UNUM GROUP – 10-K – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion and analysis presented in this section should be read in
conjunction with the "Cautionary Statement Regarding Forward-Looking Statements"
included below the Table of Contents, "Risk Factors" included herein Item 1A,
and the Consolidated Financial Statements and notes thereto included in Item 8.

Executive Summary

2022 Operating Performance and Capital Management

For 2022, we reported net income of $1,314.2 million, or $6.50 per diluted
common share, compared to net income of $824.2 million, or $4.02 per diluted
common share, in 2021.

Included in our results for 2022 are:

•A net investment loss of $15.7 million before tax and $12.2 million after tax,
or $0.07 per diluted common share;
•Amortization of the cost of reinsurance of $63.8 million before tax and $50.4
million after tax, or $0.25 per diluted common share;
•A reserve decrease related to assumption updates of $155.0 million before tax
and $122.5 million after tax, or $0.61 per diluted common share;

Included in our results for 2021 are:

•A net investment gain, excluding the net realized investment gain related to
the second phase of the Closed Block individual disability reinsurance
transaction, of $9.1 million before tax and $7.2 million after tax, or $0.03 per
diluted common share;
•The impact from the second phase of the Closed Block individual disability
reinsurance transaction, which resulted in a net loss of $71.7 million before
tax and $56.7 million after tax, or $0.27 per diluted common share;
•Amortization of the cost of reinsurance of $79.1 million before tax and $62.3
million after tax, or $0.31 per diluted common share;
•A net reserve decrease related to assumption updates of $181.4 million before
tax and $143.3 million after tax, or $0.70 per diluted common share;
•An impairment loss on internal-use software of $12.1 million before tax and
$9.6 million after tax, or $0.05 per diluted common share;
•Cost related to the early retirement of debt of $67.3 million before tax and
$53.2 million after tax, or $0.26 per diluted common share;
•An impairment loss on the right-of-use (ROU) asset related to one of our
operating leases of $13.9 million before tax and $11.0 million after tax, or
$0.05 per diluted common share;
•Tax expense related to a U.K. tax rate increase of $24.2 million or $0.12 per
diluted common share.

Excluding these items, after-tax adjusted operating income for 2022 was $1,254.3
million, or $6.21 per diluted common share compared to $890.7 million, or $4.35
per diluted common share for 2021. See "Reconciliation of Non-GAAP and Other
Financial Measures" contained herein in this Item 7 for a reconciliation of
these items.

Our Unum US segment reported an increase in income before income tax and net
investment gains and losses of 65.6 percent in 2022 compared to 2021, which
includes the reserve decreases related to the assumption updates during the
third quarter of 2022 and 2021. Excluding these items, our Unum US segment
reported an increase in adjusted operating income of 108.8 percent in 2022
compared to 2021, due to favorable benefits experience, particularly in our
group product lines, and an increase in premium income, partially offset by
higher operating expenses and lower net investment income. The benefit ratio,
excluding the previously discussed reserve decreases, for our Unum US segment
for 2022 was 65.5 percent, compared to 74.9 percent in 2021. Unum US sales
increased 18.4 percent in 2022 compared to 2021. See "Reserve Assumption
Updates" contained herein for further discussion.

Our Unum International segment reported an increase in adjusted operating
income, as measured in U.S. dollars, of 20.2 percent in 2022 compared to 2021.
As measured in local currency, our Unum UK line of business reported an increase
in adjusted operating income of 37.7 percent compared to 2021 due to higher
premium income and higher net investment income, partially offset by higher
operating expenses and unfavorable benefits experience. The benefit ratio for
our Unum UK line of business
                                       37
--------------------------------------------------------------------------------

was 81.1 percent in 2022 compared to 79.6 percent in 2021. Unum International
sales, as measured in U.S. dollars, increased 26.4 percent in 2022 compared to
2021. Unum UK sales, as measured in local currency, increased 43.5 percent in
2022 compared to 2021.

Our Colonial Life segment reported an increase in adjusted operating income of
13.8 percent in 2022 compared to 2021 due primarily to favorable benefits
experience, partially offset by higher operating expenses and lower net
investment income. The 2022 benefit ratio for Colonial Life was 47.2 percent,
compared to 53.9 percent in 2021. Colonial Life sales increased 5.9 percent in
2022 compared to 2021.

Our Closed Block segment reported an increase in income before income tax and
net investment gains and losses of 29.0 percent in 2022, which includes the
amortization of the cost of reinsurance, compared to 2021, which includes
reserve increases related to the assumption updates, the impact related to the
second phase of the Closed Block individual disability reinsurance transaction,
and the amortization of the cost of reinsurance. Excluding these items, our
Closed Block segment reported a decrease in adjusted operating income of 37.2
percent in 2022 compared to 2021. The long-term care interest adjusted loss
ratio for 2022 was less favorable compared to 2021, which excludes the reserve
increase related to the assumption update in the third quarter of 2021. See
"Reserve Assumption Updates" and "Closed Block Individual Disability Reinsurance
Transaction" contained herein for further discussion.

A rising interest rate environment could continue to positively impact our
yields on new investments, but could also continue to create unrealized losses
in our current holdings. Our net investment income has been pressured as the
majority of our investments were made at a decreasing level of interest rates
indicative of the prevailing trend over the last decades. As of December 31,
2022, we do not hold any securities with a decline in fair value below amortized
cost which we intend to sell and it is not more likely than not that we will be
required to sell before recovery in amortized cost. The net unrealized loss on
our fixed maturity securities was $3.0 billion at December 31, 2022, compared to
a $5.9 billion net unrealized gain at December 31, 2021, with the decrease due
primarily to an increase in U.S. Treasury rates and credit spreads. The earned
book yield on our investment portfolio decreased to 4.57 percent for 2022
compared to a yield of 4.85 percent for 2021.

We believe our capital and financial positions are strong. At December 31, 2022,
the RBC ratio for our traditional U.S. insurance subsidiaries, calculated on a
weighted average basis using the NAIC Company Action Level formula, was
approximately 420 percent, which is in line with our expectations. We
repurchased 5.7 million shares of Unum Group common stock under our share
repurchase program, at a cost of approximately $200 million during 2022. Our
weighted average common shares outstanding, assuming dilution, equaled 202.1
million for 2022 compared to 204.8 million for 2021. As of December 31, 2022,
Unum Group and our intermediate holding companies had available holding company
liquidity of $1,571 million that was held primarily in bank deposits, commercial
paper, money market funds, corporate bonds, municipal bonds, and asset-backed
securities.

Coronavirus Disease 2019 (COVID-19)

COVID-19 continues to cause disruption to the global economy and has unfavorably
impacted our company as well as the overall insurance industry. During 2022, we
experienced lower mortality in our life products lines, resulting primarily from
lessening impacts of COVID-19 on our insured population compared to 2021. Due to
the volatile and unprecedented nature of these events, we still cannot fully
estimate the ultimate impact of the COVID-19 pandemic. We continue to closely
monitor pandemic trends that have and may continue to have adverse impacts on
our business.

                                       38
--------------------------------------------------------------------------------

Inflation Reduction Act

In August 2022, the Inflation Reduction Act (IRA) was signed into law in the
U.S. and includes certain corporate tax provisions effective January 1, 2023. It
imposes a new 15 percent corporate alternative minimum tax (CAMT) on adjusted
financial statement income (AFSI) on corporations that have average AFSI over
$1.0 billion in any prior three-year period, starting with years 2020 to 2022.
We anticipate that our company will be an applicable corporation as early as
2023. We do not expect that any CAMT incurred would impact earnings since it
would be offset with a credit toward regular income tax in subsequent years. We
continue to monitor the ongoing guidance issued by the United States Treasury.
The IRA also imposes a one percent excise tax on the fair market value of
corporate stock repurchases after December 31, 2022. This excise tax would be
recorded as part of the cost basis of treasury stock. We have not recorded any
tax impact from the enactment of the IRA as of December 31, 2022.

Reserve Assumption Updates

During the third quarter of 2022, we completed our annual review of policy and
claim reserve adequacy, which incorporated our most recent experience and
included a review of all material assumptions. Based on our analysis, during the
third quarter of 2022, we updated our reserve assumptions to reflect our current
estimate of future benefit obligations and determined that our claim reserves in
our Unum US group long-term disability product line and our waiver of premium
reserves for our Unum US group life product line should be reduced by $121.0
million and $34.0 million before tax, or $95.6 million and $26.9 million after
tax, respectively, due primarily to sustained improvement in claim recovery
trends since our last assumption update, partially offset by lower social
security benefit offsets for our group long-term disability product line.

During the third quarter of 2022, we increased our claim reserves for the
reinsured portion of our Closed Block individual disability product line by
$193.9 million before tax, or $153.2 million after tax, resulting primarily from
updates to mortality assumptions for the advanced age portion of our claimant
population. This increase is entirely related to the block that was ceded as a
part of the Closed Block individual disability reinsurance transaction with
Commonwealth Annuity and Life Insurance Company (Commonwealth) and as a result,
a corresponding increase was reported in our consolidated balance sheet as a
reinsurance recoverable. There was no net impact on our consolidated results of
operations for the period. The amortization of the cost of reinsurance related
to the Closed Block individual disability reinsurance transaction is based upon
expected claim reserve patterns and as such there was a resulting change in the
timing of the amortization of the cost of reinsurance.

During the third quarter of 2021, we completed our annual review of policy and
claim reserve adequacy, which incorporated our most recent experience and
included a review of all material assumptions. Based on our analysis, during the
third quarter of 2021, we updated our reserve assumptions to reflect our current
estimate of future benefit obligations and determined that our claim reserves
should be reduced by $215.0 million before tax, or $169.9 million after tax, in
our Unum US group long-term disability product line due primarily to sustained
improvement in claim recovery trends since our last assumption update. We also
increased our claim reserves for our Closed Block long-term care and individual
disability product lines by $2.1 million and $6.4 million before tax, or $1.7
million and $5.1 million after tax, respectively. We determined that our policy
reserves should be increased by $25.1 million before tax, or $19.8 million after
tax, in our Closed Block group pension product line to reflect updated discount
rate assumptions.

During the fourth quarter of 2020, we completed our annual review of policy and
claim reserve adequacy, which incorporated our most recent experience and
included a review of all material assumptions. Based on our analysis, during the
fourth quarter of 2020, we updated our reserve assumptions to reflect our
current estimate of future benefit obligations and determined that our gross
policy and claim reserves should be increased by $151.5 million before tax, or
$119.7 million after tax, for our Closed Block long-term care product line due
primarily to an update to our interest rate assumptions, partially offset by
favorable premium rate increase approvals and inventory updates. Also during the
fourth quarter of 2020, we updated our reserve assumptions and determined that
our policy and claim reserves should be increased by $17.5 million before tax,
or $13.8 million after tax, in our Closed Block group pension product line to
reflect updated discount rate assumptions.

For further information related to the reserve assumption updates, see "Trends
in Key Assumptions" contained herein in the "Critical Accounting Estimates" of
this Item 7 and Note 6 of the "Notes to Consolidated Financial Statements"
contained in Item 8.

Impairment Loss on Internal-Use Software

During the third quarter of 2021, we recognized an impairment loss of $12.1
million before tax, or $9.6 million after tax, for previously capitalized
internal-use software that we no longer plan to utilize. We determined that this
internal-use software

                                       39
--------------------------------------------------------------------------------

would no longer be developed in order to focus our efforts on the development of
software that better supports our long-term strategic goals. For further
information related to the impairment loss on internal-use software, see Note 13
of the "Notes to Consolidated Financial Statements" contained in Item 8.

Impairment Losses on ROU Asset

During the second quarters of 2021 and 2020, we recognized impairment losses of
$13.9 million and $12.7 million before tax, or $11.0 million and $10.0 million
after tax, on the ROU asset related to one of our operating leases for office
space that we do not plan to continue using to support our general operations.
The impairment loss was recorded as a result of a decrease in the fair value of
the ROU asset compared to its carrying value. For further information related to
the impairment losses on the ROU asset, see Note 15 of the "Notes to
Consolidated Financial Statements" contained in Item 8.

U.K. Tax Law Change

In June 2021, the Finance Act 2021 was enacted, resulting in a U.K. tax rate
increase from 19 percent to 25 percent, effective April 1, 2023, which resulted
in $24.2 million of additional tax expense in operating earnings for the
revaluation of our deferred tax assets and liabilities in 2021. The U.K. tax
rate increase may cause volatility in our effective tax rate prior to the April
1, 2023 effective date as a result of changes in the deferred tax balance
related to our Unum UK business. In July 2020, the Finance Act 2020 was enacted,
resulting in a U.K. tax rate increase from 17 percent to 19 percent,
retroactively effective April 1, 2020, which resulted in $9.3 million of
additional tax expense in operating earnings for the revaluation of our deferred
tax assets and liabilities in 2020.

Costs Related to Organizational Design Update

During the third quarter of 2020, we realigned certain parts of our
organizational structure by shifting resources to accelerate growth, fund
priority investments, and simplify and improve our business practices. In
connection with this update, we incurred charges of $23.3 million before tax, or
$18.6 million after tax, which primarily consisted of employee severance and
benefit costs as well as costs related to lease terminations and the disposal of
certain fixed assets. This update did not result in the exit or disposal of any
of our lines of business.

Closed Block Individual Disability Reinsurance Transaction

In December 2020, we completed the first phase of a reinsurance transaction,
pursuant to which Provident Life and Accident Insurance Company, The Paul Revere
Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned
domestic insurance subsidiaries of Unum Group, and collectively referred to as
"the ceding companies", each entered into separate reinsurance agreements with
Commonwealth, to reinsure on a coinsurance basis effective as of July 1, 2020,
approximately 75 percent of the Closed Block individual disability business,
primarily direct business written by the ceding companies. In March 2021, we
completed the second phase of the reinsurance transaction, pursuant to which the
ceding companies and Commonwealth amended and restated their respective
reinsurance agreements to reinsure on a coinsurance and modified coinsurance
basis effective as of January 1, 2021, a substantial portion of the remaining
Closed Block individual disability business that was not ceded in December 2020,
primarily business previously assumed by the ceding companies. Commonwealth
established and will maintain collateralized trust accounts for the benefit of
the ceding companies to secure its obligations under the reinsurance agreements.

In December 2020, Provident Life and Casualty Insurance Company (PLC), also a
wholly-owned domestic insurance subsidiary of Unum Group, entered into an
agreement with Commonwealth whereby PLC will provide a 12-year volatility cover
to Commonwealth for the active life cohort (ALR cohort). As part of this
agreement, PLC received a payment from Commonwealth of $62.1 million. On March
31, 2021, PLC and Commonwealth amended and restated this agreement to
incorporate the ALR cohort related to the additional business that was reinsured
between the ceding companies and Commonwealth as part of the second phase of the
transaction. As part of the amended and restated volatility cover, PLC received
a payment from Commonwealth of $17.9 million. At the end of the 12-year coverage
period, Commonwealth will retain the remaining incidence and claims risk on the
ALR cohort of the ceded business.

In connection with the first phase of the reinsurance transaction which occurred
in December 2020, the ceding companies paid a total ceding commission to
Commonwealth of $437.7 million. In connection with the second phase of the
reinsurance transaction which occurred in March 2021, Commonwealth paid a ceding
commission to the ceding companies of $18.2 million. The ceding companies
transferred assets, which consisted primarily of cash and fixed maturity
securities, of $6,669.8 million and $767.0 million, for the first phase in
December 2020 and the second phase in March 2021, respectively. In addition, we
                                       40
--------------------------------------------------------------------------------

recognized the following items for the first phase in December 2020 and the
second phase in March 2021, respectively:

•Net realized investment gains totaling $1,302.3 million and $67.6 million
before tax, or $1,028.8 million and $53.4 million after tax, related to the
transfer of investments.
•Increase in benefits and change in reserves for future benefits of $1,284.5
million and $133.1 million, or $1,014.7 million and $105.1 million after tax,
resulting from the realization of previously unrealized investment gains and
losses recorded in accumulated other comprehensive income (loss).
•Transaction costs totaling $21.0 million and $6.2 million, or $16.6 million and
$5.0 million after tax.
•Reinsurance recoverable of $6,141.5 million and $990.0 million related to the
policies on claim status (DLR cohort).
•Cost of reinsurance, or prepaid reinsurance premium, of $815.7 million and
$43.1 million related to the DLR cohort for which we amortized $63.8 million
before tax or $50.4 million after tax in 2022, $79.1 million before tax or $62.3
million after tax in 2021, and $2.6 million before tax or $2.0 million after tax
in 2020.
•Deposit asset of $88.2 million and $5.0 million related to the ALR cohort.
•Tax benefit of $36.5 million, in connection with the first phase.
•Payable of $307.2 million related to the portfolio of invested assets
associated with the business ceded on a modified coinsurance basis, in
connection with the second phase.

We released approximately $200 million of capital during the first quarter of
2021 in addition to the $400 million that was released in December 2020. See
"Reinsurance" contained herein in Item 1; "Segment Results," and "Liquidity and
Capital Resources - Cash Available from Subsidiaries" contained herein in Item
7, and Notes 12 and 16 of the "Notes to Consolidated Financial Statements"
contained herein in Item 8 for further discussion on the impacts related to this
reinsurance transaction.

Consolidated Company Outlook for 2023

We believe our strategy of providing financial protection products at the
workplace puts us in a position of strength. We continue to fulfill our
corporate purpose of helping the working world thrive throughout life's moments
by providing excellent service to people at their time of need. Our strategy
remains centered on growing our core businesses, through investing and
transforming our operations and technology to anticipate and respond to the
changing needs of our customers, expanding into new adjacent markets through
meaningful partnerships and effective deployment of our capital across our
portfolio.

As the pandemic impacts have lessened, we have experienced recovery in our
earnings driven by the underlying strength of our business and expect positive
operating trends in our core businesses to continue in 2023, including improved
claim experience. The products and services we provide delivered significant
value to employers, employees and their families, throughout the COVID-19
pandemic and we believe this will help drive sales and premium growth in 2023.

The current interest rate environment could continue to positively impact our
yields on new investments, but could also continue to create unrealized losses
in our current holdings. We also may continue to experience further volatility
in miscellaneous investment income primarily related to changes in partnership
net asset values as well as bond calls.

As part of our discipline in pricing and reserving, we continuously monitor
emerging claim trends and interest rates. We will continue to take appropriate
pricing actions on new business and renewals that are reflective of the current
environment and may continue to utilize derivative financial instruments to
manage interest rate risk.

Our business is well-diversified by geography within our markets, industry
exposures and case size, and we continue to analyze and employ strategies that
we believe will help us navigate the current environment. These strategies allow
us to maintain financial flexibility to support the needs of our businesses,
while also returning capital to our shareholders. We have strong core businesses
that have a track record of generating significant free cash flow, and we will
continue to invest in our operations and expand into adjacent markets where we
can best leverage our expertise and capabilities to capture market growth
opportunities as those opportunities emerge. We believe that consistent
operating results, combined with the implementation of strategic initiatives and
the effective deployment of capital, will allow us to meet our financial
objectives.

Effective January 1, 2023, we will adopt Accounting Standard Update 2018-12,
Targeted Improvements to the Accounting for Long-Duration Contracts (ASU
2018-12).

                                       41
--------------------------------------------------------------------------------

Further discussion is included in "Reconciliation of Non-GAAP and Other
Financial Measures," "Accounting Developments", "Consolidated Operating
Results," "Segment Results," "Investments," and "Liquidity and Capital
Resources" contained herein in this Item 7 and in the "Notes to Consolidated
Financial Statements" contained herein in Item 8.

Reconciliation of Non-GAAP and Other Financial Measures

We analyze our performance using non-GAAP financial measures. A non-GAAP
financial measure is a numerical measure of a company's performance, financial
position, or cash flows that excludes or includes amounts that are not normally
excluded or included in the most directly comparable measure calculated and
presented in accordance with U.S generally accepted accounting principles
(GAAP). The non-GAAP financial measure of "after-tax adjusted operating income"
differs from net income as presented in our consolidated operating results and
income statements prepared in accordance with GAAP due to the exclusion of
investment gains or losses and the amortization of the cost of reinsurance as
well as certain other items as specified in the reconciliations below.
Investment gains or losses primarily include realized investment gains or
losses, expected investment credit losses, and gains or losses on derivatives.
We believe after-tax adjusted operating income is a better performance measure
and better indicator of the profitability and underlying trends in our business.

Investment gains or losses depend on market conditions and do not necessarily
relate to decisions regarding the underlying business of our segments. Our
investment focus is on investment income to support our insurance liabilities as
opposed to the generation of investment gains or losses. Although we may
experience investment gains or losses which will affect future earnings
levels, a long-term focus is necessary to maintain profitability over the life
of the business since our underlying business is long-term in nature, and we
need to earn the interest rates assumed in calculating our liabilities.

As previously discussed, we have exited a substantial portion of our Closed
Block individual disability product line through the two phases of the
reinsurance transaction that were executed in December 2020 and March 2021. As a
result, we exclude the amortization of the cost of reinsurance that was
recognized upon the exit of the business related to the DLR cohort of policies.
We believe that the exclusion of the amortization of the cost of reinsurance
provides a better view of our results from our ongoing businesses.

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.

See "Executive Summary" contained herein in Item 7 and Notes 3, 6, 7, 8, 12, 13,
and 15 of the "Notes to Consolidated Financial Statements" contained herein in
Item 8 for further discussion regarding the items specified in the
reconciliations below.

                                       42
--------------------------------------------------------------------------------

A reconciliation of GAAP financial measures to our non-GAAP financial measures
is as follows:

                                                                                      Year Ended December 31
                                                 2022                                          2021                                          2020
                                  (in millions)           per share *           (in millions)           per share *           (in millions)           per share *
Net Income                      $      1,314.2          $       6.50          $        824.2          $       4.02          $        793.0          $       3.89
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain
Related to Reinsurance
Transaction (net of tax expense
of $-; $14.2; $273.5)                        -                     -                    53.4                  0.26                 1,028.8                  5.05
Net Investment Gain (Loss),
Other (net of tax expense
(benefit) of $(3.5); $1.9;
$(20.9))                                 (12.2)                (0.07)                    7.2                  0.03                   (82.3)                (0.40)
Total Net Investment Gain
(Loss)                                   (12.2)                (0.07)                   60.6                  0.29                   946.5                  4.65
Items Related to Closed Block
Individual Disability
Reinsurance Transaction
Change in Benefit Reserves and
Transaction Costs (net of tax
benefit of $-; $29.2; $274.2)                -                     -                  (110.1)                (0.53)               (1,031.3)             

(5.06)

Amortization of the Cost of
Reinsurance (net of tax benefit
of $13.4; $16.8; $0.6)                   (50.4)                (0.25)                  (62.3)                (0.31)                   (2.0)             

(0.01)

Net Tax Benefits of Reinsurance
Transaction                                  -                     -                       -                     -                    36.5                  0.18
Total Items Related to Closed
Block Individual Disability
Reinsurance Transaction                  (50.4)                (0.25)                 (172.4)                (0.84)                 (996.8)                (4.89)
Net Reserve Change Related to
Reserve Assumption Updates (net
of tax expense (benefit) of
$32.5; $38.1; $(35.5))                   122.5                  0.61                   143.3                  0.70                  (133.5)             

(0.66)

Impairment Loss on Internal-Use
Software (net of tax benefit of
$-; $2.5; $-)                                -                     -                    (9.6)                (0.05)                      -              

-

Cost Related to Early
Retirement of Debt (net of tax
benefit of $-; $14.1; $-)                    -                     -                   (53.2)                (0.26)                      -                     -
Impairment Loss on ROU Asset
(net of tax benefit of $-;
$2.9; $2.7)                                  -                     -                   (11.0)                (0.05)                  (10.0)                (0.05)
Impact of U.K. Tax Rate
Increase                                     -                     -                   (24.2)                (0.12)                      -                     -

Costs Related to Organizational
Design Update (net of tax
benefit of $-; $-; $4.7)                     -                     -                       -                     -                   (18.6)                (0.09)
After-tax Adjusted Operating
Income                          $      1,254.3          $       6.21          $        890.7          $       4.35          $      1,005.4          $       4.93

* Assuming Dilution


We measure and analyze our segment performance on the basis of "adjusted
operating revenue" and "adjusted operating income" or "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 and
losses and the amortization of the cost of reinsurance as well as other items as
specified in the reconciliations below. 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.

                                       43
--------------------------------------------------------------------------------

A reconciliation of total revenue to "adjusted operating revenue" and income
before income tax to "adjusted operating income" is as follows:

                                                                         Year Ended December 31
                                                              2022                2021                2020
                                                                        (in millions of dollars)
Total Revenue                                             $ 11,991.0          $ 12,013.8          $ 13,162.1
Excluding:
Net Investment Gain (Loss)                                     (15.7)               76.7             1,199.1
Adjusted Operating Revenue                                $ 12,006.7        

$ 11,937.1 $ 11,963.0

Income Before Income Tax                                  $  1,631.4          $  1,063.0          $    964.0
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance
Transaction                                                        -                67.6             1,302.3
Net Investment Gain (Loss), Other                              (15.7)                9.1              (103.2)
Total Net Investment Gain (Loss)                               (15.7)               76.7             1,199.1

Items Related to Closed Block Individual Disability
Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs

                   -              (139.3)           (1,305.5)
Amortization of the Cost of Reinsurance                        (63.8)              (79.1)               (2.6)

Total Items Related to Closed Block Individual Disability
Reinsurance Transaction

                                        (63.8)             (218.4)           (1,308.1)

Net Reserve Change Related to Reserve Assumption Updates 155.0

        181.4              (169.0)
Impairment Loss on Internal-Use Software                           -               (12.1)                  -
Cost Related to Early Retirement of Debt                           -               (67.3)                  -
Impairment Loss on ROU Asset                                       -               (13.9)              (12.7)

Costs Related to Organizational Design Update                      -                   -               (23.3)
Adjusted Operating Income                                 $  1,555.9          $  1,116.6          $  1,278.0



                                       44

--------------------------------------------------------------------------------

Critical Accounting Estimates

We prepare our financial statements in accordance with GAAP. The preparation of
financial statements in conformity with GAAP requires us to make estimates and
assumptions that affect amounts reported in our financial statements and
accompanying notes. Estimates and assumptions could change in the future as more
information becomes known, which could impact the amounts reported and disclosed
in our financial statements. The accounting estimates deemed to be most critical
to our financial position and results of operations are those related to
reserves for policy and contract benefits, deferred acquisition costs, valuation
of investments, pension and postretirement benefit plans, income taxes, and
contingent liabilities. For additional information, refer to our significant
accounting policies in Note 1 of the "Notes to Consolidated Financial
Statements" contained herein in Item 8.

Reserves for Policy and Contract Benefits

Reserves for policy and contract benefits are our largest liabilities and
represent claims that we estimate we will eventually pay to our policyholders.
The two primary categories of reserves are policy reserves for claims not yet
incurred and claim reserves for claims that have been incurred or are estimated
to have been incurred but not yet reported to us. Reserves for policy and
contract benefits equaled $44.7 billion and $45.3 billion at December 31, 2022
and 2021, or approximately 85.6 percent and 77.1 percent of our total
liabilities, respectively. Reserves ceded to reinsurers were $13.0 billion and
$13.5 billion at December 31, 2022 and 2021 and are reported as a reinsurance
recoverable in our consolidated balance sheets.

Policy Reserves

Policy reserves are established in the same period we issue a policy and equal
the difference between projected future policy benefits and future premiums,
allowing a margin for expenses and profit. These reserves relate primarily to
our non-interest sensitive products, including our individual disability and
voluntary benefits products in our Unum US segment; individual disability and
life products in our Unum International segment; voluntary benefits products in
our Colonial Life segment; and long-term care and other products, which includes
individual disability, in our Closed Block segment. The reserves are calculated
based on assumptions that were appropriate at the date the policy was issued and
are not subsequently modified unless the policy reserves become inadequate (i.e.
loss recognition occurs).

•Persistency assumptions are based on our actual historical experience adjusted
for future expectations.
•Claim incidence and claim resolution rate assumptions related to mortality and
morbidity are based on actual experience or industry standards adjusted as
appropriate to reflect our actual experience and future expectations.
•Discount rate assumptions are based on our current and expected net investment
returns.

In establishing policy reserves, we use assumptions that reflect our best
estimate while considering the potential for adverse variances in actual future
experience, which results in a total policy reserve balance that has an embedded
reserve for adverse deviation. We do not, however, establish an explicit and
separate reserve as a provision for adverse deviation from our assumptions.

We perform loss recognition tests on our policy reserves annually, or more
frequently if appropriate, using best estimate assumptions as of the date of the
test, without a provision for adverse deviation. We group the policy reserves
for each major product line within a segment when we perform the loss
recognition tests. If the policy reserves determined using these best estimate
assumptions are higher than our existing policy reserves net of any deferred
acquisition cost balance, the existing policy reserves are increased or deferred
acquisition costs are reduced to immediately recognize the deficiency.
Thereafter, the policy reserves for the product line are calculated using the
same method we used for the loss recognition testing, referred to as the gross
premium valuation method, wherein we use our best estimate as of the gross
premium valuation (loss recognition) date rather than the initial policy issue
date to determine the expected future claims, commissions, and expenses we will
pay and the expected future gross premiums we will receive.

Because the key policy reserve assumptions for policy persistency, mortality and
morbidity, and discount rates are all locked in at policy issuance based on
assumptions appropriate at that time, policy reserve assumptions are generally
not changed due to a change in claim status from active to disabled subsequent
to policy issuance.  Depending on the funding mechanism, a full policy reserve
is held during disability reflecting continued funding of the full policy
reserve during a disability claim, or a fractional policy reserve is held
reflecting that the individual policyholder would need to recover before
generating future claims for a separate occurrence. The policy reserves build up
and release over time based on assumptions made at the time of policy issuance
such that the reserve is eliminated as policyholders either reach the terminal
age for coverage, die, or voluntarily lapse the policy. Policy reserves for Unum
US, Unum International, and Colonial Life products are determined using the net
level
                                       45
--------------------------------------------------------------------------------

premium method as prescribed by GAAP. In applying this method, we use, as
applicable by product type, morbidity and mortality incidence rate assumptions,
claim resolution rate assumptions, and policy persistency assumptions, among
others, to determine our expected future claim payments and expected future
premium income. We then apply an interest, or discount, rate to determine the
present value of the expected future claims and claim expenses we will pay and
the expected future premiums we will receive, with a provision for profit
allowed.

Policy reserves for our Closed Block segment include certain older policy forms
for individual and group long-term care and certain other products, all of which
are no longer actively marketed. The reserves for individual and group long-term
care are determined using the gross premium valuation method. Key assumptions
are persistency, mortality and morbidity, claim incidence, claim resolution
rates, commission rates, and maintenance expense rates. For long-term care,
premium rate increases are also a key assumption. We apply an interest, or
discount, rate to determine the present value of the expected future claims,
commissions, and expenses we will pay as well as the expected future premiums we
will receive, with no provision for future profit. The interest rate is based on
our expected net investment returns on the investment portfolio supporting the
reserves for these blocks of business. Under the gross premium valuation method,
we do not include an embedded provision for the risk of adverse deviation from
these assumptions. Gross premium valuation assumptions do not change after the
date of loss recognition unless reserves are again determined to be deficient in
the future.

Policy reserves for certain other products, excluding individual and group
long-term care, which are no longer actively marketed and are reported in our
Closed Block segment represent $5.6 billion on a gross basis. We have ceded $4.7
billion of reserves related to these other products to reinsurers. The ceded
reserve balance is reported in our consolidated balance sheets as a reinsurance
recoverable. We continue to service a block of group pension products, which we
have not ceded, and the policy reserves for these products are based on expected
mortality rates and retirement rates. Expected future payments are discounted at
interest rates reflecting the anticipated investment returns for the assets
supporting the liabilities.

Claim Reserves

Claim reserves are established when a claim is incurred or is estimated to have
been incurred but not yet reported (IBNR) to us and, as prescribed by GAAP,
equals our long-term best estimate of the present value of the liability for
future claim payments and claim adjustment expenses. A claim reserve is based on
actual known facts regarding the claim, such as the benefits available under the
applicable policy, the covered benefit period, the age, and, as appropriate, the
occupation and cause of disability of the claimant, as well as assumptions
derived from our actual historical experience and expected future changes in
experience for factors such as the claim duration, discount rate, and policy
benefit offsets, including those for social security and other government-based
welfare benefits. Reserves for IBNR claims, similar to incurred claim reserves,
include our assumptions for claim duration and discount rates, but because we do
not yet know the facts regarding the specific claims, these reserves are also
established based on historical incidence rate assumptions, including claim
reporting patterns, the average cost of claims, and the expected volumes of
incurred claims. Our incurred claim reserves and IBNR claim reserves do not
include any provision for the risk of adverse deviation from our assumptions.

Claim reserves, unlike policy reserves, are subject to revision as current claim
experience and projections of future factors affecting claim experience change.
Each quarter we review our emerging experience to ensure that our claim reserves
are appropriate. If we believe, based on our actual experience and our view of
future events, that our long-term assumptions need to be modified, we adjust our
reserves accordingly with a charge or credit to our current period income.

Multiple estimation methods exist to establish claim reserve liabilities, with
each method having its own advantages and disadvantages. Available reserving
methods utilized to calculate claim reserves include the tabular reserve method,
the paid loss development method, the incurred loss development method, the
count and severity method, and the expected claim cost method. No single method
is better than the others in all situations and for all product lines. The
estimation methods we have chosen are those that we believe produce the most
reliable reserves.

We use a tabular reserve methodology on reported claims for our Unum US group
long-term disability and individual disability claims as well as claims for our
Closed Block group and individual long-term care and certain other products. The
majority of our claim reserves for our Closed Block other products have been
ceded as a result of the Closed Block individual disability reinsurance
transaction. Under the tabular reserve methodology, reserves for reported claims
are based on certain characteristics of the actual reported claimants, such as
age, length of time disabled, and medical diagnosis, as well as assumptions
regarding claim duration, discount rate, and policy benefit offsets. We believe
the tabular reserve method is the most accurate to calculate long-term
liabilities and allows us to use the most available known facts about each
claim. IBNR claim reserves for our long-term products are calculated using the
count and severity method using historical patterns of the claims to be reported
and the associated claim costs. For Unum US group short-term disability
products, an estimate of the value of future payments to be
                                       46
--------------------------------------------------------------------------------

made on claims already submitted, as well as on IBNR claims, is determined in
aggregate using a paid loss development method rather than on the individual
claimant basis that we use for reported claims on long-term products. The
average length of time between the event triggering a claim under a policy and
the final resolution of those claims is much shorter for these products than for
our long-term liabilities and results in less estimation variability.

Claim reserves for Unum US group life and accidental death and dismemberment
products are related primarily to death claims reported but not yet paid, IBNR
death claims, and a liability for waiver of premium benefits. The death claim
reserve is based on the actual face amount to be paid, the IBNR reserve is
calculated using the paid loss development method, and the waiver of premium
benefits reserve is calculated using the tabular reserve methodology.

Claim reserves supporting the group and individual dental and vision products
reported in our Unum US and Colonial Life segments have a short claim payout
period. As a result, the reserves, which primarily represent IBNR and a small
amount of claims pending payment, are calculated using the paid loss development
method.

Claim reserves supporting our Unum International segment are calculated using
generally the same methodology that we use for Unum US disability and group term
life reserves. Claim reserves for our Unum UK group dependent life product are
calculated using discounted cash flows, based on our assumptions for claim
duration and discount rates. The assumptions used in calculating claim reserves
for this segment are based on standard country-specific industry experience,
adjusted for our own experience.

The majority of the Colonial Life segment and the Unum US voluntary line of
business have short-term benefits, which generally have less estimation
variability than our long-term products because of the shorter claim payout
period. Claim reserving methods may vary by product depending on the nature of
the liability. Our claim reserves for the Colonial Life segment and the Unum US
voluntary line of business are predominantly determined using the incurred loss
development method based on our own experience. The incurred loss development
method uses the historical patterns of payments by loss date to predict future
claim payments for each loss date. Where the incurred loss development method
may not be appropriate, we estimate the incurred claims using an expected claim
cost per policy or other measure of exposure. The key assumptions for claim
reserves for the Colonial Life segment and the Unum US voluntary line of
business are the timing, rate, and amount of estimated future claim payments;
and the estimated expenses associated with the payment of claims.

The following table displays policy reserves, incurred claim reserves, and IBNR
claim reserves by major product line, with the summation of the policy reserves
and claim reserves shown both gross and net of the associated reinsurance
recoverable. Incurred claim reserves represent the expected benefits payable
under each incurred claim, along with other expenses associated with the payment
of the claims. IBNR claim reserves include provisions for incurred but not
reported claims and a provision for reopened claims for our disability products.
The IBNR and reopened claim reserves for our disability products are developed
and maintained in aggregate based on historical monitoring. Impacting year over
year comparability of policy and claim reserves in the following chart are the
2022 reserve assumption updates for our Unum US group disability, Unum US group
life, and Closed Block individual disability product lines. Also impacting year
over year comparability are the 2021 reserve assumption updates for our Unum US
group disability, Closed Block long-term care, and Closed Block individual
disability product lines as well as the second phase of the Closed Block
individual disability reinsurance transaction that we entered into in March
2021. See "Executive Summary" contained herein in this Item 7 and Notes 6 and 12
of the "Notes to Consolidated Financial Statements" contained herein in Item 8
for further discussion.

                                       47
--------------------------------------------------------------------------------

(in millions of dollars)                                                                              December 31, 2022
                                                                                       Gross                                                                  Total
                                                                                      Claim Reserves                                                       Reinsurance
                                   Policy Reserves              %              Incurred              IBNR               %                Total                Ceded              Total Net
Group Disability                 $              -                 -  %       $  5,003.0          $   747.6             25.2  %       $  5,750.6          $       46.4          $  5,704.2
Group Life and Accidental Death
& Dismemberment                              54.5               0.2               678.1              260.0              4.1               992.6                   7.5               985.1
Voluntary Benefits                        1,791.0               8.2                44.8               50.3              0.4             1,886.1                  13.2             1,872.9
Individual Disability                       435.0               2.0             1,427.8              154.1              6.9             2,016.9                 208.8             1,808.1
Dental and Vision                               -                 -                 0.2               10.7              0.1                10.9                   0.1                10.8
Unum US Segment                           2,280.5              10.4             7,153.9            1,222.7             36.7            10,657.1                 276.0            10,381.1

Unum International Segment                  206.1               0.9             1,925.4              164.8              9.2             2,296.3                  74.2             2,222.1

Colonial Life Segment                     2,575.9              11.8               276.5              106.5              1.7             2,958.9                   1.3             2,957.6

Long-term Care                           11,220.7              51.2             2,477.5              283.0             12.1            13,981.2                   5.7            13,975.5

All Other                                 5,620.7              25.7             9,021.5              201.0             40.3            14,843.2              12,602.8             2,240.4
Closed Block Segment                     16,841.4              76.9            11,499.0              484.0             52.4            28,824.4              12,608.5            16,215.9

Subtotal                         $       21,903.9             100.0  %       $ 20,854.8          $ 1,978.0            100.0  %         44,736.7              12,960.0            31,776.7

Adjustment Related to Unrealized
Investment Gains and Losses                                                                                                              (566.7)                (18.1)             (548.6)

Consolidated                                                                                                                         $ 44,170.0          $   12,941.9          $ 31,228.1


                                       48

--------------------------------------------------------------------------------

                                                                                                      December 31, 2021
                                                                                       Gross                                                                  Total
                                                                                      Claim Reserves                                                       Reinsurance
                                   Policy Reserves              %              Incurred              IBNR               %                Total                Ceded              Total Net
Group Disability                 $              -                 -  %       $  5,350.2          $   766.6             25.9  %       $  6,116.8          $       52.3          $  6,064.5
Group Life and Accidental Death
& Dismemberment                              56.7               0.3               715.8              281.0              4.2             1,053.5                   4.4             1,049.1
Voluntary Benefits                        1,752.2               8.1                47.6               51.3              0.4             1,851.1                  23.7             1,827.4
Individual Disability                       456.1               2.1             1,412.0              150.4              6.6             2,018.5                 205.7             1,812.8
Dental and Vision                               -                 -                 0.9               11.5              0.1                12.4                   0.1                12.3
Unum US Segment                           2,265.0              10.5             7,526.5            1,260.8             37.2            11,052.3                 286.2            10,766.1

Unum International Segment                  211.2               1.0             2,110.7              156.0              9.6             2,477.9                  94.3             2,383.6

Colonial Life Segment                     2,471.8              11.4               322.8              115.5              1.9             2,910.1                   3.2             2,906.9

Long-term Care                           10,842.2              50.2             2,300.1              271.7             10.9            13,414.0                   7.4            13,406.6

All Other                                 5,800.8              26.9             9,363.2              237.4             40.4            15,401.4              13,095.5             2,305.9
Closed Block Segment                     16,643.0              77.1            11,663.3              509.1             51.3            28,815.4              13,102.9            15,712.5

Subtotal                         $       21,591.0             100.0  %       $ 21,623.3          $ 2,041.4            100.0  %         45,255.7              13,486.6            31,769.1

Adjustment Related to Unrealized
Investment Gains and Losses                                                                                                             4,659.5                 132.1             4,527.4

Consolidated                                                                                                                         $ 49,915.2          $   13,618.7          $ 36,296.5



Key Assumptions

The calculation of policy and claim reserves involves numerous assumptions, but
the primary assumptions used to calculate reserves are (1) the discount rate,
(2) the claim resolution rate, and (3) the claim incidence rate for policy
reserves and IBNR claim reserves. Of these assumptions, our discount rate and
claim resolution rate assumptions have historically had the most significant
effects on our level of reserves because many of our product lines provide
benefit payments over an extended period of time.

1.The discount rate, which is used in calculating both policy reserves and
incurred and IBNR claim reserves, is the interest rate that we use to discount
future claim payments to determine the present value. A higher discount rate
produces a lower reserve. If the discount rate is higher than our future
investment returns, our invested assets will not earn enough investment income
to support our future claim payments. In this case, the reserves may eventually
be insufficient. We set our assumptions based on our current and expected future
investment yield of the assets supporting the reserves, considering current and
expected future market conditions. If the investment yield on new investments
that are purchased differs from the investment yield of the existing investment
portfolio, the discount rate assumption on claims may be adjusted to reflect the
impact of the new investment yield.

2.The claim resolution rate, used for both policy reserves and incurred and IBNR
claim reserves, is the probability that a disability or long-term care claim
will close due to recovery or death of the insured. It is important because it
is used to estimate how long benefits will be paid for a claim. Estimated
resolution rates that are set too high will result in reserves that are lower
than they need to be to pay the claim benefits over time. Claim resolution
assumptions involve many factors, including the cause of disability, the
policyholder's age, the type of contractual benefits provided, and the time
since initial disability. We primarily use our own claim experience to develop
our claim resolution assumptions. These assumptions are established for the
                                       49
--------------------------------------------------------------------------------

probability of death and the probability of recovery from disability. Our
studies review actual claim resolution experience over a number of years, with
more weight placed on our experience in the more recent years. We also consider
any expected future changes in claim resolution experience.

3.The incidence rate, used for policy reserves and IBNR claim reserves, is the
rate at which new claims are submitted to us. The incidence rate is affected by
many factors, including the age of the insured, the insured's occupation or
industry, the benefit plan design, and certain external factors such as consumer
confidence and levels of unemployment. We establish our incidence assumption
using a historical review of actual incidence results along with an outlook of
future incidence expectations.

Establishing reserve assumptions is complex and involves many factors. Reserves,
particularly for policies offering insurance coverage for long-term disabilities
and long-term care, are dependent on numerous assumptions other than just those
presented in the preceding discussion. The impact of internal and external
events, such as changes in claims operational procedures, economic trends such
as the rate of unemployment, the level of consumer confidence, the emergence of
new diseases, new trends and developments in medical treatments, and legal
trends and legislative changes, including changes to social security and other
government-based welfare benefits programs which provide policy benefit offsets,
among other factors, may influence claim incidence rates, claim resolution
rates, and claim costs. In addition, for policies offering coverage for
disability or long-term care at advanced ages, the level and pattern of
mortality rates at advanced ages will impact overall benefit costs. Reserve
assumptions differ by product line and by policy type within a product line.
Additionally, in any period and over time, our actual experience may have a
positive or negative variance from our long-term assumptions, either singularly
or collectively, and these variances may offset each other. We test the overall
adequacy of our reserves using all assumptions and with a long-term view of our
expected experience over the life of a block of business rather than test just
one or a few assumptions independently that may be aberrant over a short period
of time. Therefore, while it is possible to evaluate the sensitivity of overall
adequacy results in our reserves based upon a change in each individual
assumption, the actual impacts of changes to a variety of underlying assumptions
must be considered in the aggregate by product line in order to judge the
overall potential implications to reserve adequacy. The following section
presents an overview of our trend analysis for key assumptions and the results
of variability in our assumptions, in aggregate, for the reserves which we
believe are reasonably possible to have a material impact on our future
financial results if actual claims yield a materially different amount than what
we currently expect and have reserved for, either favorable or unfavorable. As a
result of the Closed Block individual disability reinsurance transaction
discussed in the "Executive Summary" contained herein Item 7, we no longer
incorporate this block of business into our discussion of trends in key
assumptions below.

Trends in Key Assumptions

Our view on long-term mortality and morbidity expectations has not been impacted
by the COVID-19 pandemic, given the limited experience relative to the long-term
nature of our products, the extraordinary nature of the event, and the fast pace
of medical advancements to fight the disease. We have experienced elevated
mortality across our life product lines largely resulting from the COVID-19
pandemic, and at this time we anticipate the mortality impacts of the pandemic
may persist in the short-term, albeit at a lower level than our experience in
2020, 2021, and the first quarter of 2022.

We have also experienced elevated disability claims incidence rates largely
resulting from the COVID-19 pandemic including, in our belief, the related
impact on the social and economic environment. We have, at times, experienced an
increase in our group long-term disability morbidity claim incidence trends
during and following a recessionary period and believe claim incidence trends
may continue to follow general economic conditions and shifts in the
demographics of the general workforce.

Generally, we do not expect our persistency trends to change significantly in
the short-term, and to the extent that these trends do change, we expect those
changes to be gradual over a longer period of time.

Although interest rates increased in 2022, long-term interest rates supporting
the majority of our lines of business remain below historical norms. The
assumptions we used to discount reserves during this period were slightly lower
than historical levels for certain of our product lines. Reserve discount rate
assumptions for new policies and new claims are periodically adjusted to reflect
our current and expected net investment returns. Changes in our average discount
rate assumptions tend to occur gradually over a longer period of time because of
the long-duration investment portfolios which support the reserves for the
majority of our lines of business.

Our claim resolution rate assumption used in determining reserves is our
expectation of the resolution rate we will experience over the life of the block
of business and will vary from actual experience in any one period, both
favorably and unfavorably. Claim resolution rates are very sensitive to
operational and environmental changes and have a greater chance of significant

                                       50
--------------------------------------------------------------------------------

variability in a shorter period of time than our other reserve assumptions.
These rates are reviewed on a quarterly basis for the death and recovery
components separately. While claim resolution rates in our Unum US group
long-term disability product line have shown some variability over the last
several years, they have exhibited an increasing trend.

We monitor and test our reserves for adequacy relative to all of our assumptions
in the aggregate. In our estimation, scenarios based on reasonably possible
variations in each of our reserve assumptions for our Unum US group long-term
disability product could produce a change of $100 million which represents 1.8
percent of our reserve balance. Of the assumptions impacting the estimated
change in reserves, the largest contributor is the claim resolution rate for
which we assumed a change of approximately 10 percent.

During the third quarter of 2022, we completed a review of policy and claim
reserve adequacy, which incorporated our most recent experience and included a
review of all material assumptions. Based on our analysis, during the third
quarter of 2022, we updated our reserve assumptions to reflect our current
estimate of future benefit obligations and determined that our claims reserves
in our US group long-term disability product line and our waiver of premium
reserves for our Unum US group life product line should be reduced by $121.0
million and $34.0 million before tax, respectively, due primarily to sustained
improvement in claim recovery trends since our last assumption update, partially
offset by lower social security benefit offsets for our group long-term
disability product line.

In addition to our Unum US group long-term disability line of business, we
consider variability in our reserve assumptions related to long-term care policy
reserves.  These reserves are held under the gross premium valuation method and
do not change after the date of loss recognition unless reserves are again
determined to be deficient. As such, positive developments will result in the
accumulation of reserve margin, while adverse developments would result in an
additional reserve charge.  Policy reserves for long-term care are based upon a
number of key assumptions, and each assumption has various factors which may
impact the long-term outcome. Key assumptions with respect to morbidity,
mortality, claims incidence and resolutions, persistency, interest rates, and
future premium rate increases must incorporate extended views of expectations
for many years into the future. Reserves are highly sensitive to these
estimates.

Our long-term care discount rate assumption reflects our expectation that the
low interest rate environment will continue to persist and our expected impact
on future long-term care new money yield rates. Our expectation for long-term
care new money yield rates assumes a 10-year treasury rate grading over a 7 year
period, ending in 2027, to a rate of 3.25 percent, when we assume no further
increase. Partially offsetting the impact from the discount rate assumption was
a favorable update to our assumptions for premium rate increases based on
approvals and inventory updates since the third quarter of 2018. The remaining
key assumptions for our long-term care policy reserves remain materially
unchanged from the third quarter of 2018.

Sensitivity analysis related to our key assumptions for long-term care reserves
along with the potential impact to our reserve balance is as follows. This
sensitivity analysis was completed as of the date of our assumption update in
the fourth quarter of 2020.

          Long-Term Care Assumption                             Sensitivity                      Unfavorable             Favorable
                                                                                                      (in millions of dollars)
Active Policy Terminations                                                      7.00  %       $          420          $         395
Claim Incidence                                                                 3.50  %       $          435          $         445
Claim Terminations                                                         

2.00 % $ 260 $ 255
Morbidity/Mortality Improvement*

                                   No 

Improvement/2.00% $ 1,000 $ 650
Future Unapproved Rate Increases

   10.00  %       $           80          $          80
New Money Rate                                                                  0.25  %       $          275          $         275
Discount Rate                                                                   0.25  %       $          500          $         500

* Morbidity improvement has been observed in our claims experience over a ten year period, normalized for variables such as age and
claims type.

Key assumptions and related impacts are also heavily interrelated in both their
outcome and in their effects on reserves. For example, changes in the view of
morbidity and mortality might be mitigated by either potential future premium
rate increases and/or morbidity improvements due to general improvement in
health and/or medical breakthroughs. There is potentially a wide range of
outcomes for each assumption and in totality.
                                       51
--------------------------------------------------------------------------------


We believe that these ranges provide a reasonable estimate of the possible
changes in reserve balances for those product lines where we believe it is
possible that variability in the assumptions, in the aggregate, could result in
a material impact on our reserve levels, but we record our reserves based on our
long-term best estimate. Because these product lines have long-term claim payout
periods, there is a greater potential for significant variability in claim
costs, either positive or negative. We closely monitor emerging experience and
use these results to inform our view of long-term assumptions.

Effective January 1, 2023 we will adopt ASU 2018-12, which will significantly
change how we value our reserves. We are continuing our implementation efforts
and are evaluating the effects of complying with this update. See "Accounting
Developments" contained herein in this Item 7 and Note 1 of the "Notes to the
Consolidated Financial Statements" contained herein in Item 8 for further
discussion on the impacts upon adoption.

Deferred Acquisition Costs (DAC)

We defer incremental direct costs associated with the successful acquisition of
new or renewal insurance contracts and amortize these costs over the life of the
related policies. Deferred costs include certain commissions, other agency
compensation, selection and policy issue expenses, and field expenses.
Acquisition costs that do not vary with the production of new business, such as
commissions on group products which are generally level throughout the life of
the policy, are excluded from deferral.

Approximately 90.7 percent of our DAC relates to non-interest sensitive
products, and we amortize DAC for these products in proportion to the premium
income we expect to receive over the life of the policies. DAC related to
interest sensitive policies is amortized over the lives of the policies in
relation to the present value of estimated gross profits from surrender charges,
mortality margins, investment returns, and expense margins. Key assumptions used
in developing the future amortization of DAC are persistency, premium income,
and for our interest sensitive products, mortality margins and investment
returns.  We use our own historical experience and expectation of the future
performance of our businesses in determining our assumptions.  For non-interest
sensitive products, the estimated premium income in the early years of the
amortization period is generally higher than in the later years due to the
anticipated cumulative effect of policy persistency in the early years, which
results in a greater proportion of the costs being amortized in the early years
of the life of the policy.  Our key assumptions used to develop the future
amortization of acquisition costs deferred during 2022 did not change materially
from those used in 2021.  Generally, we do not expect our key assumptions to
change significantly in the short-term, and to the extent that these trends do
change, we expect those changes to be gradual over a longer period of time.

Loss recognition and recoverability testing is performed on an annual basis, or
more frequently if appropriate, using best estimate assumptions as to future
experience as of the date of the test. Insurance contracts are grouped for each
major product line within a segment when we perform the loss recognition and
recoverability tests. Key assumptions used in this testing include the discount
rate, persistency, and the claim assumptions. See "Reserves for Policy and
Contract Benefits" herein in this Item 7 for further discussion regarding loss
recognition testing and the related key assumptions.

If loss recognition or recoverability testing indicates that deferred
acquisition costs are not recoverable, the deficiency is charged to expense.
Using our best estimate assumptions, during the fourth quarter of 2021, we
determined that $15.1 million of acquisition costs related to the Unum US group
life and accidental death and dismemberment product line were not recoverable
driven by losses resulting from COVID-19 life claims, and, as a result these
amounts were not deferred.

                                       52
--------------------------------------------------------------------------------

The following are our current assumptions regarding our DAC balances:

                                                                           Balance Remaining as a %                                     DAC Balances
                                     Amortization                          of Year-end DAC Balance                                     at December 31
                                        Period               Year 3               Year 10                Year 15                  2022                    2021
                                                                                                                                  (in millions of dollars)
Unum US
Group Disability                          4-6                  26%                   0%                    0%             $        94.9               $    93.7
Group Life and Accidental Death &
Dismemberment                             4-6                  26%                   0%                    0%                      63.2                    59.1
Supplemental and Voluntary:
  Individual Disability                   20                   74%                  26%                    5%                     437.8                   426.5
  Voluntary Benefits                     10-23                 59%                  17%                    5%                     475.5                   501.0
  Dental and Vision                        4                   26%                   0%                    0%                      18.0                    15.9

Unum International
Unum UK
Group Long-term Disability                 3                   0%                    0%                    0%                       2.6                     2.6
Group Life                                 3                   0%                    0%                    0%                       1.8                     1.6
Supplemental                              20                   53%                  10%                    1%                      10.0                    13.1
Unum Poland                               30                   78%                  54%                    42%                     22.2                    18.1

Colonial Life
Accident, Sickness, and Disability        15                   73%                  11%                    0%                     540.8                   557.4
Life                                      25                   75%                  24%                    6%                     362.0                   292.4
Cancer and Critical Illness               19                   77%                  23%                    4%                     223.5                   226.5

Totals                                                                                                                    $     2,252.3               $ 2,207.9



Amortization of DAC is adjusted to reflect actual experience for assumptions
which deviate compared to the anticipated experience. Any deviations from
projections may result in a change to the rate of amortization in the period
such events occur. As an example, for our non-interest sensitive products, we
may experience accelerated amortization if policies terminate earlier than
projected, or we may experience a slower rate of amortization if policies
persist longer than projected. Our actual experience has not varied materially
from our assumptions during the last three years.

See Note 1 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for further discussion of our DAC accounting policy.

Effective January 1, 2023 we will adopt ASU 2018-12 which will significantly
change how we account for the amortization of DAC. We are continuing our
implementation efforts and are evaluating the effects of complying with this
update. See "Accounting Developments" contained herein in this Item 7 and Note 1
of the "Notes to the Consolidated Financial Statements" contained herein in Item
8 for further discussion on the impacts upon adoption.

Fair Value of Investments

All of our fixed maturity securities, which are classified as
available-for-sale, and all of our unrestricted equity securities are reported
at fair value. Our derivative financial instruments, including certain
derivative instruments embedded in other contracts, are reported as either
assets or liabilities and measured at fair value. We report our investments in
private equity partnerships at our share of the partnerships' net asset value or
its equivalent (NAV), as a practical expedient for fair value.

Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date and therefore represents an exit price, not an entry price.
The exit price objective applies regardless of our intent and/or ability to sell
the asset or transfer the liability at the measurement date. We generally use
valuation techniques consistent with the market approach, and to a lesser
extent, the income approach. The market approach
                                       53
--------------------------------------------------------------------------------

uses prices and other relevant information from market transactions involving
identical or comparable assets or liabilities and the income approach converts
future amounts, such as cash flows or earnings, to a single present value
amount, or a discounted amount. We believe the market approach valuation
technique provides more observable data than the income approach, considering
the types of investments we hold.

The degree of judgment utilized in measuring the fair value of financial
instruments generally correlates to the level of pricing observability.
Financial instruments with readily available active quoted prices or for which
fair value can be measured from actively quoted prices in active markets
generally have more pricing observability and less judgment utilized in
measuring fair value. The market sources from which we obtain or derive the fair
values of our assets and liabilities carried at market value include quoted
market prices for actual trades, price quotes from third party pricing vendors,
price quotes we obtain from outside brokers, discounted cash flow, and
observable prices for similar publicly traded or privately traded issues that
incorporate the credit quality and industry sector of the issuer. Our fair value
measurements could differ significantly based on the valuation technique and
available inputs.

Inputs to valuation techniques refer broadly to the assumptions that market
participants use in pricing assets or liabilities, including assumptions about
risk, for example, the risk inherent in a particular valuation technique used to
measure fair value and/or the risk inherent in the inputs to the valuation
technique. We use observable and unobservable inputs in measuring the fair value
of our financial instruments. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the asset or liability
developed based on market data obtained from independent sources. Unobservable
inputs are developed based on the best information available in the
circumstances, and reflect our evaluation of the assumptions market participants
would use in pricing the asset or liability.

Certain of our investments do not have readily determinable market prices and/or
observable inputs or may at times be affected by the lack of market liquidity.
For these securities, we use internally prepared valuations, including
valuations based on estimates of future profitability, to estimate the fair
value. Additionally, we may obtain prices from independent third-party brokers
to aid in establishing valuations for certain of these securities. Key
assumptions used by us to determine fair value for these securities include
risk-free interest rates, risk premiums, performance of underlying collateral
(if any), and other factors involving significant assumptions which may or may
not reflect those of an active market.

As of December 31, 2022, approximately 13.0 percent of our fixed maturity
securities were categorized as Level 1, 86.5 percent as Level 2, and 0.5 percent
as Level 3. Level 1 is the highest category of the three-level fair value
hierarchy classification wherein inputs are unadjusted and represent quoted
prices in active markets for identical assets or liabilities. The Level 2
category includes assets or liabilities valued using inputs (other than those
included in the Level 1 category) that are either directly or indirectly
observable for the asset or liability through correlation with market data at
the measurement date and for the duration of the instrument's anticipated life.
The Level 3 category is the lowest category of the fair value hierarchy and
reflects the judgment of management regarding what market participants would use
in pricing assets or liabilities at the measurement date using unobservable
inputs to extrapolate an estimated fair value.

Rapidly changing credit and equity market conditions can materially impact the
valuation of securities, and the period to period changes in value can vary
significantly.

See "Quantitative and Qualitative Disclosures about Market Risk" for information
regarding the sensitivity of the estimated fair value for fixed maturity
securities contained herein in Item 7A. See Note 2 of the "Notes to Consolidated
Financial Statements" contained herein in Item 8.
                                       54
--------------------------------------------------------------------------------

Investment Credit Losses

One of the significant estimates related to investments is our credit loss
valuation. In determining when a decline in fair value below amortized cost of a
fixed maturity security represents a credit loss, we evaluate the following
factors:

•Whether we expect to recover the entire amortized cost basis of the security
•Whether we intend to sell the security or will be required to sell the security
before the recovery of its amortized cost basis
•Whether the security is current as to principal and interest payments
•The significance of the decline in value
•Current and future business prospects and trends of earnings
•The valuation of the security's underlying collateral
•Relevant industry conditions and trends relative to their historical cycles
•Market conditions
•Rating agency and governmental actions
•Bid and offering prices and the level of trading activity
•Adverse changes in estimated cash flows for securitized investments
•Changes in fair value subsequent to the balance sheet date
•Any other key measures for the related security

We evaluate available information, including the factors noted above, both
positive and negative, in reaching our conclusions. In particular, we also
consider the strength of the issuer's balance sheet, its debt obligations and
near term funding requirements, cash flow and liquidity, the profitability of
its core businesses, the availability of marketable assets which could be sold
to increase liquidity, its industry fundamentals and regulatory environment, and
its access to capital markets. Although all available and applicable factors are
considered in our analysis, our expectation of recovering the entire amortized
cost basis of the security, whether we intend to sell the security, whether it
is more likely than not we will be required to sell the security before recovery
of its amortized cost, and whether the security is current on principal and
interest payments are the most critical factors in determining whether a credit
loss is possible. The significance of the decline in value is also an important
factor, but we generally do not record a credit loss based solely on this
factor, since often other more relevant factors will impact our evaluation of a
security.

While determining whether a credit loss exists is a judgmental area, we utilize
a formal, well-defined, and disciplined process to monitor and evaluate our
fixed income investment portfolio, supported by issuer specific research and
documentation as of the end of each period. The process results in a thorough
evaluation of investments and the recording of credit losses on a timely basis
for investments determined to have credit loss.

We use a comprehensive rating system to evaluate the investment and credit risk
of our mortgage loans and to identify specific properties for inspection and
reevaluation. We estimate an allowance for credit losses that we expect to incur
over the life of our mortgage loans using a probability of default method. For
each loan, we estimate the probability that the loan will default before its
maturity (probability of default) and the amount of the loss if the loan
defaults (loss given default). These two factors result in an expected loss
percentage that is applied to the amortized cost of each loan to determine the
expected credit loss. Mortgage loans are reported at amortized cost less the
allowance for expected credit losses with the change in expected credit losses
recognized as an investment loss in our consolidated statements of income.

There are a number of significant risks inherent in the process of monitoring
our investments for credit losses and determining when and if a credit loss
exists. These risks and uncertainties include the following possibilities:

•The assessment of a borrower's ability to meet its contractual obligations will
change.
•The economic outlook, either domestic or foreign, may be less favorable or may
have a more significant impact on the borrower than anticipated, and as such,
the investment may not recover in value.
•New information may become available concerning the security, such as
disclosure of accounting irregularities, fraud, or corporate governance issues.
•Significant changes in credit spreads may occur in the related industry.
•Significant increases in interest rates may occur and may not return to levels
similar to when securities were initially purchased.
•Adverse rating agency actions may occur.

See Notes 1 and 3 of the "Notes to Consolidated Financial Statements" contained
herein in Item 8.

                                       55
--------------------------------------------------------------------------------

Pension and Postretirement Benefit Plans

We sponsor several defined benefit pension and other postretirement benefit
(OPEB) plans for our employees, including non-qualified pension plans. The U.S.
qualified and non-qualified defined benefit pension plans comprise the majority
of our total benefit obligation and benefit cost. We maintain a separate defined
benefit plan for eligible employees in our U.K. operation. The U.S. defined
benefit pension plans were closed to new entrants on December 31, 2013, the OPEB
plan was closed to new entrants on December 31, 2012, and the U.K. plan was
closed to new entrants on December 31, 2002.

Assumptions

Our net periodic benefit costs and the value of our benefit obligations for
these plans are determined based on a set of economic and demographic
assumptions that represent our best estimate of future expected experience.
Major assumptions used in accounting for these plans include the expected
discount (interest) rate, the long-term rate of return on plan assets, and
mortality rates. We also use, as applicable, expected increases in compensation
levels and a weighted average annual rate of increase in the per capita cost of
covered benefits, which reflects a health care cost trend rate, and the U.K.
pension plan also uses expected cost of living increases to plan benefits.

The assumptions chosen for our pension and OPEB plans are reviewed annually,
using a December 31 measurement date for each of our plans unless we are
required to perform an interim remeasurement. The discount rate, expected
long-term rate of return, and mortality rate assumptions have the most
significant effect on our net periodic benefit costs associated with these
plans. In addition to the effect of changes in our assumptions, the net periodic
cost or benefit obligation under our pension and OPEB plans may change due to
factors such as plan amendments, actual experience being different from our
assumptions, special benefits to terminated employees, and/or changes in
benefits provided under the plans.

•Discount rate - This interest assumption is based on the yield derived from a
portfolio of high quality fixed income corporate debt instruments that
reasonably match the timing and amounts of projected future benefits for each of
our retirement-related benefit plans. The rate is determined at the measurement
date.

•Long-term rate of return - This assumption is selected from a range of probable
return outcomes from an analysis of the asset portfolio. The market-related
value as it relates to our estimate of long-term rate of return equals the fair
value of plan assets, determined as of the measurement date. The return on plan
assets recognizes all asset gains and losses, including changes in fair value,
through the measurement date. Our expectations for the future investment returns
of the asset categories are based on a combination of historical market
performance, evaluations of investment forecasts obtained from external
consultants and economists, and current market yields. The expected return for
the total portfolio is calculated based on the plan's strategic asset
allocation. The actual rate of return on plan assets is determined based on the
fair value of the plan assets at the beginning and the end of the period,
adjusted for contributions and benefit payments. A lower long-term rate of
return on plan assets increases our net periodic benefit cost.

Investment risk is measured and monitored on an ongoing basis through annual
liability measurements, periodic asset/liability studies, and quarterly
investment portfolio reviews.  Risk tolerance is established through
consideration of plan liabilities, plan funded status, and corporate financial
condition. We believe our investment portfolios are well diversified by asset
class and sector, with no undue risk concentrations in any one category. See
Note 9 of the "Notes to Consolidated Financial Statements" contained herein in
Item 8 for further discussion of the investment portfolios for our plans.

•Mortality rate - This assumption reflects our best estimate, as of the
measurement date, of the life expectancies of plan participants in order to
determine the expected length of time for benefit payments. We derive our
assumptions from industry mortality tables.

                                       56
--------------------------------------------------------------------------------

The weighted average assumptions used in the measurement of our net periodic
benefit costs for the years ended December 31 are as follows:

                                                                           Pension Benefits
                                                         U.S. Plans                                U.K. Plan                                  OPEB
Assumption                                        2023                2022                 2023                 2022                2023                2022
Discount Rate                                       5.70  %             3.10  %               4.80  %             2.00  %             5.70  %             2.90  %
Expected Long-term Rate of Return on
Plan Assets                                         7.25  %             6.00  %               6.70  %             4.20  %             5.75  %             5.75  %



The following illustrates the sensitivity of the below items to a 50 basis point
change in the discount rate or the expected long-term rate of return on plan
assets:
($ in millions)                                                      At or 

for the Year Ended December 31, 2022

                                                                     Net Periodic
                                                                    Benefit Cost,              Benefit              Stockholders'
Assumption                                        Change              Before Tax             Obligation           Equity, After Tax
Discount Rate                                     + 50 bp         $          (1.7)         $     (103.6)         $            82.1
Discount Rate                                     - 50 bp                     0.6                 113.7                      (90.1)
Expected Long-term Rate of Return on Plan
Assets                                            + 50 bp                   (10.2)                     N/A                        N/A
Expected Long-term Rate of Return on Plan
Assets                                            - 50 bp                    10.2                      N/A                        N/A

Benefit Obligation and Fair Value of Plan Assets

During 2022, the fair value of plan assets in our U.S. qualified defined benefit
pension plan decreased $493.4 million, or 27.4 percent due to an unfavorable
return on assets which resulted in a loss of approximately 22.8 percent and the
payment of benefits and expenses. The fair value of plan assets in our U.K.
pension plan decreased £108.1 million, or 48.2 percent, due primarily to an
unfavorable return on assets which resulted in a loss of approximately 46.2
percent. Although our rate of return on plan assets for 2022 was lower than our
assumptions used in the measurement of our net periodic benefit costs, we
believe our assumptions appropriately reflect the impact of the current economic
environment and our expectations for the future investment returns based on the
plan's asset allocation.

As of December 31, 2022, our pension and OPEB plans have an aggregate
unrecognized net actuarial loss of $569.9 million and an unrecognized prior
service credit of $1.7 million, which together represent the cumulative
liability and asset gains and losses as well as the portion of prior service
credits that have not been recognized in pension expense. The unrecognized net
actuarial loss for our pension plans, which is $601.5 million at December 31,
2022, will be amortized over the average remaining life expectancy of the plan,
which is approximately 24 years for the U.S. plan and 28 years for the U.K.
plan, to the extent that it exceeds the 10 percent corridor, as described below.
The unrecognized net actuarial gain of $31.6 million for our OPEB plan will be
amortized over the average future working life of OPEB plan participants,
estimated at two years, to the extent the gain is outside of the corridor. The
corridor for the pension and OPEB plans is established based on the greater of
10 percent of the plan assets or 10 percent of the benefit obligation.  At
December 31, 2022, $358.4 million of the actuarial loss was outside of the
corridor for the U.S. plans and £56.2 million was outside of the corridor for
the U.K. plan. At December 31, 2022, $23.1 million of the actuarial gain was
outside of the corridor for the OPEB plan.

The amortization of the unrecognized actuarial gain or loss and the unrecognized
prior service credit is a component of our net periodic benefit cost and equaled
$15.5 million, $22.4 million, and $19.7 million in 2022, 2021, and 2020,
respectively.

The fair value of plan assets in our U.S. qualified defined benefit pension plan
was $1,308.3 million at December 31, 2022, compared to $1,801.7 million at
December 31, 2021. The plan was in an underfunded position of $118.7 million and
$185.6 million at December 31, 2022 and December 31, 2021, respectively. This
year-over-year change was due primarily to the decrease in the benefit
obligation due to the increase in discount rate, partially offset by a loss on
plan assets.

The fair value of plan assets in our U.K. pension plan was £116.3 million at
December 31, 2022, compared to £224.4 million at December 31, 2021. The U.K.
pension plan was in an underfunded position of £14.4 million and in an
overfunded position of £18.8 million at December 31, 2022 and 2021,
respectively. This year-over-year change was due primarily to a loss on plan
assets, partially offset by the decrease in the benefit obligation due to the
increase in discount rate.

                                       57
--------------------------------------------------------------------------------

The fair value of plan assets in our OPEB plan was $8.5 million and $9.0 million
at December 31, 2022 and 2021, respectively. These assets represent life
insurance contracts to fund the life insurance benefit portion of our OPEB plan.
Our OPEB plan represents a non-vested, non-guaranteed obligation, and current
regulations do not require specific funding levels for these benefits, which are
comprised of retiree life, medical, and dental benefits. It is our practice to
use general assets to pay medical and dental claims as they come due in lieu of
utilizing plan assets for the medical and dental benefit portions of our OPEB
plan.

See Note 9 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for further discussion.

Income Taxes

We provide for federal, state, and foreign income taxes currently payable, as
well as those deferred due to temporary differences between the financial
reporting and tax bases of assets and liabilities.  Our accounting for income
taxes represents our best estimate of various events and transactions. The
calculation of our tax liabilities involves dealing with uncertainties in the
application of complex tax laws in a multitude of jurisdictions, both domestic
and foreign.  The amount of income taxes we pay is subject to ongoing audits in
various jurisdictions, and a material assessment by a governing tax authority
could affect profitability.

We record a valuation allowance to reduce deferred tax assets to the amount that
is more likely than not to be realized.  Significant judgment is required in
determining valuation allowances. In evaluating the ability to recover deferred
tax assets, we consider all available positive and negative evidence including
past operating results, the existence of cumulative losses in the most recent
years, forecasted earnings, future taxable income, and prudent and feasible tax
planning strategies.  We consider our investment strategies when evaluating the
ability to recover deferred tax assets on unrealized losses on investments. In
the event we determine that we most likely will not be able to realize all or
part of our deferred tax assets in the future, an increase to the valuation
allowance is recorded in the period such determination is made.  Likewise, if it
is later determined that it is more likely than not that those deferred tax
assets will be realized, the previously provided valuation allowance is
reversed.

In establishing a liability for unrecognized tax benefits, assumptions are made
in determining whether, and to what extent, a tax position may be sustained.
GAAP prescribes a recognition threshold and measurement attribute for the
financial statement recognition and measurement of tax positions taken or
expected to be taken in income tax returns. The evaluation of a tax position is
a two step process. The first step is to determine whether it is more likely
than not that a tax position will be sustained upon examination based on the
technical merits of the position. The second step is to measure a position that
satisfies the recognition threshold at the largest amount of benefit that is
greater than 50 percent likely of being realized upon ultimate settlement. Tax
positions that previously failed to meet the more likely than not threshold but
that now satisfy the recognition threshold are recognized in the first
subsequent financial reporting period in which that threshold is met. Previously
recognized tax positions that no longer meet the more likely than not
recognition threshold are derecognized in the first subsequent financial
reporting period in which that threshold is no longer met. If a previously
recognized tax position is settled for an amount that is different from the
amount initially measured, the difference will be recognized as a tax benefit or
expense in the period the settlement is effective.

Changes in tax laws, tax regulations, or interpretations of such laws or
regulations, could have an impact on our provision for income tax and our
effective tax rate, which could significantly affect the amounts reported in our
financial statements.

See "Regulation" contained herein in Item 1. See Note 7 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8.

Contingent Liabilities

On a quarterly basis, we review relevant information with respect to litigation
and contingencies to be reflected in our consolidated financial statements. An
estimated loss is accrued when it is probable that a liability has been incurred
and the amount of the loss can be reasonably estimated. It is possible that our
results of operations or cash flows in a particular period could be materially
affected by an ultimate unfavorable outcome of pending litigation or regulatory
matters depending, in part, on our results of operations or cash flows for the
particular period.  See Note 14 of the "Notes to Consolidated Financial
Statements" contained herein in Item 8.

                                       58
--------------------------------------------------------------------------------

Accounting Developments

In 2018, the Financial Accounting Standards Board issued Accounting Standard
Update 2018-12, "Targeted Improvements to the Accounting for Long-Duration
Contracts". The update is effective for periods beginning January 1, 2023. We
will adopt this update effective January 1, 2023 using the modified
retrospective approach with changes applied as of the beginning of the earliest
period presented or January 1, 2021, also referred to as the transition date. We
are continuing our implementation efforts and are evaluating the effects of
complying with this update.

Our modified retrospective adoption is expected to result in an increase to net
income and after-tax adjusted operating income during 2021 and 2022. We expect
the increase in 2021 net income to be between approximately $145 million and
$175 million, or between $0.70 and $0.85 per diluted per common share. We expect
the increase in 2022 net income to be between approximately $80 million and
$110 million, or $0.40 and $0.55 per diluted common share. We expect the
increase in 2021 after-tax adjusted operating income to be between approximately
$25 million and $55 million, or between $0.12 and $0.27 per diluted common
share. We expect the increase in 2022 after-tax adjusted operating income to be
between approximately $95 million and $125 million, or $0.47 and $0.62 per
diluted common share.

The net favorable impact of the recast of our after-tax adjusted operating
income for 2021 and 2022 shown above is due primarily to the following changes:

•Updating the lifetime cohort net premium ratios (lifetime loss ratio) for
actual experience each reporting period will generally cause earnings patterns
to be more consistent from period to period, with variances in experience
reflected in earnings over the cohort lifetime. This will result in an
unfavorable impact to income for 2021 and 2022. Our Unum US supplemental and
voluntary, Colonial Life, and certain of our Closed Block product lines were
most affected by this change due to generally favorable benefits experience
observed during 2021 and 2022.

•Alignment of amortization of deferred acquisition costs to a constant level
basis and modification of amortization periods to reflect the expected term of
the related contracts could result in either higher or lower income for the
affected product lines. This will result in a net favorable impact to income for
2021 and 2022. Our Unum US and Colonial Life product lines were most affected by
this change with an overall increased amortization period.

•Accelerated recognition of the provision for adverse deviation or other
differences from current best estimate values for policies issued prior to the
transition date and due to not establishing the provision for policies issued on
or after the transition date will generally result in higher income most notably
in the initial years after the transition date. This will result in a favorable
impact to income for 2021 and 2022. Our Unum US supplemental and voluntary and
Colonial Life product lines were most affected by this change.

•Establishing reserves for claims incurred on or after the transition date at
interest rates prescribed by the update could result in either higher or lower
income for the affected product lines depending on the policy issue date and the
interest rate environment at that time. This will result in an unfavorable
impact to income for 2021 and a favorable impact to income for 2022. Certain of
our Unum US and Closed Block product lines were most affected by this change.

•Updating cash flow assumptions could result in either higher or lower income.
Certain of our Unum US, Colonial Life, and Closed Block product lines were most
affected by this change.

We expect that all of the above changes will continue to impact our earnings in
periods subsequent to 2021 and 2022 to varying degrees and over varying time
periods.

We do not have products with market risk benefits. This update will also
significantly expand our disclosures.

Although this update will significantly impact our GAAP-based financial position
and results of operations, the update will not impact cash flows,
statutory-based financial position or results of operations, or our view of our
businesses.

For further information on new accounting standards and the impacts on our
financial position and results of operations, see Note 1 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8.

                                       59
--------------------------------------------------------------------------------

Consolidated Operating Results
(in millions of dollars)
                                                                               Year Ended December 31
                                               2022              % Change               2021              % Change               2020
Revenue
Premium Income                             $ 9,623.4                   1.5  %       $ 9,481.0                   1.1  %       $ 9,378.1
Net Investment Income                        2,122.2                  (4.1)           2,213.2                  (6.2)           2,360.7
Net Investment Gain (Loss)                     (15.7)               (120.5)              76.7                 (93.6)           1,199.1
Other Income                                   261.1                   7.5              242.9                   8.3              224.2
Total Revenue                               11,991.0                  (0.2)          12,013.8                  (8.7)          13,162.1

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                     6,936.7                  (8.7)           7,598.6                 (15.3)           8,972.9
Commissions                                  1,086.4                   4.7            1,038.1                  (1.8)           1,057.3
Interest and Debt Expense                      188.5                   1.9              185.0                  (1.7)             188.2
Cost Related to Early Retirement of Debt         4.2                 (93.8)              67.3                     N.M.               -
Deferral of Acquisition Costs                 (556.9)                  9.6             (508.1)                (11.8)            (576.2)
Amortization of Deferred Acquisition Costs     591.0                   0.8              586.1                  (3.3)             606.1

Compensation Expense                         1,089.5                  11.7              975.2                   2.3              953.2
Other Expenses                               1,020.2                   1.2            1,008.6                   1.2              996.6
Total Benefits and Expenses                 10,359.6                  (5.4)          10,950.8                 (10.2)          12,198.1

Income Before Income Tax                     1,631.4                  53.5            1,063.0                  10.3              964.0
Income Tax                                     317.2                  32.8              238.8                  39.6              171.0

Net Income                                 $ 1,314.2                  59.5          $   824.2                   3.9          $   793.0

N.M. = not a meaningful percentage

Fluctuations in exchange rates, particularly between the British pound sterling
and the U.S. dollar for our U.K. operations, have an effect on our consolidated
financial results. In periods when the pound weakens relative to the preceding
period, translating pounds into dollars decreases current period results
relative to the prior period. In periods when the pound strengthens, translating
pounds into dollars increases current period results relative to the prior
period.

The weighted average pound/dollar exchange rate for our Unum UK line of business
was 1.222, 1.377, and 1.287 for 2022, 2021, and 2020, respectively. If the 2021
and 2020 results for our U.K. operations had been translated at the 2022
exchange rate, our adjusted operating revenue by segment would have been lower
by approximately $84 million and $32 million in 2021 and 2020, respectively.
Additionally, our adjusted operating income would have been lower by
approximately $11 million and $4 million in 2021 and 2020, respectively.
However, it is important to distinguish between translating and converting
foreign currency. Except for a limited number of transactions, we do not
actually convert pounds into dollars. As a result, we view foreign currency
translation as a financial reporting item and not a reflection of operations or
profitability in the U.K.

Premium income increased in 2022 compared to 2021 due primarily to increases in
each of our principal operating business segments, while premium income declined
in our Closed Block segment. Premium income increased in 2021 compared to 2020
due primarily to increases in our Unum US and Unum International segments,
partially offset by a decrease in our Colonial Life segment.

Net investment income was lower in 2022, relative to 2021, due to lower
miscellaneous investment income and a decline in the yield on invested assets,
partially offset by higher investment income from inflation index-linked bonds
held by Unum UK and a higher level of invested assets. Net investment income in
2021 was lower than 2020 due to a decrease in the level of invested assets
supporting the Closed Block individual disability product line resulting from
the previously discussed reinsurance
                                       60
--------------------------------------------------------------------------------

transaction and a decline in the yield on invested assets, partially offset by
higher miscellaneous investment income, particularly related to our private
equity partnerships.

Credit losses on fixed maturity securities of $4.6 million were recognized in
net investment gains and losses in 2022 compared to $9.3 million and $53.6
million in 2021 and 2020, respectively. Also included in net investment gains
and losses were changes in the fair value of an embedded derivative in a
modified coinsurance arrangement, which resulted in gains (losses) of $16.2
million, $9.7 million, and $(17.0) million in 2022, 2021, and 2020,
respectively. The changes in the embedded derivative are primarily driven by
movements in credit spreads in the overall investment market. Included in the
net investment gains and losses in 2021 and 2020 were net realized investment
gains of $67.6 million and $1,302.3 million, respectively, related to the
transfer of investments in the Closed Block individual disability reinsurance
transaction. Included in the net investment gains and losses in 2020 were $36.6
million of impairment losses related to certain of our home office buildings
available for lease and classified as investment real estate. See Notes 3 and 4
of the "Notes to Consolidated Financial Statements" contained herein in Item 8
for further discussion.

Other income is primarily comprised of fee-based service products in the Unum US
segment, which include leave management services and administrative services
only (ASO) business, and the underlying results and associated net investment
income of certain assumed blocks of reinsured business in the Closed Block
segment.

Overall benefits experience was favorable in 2022 relative to 2021 and 2020 with
a consolidated benefit ratio of 72.1 percent in 2022, compared to 80.1 percent
and 95.7 percent in 2021 and 2020, respectively. Excluding the impacts of the
reserve assumption updates and the impacts from both phases of the Closed Block
individual disability reinsurance transaction, the consolidated benefit ratios
were 73.7 percent, 80.7 percent, and 80.2 percent in 2022, 2021, and 2020
respectively. For further discussion on the reserve assumption updates and the
Closed Block individual disability reinsurance transaction, see the "Executive
Summary" contained herein in this Item 7 and Notes 6 and 12 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8. The underlying
benefits experience for each of our operating business segments is discussed
more fully in "Segment Results" contained herein in this Item 7.

Commissions and the deferral of acquisition costs were higher in 2022 compared
to 2021 driven primarily by in-force block growth in our Unum US segment and
higher sales in our Colonial Life and Unum US segments. Also impacting the
increase in the deferral of acquisition costs in 2022 was lower expected
recoverability for the Unum US group life product line in 2021 that did not
recur in 2022. The amortization of deferred acquisition costs was slightly
higher compared to 2021 due primarily to a higher level of policy terminations
for our Colonial Life segment, partially offset by a lower level of policy
terminations related to newer policies in the Unum US voluntary benefits product
line. Commissions and the deferral of acquisition costs were lower in 2021
compared to 2020 driven primarily by lower sales in our Unum US voluntary
benefits product line and lower prior period sales in the Colonial Life segment.
Also impacting the decrease in the deferral of acquisition costs in 2021
compared to 2020 was lower expected recoverability in the short-term for the
Unum US group life product line. The decrease in commissions in 2021 compared to
2020 was partially offset by in-force block growth in both the Unum US group
disability product line and the Unum International segment. The amortization of
deferred acquisition costs was lower in 2021 compared to 2020, due to a decline
in the level of the deferred asset primarily in our Unum US voluntary benefits
product line.

In 2022, cost related to early retirement of debt includes costs associated with
the redemption of $350.0 million aggregate principal amount of our 4.000% senior
notes due 2024 and costs related to the retirement of $14.0 million aggregate
liquidation amount of the 7.405% capital securities due 2038 issued by Provident
Financing Trust I (the Trust), which resulted in the reduction of a
corresponding principal amount of our 7.405% junior subordinated debt securities
due 2038 then held by the Trust. In 2021, cost related to early retirement of
debt includes costs associated with the purchase and retirement of
$500.0 million aggregate principal amount of our 4.500% senior notes due 2025.
See Note 8 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for further information.

Other expenses and compensation expense, on a combined basis, increased in 2022
compared to 2021 due primarily to increases in employee-related costs,
operational investments in our business, and growth in our fee-based service
products. The increases are partially offset by a reduction in the amortization
of the cost of reinsurance. Other expenses and compensation expense, on a
combined basis, increased in 2021 compared to 2020 due primarily to the
amortization of the cost of reinsurance related to the Closed Block individual
disability reinsurance transaction, an impairment loss on internal-use software,
and growth in our fee-based service products, partially offset by lower
transaction costs related to the Closed Block individual disability reinsurance
transaction, a decrease in the allowance for expected credit losses on premiums
receivable and our continued focus on expense management and operating
efficiencies.

                                       61
--------------------------------------------------------------------------------

Our effective income tax rate for 2022 was 19.4 percent, compared to 22.5
percent in 2021 and 17.7 percent in 2020. Our 2022 effective tax rate differed
from the U.S. statutory rate of 21 percent primarily due to the foreign tax rate
differential. Our 2021 effective tax rate differed from the U.S. statutory rate
due to unfavorable impacts of the U.K. tax rate increase enacted in June 2021.
Our 2020 effective tax rate differed from the U.S. statutory rate due to
favorable adjustments related to the impact of the net operating loss carryback
and favorable tax credits, partially offset by the unfavorable impact of the U.K
tax rate increase enacted in July 2020. See Note 7 in the "Notes to Consolidated
Financial Statements" contained herein in Item 8 for further discussion.

Consolidated Sales Results

Shown below are sales results for our three principal operating business
segments.
(in millions)
                                          Year Ended December 31
                        2022         % Change       2021        % Change       2020
Unum US              $ 1,115.3         18.4  %    $ 941.7         (5.8) %    $ 999.6

Unum International   $   133.7         26.4  %    $ 105.8         16.9  %    $  90.5

Colonial Life        $   508.1          5.9  %    $ 479.8         16.1  %    $ 413.1



Sales shown in the preceding chart generally represent the annualized premium
income on new sales which we expect to receive and report as premium income
during the next 12 months following or beginning in the initial quarter in which
the sale is reported, depending on the effective date of the new sale. Sales do
not correspond to premium income reported as revenue in accordance with GAAP.
This is because new annualized sales premiums reflect current sales performance
and what we expect to recognize as premium income over a 12 month period, while
premium income reported in our financial statements is reported on an "as
earned" basis rather than an annualized basis and also includes renewals and
persistency of in-force policies written in prior years as well as current new
sales.

Sales, persistency of the existing block of business, employment and salary
growth, and the effectiveness of a renewal program are indicators of growth in
premium income. Trends in new sales, as well as existing market share, also
indicate the potential for growth in our respective markets and the level of
market acceptance of price levels and new product offerings. Sales results may
fluctuate significantly due to case size and timing of sales submissions.

See "Segment Results" as follows for a discussion of sales by segment.

Segment Results

Our reporting segments are comprised of the following: Unum US, Unum
International, Colonial Life, Closed Block, and Corporate. Financial information
for each of our reporting segments is as follows.

In describing our results, we may at times note certain items and exclude the
impact on financial ratios and metrics 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. We
also measure and analyze our segment performance on the basis of "adjusted
operating revenue" and "adjusted operating income" or "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 and
losses and certain other items. 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.  See
"Reconciliation of Non-GAAP Financial Measures" contained herein in this Item 7.

                                       62
--------------------------------------------------------------------------------

Unum US Segment

The Unum US segment is comprised of the group disability, group life and
accidental death and dismemberment, and supplemental and voluntary lines of
business. The group disability line of business includes long-term and
short-term disability, medical stop-loss, and fee-based service products. The
supplemental and voluntary line of business includes voluntary benefits,
individual disability, and dental and vision products.

Unum US Operating Results

Shown below are financial results for the Unum US segment. In the sections
following, financial results and key ratios are also presented for the major
lines of business within the segment.
(in millions of dollars, except ratios)
                                                                            

Year Ended December 31

                                                    2022                   % Change               2021               % Change               2020
Adjusted Operating Revenue
Premium Income                               $       6,258.3                     3.0  %       $ 6,078.0                    1.0  %       $ 6,018.9
Net Investment Income                                  676.3                    (6.3)             721.6                    0.2              720.3
Other Income                                           196.3                    15.5              170.0                    9.7              154.9
Total                                                7,130.9                     2.3            6,969.6                    1.1            6,894.1

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                             3,941.5                    (9.2)           4,338.8                    4.8            4,138.7
Commissions                                            614.4                     5.3              583.4                   (1.9)             594.9
Deferral of Acquisition Costs                         (273.1)                   12.5             (242.7)                 (16.7)            (291.5)
Amortization of Deferred Acquisition Costs             294.9                    (7.6)             319.0                   (6.5)             341.0
Other Expenses                                       1,427.5                    10.6            1,291.2                    0.4            1,285.6
Total                                                6,005.2                    (4.5)           6,289.7                    3.6            6,068.7

Income Before Income Tax and Net Investment
Gains and Losses                                     1,125.7                    65.6              679.9                  (17.6)             825.4
Reserve Assumption Updates                            (155.0)                  (27.9)            (215.0)                     N.M.               -
Adjusted Operating Income                    $         970.7                   108.8          $   464.9                  (43.7)         $   825.4

Operating Ratios (% of Premium Income):
Benefit Ratio1                                          65.5   %                                   74.9  %                                   68.8  %

Other Expense Ratio2                                    22.1   %                                   20.7  %                                   20.8  %
Income Ratio                                            18.0   %                                   11.2  %
Adjusted Operating Income Ratio                         15.5   %                                    7.6  %                                   13.7  %

1Excludes the $155.0 million and $215.0 million reserve decreases related to the assumption updates that occurred during the third quarters of 2022
and 2021, respectively.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

N.M. = not a meaningful percentage

                                       63
--------------------------------------------------------------------------------

Unum US Group Disability Operating Results

Shown below are financial results and key performance indicators for Unum US
group disability.
(in millions of dollars, except ratios)
                                                                            

Year Ended December 31

                                                    2022                  % Change               2021              % Change               2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability                   $       1,911.7                    4.6  %       $ 1,827.8                     -  %       $ 1,828.5
Group Short-term Disability                            926.3                    7.2              864.0                   8.1              799.2
Total Premium Income                                 2,838.0                    5.4            2,691.8                   2.4            2,627.7
Net Investment Income                                  349.1                   (8.0)             379.6                  (2.4)             388.8
Other Income                                           191.8                   15.8              165.7                  12.3              147.6
Total                                                3,378.9                    4.4            3,237.1                   2.3            3,164.1

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                             1,771.1                   (4.2)           1,849.2                  (3.8)           1,921.9
Commissions                                            211.3                    5.8              199.8                   4.2              191.8
Deferral of Acquisition Costs                          (53.1)                   6.6              (49.8)                  1.0              (49.3)
Amortization of Deferred Acquisition Costs              51.8                    0.8               51.4                  (3.2)              53.1
Other Expenses                                         862.3                   11.4              773.9                   2.3              756.6
Total                                                2,843.4                    0.7            2,824.5                  (1.7)           2,874.1

Income Before Income Tax and Net Investment
Gains and Losses                                       535.5                   29.8              412.6                  42.3              290.0
Reserve Assumption Updates                            (121.0)                 (43.7)            (215.0)                    N.M.               -
Adjusted Operating Income                    $         414.5                  109.8          $   197.6                 (31.9)         $   290.0

Operating Ratios (% of Premium Income):
Benefit Ratio1                                          66.7   %                                  76.7  %                                  73.1  %

Other Expense Ratio2                                    28.5   %                                  27.1  %                                  27.3  %
Income Ratio                                            18.9   %                                  15.3  %
Adjusted Operating Income Ratio                         14.6   %                                   7.3  %                                  11.0  %

Persistency:
Group Long-term Disability                              90.7   %                                  89.6  %                                  90.8  %
Group Short-term Disability                             88.9   %                                  87.4  %                                  88.7  %

1Excludes the $121.0 million and $215.0 million reserve decreases related to the assumption updates that occurred during the third quarters of
2022 and 2021, respectively.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

N.M. = not a meaningful percentage

                                       64
--------------------------------------------------------------------------------

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income increased compared to 2021, driven primarily by in-force block
growth and favorable persistency. Net investment income was lower compared to
2021 due to lower miscellaneous investment income, a decrease in the yield on
invested assets, and a lower level of invested assets. Other income increased
relative to 2021 due primarily to continued growth in our fee-based service
products.

Benefits experience, excluding the impacts of the reserve assumption updates,
was favorable compared to 2021 due primarily to lower claims incidence in both
the group short-term and long-term disability product lines as well as favorable
claim recoveries in our group long-term disability product line. See "Executive
Summary" contained herein in this Item 7 and Note 6 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8 for further
discussion on the reserve assumption updates.

Commissions were higher compared to 2021 due primarily to in-force block growth
and favorable persistency. The deferral of acquisition costs was higher compared
to 2021 due primarily to higher sales. The amortization of deferred acquisition
costs was generally consistent with 2021. The other expense ratio, which
includes other income that is primarily related to fee-based service products,
increased compared to 2021 due primarily to increases in employee-related costs
and an increase in operational investments in our business, particularly related
to our growing fee-based service business.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income increased compared to 2020, driven primarily by growth in our
group short-term disability and medical stop-loss product lines, partially
offset by lower persistency. Net investment income was lower relative to 2020
due to a decline in yield on invested assets, partially offset by higher
miscellaneous investment income. Other income increased relative to 2020 due to
continued growth in our fee-based service products.

Benefits experience, excluding the impact of the reserve assumption update, was
unfavorable compared to 2020 due to higher claims incidence in both the group
long-term and short-term disability product lines, partially offset by favorable
recoveries in the long-term disability product line.

Commissions were higher compared to 2020 due primarily to in-force block growth
in the group short-term disability and medical stop-loss product lines. The
deferral of acquisition costs was generally consistent with 2020. The
amortization of deferred acquisition costs decreased compared to 2020 due to a
decline in the level of the deferred asset. The other expense ratio was
generally consistent with 2020.

                                       65
--------------------------------------------------------------------------------

Unum US Group Life and Accidental Death and Dismemberment Operating Results

Shown below are financial results and key performance indicators for Unum US
group life and accidental death and dismemberment.
(in millions of dollars, except ratios)

                                                                               Year Ended December 31
                                               2022                % Change               2021              % Change               2020
Adjusted Operating Revenue
Premium Income
Group Life                                $   1,669.1                    1.7  %       $ 1,641.9                   0.1  %       $ 1,640.5
Accidental Death & Dismemberment                173.7                    5.2              165.1                   0.7              163.9
Total Premium Income                          1,842.8                    2.0            1,807.0                   0.1            1,804.4
Net Investment Income                           100.3                   (3.6)             104.0                   7.0               97.2
Other Income                                      1.6                   (5.9)               1.7                 (29.2)               2.4
Total                                         1,944.7                    1.7            1,912.7                   0.5            1,904.0

Benefits and Expenses
Benefits and Change in Reserves for
Future Benefits                               1,415.2                  (18.1)           1,728.8                  17.6            1,470.4
Commissions                                     150.4                    3.9              144.7                   1.0              143.2
Deferral of Acquisition Costs                   (37.3)                  77.6              (21.0)                (41.7)             (36.0)
Amortization of Deferred Acquisition
Costs                                            33.2                  (13.3)              38.3                  (2.5)              39.3
Other Expenses                                  231.1                    8.1              213.8                   4.1              205.3
Total                                         1,792.6                  (14.8)           2,104.6                  15.5            1,822.2

Income (Loss) Before Income Tax and Net
Investment Gains and Losses                     152.1                 (179.3)            (191.9)                    N.M.            81.8
Reserve Assumption Update                       (34.0)                     N.M.               -                     N.M.               -
Adjusted Operating Income (Loss)          $     118.1                 (161.5)         $  (191.9)                    N.M.       $    81.8

Operating Ratios (% of Premium Income):
Benefit Ratio1                                   78.6   %                                  95.7  %                                  81.5  %
Other Expense Ratio                              12.5   %                                  11.8  %                                  11.4  %
Income (Loss) Ratio                               8.3   %
Adjusted Operating Income (Loss) Ratio            6.4   %                                 (10.6) %                                   4.5  %

Persistency:
Group Life                                       88.9   %                                  89.7  %                                  88.8  %
Accidental Death & Dismemberment                 87.9   %                                  89.1  %                                  88.2  %

1Excludes the $34.0 million reserve decrease related to the assumption update that occurred during the third quarter of 2022.

N.M. = not a meaningful percentage

                                       66
--------------------------------------------------------------------------------

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income was higher compared to 2021 driven by in-force block growth,
partially offset by lower persistency. Net investment income was lower compared
to 2021 due to lower miscellaneous investment income, partially offset by an
increase in the level of invested assets and an increase in the yield on
invested assets.

Benefits experience, excluding the impact of the reserve assumption update, was
favorable compared to 2021 largely due to lower mortality in the group life
product line, resulting primarily from lessening impacts of COVID-19 on our
insured population.

Commissions were higher compared to 2021 due primarily to in-force block growth.
The deferral of acquisition costs was higher compared to 2021 primarily due to
$15.1 million of acquisition costs that were not deferred in 2021 as a result of
lower expected recoverability driven by COVID-19 related life claims. The
amortization of deferred acquisition costs was lower compared to 2021 due to a
decline in the level of the deferred asset. The other expense ratio increased
compared to 2021 due primarily to an increase in employee-related costs and
operational investments in our business.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income was generally consistent with 2020. Net investment income was
higher compared to 2020 due to increased miscellaneous investment income and a
higher level of invested assets, partially offset by a decline in yield on
invested assets.

Benefits experience was unfavorable compared to 2020 due to higher mortality in
the group life product line, resulting primarily from the impacts of COVID-19 on
our insured population.

Commissions were higher compared to 2020 due primarily to in-force block growth.
The deferral of acquisition costs was lower compared to 2020 due to lower
expected recoverability in the short-term driven by COVID-19 related life
claims. The amortization of deferred acquisition costs was lower compared to
2020 due to a decline in the level of the deferred asset. The other expense
ratio increased compared to 2020 due primarily to an increase in operational
investments in our business, partially offset by our continued focus on expense
management and operating efficiencies.


                                       67
--------------------------------------------------------------------------------

Unum US Supplemental and Voluntary Operating Results

Shown below are financial results and key performance indicators for Unum US
supplemental and voluntary product lines.
(in millions of dollars, except ratios)
                                                                               Year Ended December 31
                                                2022              % Change              2021              % Change              2020
Adjusted Operating Revenue
Premium Income
Voluntary Benefits                           $  840.6                  (0.7) %       $  846.7                  (3.3) %       $  875.2
Individual Disability                           461.1                   0.3             459.8                   0.8             456.0
Dental and Vision                               275.8                   1.1             272.7                   6.7             255.6
Total Premium Income                          1,577.5                  (0.1)          1,579.2                  (0.5)          1,586.8
Net Investment Income                           226.9                  (4.7)            238.0                   1.6             234.3
Other Income                                      2.9                  11.5               2.6                 (46.9)              4.9
Total                                         1,807.3                  (0.7)          1,819.8                  (0.3)          1,826.0

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                        755.2                  (0.7)            760.8                   1.9             746.4
Commissions                                     252.7                   5.8             238.9                  (8.1)            259.9
Deferral of Acquisition Costs                  (182.7)                  6.3            (171.9)                (16.6)           (206.2)
Amortization of Deferred Acquisition Costs      209.9                  (8.5)            229.3                  (7.8)            248.6
Other Expenses                                  334.1                  10.1             303.5                  (6.2)            323.7
Total                                         1,369.2                   0.6           1,360.6                  (0.9)          1,372.4

Adjusted Operating Income                    $  438.1                  (4.6)         $  459.2                   1.2          $  453.6

Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits                               42.1  %                                 43.2  %                                 42.2  %
Individual Disability                            44.1  %                                 42.8  %                                 48.8  %
Dental and Vision                                71.6  %                                 72.6  %                                 60.6  %
Other Expense Ratio                              21.2  %                                 19.2  %                                 20.4  %
Adjusted Operating Income Ratio                  27.8  %                                 29.1  %                                 28.6  %

Persistency:
Voluntary Benefits                               75.8  %                                 75.8  %                                 72.7  %
Individual Disability                            89.5  %                                 89.7  %                                 89.5  %
Dental and Vision                                79.9  %                                 86.0  %                                 85.0  %



                                       68

--------------------------------------------------------------------------------

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income was generally consistent with 2021, with a decline in the
voluntary benefits product line, mostly offset by growth in the individual
disability and dental and vision product lines. Net investment income decreased
compared to 2021 due primarily to lower miscellaneous investment income and a
decrease in the level of invested assets.

Benefits experience for voluntary benefits was favorable compared to 2021 due to
favorable claims experience in most products, including within the life product
line resulting primarily from lessening impacts of COVID-19 on our insured
population. Benefits experience for the individual disability product line was
unfavorable compared to 2021 due primarily to a change in estimate related to
the unearned premium reserve in the fourth quarter of 2022 as well as higher
average benefit size. Benefits experience for the dental and vision product line
was favorable compared to 2021 due primarily to lower claims incidence.

Commissions and the deferral of acquisition costs were higher compared to 2021
due primarily to higher sales in the individual disability and voluntary
benefits product lines. The amortization of deferred acquisition costs decreased
compared to 2021 due to a lower level of policy terminations related to newer
policies, primarily in the voluntary benefits product line. The other expense
ratio increased compared to 2021 due primarily to an increase in
employee-related costs, a net loss recognized in the fourth quarter of 2022 on
the recapture of a block of business in the voluntary benefits product line, and
an increase in operational investments in our business, partially offset by a
decrease in the allowance for expected credit losses on premium receivable
balances.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income decreased compared to 2020, with a decline in the voluntary
benefits product line partially offset by growth in the dental and vision and
individual disability product lines. Net investment income increased in 2021
compared to 2020 due to higher miscellaneous investment income, partially offset
by a decline in yield on invested assets.
Benefits experience for voluntary benefits was less favorable compared to 2020
due primarily to higher incidence in the life product line resulting from the
impacts of COVID-19 on our insured population. Benefits experience for the
individual disability product line was favorable compared to 2020 due primarily
to lower claims incidence. Benefits experience for the dental and vision product
line was unfavorable due primarily to higher claims incidence compared to 2020
where we experienced significantly lower claims incidence resulting from the
impacts of COVID-19.

Commissions and the deferral of acquisition costs were lower compared to 2020
due primarily to lower sales in the voluntary benefits product line. The
amortization of deferred acquisition costs decreased compared to 2020 due to a
decline in the level of the deferred asset, primarily in the voluntary benefits
product line. The other expense ratio improved compared to 2020 due to our
continued focus on expense management and operational efficiencies. Also
contributing to the improvement was the change in the allowance for expected
credit losses on premiums receivable, which was lower in 2021 compared to 2020.


                                       69
--------------------------------------------------------------------------------

Sales
(in millions of dollars)
                                                                              Year Ended December 31
                                                2022              % Change              2021             % Change              2020
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability                  $   295.3                  42.9  %       $ 206.6                 (13.8) %       $ 239.7
Group Short-term Disability                     184.3                  29.2            142.7                 (10.1)           158.7
Group Life and AD&D                             232.4                   3.8            223.8                  (0.2)           224.3
Subtotal                                        712.0                  24.2            573.1                  (8.0)           622.7
Supplemental and Voluntary
Voluntary Benefits                              238.7                   3.2            231.2                  (4.3)           241.6
Individual Disability                               90.8               21.1                75.0                5.0                71.4
Dental and Vision                                73.8                  18.3             62.4                  (2.3)            63.9
Subtotal                                        403.3                   9.4            368.6                  (2.2)           376.9
Total Sales                                 $ 1,115.3                  18.4          $ 941.7                  (5.8)         $ 999.6

Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)             $   457.5                  23.1  %       $ 371.5                  (1.5) %       $ 377.0
Large Case Market                               254.5                  26.2            201.6                 (17.9)           245.7
Subtotal                                        712.0                  24.2            573.1                  (8.0)           622.7
Supplemental and Voluntary                      403.3                   9.4            368.6                  (2.2)           376.9
Total Sales                                 $ 1,115.3                  18.4          $ 941.7                  (5.8)         $ 999.6

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Group sales increased compared to 2021 due to higher sales to new and existing
customers in both the large case market and the core market, which we define as
employee groups with fewer than 2,000 employees. The sales mix in the group
market sector for 2022 was approximately 63 percent core market and 37
percent large case market.

Voluntary benefits sales increased compared to 2021 primarily due to higher
sales to existing customers in the core market and higher sales to new customers
in the large case market. Individual disability sales, which are primarily
concentrated in the multi-life market, increased compared to 2021 due to higher
sales to both new and existing customers. Dental and vision sales increased
compared to 2021 driven by higher sales to both new and existing customers.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Group sales decreased compared to 2020 due primarily to lower sales to new and
existing customers in the large case market and lower sales in our medical
stop-loss product, partially offset by higher sales to existing customers in the
core market. The sales mix in the group market sector for 2021 was approximately
65 percent core market and 35 percent large case market.

Voluntary benefits sales decreased compared to 2020, driven by lower new and
existing customer sales in the large case market, partially offset by higher
sales to new and existing customers in the core market. Individual disability
sales increased compared to 2020 due to higher sales to existing customers,
partially offset by a decline in sales to new customers. Dental and vision sales
decreased slightly compared to 2020 driven by lower sales to new customers,
mostly offset by higher sales to existing customers.

As 2021 progressed we saw a decline in the sales disruption caused by COVID-19,
which resulted in an increase in sales during the latter half of 2021 for
certain of our product lines, particularly in the supplemental and voluntary
product lines.

                                       70
--------------------------------------------------------------------------------

Goodwill

We had total goodwill of $280.0 million for the Unum US segment at December 31,
2022, none of which is currently believed to be at risk for future impairment.

Segment Outlook

We remain committed to offering consumers a broad set of financial protection
benefit products at the worksite. During 2023, we will continue to invest in a
unique customer experience defined by simplicity, empathy, and deep industry
expertise through the increased utilization of digital capabilities and
technology to enhance enrollment, underwriting, the client administration
experience, and claims processing. In addition, we will focus on strategically
aligned sales through continuing to enhance the connectivity, alignment, and
support for brokers and technology partners. With respect to smaller employers,
we will continue to provide a comprehensive set of consumer-focused products,
enhance our distribution model, and utilize our digital tools to bring industry
leading enrollment capabilities and a fully integrated customer experience. Our
differentiated offerings and market leading leave management services provide
substantial growth opportunities, particularly with larger employers, and
stronger persistency in our core products. We believe our active client
management, integrated customer experience across our product lines, and strong
risk management, will enable us to continue to grow our market over the
long-term.

We anticipate increased adjusted operating income growth in 2023 supported by
premium growth and improved claim experience. We expect strong full year premium
income, partially due to favorable, but normalizing, levels of in-force block
growth as a result of wage inflation and an increase in the number of lives
covered for our group products, as well as continued strong sales momentum.
While we expect our group life claim experience to continue to improve as
impacts from COVID-19 lessen, we may also continue to experience claims
volatility, particularly in our group disability and group and voluntary life
products. Furthermore, we could continue to experience increased expenses as we
continue to invest in our people and capabilities, including our leave
management services.

The current interest rate environment could continue to positively impact our
yields on new investments but could also continue to create further unrealized
losses in our current holdings. Our net investment income may continue to be
impacted by volatility in miscellaneous investment income.

As part of our discipline in pricing and reserving, we continuously monitor
emerging claim trends and interest rates. We will continue to take appropriate
pricing actions on new business and renewals that are reflective of the current
environment.

We continuously monitor key indicators to assess our risks and adjust our
business plans accordingly.

Effective January 1, 2023, we will adopt ASU 2018-12. For further discussion,
see "Accounting Developments" contained herein in this Item 7 and Note 1 of the
"Notes to the Consolidated Financial Statements" contained herein in Item 8.
                                       71
--------------------------------------------------------------------------------

Unum International Segment

The Unum International segment is comprised of our operations in both the United
Kingdom and Poland. Our Unum UK products include insurance for group long-term
disability, group life, and supplemental lines of business, which includes
dental, individual disability, and critical illness products. Our Unum Poland
products include insurance for individual and group life with accident and
health riders. Unum International's products are sold primarily through field
sales personnel and independent brokers and consultants.

Operating Results

Shown below are financial results and key performance indicators for the Unum
International segment.
(in millions of dollars, except ratios)
                                                                                 Year Ended December 31
                                                  2022              % Change              2021              % Change              2020
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability                     $ 376.9                   (6.2) %       $ 401.9                   10.1  %       $ 364.9
Group Life                                       138.2                   23.1            112.3                    3.5            108.5
Supplemental                                     114.0                    1.2            112.6                   12.8             99.8
Unum Poland                                       89.7                   (0.6)            90.2                      13.3          79.6
Total Premium Income                             718.8                    0.3            717.0                    9.8            652.8
Net Investment Income                            170.1                   28.2            132.7                   26.9            104.6
Other Income                                       0.9                   50.0              0.6                   20.0              0.5
Total                                            889.8                    4.6            850.3                   12.2            757.9

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                         564.8                    1.5            556.2                   11.0            500.9
Commissions                                       56.3                    4.1             54.1                    8.9             49.7
Deferral of Acquisition Costs                    (12.0)                  (6.3)           (12.8)                   5.8            (12.1)
Amortization of Deferred Acquisition Costs         7.6                   (5.0)             8.0                    8.1              7.4
Other Expenses                                   146.1                    5.0            139.1                    2.7            135.4
Total                                            762.8                    2.4            744.6                    9.3            681.3

Adjusted Operating Income                      $ 127.0                   20.2          $ 105.7                   38.0          $  76.6



Foreign Currency Translation

The functional currencies of Unum UK and Unum Poland are the British pound
sterling and Polish zloty, respectively. Premium income, net investment income,
claims, and expenses are received or paid in the functional currency, and we
hold functional currency-denominated assets to support functional
currency-denominated policy reserves and liabilities. We translate functional
currency-denominated financial statement items into dollars for our consolidated
financial reporting. We translate income statement items using an average
exchange rate for the reporting period, and we translate balance sheet items
using the exchange rate at the end of the period. We report unrealized foreign
currency translation gains and losses in accumulated other comprehensive income
(loss) in our consolidated balance sheets.

Fluctuations in exchange rates impact Unum International's reported financial
results and our consolidated financial results. In periods when the functional
currency strengthens relative to the preceding period, translation increases
current period results relative to the prior period. In periods when the
functional currency weakens, translation decreases current period results
relative to the prior period.
                                       72
--------------------------------------------------------------------------------

Unum UK Operating Results

Shown below are financial results and key performance indicators for the Unum UK
product lines in functional currency.
(in millions of pounds, except ratios)
                                                                            

Year Ended December 31

                                               2022             % Change              2021             % Change              2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability                  £ 304.6                   4.3  %       £ 292.0                   2.7  %       £ 284.2
Group Life                                    112.3                  37.5             81.7                  (3.4)            84.6
Supplemental                                   92.3                  12.8             81.8                   5.3             77.7
Total Premium Income                          509.2                  11.8            455.5                   2.0            446.5
Net Investment Income                         131.9                  44.9             91.0                  19.7             76.0
Other Income                                    0.1                     -              0.1                     -              0.1
Total                                         641.2                  17.3            546.6                   4.6            522.6

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                      413.2                  13.9            362.8                   2.9            352.5
Commissions                                    31.8                  10.8             28.7                   2.1             28.1
Deferral of Acquisition Costs                  (4.2)                 (2.3)            (4.3)                  2.4             (4.2)
Amortization of Deferred Acquisition Costs      5.0                  (2.0)             5.1                  (3.8)             5.3
Other Expenses                                 95.6                  16.9             81.8                  (5.4)            86.5
Total                                         541.4                  14.2            474.1                   1.3            468.2

Adjusted Operating Income                   £  99.8                  37.7          £  72.5                  33.3          £  54.4

Weighted Average Pound/Dollar Exchange Rate   1.222                                  1.377                                  1.287

Operating Ratios (% of Premium Income):
Benefit Ratio                                  81.1  %                                79.6  %                                78.9  %
Other Expense Ratio                            18.8  %                                18.0  %                                19.4  %
Adjusted Operating Income Ratio                19.6  %                                15.9  %                                12.2  %

Persistency:
Group Long-term Disability                     85.1  %                                89.3  %                                88.2  %
Group Life                                     87.9  %                                86.5  %                                81.8  %
Supplemental                                   92.8  %                                90.9  %                                90.7  %

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income was higher compared to 2021 primarily due to in-force block
growth and sales growth in the group life product line.

Net investment income was higher compared to 2021 due to higher investment
income from inflation index-linked bonds. Our investments in inflation
index-linked bonds support the claim reserves associated with certain group
policies that provide for inflation-linked increases in benefits. The change in
net investment income attributable to these inflation index-linked bonds is
partially offset by a change in the reserves for future claim payments related
to the inflation index-linked group long-term disability and group life
policies.

                                       73
--------------------------------------------------------------------------------

Benefits experience was unfavorable relative to 2021 due to higher
inflation-linked experience for our group life and group long-term disability
products and higher claims incidence in the supplemental product line and in the
group long-term disability product line, partially offset by lower mortality in
the group life product line.

Commissions increased relative to 2021 due primarily to in-force block growth.
The deferral and amortization of acquisition costs were generally consistent
relative to 2021. The other expense ratio was higher relative to 2021 due to an
increase in employee-related costs and operational investments in the business.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income was higher compared to 2020 primarily due to growth in the
in-force blocks resulting from the impact of rate increases in the group
long-term disability product line and higher overall persistency.

Net investment income was higher compared to 2020 due to higher investment
income from inflation index-linked bonds and a higher level of invested assets,
partially offset by a lower yield on fixed-rate bonds.

Benefits experience was unfavorable relative to 2020 due to higher
inflation-linked experience in benefits, higher claims incidence in the group
life product line and lower claim resolutions in the group long-term disability
product line that resulted from continued disruptions to health services caused
by COVID-19, partially offset by lower claims incidence in the group long-term
disability product line.

Commissions and the deferral of acquisition costs were slightly higher relative
to 2020 due to higher sales and in-force block growth. The amortization of
acquisition costs was slightly lower than 2020 due to a decline in the level of
the deferred asset. The other expense ratio improved relative to 2020 due to
certain expenses in 2020 related to COVID-19 that did not recur and our
continued focus on expense management.

                                       74
--------------------------------------------------------------------------------

Sales

(in millions of dollars and pounds)

                                                                 Year Ended 

December 31

                                               2022        % Change       2021        % Change       2020
Unum International Sales by Product
Unum UK
Group Long-term Disability                   $  43.3          4.6  %    $  41.4          9.8  %    $ 37.7
Group Life                                      55.5         77.3          31.3         51.9         20.6
Supplemental                                    17.1          0.6          17.0        (10.1)        18.9
Unum Poland                                     17.8         10.6          16.1            21.1      13.3
Total Sales                                  $ 133.7         26.4       $ 105.8         16.9       $ 90.5

Unum International Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)                $  42.7          2.9  %    $  41.5         14.6  %    $ 36.2
Large Case Market                               56.1         79.8          31.2         41.2         22.1
Subtotal                                        98.8         35.9          72.7         24.7         58.3
Supplemental                                    17.1          0.6          17.0        (10.1)        18.9
Unum Poland                                     17.8         10.6          16.1            21.1      13.3
Total Sales                                  $ 133.7         26.4       $ 105.8         16.9       $ 90.5

Unum UK Sales by Product
Group Long-term Disability                   £  34.5         15.0  %    £  30.0          1.7  %    £ 29.5
Group Life                                      45.4         99.1          22.8         41.6         16.1
Supplemental                                    13.5          9.8          12.3        (17.4)        14.9
Total Sales                                  £  93.4         43.5       £  65.1          7.6       £ 60.5

Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)                £  34.4         13.9  %    £  30.2          6.7  %    £ 28.3
Large Case Market                               45.5        101.3          22.6         30.6         17.3
Subtotal                                        79.9         51.3          52.8         15.8         45.6
Supplemental                                    13.5          9.8          12.3        (17.4)        14.9
Total Sales                                  £  93.4         43.5       £  65.1          7.6       £ 60.5



                                       75

--------------------------------------------------------------------------------

The following discussion of sales results relates only to our Unum UK product
lines and is based on functional currency.

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Group long-term disability sales increased compared to 2021 driven by higher
sales to new customers in the large case market and existing customers in the
core market, which we define as employee groups with fewer than 500 employees,
partially offset by lower sales to new customers in the core market.

Group life sales increased compared to 2021 driven primarily by higher sales to
new customers in both the large case and core markets.

Supplemental sales increased compared to 2021 due primarily to higher sales in
the dental product line, partially offset by lower sales in the group critical
illness product line.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Group long-term disability sales were generally consistent with 2020, with an
increase in sales to existing customers in the large case market mostly offset
by lower sales to new customers in the large case market and lower sales to
existing customers in the core market.

Group life sales increased in 2021 compared to 2020 due to an increase in sales
to new customers in both our core and large case markets and higher sales to
existing customers in the large case market, partially offset by lower sales to
existing customers in our core market.

Supplemental sales were lower in 2021 compared to 2020 due primarily to a
decline in the group critical illness product, partially offset by an increase
in dental product sales.

Goodwill

We had total goodwill of $39.9 million for the Unum International segment at
December 31, 2022, of which, $35.6 million is attributed to the Unum UK
reporting unit and $4.3 million is attributed to the Unum Poland reporting unit.
Fair value of our reporting units is estimated using a combination of the income
and market approaches and the key assumptions used are projected earnings and
discount rate. To the extent that the future profitability of these reporting
units deteriorates from current assumptions, the goodwill related to the
reporting units could be at risk for impairment.

Segment Outlook

We are committed to driving growth in the Unum International segment and will
build on the capabilities that we believe will generate growth and profitability
in our businesses over the long term. In 2023, we will focus on scaling our
business and broadening our international portfolio. For our Unum UK line of
business, achieving growth remains a priority, and we will continue to focus on
delivering a best in class health and wellbeing service to improve retention of
our key customers and drive growth in small case business. We will also
accelerate premium growth by focusing on both the broker experience and customer
engagement, while maintaining our disciplined approach to pricing. Within our
Unum Poland line of business, we will drive growth by expanding our distribution
and the new direct channel. We will also continue to invest in digital
capabilities, technology, and product enhancements which we believe will drive
sustainable growth over the long term.

In 2023, we expect sales and premium growth to continue, alongside improving
claim experience. We recognize that 2022 earnings benefited from inflation
linked income that we expect to trend towards a more normalized level in 2023
and could pressure earnings growth. As inflation begins to moderate, we will
likely continue to experience higher net investment income and fluctuations in
our benefit ratio. We continuously monitor key indicators to assess our risks
and adjust our business plans accordingly to respond to external challenges.

Effective January 1, 2023, we will adopt ASU 2018-12. For further discussion,
see "Accounting Developments" contained herein in this Item 7 and Note 1 of the
"Notes to the Consolidated Financial Statements" contained herein in Item 8.

                                       76
--------------------------------------------------------------------------------

Colonial Life Segment

The Colonial Life segment includes insurance for accident, sickness, and
disability products, which includes our dental and vision products, life
products, and cancer and critical illness products issued primarily by Colonial
Life & Accident Insurance Company and marketed to employees, on both a group and
an individual basis, at the workplace through an independent contractor agent
sales force and brokers.

Operating Results

Shown below are financial results and key performance indicators for the
Colonial Life segment.
(in millions of dollars, except ratios)

                                                                               Year Ended December 31
                                                2022              % Change              2021              % Change              2020
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability           $  948.9                  (0.5) %       $  953.3                  (2.2) %       $  975.1
Life                                            401.1                   4.3             384.7                   2.2             376.4
Cancer and Critical Illness                     352.0                  (0.1)            352.2                  (2.3)            360.5
Total Premium Income                          1,702.0                   0.7           1,690.2                  (1.3)          1,712.0
Net Investment Income                           152.7                 (11.2)            172.0                  10.5             155.7
Other Income                                      1.1                  10.0               1.0                  (9.1)              1.1
Total                                         1,855.8                  (0.4)          1,863.2                  (0.3)          1,868.8

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                        803.1                 (11.8)            910.4                   0.4             906.5
Commissions                                     340.0                   6.2             320.1                  (4.2)            334.3
Deferral of Acquisition Costs                  (271.8)                  7.6            (252.6)                 (7.3)           (272.6)
Amortization of Deferred Acquisition Costs      288.5                  11.3             259.1                   0.5             257.7
Other Expenses                                  321.4                   8.2             297.0                  (3.4)            307.5
Total                                         1,481.2                  (3.4)          1,534.0                     -           1,533.4

Adjusted Operating Income                    $  374.6                  13.8          $  329.2                  (1.8)         $  335.4

Operating Ratios (% of Premium Income):
Benefit Ratio                                    47.2  %                                 53.9  %                                 52.9  %

Other Expense Ratio                              18.9  %                                 17.6  %                                 18.0  %

Adjusted Operating Income Ratio                  22.0  %                                 19.5  %                                 19.6  %

Persistency:

Accident, Sickness, and Disability               73.3  %                                 75.4  %                                 74.3  %
Life                                             84.5  %                                 85.5  %                                 83.7  %
Cancer and Critical Illness                      82.3  %                                 82.4  %                                 81.8  %



                                       77

--------------------------------------------------------------------------------

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income was favorable compared to 2021 due to higher prior period sales,
particularly in the life product line, partially offset by lower overall
persistency. Net investment income was lower in 2022 compared to 2021 due to
lower miscellaneous investment income and a decline in the yield on invested
assets, partially offset by an increase in the level of invested assets.

Benefits experience was favorable relative to 2021 across all product lines,
including the life product line as a result of lessening impacts of COVID-19 on
our insured population.

Commissions and the deferral of acquisition costs were higher compared to 2021
due to higher prior period sales. The amortization of deferred acquisition costs
was higher compared to 2021 due to a higher level of policy terminations
primarily in the accident, sickness, and disability product line. The other
expense ratio was higher relative to 2021 due primarily to an increase in
operational investments in our business, an increase in employee-related costs,
and a decrease in the allowance for expected credit losses during 2021 that did
not recur in 2022.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income was lower compared to 2020 due to lower prior period sales,
partially offset by favorable persistency. Net investment income was higher in
2021 compared to 2020 due to higher miscellaneous investment income and an
increase in the level of invested assets, partially offset by a decline in the
yield on invested assets.

Benefits experience was unfavorable relative to 2020 due primarily to
unfavorable experience in the life product line resulting from the impacts of
COVID-19.

Commissions and the deferral of acquisition costs were lower compared to 2020
due to lower prior period sales. The amortization of deferred acquisition costs
was generally consistent with 2020. The other expense ratio improved relative to
2020 due primarily to a decrease in the allowance for expected credit losses and
our continued focus on expense management and operating efficiencies.

                                       78
--------------------------------------------------------------------------------

Sales
(in millions of dollars)
                                                           Year Ended December 31
                                         2022        % Change       2021        % Change       2020
Sales by Product
Accident, Sickness, and Disability     $ 310.6          4.3  %    $ 297.9         13.9  %    $ 261.5
Life                                     121.5          9.5         111.0         25.0          88.8
Cancer and Critical Illness               76.0          7.2          70.9         12.9          62.8

Total Sales                            $ 508.1          5.9       $ 479.8         16.1       $ 413.1

Sales by Market Sector
Commercial
Core Market (< 1,000 employees)        $ 332.4          6.1  %    $ 313.2         17.7  %    $ 266.2
Large Case Market                         58.1        (15.2)         68.5         19.3          57.4
Subtotal                                 390.5          2.3         381.7         18.0         323.6
Public Sector                            117.6         19.9          98.1          9.6          89.5
Total Sales                            $ 508.1          5.9       $ 479.8         16.1       $ 413.1

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

During 2022, we have seen an increase in sales for each of our product lines
relative to 2021. Commercial market sales increased compared to 2021 driven by
higher sales to existing customers in the core market, which we define as
accounts with fewer than 1,000 employees, partially offset by lower sales to new
and existing customers in the large case market. Public sector market sales
increased compared to 2021 due to higher sales to both new and existing
customers. The number of new accounts decreased 5.2 percent and average new case
size increased 4.1 percent in 2022 compared to 2021.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

During 2021, we saw an increase in sales for each of our product lines and
market sectors relative to 2020 due to a decline in disruption to our sales
processes caused by COVID-19. The number of new accounts increased 13.0 percent
and average new case size decreased 3.2 percent in 2021 compared to 2020.

Goodwill

We had goodwill of $27.7 million at December 31, 2022, none of which is
currently believed to be at risk for future impairment.

Segment Outlook

We remain committed to providing employees and their families with simple,
modern, and personal benefit solutions. During 2023, we will continue to utilize
our strong distribution system of independent agents, benefit counselors and
broker partnerships. We will also continue to invest in new solutions and
digital capabilities to expand our reach and effectiveness, driving growth and
improving productivity while enhancing the customer experience. In 2023, we will
continue to bring an enhanced engagement and enrollment platform to market
enabling deeper connections with employees through the enrollment process as
well as maintaining stronger relationships throughout the customer lifecycle. We
believe our distribution system, customer service capabilities, digital and
virtual tools, and ability to serve all market sizes position us well for future
growth.

In 2023, we expect positive adjusted operating income growth with strong sales
growth and full year premium income growing from the prior year, but at a rate
that is below pre-pandemic levels. We expect stable claim experience in 2023,
but could continue to experience some level of claims volatility. While we
believe our underlying profitability will remain strong, current economic
conditions and increasing competition in the voluntary workplace market are
risks to achievement of our business plans. We continuously monitor key
indicators to assess our risks and adjust our business plans accordingly.

Effective January 1, 2023, we will adopt ASU 2018-12. For further discussion,
see "Accounting Developments" contained herein in this Item 7 and Note 1 of the
"Notes to the Consolidated Financial Statements" contained herein in Item 8.
                                       79
--------------------------------------------------------------------------------

Closed Block Segment

The Closed Block segment consists of group and individual long-term care and
other insurance products no longer actively marketed. We discontinued offering
individual long-term care in 2009 and group long-term care in 2012. Other
insurance products include individual disability, group pension, individual life
and corporate-owned life insurance, reinsurance pools and management operations,
and other miscellaneous product lines.


                                       80
--------------------------------------------------------------------------------

Operating Results

Shown below are financial results and key performance indicators for the Closed
Block segment.
(in millions of dollars, except ratios)
                                                                                  Year Ended December 31
                                                   2022                % Change              2021              % Change               2020
Adjusted Operating Revenue
Premium Income
Long-term Care                               $     697.4                    (1.0) %       $  704.3                   5.6  %       $   666.9

All Other                                          246.9                   (15.3)            291.5                 (11.0)             327.5
Total Premium Income                               944.3                    (5.2)            995.8                   0.1              994.4
Net Investment Income                            1,070.6                    (7.6)          1,159.0                 (15.4)           1,370.3
Other Income                                        58.0                   (10.9)             65.1                  (2.3)              66.6
Total                                            2,072.9                    (6.6)          2,219.9                  (8.7)           2,431.3

Benefits and Expenses
Benefits and Change in Reserves for Future
Benefits                                         1,627.3                    (9.3)          1,793.2                 (47.7)           3,426.8
Commissions                                         75.7                    (6.0)             80.5                   2.7               78.4
Interest and Debt Expense                              -                       -                 -                     N.M.             3.1
Other Expenses                                     185.8                    (8.7)            203.5                  28.2              158.7
Total                                            1,888.8                    (9.1)          2,077.2                 (43.4)           3,667.0

Income (Loss) Before Income Tax and Net
Investment Gains and Losses                        184.1                    29.0             142.7                (111.5)          (1,235.7)
Long-term Care Reserve Increase                        -                       N.M.            2.1                 (98.6)             151.5
Individual Disability Reserve Increase                 -                       N.M.            6.4                     N.M.               -
Group Pension Reserve Increase                         -                       N.M.           25.1                  43.4               17.5
Impacts from Closed Block Individual
Disability Reinsurance Transaction                     -                       N.M.          139.3                 (89.3)           1,305.5
Amortization of the Cost of Reinsurance             63.8                   (19.3)             79.1                     N.M.             2.6
Adjusted Operating Income                    $     247.9                   (37.2)         $  394.7                  63.5          $   241.4

Interest Adjusted Loss Ratio:
Long-term Care1                                     82.0    %                                 77.3  %                                  68.9  %

Operating Ratios (% of Premium Income):
Other Expense Ratio2                                12.9    %                                 11.9  %                                  13.6  %

Income (Loss) Ratio                                 19.5    %                                 14.3  %                                (124.3) %
Adjusted Operating Income Ratio                     26.3    %                                 39.6  %                                  24.3  %

Persistency:
Long-term Care                                      95.7    %                                 95.6  %                                  94.8  %

1Excludes the $2.1 million reserve increase for the year ended 2021 related to the assumption update that occurred during the third quarter of
2021. Excludes the $151.5 million reserve increase for the year ended 2020 that occurred during the fourth quarter of 2020.

2Excludes amortization of the cost of reinsurance from the years ended 2022, 2021, and 2020. Also excludes $6.2 million and $21.0 million of
transaction costs from 2021 and 2020, respectively, related to the two phases of the Closed Block individual disability reinsurance
transaction that occurred during the first quarter of 2021 and the fourth quarter of 2020.

N.M. = not a meaningful percentage

                                       81
--------------------------------------------------------------------------------

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Premium income for long-term care decreased compared to 2021 due to policy
terminations, partially offset by rate increases. We continue to file requests
with various state insurance departments for premium rate increases on certain
of our individual and group long-term care policies which reflect assumptions as
of the date of filings. In states for which a rate increase is submitted and
approved, we routinely provide customers options for coverage changes or other
approaches that might fit their current financial and insurance needs. Premium
income for our "All Other" product line continues to decline as expected due to
policy terminations and maturities.

Net investment income was lower relative to 2021 primarily due to lower
miscellaneous investment income, partially related to smaller increases in the
NAV on our private equity partnerships, and a decline in the yield on invested
assets, partially offset by an increase in the level of invested assets.

Other income primarily includes the underlying results and associated net
investment income of certain assumed blocks of reinsured business.

The interest adjusted loss ratio for long-term care, excluding the reserve
increase related to the assumption update in the third quarter of 2021, was less
favorable compared to 2021 driven primarily by higher claim incidence. Also
impacting benefits experience for the Closed Block segment in 2021 were the
reserve recognition impacts from the second phase of the individual disability
reinsurance transaction and the previously discussed reserve increases to group
pension and individual disability within our "All Other" product line. See
"Executive Summary" contained herein in Item 7 and Note 6 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8 for further
discussion on the reserve assumption updates.

We no longer have interest and debt expense due to the December 2020 redemption
of the senior secured notes issued by Northwind Holdings, LLC (Northwind
Holdings).

The other expense ratio, excluding certain transaction costs incurred and the
amortization of cost of reinsurance related to the previously discussed
reinsurance transaction, was higher than 2021 due primarily to a decline in the
expense allowance related to ceded business within our "All Other" product line.
See "Executive Summary" contained herein in Item 7 for discussion on the ceded
block of individual disability business.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Premium income for long-term care increased compared to 2020 due to rate
increases, partially offset by policy terminations. Premium income for our "All
Other" product line continued to decline as expected due to policy terminations
and maturities.

Net investment income was lower relative to 2020 primarily due to a decrease in
the level of invested assets supporting individual disability within our "All
Other" product line resulting from the reinsurance transaction and a decline in
the yield on invested assets, partially offset by higher miscellaneous
investment income, primarily related to increases in the NAV on our private
equity partnerships.

The interest adjusted loss ratio for long-term care, excluding the reserve
increases as previously discussed, was less favorable compared to 2020 driven
primarily by lower claimant mortality and higher submitted claims, but was
favorable compared to our long-term expectations. Also impacting benefits
experience for the Closed Block segment in 2021 and 2020 were the reserve
recognition impacts from the two phases of the individual disability reinsurance
transaction and the previously discussed reserve increases to group pension and
individual disability within our "All Other" product line. See "Executive
Summary" contained herein in Item 7 and Note 6 of the "Notes to Consolidated
Financial Statements" contained herein in Item 8 for further discussion on the
reserve assumption updates and the individual disability reinsurance
transaction.

The other expense ratio, excluding certain transaction costs incurred and the
amortization of cost of reinsurance related to the previously discussed
reinsurance transaction, was lower than 2020 driven by expense allowances
related to the reinsurance transaction and our continued focus on expense
management and operating efficiencies.

Segment Outlook

We will continue to execute on our well-defined strategy of implementing
long-term care premium rate increases, efficient capital management, improved
financial analysis, and operational effectiveness. We will continue to explore
structural options to enhance financial flexibility. Despite continued
anticipated premium rate increases in our long-term care business, we expect
overall premium income and adjusted operating revenue to decline over time as
these closed blocks of business wind down. We
                                       82
--------------------------------------------------------------------------------

will likely experience volatility in net investment income due to fluctuations
of miscellaneous investment income, driven by bond calls and the increased
allocation towards alternative assets, primarily private equity partnership
investments, in the long-term care product line portfolio. We record changes in
our share of the net asset value (NAV) of the partnerships in net investment
income. We receive financial information related to our investments in
partnerships and generally record investment income on a one-quarter lag in
accordance with our accounting policy. As these net asset values are volatile
and can fluctuate materially with changes in market economic conditions, there
may possibly be significant movements up or down in future periods as conditions
change. We continuously monitor key indicators to assess our risks and adjust
our business plans, including utilization of derivative financial instruments to
manage interest rate risk.

Profitability of our long-tailed products is affected by claims experience
related to mortality and morbidity, resolutions, investment returns, premium
rate increases, and persistency. We believe that the interest adjusted loss
ratio for long-term care will be relatively flat over the long term, but may
continue to experience quarterly volatility, particularly in the near term as
our claim block matures and as we continue the implementation of premium rate
increases. Specific to our long-term care line of business, we expect the long
term interest adjusted loss ratio to remain consistent with prior guidance,
which was in the 85 to 90 percent range with some quarterly volatility. Claim
resolution rates, which measure the resolution of claims from recovery, deaths,
settlements, and benefit expirations, are very sensitive to operational and
external factors and can be volatile. Our claim resolution rate assumption used
in determining reserves is our expectation of the resolution rate we will
experience over the life of the block of business and will vary from actual
experience in any one period. It is possible that variability in any of our
reserve assumptions, including, but not limited to, mortality, morbidity,
resolutions, premium rate increases, benefit change elections, and persistency,
could result in a material impact to our reserves.

As a result of the execution of the reinsurance transaction related to our
Closed Block individual disability line of business, we have fully ceded a
significant portion of this business. We expect that earnings will continue to
be impacted by the amortization of the cost of reinsurance. However, we expect
the amortization of the cost of reinsurance to decrease as a result of a lower
cost of reinsurance due to our adoption of ASU 2018-12 which is effective
January 1, 2023. The cost of reinsurance will continue to be amortized over a
period of approximately 25 years, on a declining trajectory generally consistent
with the expected run-off pattern of the ceded reserves.

For further discussion of ASU 2018-12, see "Accounting Developments" contained
herein in this Item 7 and Note 1 of the "Notes to the Consolidated Financial
Statements" contained herein in Item 8.


                                       83
--------------------------------------------------------------------------------

Corporate Segment

The Corporate segment includes investment income on corporate assets not
specifically allocated to a line of business, interest expense on corporate debt
other than non-recourse debt, and certain other corporate income and expenses
not allocated to a line of business.

Operating Results
(in millions of dollars)
                                                                               Year Ended December 31
                                                2022               % Change              2021             % Change             2020
Adjusted Operating Revenue
Net Investment Income                        $   52.5               88.2%             $   27.9             184.7%           $    9.8
Other Income                                      4.8               (22.6)                 6.2              N.M.                 1.1
Total                                            57.3                68.0                 34.1              N.M.                10.9

Interest, Debt, and Other Expenses              221.6               (27.4)               305.3              23.3               247.7

Loss Before Income Tax and Net Investment
Gains and Losses                               (164.3)               39.4               (271.2)            (14.5)             (236.8)
Impairment Loss on Internal-Use Software            -                N.M.                 12.1              N.M.                   -
Cost Related to Early Retirement of Debt            -                N.M.                 67.3              N.M.                   -
Impairment Loss on ROU Asset                        -                N.M.                 13.9               9.4                12.7
Cost Related to Organizational Design Update        -                 -                      -              N.M.                23.3
Adjusted Operating Loss                      $ (164.3)               7.6              $ (177.9)             11.4            $ (200.8)

N.M. = not a meaningful percentage

Year Ended December 31, 2022 Compared with Year Ended December 31, 2021

Adjusted operating loss, which excludes the items listed above, decreased in
2022 relative to 2021, due primarily to higher net investment income, which
resulted from an increase in the yield on invested assets and lower pension
expenses, partially offset by an increase in employee-related costs and an
increase in interest and debt expenses.

See "Executive Summary" contained herein in this Item 7 and Notes 8, 13, and 15
of the "Notes to Consolidated Financial Statements" contained herein in Item 8
for further discussion on the impairment loss on internal-use software, costs
related to the early retirement of debt, the ROU asset impairments, and the
costs related to the organizational design update.

Year Ended December 31, 2021 Compared with Year Ended December 31, 2020

Adjusted operating loss, which excludes the items listed above, decreased in
2021 relative to 2020, due primarily to higher net investment income, which
resulted from an increase in the yield on invested assets.

Segment Outlook

We expect to continue to generate excess capital on an annual basis through the
statutory earnings in our insurance subsidiaries and believe we are well
positioned with flexibility to preserve our capital strength while also
returning capital to our shareholders. We may experience volatility in net
investment income based on both the composition and level of invested assets
that we allocate to our products from period to period.

                                       84
--------------------------------------------------------------------------------

Investments

Overview

Our investment portfolio is well diversified by type of investment and industry
sector. We have established an investment strategy that we believe will provide
for adequate cash flows from operations and allow us to hold our securities
through periods where significant decreases in fair value occur. We believe our
emphasis on risk management in our investment portfolio has positioned us well
and generally reduced the volatility in our results.

We and our insurance subsidiaries each have a formal investment policy that
includes overall quality and diversification objectives and establishes asset
class, investment rating, single issuer, and derivative limits for the entity.
We also have formal enterprise investment guidelines that set forth aggregate
limits by asset class and investment rating across all entities. The majority of
our investments are in investment-grade publicly traded securities. This ensures
the desired liquidity and preserves the capital value of our portfolios. Due to
the long-term nature of our insurance liabilities, we are also able to invest in
less liquid investments to obtain additional returns within the limits of our
investment policy. The asset mix guidelines and limits are reviewed and approved
by the risk and finance committee of Unum Group's board of directors as they
relate to Unum Group and the enterprise as a whole, and by the boards of
directors of our insurance subsidiaries as they relate to the respective
entities. We review our policies and guidelines annually, or more frequently if
deemed necessary, and recommend adjustments as appropriate.

See "Critical Accounting Estimates" contained herein in this Item 7 for further
discussion of our valuation of investments.

Closed Block Individual Disability Reinsurance Transaction

In 2020, as part of the first phase of the Closed Block individual disability
reinsurance transaction, we transferred fixed maturity securities of $4,686.8
million on an amortized cost basis and $5,958.4 million on a fair value basis,
and we recorded a total realized investment gain from the transfer of these
securities, including a related net gain from cash flow hedges of $1,302.3
million. As part of the second phase of the Closed Block individual disability
reinsurance transaction entered into in March 2021 with Commonwealth, we
transferred fixed maturity securities of $226.8 million on an amortized cost
basis and $293.7 million on a fair value basis, and recorded a total realized
investment gain from the transfer of these securities, including a related net
gain from cash flow hedges, of $67.6 million. Although we transferred a
significant portion of our fixed maturity security portfolio as part of this
transaction, the overall credit profile of our remaining portfolio has not
changed. See "Executive Summary" contained herein in this Item 7 for further
information on the reinsurance transaction.

                                       85
--------------------------------------------------------------------------------

Fixed Maturity Securities

The fair values and associated unrealized gains and losses of our fixed maturity
securities portfolio, by industry classification, are as follows:

             Fixed Maturity Securities - By Industry Classification

                            As of December 31, 2022
(in millions of dollars)
                                                                                 Fair Value with            Gross            Fair Value with
                                                           Net Unrealized        Gross Unrealized         Unrealized         Gross Unrealized            Gross
         Classification                 Fair Value           Gain (Loss)               Loss                  Loss                  Gain             Unrealized Gain
Basic Industry                         $  2,554.5          $     (212.6)         $     1,975.5          $     245.8          $       579.0          $       33.2
Capital Goods                             3,193.6                (224.2)               2,227.7                294.8                  965.9                  70.6
Communications                            2,182.4                (156.6)               1,365.8                236.5                  816.6                  79.9
Consumer Cyclical                         1,402.6                (127.2)               1,146.2                147.3                  256.4                  20.1
Consumer Non-Cyclical                     5,763.3                (537.5)               4,097.5                654.6                1,665.8                 117.1
Energy                                    2,770.0                 (72.1)               1,467.1                155.0                1,302.9                  82.9
Financial Institutions                    3,473.9                (443.7)               3,075.4                464.3                  398.5                  20.6
Mortgage/Asset-Backed                       573.3                 (18.8)                 386.7                 27.0                  186.6                   8.2
Sovereigns                                  827.1                 (81.0)                 337.0                115.9                  490.1                  34.9
Technology                                1,567.5                (177.8)               1,438.5                186.9                  129.0                   9.1
Transportation                            1,620.3                (164.5)               1,269.5                183.1                  350.8                  18.6
U.S. Government Agencies and
Municipalities                            3,955.4                (554.4)               2,525.5                661.8                1,429.9                 107.4
Public Utilities                          4,956.9                (214.0)               2,497.4                355.0                2,459.5                 141.0
Total                                  $ 34,840.8          $   (2,984.4)         $    23,809.8          $   3,728.0          $    11,031.0          $      743.6



The following two tables show the length of time our investment-grade and
below-investment-grade fixed maturity securities portfolios had been in a gross
unrealized loss position as of December 31, 2022 and at the end of the prior
four quarters. The relationships of the current fair value to amortized cost are
not necessarily indicative of the fair value to amortized cost relationships for
the securities throughout the entire time that the securities have been in an
unrealized loss position nor are they necessarily indicative of the
relationships after December 31, 2022. The increase in the unrealized loss on
fixed maturity securities during 2022 was due primarily to an increase in U.S.
Treasury rates.





















                                       86

--------------------------------------------------------------------------------

         Unrealized Loss on Investment-Grade Fixed Maturity Securities
                   Length of Time in Unrealized Loss Position

(in millions of dollars)

                                                                       2022                                                2021
                                      December 31           September 30           June 30           March 31           December 31
Fair Value < 100% >= 70% of
Amortized Cost

<= 90 days                          $       63.0          $       523.7          $   514.7          $  491.6          $       29.9
> 90 <= 180 days                           316.6                  879.0            1,177.1             199.5                  29.4
> 180 <= 270 days                          614.5                  945.4              268.9             109.1                   0.7
> 270 days <= 1 year                     1,126.6                  218.6              147.1               1.1                  21.8
> 1 year <= 2 years                        484.0                  195.0               66.5              67.2                   5.1
> 2 years <= 3 years                        19.2                    2.9                6.5               1.7                     -

Sub-total                                2,623.9                2,764.6            2,180.8             870.2                  86.9

Fair Value < 70% >= 40% of Amortized Cost

<= 90 days                                  10.6                      -               10.3                 -                     -
> 90 <= 180 days                               -                   22.3               37.8               3.1                     -
> 180 <= 270 days                           28.5                  564.2               80.6               3.7                     -
> 270 days <= 1 year                       320.2                  427.4               39.4                 -                   1.5
> 1 year <= 2 years                        532.7                  176.5               39.8               1.9                     -
> 2 years <= 3 years                        29.6                   18.5                  -                 -                     -
Sub-total                                  921.6                1,208.9              207.9               8.7                   1.5

Total                               $    3,545.5          $     3,973.5          $ 2,388.7          $  878.9          $       88.4


















                                       87

--------------------------------------------------------------------------------

      Unrealized Loss on Below-Investment-Grade Fixed Maturity Securities
                   Length of Time in Unrealized Loss Position

(in millions of dollars)

                                                                       2022                                               2021
                                      December 31           September 30          June 30           March 31           December 31
Fair Value < 100% >= 70% of
Amortized Cost

<= 90 days                          $        1.8          $        27.1          $  73.4          $    24.8          $        0.8
> 90 <= 180 days                            12.6                   58.5             92.8                5.9                   0.3
> 180 <= 270 days                           39.1                  103.8             13.5                1.9                     -
> 270 days <= 1 year                        84.7                   15.2              3.3                  -                   2.2
> 1 year <= 2 years                         17.5                    3.8              0.2                1.8                   2.5
> 2 years <= 3 years                         0.5                    0.7              1.4                3.7                   0.3
> 3 years                                    2.7                    3.4              2.9                7.9                   5.6
Sub-total                                  158.9                  212.5            187.5               46.0                  11.7

Fair Value < 70% >= 40% of
Amortized Cost

> 90 <= 180 days                               -                      -              6.1                  -                     -
> 180 <= 270 days                              -                    5.0              3.4                  -                     -
> 270 days <= 1 year                         7.6                      -              1.4                  -                     -
> 1 year <= 2 years                          1.3                      -                -                  -                     -
> 2 years <= 3 years                         5.1                    6.2              5.4                  -                     -
> 3 years                                    9.6                    9.9              9.1                  -                     -
Sub-total                                   23.6                   21.1             25.4                  -                     -

Total                               $      182.5          $       233.6          $ 212.9          $    46.0          $       11.7

At December 31, 2022, we held 71 investment-grade fixed maturity securities with
a gross unrealized loss of $10.0 million or greater as shown in the chart below.

                                       88
--------------------------------------------------------------------------------

                 Gross Unrealized Losses $10 Million or Greater on 

Investment-Grade Fixed Maturity Securities

                                                   As of December 31, 2022

(in millions of dollars)
                                                                                         Gross
                        Classification                           Fair Value         Unrealized Loss        Number of Issuers
Basic Industry                                                  $    231.2          $      (55.5)                            4
Capital Goods                                                        273.5                 (62.7)                            6
Communications                                                       448.9                (104.9)                            8
Consumer Cyclical                                                    237.7                 (54.6)                            4
Consumer Non-Cyclical                                                816.2                (162.9)                           13
Energy                                                               121.9                 (27.9)                            2
Financial Institutions                                               858.5                (140.0)                           10
Mortgage/Asset-Backed                                                360.8                 (26.1)                            1
Sovereigns                                                           310.1                (104.6)                            2
Technology                                                           350.6                 (75.8)                            6
Transportation                                                       287.5                 (62.2)                            5
U.S. Government Agencies and Municipalities                          155.6                 (35.3)                            3
Public Utilities                                                     431.9                (100.4)                            7
Total                                                           $  4,884.4          $   (1,012.9)                   71

At December 31, 2022, we held one below investment-grade fixed maturity security
with a gross unrealized loss greater than $10.0 million. The security is a
pharmaceutical company and had a fair value of $37.7 million and a gross
unrealized loss of $12.4 million.

The unrealized losses on investment-grade fixed maturity securities principally
relate to changes in interest rates or changes in market or sector credit
spreads which occurred subsequent to the acquisition of the securities.
Below-investment-grade fixed maturity securities are generally more likely to
develop credit concerns than investment-grade securities. At December 31, 2022,
the unrealized losses in our below-investment-grade fixed maturity securities
were generally due to credit spreads in certain industries or sectors and, to a
lesser extent, credit concerns related to specific securities. For each specific
security in an unrealized loss position, we believe that there are positive
factors which mitigate credit concerns and that the securities for which we have
not recorded a credit loss will recover in value. We have the ability and intent
to continue to hold these securities to recovery of amortized cost and believe
that no credit losses have occurred.

During the third quarter of 2022, we recognized a realized loss of $12.6 million
on the sale of securities of a pharmaceutical company that was impacted by an
adverse ruling surrounding a patent held for its largest drug. We had no other
individual investment losses of $10.0 million or greater from credit losses or
sales of fixed maturity securities during the years ended December 31, 2022 or
2021.

During the first quarter of 2020, we recognized the following credit losses
greater than $10 million:

•$20.8 million on fixed maturity securities issued by an oil and gas producer.
The profitability of the company was impacted by the decline in oil prices
which, given the environment at the time, may have made near term debt
maturities difficult to refinance. We changed our intent to hold this security
in the second quarter of 2020 and recognized a $1.4 million loss on the sale of
the security in addition to the credit loss previously recorded.

•$17.1 million on fixed maturity securities issued by an oil and gas producer.
The profitability of the company was impacted by the decline in oil prices and
the company had a high level of debt. The company filed for bankruptcy as
expected in early April 2020. We changed our intent to hold this security in the
third quarter of 2020 and recognized a $1.0 million loss on the sale of the
security in addition to the credit loss previously recorded.

•$10.2 million on fixed maturity securities issued by a paper company whose
sales of lumber and other products were impacted by the slowdown in the economy.
As a result of an improvement in lumber and other products, during the
                                       89
--------------------------------------------------------------------------------

fourth quarter of 2020, we reversed the remainder of the allowance for credit
losses that we had recognized in the previous quarters of 2020.

During the remainder of 2020, we did not experience any credit losses exceeding
$10 million. We had no individual net investment losses of $10.0 million or
greater from sales of fixed maturity securities in 2020.

As of December 31, 2022, the amortized cost net of allowance for credit losses
and fair value of our below-investment-grade fixed maturity securities was
$2,163.3 million and $1,989.8 million, respectively, and our
below-investment-grade fixed maturity securities as a percentage of our total
investment portfolio decreased from 5.8 percent at December 31, 2021 to 4.6
percent at December 31, 2022 on a fair value basis. Below-investment-grade
securities are inherently riskier than investment-grade securities since the
risk of default by the issuer, by definition and as exhibited by bond rating, is
higher. Also, the secondary market for certain below-investment-grade issues can
be highly illiquid. Additional downgrades may occur, but we do not anticipate
any liquidity problems resulting from our investments in below-investment-grade
securities, nor do we expect these investments to adversely affect our ability
to hold our other investments to maturity.

Fixed Maturity Securities - Foreign Exposure

Our investments in issuers in foreign countries are chosen for specific
portfolio management purposes, including asset and liability management and
portfolio diversification across geographic lines and sectors to minimize
non-market risks. In our approach to investing in fixed maturity securities,
specific investments within foreign countries and industry sectors are evaluated
for their market position and specific strengths and potential weaknesses. For
each security, we consider the political, legal, and financial environment of
the sovereign entity in which an issuer is domiciled and operates. The country
of domicile is based on consideration of the issuer's headquarters, in addition
to location of the assets and the country in which the majority of sales and
earnings are derived. We do not have exposure to foreign currency risk, as the
cash flows from these investments are either denominated in currencies or hedged
into currencies to match the related liabilities. We continually evaluate our
foreign investment risk exposure.

Mortgage Loans

The carrying value of our mortgage loan portfolio was $2,435.4 million and
$2,560.4 million at December 31, 2022 and 2021, respectively. Our investments in
mortgage loans are carried at amortized cost less an allowance for credit losses
which was $9.3 million and $8.3 million at December 31, 2022 and 2021,
respectively. Our mortgage loan portfolio is comprised entirely of commercial
mortgage loans. Our mortgage loan portfolio is well diversified geographically
and among property types. Due to conservative underwriting, the incidence of
problem mortgage loans and foreclosure activity continues to be low. We held no
impaired mortgage loans at December 31, 2022 or 2021. See Notes 1 and 3 in the
"Notes to Consolidated Financial Statements" contained herein in Item 8 for
further discussion of our mortgage loan portfolio and the allowance for expected
credit losses.

Private Equity Partnerships

The carrying value of our investments in private equity partnerships was
$1,194.3 million and $978.6 million at December 31, 2022 and 2021, respectively.
These partnerships are passive in nature and represent funds that are primarily
invested in private credit, private equity, and real assets. The carrying value
of the partnerships is based on our share of the partnership's NAV and changes
in the carrying value are recorded as a component of net investment income. We
receive financial information related to our investments in partnerships and
generally record investment income on a one-quarter lag in accordance with our
accounting policy. We recorded net investment income totaling $110.1 million,
$165.4 million, and $19.8 million for the years ended December 31, 2022, 2021,
and 2020, respectively. The majority of our investments in partnerships are not
redeemable. Distributions received from the funds arise from income generated by
the underlying investments as well as the liquidation of the underlying
investments. There is generally not a public market for these investments. We
had $776.9 million of commitments for additional investments in the partnerships
at December 31, 2022 which may or may not be funded. See Note 2 in the "Notes to
Consolidated Financial Statements" contained herein in Item 8 for further
discussion of our private equity partnerships.
                                       90
--------------------------------------------------------------------------------

Derivative Financial Instruments

We use derivative financial instruments primarily to manage reinvestment,
duration, foreign currency, credit, and equity risks. Historically, we have
utilized current and forward-starting interest rate swaps, options on
forward-starting interest rate swaps and U.S. Treasury rates, current and
forward-starting currency swaps, forward treasury locks, currency forward
contracts, forward contracts on specific fixed income securities, credit default
swaps, and total return swaps. During 2022, we entered into $779.0 million of
notional forward U.S. Treasury interest rate locks in our long-term care product
line to manage our reinvestment risk. Credit exposure on derivatives is limited
to the value of those contracts in a net gain position, including accrued
interest receivable less collateral held. Our credit exposure on derivatives was
$1.7 million at December 31, 2022. The carrying value of cash collateral
received from our counterparties was $49.4 million at December 31, 2022. The
carrying value of fixed maturity securities and cash collateral posted to our
counterparties was $39.6 million and $5.1 million at December 31, 2022,
respectively. We believe that our credit risk is mitigated by our use of
multiple counterparties, all of which have an investment-grade credit rating,
and by our use of cross-collateralization agreements.

Other

We did not have exposure to non-current investments, defined as invested assets
which are delinquent as to interest and/or principal payments at December 31,
2022. At December 31, 2021 our exposure to non-current investments totaled $19.8
million on a fair value basis.

See Notes 3 and 4 of the "Notes to Consolidated Financial Statements" contained
herein in Item 8 for further discussion of our investments and our derivative
financial instruments.

Liquidity and Capital Resources

Overview

Our liquidity requirements are met primarily by cash flows provided from
operations, principally in our insurance subsidiaries. Premium and investment
income, as well as maturities and sales of invested assets, provide the primary
sources of cash. Debt and/or securities offerings provide additional sources of
liquidity. Cash is applied to the payment of policy benefits, costs of acquiring
new business (principally commissions), operating expenses, and taxes, as well
as purchases of new investments.

We have established an investment strategy that we believe will provide for
adequate cash flows from operations. We attempt to match our asset cash flows
and durations with expected liability cash flows and durations to meet the
funding requirements of our business. However, deterioration in the credit
market may delay our ability to sell our positions in certain of our fixed
maturity securities in a timely manner and adversely impact the price we receive
for such securities, which may negatively impact our cash flows. Furthermore, if
we experience defaults on securities held in the investment portfolios of our
insurance subsidiaries, this will negatively impact statutory capital, which
could reduce our insurance subsidiaries' capacity to pay dividends to our
holding companies. A reduction in dividends to our holding companies could force
us to seek external financing to avoid impairing our ability to pay dividends to
our stockholders or meet our debt and other payment obligations.

Our policy benefits are primarily in the form of claim payments, and we have
minimal exposure to the policy withdrawal risk associated with deposit products
such as individual life policies or annuities. A decrease in demand for our
insurance products or an increase in the incidence of new claims or the duration
of existing claims could negatively impact our cash flows from operations.
However, our historical pattern of benefits paid to revenues is generally
consistent, even during cycles of economic downturns, which serves to minimize
liquidity risk.

The liquidity requirements of the holding company Unum Group include common
stock dividends, interest and debt service, and ongoing investments in our
businesses.  Unum Group's liquidity requirements are met by assets held by Unum
Group and our intermediate holding companies, dividends from primarily our
insurance subsidiaries, and issuance of common stock, debt, or other capital
securities and borrowings from our existing credit facility, as needed.  As
of December 31, 2022, Unum Group and our intermediate holding companies had
available holding company liquidity of $1,571 million that was held primarily in
bank deposits, commercial paper, money market funds, corporate bonds, municipal
bonds, and asset backed securities. No significant restrictions exist on our
ability to use or access funds in any of our U.S. or foreign intermediate
holding companies. Dividends repatriated from our foreign subsidiaries are
eligible for 100 percent exemption from U.S. income tax but may be subject to
withholding tax and/or tax on foreign currency gain or loss.

                                       91
--------------------------------------------------------------------------------

As part of our capital deployment strategy, we may repurchase shares of Unum
Group's common stock, as authorized by our board of directors. In December 2022,
our board of directors authorized the repurchase of up to $200.0 million of Unum
Group's outstanding common stock beginning on January 1, 2023 through December
31, 2023, with the timing and amount of repurchase activity to be based on
market conditions and other considerations, including the level of available
cash, alternative uses for cash, and our stock price. In February 2023, our
board of directors authorized an increase to the share repurchase program such
that we are now authorized to repurchase up to $250.0 million of Unum Group's
outstanding common stock. Our previous share repurchase program, which was
authorized in October 2021, allowed for the repurchase of up to $250.0 million
of Unum Group's outstanding common stock and expired on December 31, 2022 at
which time there were no remaining amounts available to be repurchased under the
program. In February 2022, we entered into an accelerated share repurchase
agreement with a financial counterparty to repurchase $50.0 million of Unum
Group's common stock in aggregate. As part of this transaction, we paid
$50.0 million to the financial counterparty and received an initial delivery of
1.3 million shares of our common stock, which represented approximately 75
percent of the total delivery under the agreement. The final price adjustment
settlement, along with the delivery of the remaining shares, occurred in April
2022, resulting in the delivery to us of 0.4 million additional shares. In
total, we repurchased 1.7 million shares pursuant to the February 2022
accelerated share repurchase agreement. During the year ended December 31, 2022,
we also repurchased 4.0 million shares in open market transactions at a cost of
$150.1 million. See Note 10 of the "Notes to Consolidated Financial Statements"
contained herein in Item 8.

Closed Block Individual Disability Reinsurance Transaction

In December 2020, we completed the first phase of a reinsurance transaction,
pursuant to which Provident, Paul Revere, and Unum America, wholly-owned
domestic insurance subsidiaries of Unum Group and collectively referred to as
"the ceding companies", each entered into separate reinsurance agreements with
Commonwealth to reinsure, on a coinsurance basis effective as of July 1, 2020,
approximately 75 percent of the Closed Block individual disability insurance
business, primarily direct business written by the ceding companies. In March
2021, we completed the second phase of the reinsurance transaction, pursuant to
which the ceding companies and Commonwealth amended and restated their
respective reinsurance agreements to reinsure on a coinsurance and modified
coinsurance basis effective as of January 1, 2021, a substantial portion of the
remaining Closed Block individual disability business that was not ceded in
December 2020, primarily business previously assumed by the ceding companies.
Commonwealth established and will maintain collateralized trust accounts for the
benefit of the ceding companies to secure its obligations under the reinsurance
agreements.

In connection with the first phase of the reinsurance transaction which occurred
in December 2020, the ceding companies paid a total ceding commission to
Commonwealth of $437.7 million. In connection with the second phase of the
reinsurance transaction which occurred in March 2021, Commonwealth paid a ceding
commission to the ceding companies of $18.2 million. The ceding companies
transferred assets, which consisted primarily of cash and fixed maturity
securities, of $6,669.8 million and $767.0 million for the first phase in
December 2020 and the second phase in March 2021, respectively. We released
approximately $400 million of capital during the fourth quarter of 2020 as a
result of the closing of the first phase of the transaction. We released
approximately $200 million of capital during the first quarter of 2021 as a
result of the closing of the second phase of the transaction.

See "Reinsurance" contained herein in Item 1; "Segment Results" and "Executive
Summary" contained herein in Item 7, and Notes 12 and 16 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8 for further
discussion on the impacts related to this reinsurance transaction.

Cash Available from Subsidiaries

Unum Group and certain of its intermediate holding company subsidiaries depend
on payments from subsidiaries to pay dividends to stockholders, to pay debt
obligations, and/or to pay expenses. These payments by our insurance and
non-insurance subsidiaries may take the form of dividends, operating and
investment management fees, and/or interest payments on loans from the parent to
a subsidiary.

Restrictions under applicable state insurance laws limit the amount of dividends
that can be paid to a parent company from its insurance subsidiaries in any
12-month period without prior approval by regulatory authorities. For life
insurance companies domiciled in the U.S., that limitation generally equals,
depending on the state of domicile, either ten percent of an insurer's statutory
surplus with respect to policyholders as of the preceding year end or the
statutory net gain from operations, excluding realized capital gains and losses,
of the preceding year. The payment of dividends to a parent company from a life
insurance subsidiary is generally further limited to the amount of unassigned
funds.

                                       92
--------------------------------------------------------------------------------

In connection with a financial examination of Unum America, which closed at the
end of the second quarter of 2020, the Maine Bureau of Insurance (MBOI)
concluded that Unum America's long-term care statutory reserves were deficient
by $2,100.0 million as of December 31, 2018, the financial statement date of the
examination period. The amount reserves are deficient may increase or decrease
over time based on changes in assumed reinvestment rates, policyholder
inventories, rate increase activity, and the underlying growth in the locked in
statutory reserve basis as well as updates to other long term actuarial
assumptions. The MBOI granted permission to Unum America on May 1, 2020, to
phase in the additional statutory reserves over seven years beginning with
year-end 2020 and ending with year-end 2026. Additional information regarding
the Unum America premium deficiency reserve (PDR) is as follows:

                                                                     Year Ended December 31
                                                          2022                  2021                2020
                                                                    (in millions of dollars)
Premium Deficiency Reserve
Gross Premium Deficiency Reserve1                  $       2,851.0          $  2,977.0          $  2,290.0
Cumulative Gross Premium Deficiency Reserve
Recognized                                                 1,191.0               667.0               229.0
Remaining Premium Deficiency Reserve to be
Recognized                                         $       1,660.0          

$ 2,310.0 $ 2,061.0

1The gross PDR decreased by $126.0 million due primarily to premium rate increase activity and underlying
growth in the locked-in statutory reserve basis during 2022. The gross PDR increased by $687.0 million and
$190.0 million during 2021 and 2020, respectively, due primarily to changes in the assumed reinvestment rate.
The increase for 2020 was from the original $2,100.0 million reserve deficiency as of December 31, 2018.



The phase in amounts for 2022, 2021, and 2020 were funded using cash flows from
operations and capital contributions from Unum Group. This strengthening is
incorporated by using explicitly agreed upon margins into our existing
assumptions for annual statutory reserve adequacy testing. These actions add
margin to Unum America's best estimate assumptions. Our long-term care reserves
and financial results reported under generally accepted accounting principles
are not affected by the MBOI's examination conclusion. We plan to fund the
additional statutory reserves with expected cash flows and capital contributions
from Unum Group.

Unum America cedes blocks of business, including the long-term care block, to
Fairwind Insurance Company (Fairwind), which is an affiliated captive
reinsurance subsidiary domiciled in the United States. The ability of Fairwind
to pay dividends to Unum Group will depend on its satisfaction of applicable
regulatory requirements and on the performance of the business reinsured by
Fairwind. Fairwind did not pay dividends in 2022 nor do we anticipate that
Fairwind will pay dividends in 2023. During 2022, Unum Group made $515.1 million
in capital contributions to Fairwind.

The ability of Unum Group and certain of its intermediate holding company
subsidiaries to continue to receive dividends from their insurance subsidiaries
also depends on additional factors such as RBC ratios and capital adequacy
and/or solvency requirements, funding growth objectives at an affiliate level,
and maintaining appropriate capital adequacy ratios to support desired ratings.
The RBC ratios for our U.S. insurance subsidiaries at December 31, 2022 are in
line with our expectations and are significantly above the level that would
require state regulatory action.

Unum Group and/or certain of its intermediate holding company subsidiaries may
also receive dividends from our U.K. subsidiaries, the payment of which may be
subject to applicable insurance company regulations and capital guidance in the
U.K. Unum Limited is subject to the requirements of Solvency II, a European
Union (EU) directive that is part of retained UK law pursuant to the European
Union (Withdrawal) Act 2018, which prescribes capital requirements and risk
management standards for the European insurance industry. Our U.K. holding
company is also subject to the Solvency II requirements relevant to insurance
holding companies while, together with certain of its subsidiaries including
Unum Limited, the group (the Unum UK Solvency II Group) is subject to group
supervision under Solvency II. The Unum UK Solvency II Group received approval
from the U.K. Prudential Regulation Authority to use its own internal model for
calculating regulatory capital and also received approval for certain associated
regulatory permissions including transitional relief as the Solvency II capital
regime continues to be implemented. In connection with the U.K.'s exit from the
EU, the U.K. government is reviewing the regulatory framework of financial
services companies which may result in changes to U.K. regulatory capital or
U.K. tax regulations. Recent economic conditions have caused volatility in our
solvency ratios used to monitor capital adequacy.

The payment of dividends to the parent company from our subsidiaries also
requires the approval of the individual subsidiary's board of directors.

                                       93
--------------------------------------------------------------------------------


The amount available during 2022 for the payment of ordinary dividends from Unum
Group's traditional U.S. insurance subsidiaries, which excludes Fairwind, was
approximately $861 million. During 2022, we declared and paid $1,154.0 million
in dividends including $1,131.0 paid in cash, of which $477.3 million was
considered an extraordinary dividend, and $23.0 million paid in fixed maturity
securities. Also during 2022, $39.0 million in cash was paid to Unum Group from
one of our traditional U.S. insurance companies as a return of capital. The
amount available during 2022 from Unum Limited was approximately £130 million,
of which £50.0 million were declared and paid to Unum Group through our U.K
holding company, Unum European Holding Company Limited.

During 2023, we intend to maintain a level of capital in our insurance
subsidiaries above the applicable capital adequacy requirements and minimum
solvency margins. As a result of our consideration of overall capitalization
needs, we may not utilize the entire amount of dividends available in 2023,
which are based on applicable restrictions under current law. Approximately $991
million is available, without prior approval by regulatory authorities, during
2023 for the payment of dividends from Unum Group's traditional U.S. insurance
subsidiaries, which excludes our captive reinsurer. Approximately £80 million is
considered distributable from Unum Limited during 2023, subject to local
solvency standards and regulatory approval.

Insurance regulatory restrictions do not limit the amount of dividends available
for distribution from non-insurance subsidiaries except where the non-insurance
subsidiaries are held directly or indirectly by an insurance subsidiary and only
indirectly by Unum Group, which does not apply to our current entity structure.

Funding for Employee Benefit Plans

We made contributions of $70.0 million and £4.0 million to our U.S. and U.K.
defined contribution plans, respectively, in 2022 and expect to make
contributions of approximately $77 million and £5 million during 2023. We had no
regulatory contribution requirements for our U.S. qualified defined benefit
pension plan in 2022 and made no voluntary contributions in 2022. We do not
expect to have regulatory contribution requirements for our U.S. qualified
defined benefit pension plan in 2023, but we reserve the right to make
voluntarily contributions during 2023. We made no contributions to our U.K.
qualified defined benefit pension plan during 2022. We do not expect to have
regulatory contribution requirements for our U.K. plan during 2023, but we
reserve the right to make voluntarily contributions during 2023. We have met all
minimum pension funding requirements set forth by the Employee Retirement Income
Security Act. We have estimated our future funding requirements under the
Pension Protection Act of 2006 and under applicable U.K. law and do
not believe that any future funding requirements will cause a material adverse
effect on our liquidity. See Note 9 of the "Notes to Consolidated Financial
Statements" contained herein in Item 8 for further discussion of our employee
benefit plans.

Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity

There are no significant financial covenants associated with any of our
outstanding debt obligations. We continually monitor our debt covenants to
ensure we remain in compliance. We have not observed any current trends that
would cause a breach of any debt covenants.

Maturities, Purchases, and Retirement of Debt

In September 2022, pursuant to privately negotiated transactions, we purchased,
and the Provident Financing Trust I (the Trust) retired, $14.0 million aggregate
liquidation amount of the Trust's 7.405% capital securities due 2038, which
resulted in the reduction of a corresponding principal amount of our 7.405%
junior subordinated debt securities due 2038 then held by the Trust. We incurred
costs of $1.2 million related to the early retirement of the junior subordinated
debt securities.

In August 2022, we redeemed $350.0 million aggregate principal amount of our
4.000% senior notes due 2024, for which we incurred costs of $3.0 million.

In June 2021, we purchased and retired $500.0 million aggregate principal amount
of our 4.500% senior notes due 2025, for which we incurred costs of $67.3
million related to the early retirement of debt.

Northwind Holdings made periodic principal payments on the Northwind notes of
$45.0 million in 2020. In December 2020, Northwind Holdings redeemed the
remaining $35.0 million of principal on the Northwind notes, and was released of
any contractual collateral requirements.

In September 2020, our $400.0 million 5.625% senior unsecured notes matured.

                                       94
--------------------------------------------------------------------------------

Issuance of Debt

In June 2021, we issued $600.0 million of 4.125% senior notes due 2051. The
notes are callable at or above par and rank equally in the right of payment with
all of our other unsecured and unsubordinated debt.

In May 2020, we issued $500.0 million of 4.500% senior notes due 2025, which
were subsequently purchased and retired in June
2021 as previously discussed.

Term Loan Facility

In August 2022, we entered into a five-year $350.0 million senior unsecured
delayed draw term loan facility with a syndicate of lenders. Also in August 2022
, we drew the entire amount of the term loan facility, which is scheduled to
mature in August 2027. Amounts due under the term loan facility incur interest
based on the prime rate, the federal funds rate or the Secured Overnight
Financing Rate (SOFR). The proceeds from the term loan facility were used to
redeem $350.0 million aggregate principal amount of our 4.000% senior notes due
2024.

Borrowings under the term loan facility are subject to financial covenants,
negative covenants, and events of default that are customary. The term loan
facility includes financial covenants based on our leverage ratio and
consolidated net worth.

Credit Facilities

In April 2022, we amended and restated our existing credit agreement providing
for a five-year $500.0 million senior unsecured revolving credit facility with a
syndicate of lenders. The credit facility, which was previously set to expire in
April 2024, was extended through April 2027. We may request that the lenders'
aggregate commitments of $500.0 million under the facility be increased by up to
an additional $200.0 million. Certain of our traditional U.S. life insurance
subsidiaries, Unum America, Provident, and Colonial Life, joined the agreement
and may borrow under the credit facility, and we can elect to add additional
insurance subsidiaries to the facility at any later date. Any obligation of a
subsidiary under the credit facility is several only and not joint and is
subject to an unconditional guarantee by Unum Group. We may also request, on up
to two occasions, that the lenders' commitment termination dates be extended by
one year. The credit facility also provides for the issuance of letters of
credit subject to certain terms and limitations. At December 31, 2022, there
were no borrowed amounts outstanding under the credit facility and letters of
credit totaling $0.4 million had been issued.

We also have a five-year, £75 million senior unsecured standby letter of credit
facility with a different syndicate of lenders, pursuant to which a syndicated
letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K.
insurance subsidiary, and is available for drawings up to £75 million until its
scheduled expiration in July 2026. The credit facility provides for borrowings
at an interest rate based on the prime rate or the federal funds rate. No
amounts have been drawn on the letter of credit. If drawings are made in the
future, we may elect to borrow such amounts from the lenders pursuant to term
loans made under the credit facility.

Borrowings under the credit facilities are subject to financial covenants,
negative covenants, and events of default that are customary. The two primary
financial covenants include limitations based on our leverage ratio and
consolidated net worth. We are also subject to covenants that limit subsidiary
indebtedness. The credit facilities provide for borrowings at an interest rate
based either on the prime rate, federal funds rate, or SOFR.

See Note 8 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for additional information on our debt.

Facility Agreement for Contingent Issuance of Senior Notes

We also have a 20-year facility agreement with a Delaware trust that gives us
the right to issue and to sell to the trust, on one or more occasions, up to
$400.0 million of 4.046% senior notes in exchange for U.S. Treasury securities
held by the trust. These senior notes will not be issued unless and until the
issuance right is exercised. The exercise of the issuance right triggers
recognition of the senior notes on our consolidated balance sheets. As the
amount we receive upon exercise of the issuance right is contingent upon the
value of the U.S. Treasury securities, a decline in the value of the U.S.
Treasury securities reduces the amount we would receive upon exercise of the
issuance right. We may also direct the trust to grant the right to exercise the
issuance right with respect to all or a designated amount of the senior notes to
one or more assignees (who are our consolidated subsidiaries or persons to whom
we have an obligation). We pay a semi-annual facility fee to the trust at a rate
of 2.225% per
                                       95
--------------------------------------------------------------------------------

year on the unexercised portion of the maximum amount of senior notes that we
could issue and sell to the trust and we reimburse the trust for its expenses.
For more information, see Note 8 of the "Notes to Consolidated Financial
Statements" contained herein in Item 8 for further discussion of this agreement.

Shelf Registration

We filed a shelf registration with the Securities and Exchange Commission in
2020 to issue various types of securities, including common stock, preferred
stock, debt securities, depository shares, stock purchase contracts, units and
warrants. The shelf registration enables us to raise funds from the offering of
any securities covered by the shelf registration as well as any combination
thereof, subject to market conditions and our capital needs.

Cash Requirements

As previously discussed, cash is applied primarily to the payment of policy
benefits, costs of acquiring new business (principally commissions), operating
expenses, and taxes, as well as purchases of investments. We have established an
investment strategy that we believe will provide for adequate cash flows from
operations to meet cash payment requirements. Summarized below are our estimated
material cash requirements, both in the short-term (within 12 months) and the
long-term (beyond 12 months) resulting from contractual obligations as of
December 31, 2022:

•Policyholder liabilities totaled $46,839.8 million, of which $4,578.3 million
is estimated to be paid in 2023. We also maintain reinsurance agreements for
which the recoverable under those agreements totaled $13,607.2 million of which
$1,211.5 million is estimated to offset related policyholder liability payments
in 2023. Policyholder liabilities and the related reinsurance recoverable
represent the projected payout of the current in-force policyholder liabilities
and the expected cash inflows from reinsurers for liabilities ceded and
therefore incorporate uncertainties as to the timing and amount of claim
payments. We utilize extensive liability modeling to project future cash flows
from the in-force business. The primary assumptions used to project future cash
flows are claim incidence rates for mortality and morbidity, claim resolution
rates, persistency rates, and interest rates. These cash flows are discounted to
determine the current value of the projected claim payments. The timing and
amount of payments on policyholder liabilities may vary significantly over time.
•Payments related to our long-term debt and our facility agreement, which
include contractual principal and interest payments and therefore exceeds the
amount shown in the consolidated balance sheets, totaled $6,714.6 million, of
which $193.0 million in interest payments is estimated to be paid in 2023.
Payments related to our short-term debt, which include contractual principal and
interest payments and therefore exceeds the amount shown in the consolidated
balance sheets, totaled $2.1 million.
•Investment commitments which represent commitments we have made to purchase or
fund investments including privately placed fixed maturity securities,
commercial mortgage loans, and private equity partnerships totaled $841.2
million, all of which is estimated to be paid in 2023 based on the expiration
date of the commitments. The timing of the fulfillment of certain of these
commitments cannot be estimated, therefore the settlements of these obligations
are reflected in amounts estimated to be paid in 2023. These commitments may or
may not be funded and are therefore not recorded on our consolidated balance
sheets.
•Pensions and OPEB which includes commitments related to our defined benefit
pension and postretirement plans for our employees, including our non-qualified
pension plan, totaled $688.8 million, of which $18.9 million is estimated to be
paid in 2023. Pension plan obligations, other than the non-qualified plan,
represent our contributions to the pension plans and are projected based on the
expected future minimum contributions as required under current U.S. and U.K.
legislative funding requirements. Non-qualified pension plan and other
postretirement benefit obligations represent the expected benefit payments
related to these plans which we expect to pay, as incurred, from our general
assets.
•Amounts owed to reinsurers totaled $574.2 million of which $153.8 million is
estimated to be paid in 2023.
•Payables for general operating expenses and deferred compensation liabilities
totaled $381.3 million of which $281.5 million is estimated to be paid in 2023.
•Obligations to return advances received from the FHLB and to return
unrestricted cash collateral to our securities lending and derivative
counterparties totaled $236.9 million of which $199.2 million is estimated to be
repaid in 2023.
•Commissions due totaled $125.8 million all of which is estimated to be paid in
2023.
•We also have obligations with outside parties for computer data processing
services, software maintenance agreements, and consulting services of $94.9
million, of which $52.0 million is estimated to be paid in 2023.
                                       96
--------------------------------------------------------------------------------

•Operating lease payments representing the amount of undiscounted minimum lease
payments due totaled $78.5 million of which $18.2 million is estimated to be
paid in 2023.

See "Critical Accounting Estimates" contained herein in this Item 7 and Notes 3,
4, 6, 8, 9, 12, and 15 of the "Notes to Consolidated Financial Statements"
contained herein in Item 8 for additional information on our various commitments
and obligations.

Transfers of Financial Assets

Our investment policy permits us to lend fixed maturity securities to
unaffiliated financial institutions in short-term securities lending agreements,
which increases our investment income with minimal risk. We account for all of
our securities lending agreements and repurchase agreements as secured
borrowings. As of December 31, 2022, we held $88.5 million of cash collateral
from securities lending agreements. The average balance for securities lending
agreements which were collateralized by cash during the year ended December 31,
2022 was $95.3 million, and the maximum amount outstanding at any month end was
$122.1 million. In addition, at December 31, 2022, we had $69.8 million of
off-balance sheet securities lending agreements which were collateralized by
securities that we were neither permitted to sell nor control. The average
balance of these off-balance sheet transactions during the year ended
December 31, 2022 was $160.0 million, and the maximum amount outstanding at any
month end was $212.2 million.

To manage our cash position more efficiently, we may enter into securities
repurchase agreements with unaffiliated financial institutions. We generally use
securities repurchase agreements as a means to finance the purchase of invested
assets or for short-term general business purposes until projected cash flows
become available from our operations or existing investments. We had no
securities repurchase agreements outstanding at December 31, 2022, nor did we
utilize any securities repurchase agreements during 2022. Our use of securities
repurchase agreements and securities lending agreements can fluctuate during any
given period and will depend on our liquidity position, the availability of
long-term investments that meet our purchasing criteria, and our general
business needs.

Certain of our U.S. insurance subsidiaries are members of regional Federal Home
Loan Banks (FHLB). As of December 31, 2022, we owned $17.1 million of FHLB
common stock and had outstanding advances of $99.1 million from the regional
FHLBs which were used for the purpose of investing in either short-term
investments or fixed maturity securities. As of December 31, 2022, we have
additional borrowing capacity of approximately $752.7 million from the FHLBs.

See Note 3 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for additional information.

Consolidated Cash Flows

(in millions of dollars)

                                                              Year Ended 

December 31

                                                         2022           

2021 2020

Net Cash Provided by Operating Activities $ 1,418.7 $ 1,387.5 $ 469.3

      Net Cash Used by Investing Activities              (955.9)      

(1,340.6) (267.7)

      Net Cash Used by Financing Activities              (418.6)        

(168.9) (88.7)

      Net Change in Cash and Bank Deposits            $    44.2      $  (122.0)     $ 112.9



Operating Cash Flows

Operating cash flows are primarily attributable to the receipt of premium and
investment income, offset by payments of claims, commissions, expenses, and
income taxes. Premium income growth is dependent not only on new sales, but on
policy renewals and growth of existing business, renewal price increases, and
persistency. Investment income growth is dependent on the growth in the
underlying assets supporting our insurance reserves and capital and on the
earned yield. The level of commissions and operating expenses is attributable to
the level of sales and the first year acquisition expenses associated with new
business as well as the maintenance of existing business. The level of paid
claims is affected partially by the growth and aging of the block of business
and also by the general economy, as previously discussed in the operating
results by segment.

Included in the change in insurance reserves and liabilities for 2022, 2021, and
2020 were the net reserve changes related to the reserve assumption updates that
occurred during the third quarters of 2022 and 2021 and the fourth quarter of
2020. Also
                                       97
--------------------------------------------------------------------------------

included in the change in insurance reserves and liabilities and net investment
(gain) loss to reconcile net income to net cash provided by operating activities
as reported in our consolidated statements of cash flows for 2021 and 2020 were
the impacts of the two phases of the Closed Block individual disability
reinsurance transaction that occurred during the first quarter of 2021 and the
fourth quarter of 2020. Additionally, the operating cash flows for 2021 and 2020
included $456.8 million and $1,087.2 million, respectively, of cash paid to the
reinsurer related to the two phases of the Closed Block individual disability
reinsurance transaction. See "Executive Summary" contained herein in this Item 7
and Note 6 and 12 of the "Notes to Consolidated Financial Statements" contained
herein in Item 8 for additional information on the Closed Block individual
disability reinsurance transaction and the reserve assumption updates.

Investing Cash Flows

Investing cash inflows consist primarily of the proceeds from the sales and
maturities of investments.  Investing cash outflows consist primarily of
payments for purchases of investments.  Our investment strategy is to match the
cash flows and durations of our assets with the cash flows and durations of our
liabilities to meet the funding requirements of our business. When market
opportunities arise, we may sell selected securities and reinvest the proceeds
to improve the yield and credit quality of our portfolio. We may at times also
sell selected securities and reinvest the proceeds to improve the duration
matching of our assets and liabilities and/or re-balance our portfolio. As a
result, sales before maturity may vary from period to period. The sale and
purchase of short-term investments is influenced by proceeds received from FHLB
funding advances, issuance of debt, our securities lending program, and by the
amount of cash which is at times held in short-term investments to facilitate
the availability of cash to fund the purchase of appropriate long-term
investments, repay maturing debt, and/or to fund our capital deployment program.

See Note 3 of the "Notes to Consolidated Financial Statements" contained herein
in Item 8 for further information.

Financing Cash Flows

Financing cash flows consist primarily of borrowings and repayments of debt,
repurchase of common stock, dividends paid to stockholders, and policyholder
account deposits and withdrawals related to our universal life products.

During 2022, we purchased, and the Trust retired, $14.0 million aggregate
liquidation amount of our 7.405% capital securities due 2038, for which we paid
an additional $1.2 million in cash associated with the early retirement of this
debt.

During 2022, we entered into a five-year $350.0 million senior unsecured delayed
draw term loan facility with a syndicate of lenders. Also in 2022, we drew the
entire amount of the term loan facility, for which we received total proceeds of
$349.2 million, and used the proceeds to redeem $350.0 million aggregate
principal amount of our 4.000% senior notes due 2024, for which we paid an
additional $2.4 million in cash associated with the early retirement of this
debt.

During 2021, we issued $600.0 million of 4.125% senior notes due 2051 and
received total proceeds of $588.1 million.

Also during 2021, we purchased and retired $500.0 million aggregate principal
amount of our 4.500% senior notes due 2025, for which we paid an additional
$62.8 million in cash associated with the early retirement of this debt. We had
issued the $500.0 million 4.500% senior notes in 2020 and had received total
proceeds of $494.1 million.

During 2020, our $400.0 million 5.625% senior unsecured notes matured and we
repaid the remaining $80.0 million of principal on our senior secured
non-recourse notes issued by Northwind Holdings.

Cash used to repurchase shares of Unum Group's common stock during 2022 and 2021
was $200.1 million and $50.0 million, respectively. There were no share
repurchases made during 2020. During 2022, 2021, and 2020 we paid dividends of
$254.2 million, $239.4 million, and $231.9 million, respectively, to holders of
Unum Group's common stock.

Included in financing cash flows during 2022, 2021, and 2020 was $5.2 million,
$40.4 million, and $62.1 million, respectively, of cash received related to the
ALR cohort volatility agreement with Commonwealth.

See "Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity"
contained herein in this Item 7, and Notes 8, 10, and 12 of the "Notes to
Consolidated Financial Statements" contained herein in Item 8 for further
information.

Ratings

AM Best, Fitch, Moody's, and S&P are among the third parties that assign issuer
credit ratings to Unum Group and financial

                                       98
--------------------------------------------------------------------------------

strength ratings to our insurance subsidiaries. We compete based in part on the
financial strength ratings provided by rating agencies. A downgrade of our
financial strength ratings can be expected to adversely affect us and could
potentially, among other things, adversely affect our relationships with
distributors of our products and services and retention of our sales force,
negatively impact persistency and new sales, particularly large case group sales
and individual sales, and generally adversely affect our ability to compete. A
downgrade in the issuer credit rating assigned to Unum Group can be expected to
adversely affect our cost of capital or our ability to raise additional capital.

The table below reflects the outlook as well as the issuer credit ratings for
Unum Group and the financial strength ratings for each of our traditional
insurance subsidiaries as of the date of this filing.

                                                   AM Best        Fitch         Moody's        S&P

 Issuer Credit Ratings                               bbb           BBB-          Baa3          BBB

 Financial Strength Ratings
 Provident Life and Accident Insurance Company        A             A-            A3            A
 Provident Life and Casualty Insurance Company        A             A-            NR            NR
 Unum Life Insurance Company of America               A             A-            A3            A
 First Unum Life Insurance Company                    A             A-            A3            A
 Colonial Life & Accident Insurance Company           A             A-            A3            A
 The Paul Revere Life Insurance Company               A             A-            A3            A
 Starmount Life Insurance Company                     A             NR            NR            NR
 Unum Insurance Company                               A             A-            A3            NR
 Unum Limited                                        NR             NR            NR            A-

 Outlooks
 Issuer Credit Rating                             Positive       Positive       Stable        Stable
 Financial Strength Rating                         Stable        Positive       Stable        Stable



NR = not rated

We maintain an ongoing dialogue with the four rating agencies that evaluate us
in order to inform them of progress we are making regarding our strategic
objectives and financial plans as well as other pertinent issues. A significant
component of our communications involves our annual review meeting with each of
the four agencies. We hold other meetings throughout the year regarding our
business, including, but not limited to, quarterly updates.

In July 2022, AM Best upgraded its financial strength rating on Unum Insurance
Company from A- to A, reflecting the strategic importance of this subsidiary to
Unum Group and also affirmed its financial strength rating for our other
domestic insurance subsidiaries as well as their issuer credit ratings on our
senior debt obligations. In addition, AM Best revised the outlook for the
long-term issuer credit rating to positive from stable, reflecting strengthening
in risk-adjusted capitalization, stable asset quality, adequate reserves, and
enhanced liquidity. The AM Best outlook for financial strength rating remains
stable.

In December 2022, Fitch revised its outlook to positive from stable primarily
reflecting improvements in the balance sheet, as well as earnings metrics that
exceeded expectations for the current rating and returned towards pre-pandemic
levels.

There have been no other changes in the rating agencies' outlooks or ratings
during 2022 or in 2023 prior to the date of this filing.

Agency ratings are not directed toward the holders of our securities and are not
recommendations to buy, sell, or hold our securities. Each rating is subject to
revision or withdrawal at any time by the assigning rating organization, and
each rating should be regarded as an independent assessment, not conditional on
any other rating. Given the dynamic nature of the ratings process, changes by
these or other rating agencies may or may not occur in the near-term. We have
ongoing dialogue with the rating agencies concerning our insurance risk profile,
our financial flexibility, our operating performance, and the quality of our
investment portfolios. The rating agencies provide specific criteria and,
depending on our performance relative to the criteria, will determine future
negative or positive rating agency actions.
                                       99
--------------------------------------------------------------------------------

See "Ratings" contained herein in Item 1 and "Risk Factors" contained herein in
Item 1A for further discussion.