0)

(36.0)

(15.7)

Total Revenue

$

3,217.0

$

3,092.5

$

9,650.7

$

9,240.8

$

12,385.9

$

11,984.1

Net Income

$

645.7

$

202.0

$

1,430.4

$

953.2

$

1,283.8

$

1,407.2

Net Income Per Common Share:

Basic

$

3.46

$

1.03

$

7.54

$

4.83

$

6.53

$

7.01

Assuming Dilution

$

3.46

$

1.02

$

7.52

$

4.81

$

6.50

$

6.96

Assets

$

64,140.5

$

59,954.5

$

63,255.2

$

61,148.5

Liabilities

$

53,189.1

$

50,336.4

$

53,603.8

$

52,413.5

Stockholders' Equity

$

10,951.4

$

9,618.1

$

9,651.4

$

8,735.0

Adjusted Stockholders' Equity

$

13,078.5

$

12,055.7

$

12,292.6

$

11,459.1

Adjusted Operating Retuon Equity

Unum US

25.5 %

25.4 %

25.7 %

23.1 %

23.1 %

16.4 %

Unum International

16.2 %

14.0 %

15.8 %

16.7 %

16.5 %

20.7 %

Colonial Life

19.2 %

18.7 %

19.6 %

18.9 %

18.1 %

19.9 %

Core Operating Segments

22.8 %

22.4 %

23.1 %

21.4 %

21.2 %

17.7 %

Consolidated

12.4 %

12.7 %

12.8 %

13.2 %

12.7 %

11.8 %

Traditional U.S. Life Insurance Companies' Statutory Results2

$

315.6

$

532.7

$

1,032.2

$

1,122.6

$

1,351.5

$

965.4

Net Gain from Operations, After Tax

Net Realized Capital Gain (Loss), After Tax

3.7

(4.1)

(0.9)

(4.6)

(21.6)

-

Net Income

$

319.3

$

528.6

$

1,031.3

$

1,118.0

$

1,329.9

$

965.4

Capital and Surplus

$

4,425.0

$

4,376.6

$

3,751.3

$

3,816.3

Weighted Average Risk-based Capital Ratio

~ 470%

~ 470%

~ 415%

~ 420%

Unum Group Capital Metrics

9/30/2024

9/30/2023

12/31/2023

12/31/2022

(in millions)

per share

(in millions)

per share

(in millions)

per share

(in millions)

per share

Total Stockholders' Equity (Book Value)

$

10,951.4

$

59.36

$

9,618.1

$

49.32

$

9,651.4

$

49.91

$

8,735.0

$

44.17

Excluding:

Net Unrealized Loss on Securities

(1,491.2)

(8.08)

(3,948.4)

(20.25)

(1,919.1)

(9.92)

(3,028.4)

(15.31)

Effect of Change in Discount Rate Assumptions on the

(527.0)

(2.86)

1,688.5

8.66

(648.4)

(3.35)

313.9

1.59

Liability for Future Policy Benefits

Net Loss on Derivatives

(108.9)

(0.59)

(177.7)

(0.91)

(73.7)

(0.39)

(9.6)

(0.05)

Subtotal

13,078.5

70.89

12,055.7

61.82

12,292.6

63.57

11,459.1

57.94

Excluding:

Foreign Currency Translation Adjustment

(259.9)

(1.40)

(382.2)

(1.95)

(321.1)

(1.66)

(390.1)

(1.98)

Subtotal

13,338.4

72.29

12,437.9

63.77

12,613.7

65.23

11,849.2

59.92

Excluding:

Unrecognized Pension and Postretirement Benefit Costs

(342.7)

(1.86)

(330.8)

(1.70)

(345.7)

(1.79)

(334.1)

(1.69)

Total Stockholders' Equity, Excluding Accumulated

$

13,681.1

$

74.15

$

12,768.7

$

65.47

$

12,959.4

$

67.02

$

12,183.3

$

61.61

Other Comprehensive Loss

Dividends Paid

$

219.5

$

1.150

$

205.8

$

1.025

$

277.1

$

1.390

$

255.3

$

1.260

Three Months Ended

Nine Months Ended

Year Ended

9/30/2024

9/30/2023

9/30/2024

9/30/2023

12/31/2023

12/31/2022

Shares Repurchased (millions)

3.7

1.5

9.7

3.9

5.7

5.7

Cost of Shares Repurchased (millions)1

$

202.0

$

74.8

$

504.8

$

175.4

$

252.0

$

200.1

Price (UNM closing price on last trading day of period)

$

59.44

$

49.19

$

45.22

$

41.03

Leverage Ratio

21.3 %

22.5 %

22.1 %

23.4 %

Holding Company Liquidity (millions)

$

1,393

$

1,182

$

1,650

$

1,571

Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlooks

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

Nine Months Ended

Year Ended

9/30/2024

9/30/2023

9/30/2024

9/30/2023

12/31/2023

12/31/2022

Revenue

$

2,628.8

$

2,525.9

$

7,866.3

$

7,494.3

$

10,046.0

$

9,616.5

Premium Income

Net Investment Income

527.8

526.0

1,586.4

1,565.9

2,096.7

2,122.2

Net Investment Loss

(12.9)

(31.0)

(24.5)

(30.0)

(36.0)

(15.7)

Other Income

73.3

71.6

222.5

210.6

279.2

261.1

Total Revenue

3,217.0

3,092.5

9,650.7

9,240.8

12,385.9

11,984.1

Benefits and Expenses

Policy Benefits Including Remeasurement Loss or Gain

1,461.9

1,947.0

5,056.7

5,437.0

7,257.1

6,994.6

Commissions

315.1

289.7

947.8

869.7

1,170.1

1,086.4

Interest and Debt Expense

49.2

48.6

148.6

145.6

194.8

188.5

Cost Related to Early Retirement of Debt

-

-

-

-

-

4.2

Deferral of Acquisition Costs

(163.3)

(153.3)

(495.3)

(467.5)

(632.2)

(556.9)

Amortization of Deferred Acquisition Costs

133.8

129.1

387.9

358.7

481.4

421.1

Other Expenses

605.7

569.7

1,799.2

1,685.9

2,274.6

2,096.2

Total Benefits and Expenses

2,402.4

2,830.8

7,844.9

8,029.4

10,745.8

10,234.1

Income Before Income Tax

814.6

261.7

1,805.8

1,211.4

1,640.1

1,750.0

Income Tax Expense

168.9

59.7

375.4

258.2

356.3

342.8

Net Income

$

645.7

$

202.0

$

1,430.4

$

953.2

$

1,283.8

$

1,407.2

Weighted Average Shares Outstanding

Basic

186.4

196.1

189.7

197.3

196.7

200.6

Assuming Dilution

186.9

197.1

190.2

198.3

197.6

202.1

Actual Number of Shares Outstanding

184.5

195.0

193.4

197.8

Unum Group Sales Data for Unum US Segment

Three Months Ended

Nine Months Ended

Year Ended

9/30/2024

9/30/2023

% Change

9/30/2024

9/30/2023

% Change

12/31/2023

12/31/2022

Sales by Product

Group Disability and Group Life and AD&D

Group Long-term Disability

$

24.4

$

36.6

(33.3)%

$

143.8

$

156.1

(7.9)%

$

292.7

$

295.3

Group Short-term Disability

15.9

30.5

(47.9)

94.1

117.1

(19.6)

229.5

184.3

Group Life and AD&D

26.5

25.2

5.2

151.2

152.9

(1.1)

305.4

232.4

Subtotal

66.8

92.3

(27.6)

389.1

426.1

(8.7)

827.6

712.0

Supplemental and Voluntary

Voluntary Benefits

45.6

39.0

16.9

233.0

212.5

9.6

263.2

238.7

Individual Disability

29.4

25.6

14.8

76.1

81.0

(6.0)

108.9

90.8

Dental and Vision

12.5

14.0

(10.7)

43.4

42.5

2.1

84.1

73.8

Subtotal

87.5

78.6

11.3

352.5

336.0

4.9

456.2

403.3

Total Sales

$

154.3

$

170.9

(9.7)

$

741.6

$

762.1

(2.7)

$

1,283.8

$

1,115.3

Sales by Market Sector

Group Disability and Group Life and AD&D

Core Market (<>2,000 employees)

$

52.1

$

65.8

(20.8)%

$

247.1

$

255.1

(3.1)%

$

521.3

$

457.5

Large Case Market

14.7

26.5

(44.5)

142.0

171.0

(17.0)

306.3

254.5

Subtotal

66.8

92.3

(27.6)

389.1

426.1

(8.7)

827.6

712.0

Supplemental and Voluntary

87.5

78.6

11.3

352.5

336.0

4.9

456.2

403.3

Total Sales

$

154.3

$

170.9

(9.7)

$

741.6

$

762.1

(2.7)

$

1,283.8

$

1,115.3

Unum Group Sales Data for Unum International Segment

Three Months Ended

Nine Months Ended

Year Ended

(in millions of dollars)

9/30/2024

9/30/2023

% Change

9/30/2024

9/30/2023

% Change

12/31/2023

12/31/2022

Sales by Product

Unum UK

Group Long-term Disability

$

8.4

$

8.9

(5.6)%

$

40.3

$

39.0

3.3 %

$

48.3

$

43.3

Group Life

17.0

10.5

61.9

53.1

49.8

6.6

61.4

55.5

Supplemental

4.8

3.8

26.3

30.1

24.0

25.4

28.0

17.1

Unum Poland

8.0

7.0

14.3

24.6

23.8

3.4

33.2

17.8

Total Sales

$

38.2

$

30.2

26.5

$

148.1

$

136.6

8.4

$

170.9

$

133.7

Sales by Market Sector

Unum UK

Group Long-term Disability and Group Life

Core Market (<>500 employees)

$

10.0

$

11.8

(15.3)%

$

30.7

$

40.3

(23.8)%

$

51.2

$

42.7

Large Case Market

15.4

7.6

102.6

62.7

48.5

29.3

58.5

56.1

Subtotal

25.4

19.4

30.9

93.4

88.8

5.2

109.7

98.8

Supplemental

4.8

3.8

26.3

30.1

24.0

25.4

28.0

17.1

Unum Poland

8.0

7.0

14.3

24.6

23.8

3.4

33.2

17.8

Total Sales

$

38.2

$

30.2

26.5

$

148.1

$

136.6

8.4

$

170.9

$

133.7

(in millions of pounds)

Unum UK Sales by Product

Group Long-term Disability

£

6.4

£

7.0

(8.6)%

£

31.7

£

31.3

1.3 %

£

38.8

£

34.5

Group Life

12.9

8.3

55.4

41.5

40.1

3.5

49.4

45.4

Supplemental

3.8

2.9

31.0

23.8

19.3

23.3

22.6

13.5

Total Sales

£

23.1

£

18.2

26.9

£

97.0

£

90.7

6.9

£

110.8

£

93.4

Unum UK Sales by Market Sector

Group Long-term Disability and Group Life

Core Market (<>500 employees)

£

7.7

£

9.4

(18.1)%

£

24.1

£

32.5

(25.8)%

£

41.2

£

34.4

Large Case Market

11.6

5.9

96.6

49.1

38.9

26.2

47.0

45.5

Subtotal

19.3

15.3

26.1

73.2

71.4

2.5

88.2

79.9

Supplemental

3.8

2.9

31.0

23.8

19.3

23.3

22.6

13.5

Total Sales

£

23.1

£

18.2

26.9

£

97.0

£

90.7

6.9

£

110.8

£

93.4

Unum Group Sales Data for Colonial Life Segment

Three Months Ended

Nine Months Ended

Year Ended

9/30/2024

9/30/2023

% Change

9/30/2024

9/30/2023

% Change

12/31/2023

12/31/2022

Sales by Product

Accident, Sickness, and Disability

$

74.7

$

73.1

2.2 %

$

215.1

$

214.5

0.3 %

$

329.5

$

310.6

Life

28.5

29.9

(4.7)

83.1

86.3

(3.7)

132.1

121.5

Cancer and Critical Illness

17.7

18.3

(3.3)

48.6

49.3

(1.4)

78.0

76.0

Total Sales

$

120.9

$

121.3

(0.3)

$

346.8

$

350.1

(0.9)

$

539.6

$

508.1

Sales by Market Sector

Commercial Sector

Core Market (<>1,000 employees)

$

69.9

$

77.2

(9.5)%

$

220.4

$

231.6

(4.8)%

$

347.4

$

332.4

Large Case Market

16.0

10.5

52.4

37.3

32.3

15.5

62.3

58.1

Subtotal

85.9

87.7

(2.1)

257.7

263.9

(2.3)

409.7

390.5

Public Sector

35.0

33.6

4.2

89.1

86.2

3.4

129.9

117.6

Total Sales

$

120.9

$

121.3

(0.3)

$

346.8

$

350.1

(0.9)

$

539.6

$

508.1

Unum Group Consolidated Balance Sheets

September 30

December 31

2024

2023

Assets

Investments

Fixed Maturity Securities - at fair value

$

37,783.5

$

36,833.9

Mortgage Loans

2,238.9

2,318.2

Policy Loans

3,625.6

3,620.2

Other Long-term Investments

1,682.8

1,579.4

Short-term Investments

1,990.8

1,610.7

Total Investments

47,321.6

45,962.4

Other Assets

Cash and Bank Deposits

163.4

146.0

Accounts and Premiums Receivable

1,495.7

1,543.7

Reinsurance Recoverable

8,637.6

9,108.4

Accrued Investment Income

786.8

633.9

Deferred Acquisition Costs

2,823.5

2,714.5

Goodwill

352.0

349.9

Property and Equipment

495.2

485.3

Deferred Income Tax

431.9

649.4

Other Assets

1,632.8

1,661.7

Total Assets

$

64,140.5

$

63,255.2