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Unum Group swings to $420M net loss in Q3 2026

A $853.0 million before-tax net investment loss, primarily related to assets supporting the anticipated Fortitude Re transaction, was included in the quarter's GAAP results.

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Form Type
8-K

Rhea-AI Filing Summary

Unum Group (UNM) reported a third-quarter 2026 net loss of $419.7 million, or $2.65 per diluted share, compared with net income of $39.7 million, or $0.23 per diluted share, a year earlier. After-tax adjusted operating income was $349.0 million, or $2.20 per diluted share, versus $479.4 million, or $2.81. GAAP results included an $853.0 million before-tax net investment loss, primarily related to assets supporting the anticipated Fortitude Re long-term care reinsurance transaction, and a $135.6 million Closed Block segment adjusted operating loss.

Premium income was $2,800.7 million, up 4.2%. Unum US segment adjusted operating income fell 35.2% to $315.3 million, while Colonial Life segment adjusted operating income rose 35.0% to $169.4 million. Unum repurchased 2.1 million shares for $202.0 million and paid $80.1 million in common dividends. At September 30, 2026, holding company liquidity was $1,383.4 million and the traditional U.S. insurance companies' weighted average risk-based capital ratio was approximately 485%.

Unum revised its after-tax adjusted operating income definition to include annual reserve assumption updates and refinements. It expects full-year 2026 after-tax adjusted operating income per share of $8.30 to $8.50, including approximately $0.33 from the notable item.

1 point · 0 major

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0 major · 2 points

How the balance works

Positive

  • Moderate pointColonial Life segment adjusted operating income rose 35.0% to $169.4 million.

Negative

  • Moderate pointQ3 net loss: $419.7 million, versus $39.7 million net income.
  • Moderate pointAfter-tax adjusted operating income was $349.0 million, versus $479.4 million a year earlier.

Filing Explained

About 28 percent of Closed Block long-term-care future benefits are in the expected reinsurance scope; the coinsurance agreement remains to be executed.

Unum says its master transaction agreement with Fortitude Re was entered in July 2026 and is effective April 2026; the related coinsurance agreement is expected to be executed in November 2026. If executed, it would reinsure about 28% of Closed Block long-term-care future policy benefits, measured as of March 31, 2026.

CEO Richard P. McKenney said underlying earnings fell short of expectations, as elevated group-disability claim submissions offset very good performance in voluntary benefits.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income (loss) $419.7 million loss Third quarter of 2026; net income was $39.7 million in third quarter of 2025
Net loss per diluted common share $2.65 loss per share Third quarter of 2026
After-tax adjusted operating income $349.0 million Third quarter of 2026; $479.4 million in third quarter of 2025
Premium income $2,800.7 million Third quarter of 2026; up 4.2% from third quarter of 2025
Before-tax net investment loss $853.0 million loss Third quarter of 2026
Unum US segment adjusted operating income $315.3 million Third quarter of 2026; down 35.2% from third quarter of 2025
Colonial Life segment adjusted operating income $169.4 million Third quarter of 2026; up 35.0% from third quarter of 2025
Full-year after-tax adjusted operating income per share outlook $8.30 to $8.50 per share Full-year 2026; includes approximately $0.33 from the notable item
after-tax adjusted operating income financial
"after-tax adjusted operating income was $349.0 million"
Net profit from a company’s regular business activities after taxes, calculated by starting with operating income and removing one-time items, non-operating gains or losses, and other adjustments that obscure ongoing performance. Investors use it like a homeowner checking monthly take-home pay after taxes and excluding unusual windfalls or repairs: it shows the sustainable earnings power available for reinvestment, dividends, or debt service.
before-tax net investment loss financial
"before-tax net investment loss on the Company's investment portfolio"
weighted average risk-based capital ratio financial
"weighted average risk-based capital ratio was approximately 485 percent"
A measure of a banking organization’s regulatory capital strength calculated by dividing the amount of qualifying regulatory capital by the total risk‑weighted assets, where components are aggregated so that each business unit, subsidiary or portfolio’s contribution is weighted by its own risk‑weighted assets. It reports consolidated capital adequacy on a risk‑sensitive basis and relies on the specific regulatory definitions of capital and the prescribed risk weights, so the exact numeric value depends on the jurisdiction’s rules and how risk weights are assigned.
accumulated other comprehensive income (AOCI) financial
"Book value per common share excluding accumulated other comprehensive income (AOCI)"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
coinsurance agreement financial
"expected to result in the execution of a coinsurance agreement in November 2026"
Net income (loss) $419.7 million loss Compared with net income of $39.7 million in the third quarter of 2025
After-tax adjusted operating income $349.0 million Compared with $479.4 million in the third quarter of 2025
Premium income $2,800.7 million Up 4.2% from the third quarter of 2025
Unum US segment adjusted operating income $315.3 million Down 35.2% from the third quarter of 2025
Colonial Life segment adjusted operating income $169.4 million Up 35.0% from the third quarter of 2025
Guidance

Full-year 2026 after-tax adjusted operating income per share of $8.30 to $8.50, including approximately $0.33 from the notable item.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did UNM report a net loss in Q3 2026?
Unum Group reported a $419.7 million net loss, including an $853.0 million before-tax net investment loss primarily related to impairment losses recognized because of its intent to transfer assets supporting the 2026 Fortitude Re long-term care reinsurance transaction. The quarter also included a $135.6 million Closed Block segment before-tax adjusted operating loss.

What is UNM's 2026 adjusted operating income outlook?
Unum expects full-year 2026 after-tax adjusted operating income per share of $8.30 to $8.50, including approximately $0.33 from the notable item. Its revised definition includes the impact of annual reserve assumption updates and refinements.

How did UNM change its adjusted operating income measure?
Beginning in the third quarter of 2026, Unum no longer excludes reserve assumption updates from after-tax adjusted operating income, and prior-period information was adjusted to conform. The company said the revision followed discussions with SEC staff during an ongoing comment-letter process regarding non-GAAP measures; it does not affect GAAP net income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2026
UNUM GROUP
(Exact name of registrant as specified in its charter)
Delaware
001-11294
62-1598430 
(State or other jurisdiction of incorporation) (Commission File Number)(IRS Employer Identification No.)

1 Fountain Square
Chattanooga, Tennessee 37402
(Address of principal executive offices) (Zip Code)

(423) 294-1011
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.10 par valueUNMNew York Stock Exchange
6.250% Junior Subordinated Notes due 2058UNMANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02    Results of Operations and Financial Condition.

On November 3, 2026, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2026, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Also on November 3, 2026, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2026. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
News release of Unum Group dated November 3, 2026, concerning earnings for the third quarter of 2026.
99.2
Statistical Supplement of Unum Group for the third quarter of 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Unum Group
(Registrant)
Date: November 3, 2026
By: /s/ J. Paul Jullienne
Name:J. Paul Jullienne
Title:Vice President, Managing Counsel, and
Corporate Secretary



Exhibit 99.1
uga.jpg
1 Fountain Square
Chattanooga, TN 37402
www.unum.com
FOR IMMEDIATE RELEASE
Contacts
imagea.jpg

MEDIA
Emily Downing-Baer
edowning@unum.com
INVESTORS
Matt Royal
investorrelations@unum.com

Unum Group Reports Third Quarter 2026 Results

•Net loss of $419.7 million ($2.65 per diluted common share) for the third quarter of 2026; after-tax adjusted operating income of $349.0 million ($2.20 per diluted common share).
•Core operations top-line trends remained strong with premium growth of 4.7 percent on a constant currency basis.
•Core operations margins were also strong, including an adjusted operating return on equity of 21.3 percent, and traditional U.S. life insurance company statutory operating earnings were solid at approximately $300 million when adjusting for the impacts related to the anticipated closing of our external reinsurance transaction.
•The annual GAAP reserve assumption updates increased net income by $23.5 million, reflecting a decrease in reserves driven primarily by favorable trends in Unum US and Colonial Life.
•Capital return continued at a consistent pace, with approximately $200 million of shares repurchased and $80.1 million of common stock dividends, bringing year-to-date capital return to $1,038.5 million.
•Robust balance sheet with holding company liquidity of $1.4 billion and weighted average risk-based capital ratio of approximately 485 percent, well above target levels.
•Book value per common share of $68.90 grew 6.7 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $76.73 fell 0.9 percent from the year-ago quarter.

CHATTANOOGA, Tenn. (November 3, 2026) - Unum Group (NYSE: UNM) today reported a net loss of $419.7 million ($2.65 per diluted common share) for the third quarter of 2026, compared to net income of $39.7 million ($0.23 per diluted common share) for the third quarter of 2025.

Included in net loss for the third quarter of 2026 is a before-tax net investment loss on the Company’s investment portfolio of $853.0 million, primarily related to impairment losses recognized as a result of our intent to transfer assets supporting the 2026 Fortitude Re long-term care reinsurance transaction, and the Closed Block segment before-tax adjusted operating loss of $135.6 million, as well as the tax benefit on these items of $207.9 million. Also included in our results for the third quarter of 2026 is a net tax only benefit of $12.0 million, reflecting the effect of the release of an unrecognized tax benefit liability of $188.2 million, mostly offset by a deferred tax asset valuation allowance of $176.2 million. Included in net income for the third quarter of 2025 is a before-tax net investment gain on the Company’s investment portfolio of $128.0 million and the Closed Block segment before-tax adjusted operating loss of $682.3 million, as well as the tax benefit on these items of $114.6 million. Excluding the items above, after-tax adjusted operating income was $349.0 million ($2.20 per diluted common share) in the third quarter of 2026, compared to $479.4 million ($2.81 per diluted common share) in the third quarter of 2025.

“The third quarter reflected continued good premium growth and strong customer retention across our employee benefits portfolio. Our underlying earnings results did fall short of our expectations with very good performance in our voluntary benefits businesses being offset by elevated claim submissions in group disability," said Richard P. McKenney, president and chief executive officer. "Our diversified business model and deep expertise give us confidence to address these trends for our franchise, which continues to see high returns. When combined with our strong capital position, consistent capital deployment, and management of our closed block, we will drive long-term growth and value for shareholders as we execute against our strategic priorities."


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Beginning with the third quarter, we have revised our definition of after-tax adjusted operating income based on discussions with the staff of the Securities and Exchange Commission regarding our use of non-GAAP financial measures during an ongoing comment letter process. The revision does not impact our GAAP net income. As a result, our full-year 2026 after-tax adjusted operating income per share will now include the impact of our annual reserve assumption updates and refinements. See "Non-GAAP Financial Measures" beginning on page 6 for more information regarding this update.

Included in after-tax adjusted operating income for the third quarter of 2026 was the following notable item as a result of this change, an after-tax net reserve decrease in our core operating segments of $53.2 million, or $0.33 per diluted common share, comprised of an after-tax net reserve decrease related to assumption updates of $67.0 million, or $0.42 per diluted common share, and an after-tax reserve increase related to refinements of $13.8 million, or $0.09 per diluted common share. For comparison purposes, included in after-tax adjusted operating income for the third quarter of 2025 was the following notable item, a net after-tax reserve decrease related to assumption updates in our core operating segments of $128.1 million, or $0.75 per diluted common share.

RESULTS BY SEGMENT

We measure and analyze our segment performance on the basis of "segment adjusted operating income" or "segment adjusted operating loss", which differ from income (loss) before income tax as presented in our consolidated statements of operations due to the exclusion of investment gains or losses and certain other items as specified in the reconciliations below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. These performance measures are in accordance with U.S. generally accepted accounting principles (GAAP) guidance for segment reporting, but they should not be viewed as a substitute for income (loss) before income tax, net income, or net loss. 

Unum US Segment

Unum US reported a decrease of 35.2 percent in segment adjusted operating income to $315.3 million in the third quarter of 2026, compared to $486.8 million in the third quarter of 2025. Premium income increased 5.2 percent to $1,846.6 million in the third quarter of 2026, compared to $1,755.4 million in the third quarter of 2025. Net investment income increased 8.6 percent to $164.9 million in the third quarter of 2026, compared to $151.9 million in the third quarter of 2025. Sales decreased 8.5 percent to $163.9 million in the third quarter of 2026, compared to $179.1 million in the third quarter of 2025.

Within the Unum US operating segment, the group disability line of business reported a 60.4 percent decrease in segment adjusted operating income to $94.8 million in the third quarter of 2026, compared to $239.3 million in the third quarter of 2025. Premium income for the group disability line of business increased 4.0 percent to $816.6 million in the third quarter of 2026, compared to $785.2 million in the third quarter of 2025, due primarily to sales and higher persistency. Net investment income increased 5.8 percent to $79.7 million in the third quarter of 2026, compared to $75.3 million in the third quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets and higher miscellaneous investment income. The benefit ratio for the third quarter of 2026 was 67.1 percent, compared to 47.8 percent in the third quarter of 2025, due to less favorable reserve assumption updates and refinements in the third quarter of 2026 compared to prior year, higher incidence, prior period pricing actions, and higher average claim size in the long-term disability product line. Persistency in the group long-term disability product line was 91.4 percent for the first nine months of 2026, compared to 90.6 percent for the first nine months of 2025. Persistency in the group short-term disability product line was 90.9 percent for the first nine months of 2026, compared to 88.6 percent for the first nine months of 2025.

The group life and accidental death and dismemberment line of business reported a 14.3 percent decrease in segment adjusted operating income to $78.2 million in the third quarter of 2026, compared to $91.2 million in the third quarter of 2025. Premium income for this line of business increased 6.6 percent to $551.4 million in the third quarter of 2026, compared to $517.2 million in the third quarter of 2025, due to higher persistency and sales. Net investment income increased 17.5 percent to $24.9 million in the third quarter of 2026, compared to $21.2 million in the third quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets as well as an increase in yield on invested assets. The benefit ratio in the third quarter of 2026 was 68.8 percent, compared to 65.4 percent in the third quarter of 2025, due to unfavorable waiver of premium experience, where premiums are waived

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while a group life insured is on a disability claim, and higher average claim size in the accidental death and dismemberment product line. Persistency in the group life product line was 92.3 percent for the first nine months of 2026, compared to 89.8 percent for the first nine months of 2025. Persistency in the accidental death and dismemberment product line was 91.9 percent for the first nine months of 2026, compared to 88.6 percent for the first nine months of 2025.

The supplemental and voluntary line of business reported a decrease of 9.0 percent in segment adjusted operating income to $142.3 million in the third quarter of 2026, compared to $156.3 million in the third quarter of 2025. Premium income for the supplemental and voluntary line of business increased 5.7 percent to $478.6 million in the third quarter of 2026, compared to $453.0 million in the third quarter of 2025, due primarily to prior period sales in the voluntary benefits and dental and vision product lines, partially offset by lower persistency across all product lines. Net investment income increased 8.8 percent to $60.3 million in the third quarter of 2026, compared to $55.4 million in the third quarter of 2025, due to an increase in the yield on invested assets and higher miscellaneous income, partially offset by a decrease in the level of invested assets. The benefit ratio was 45.4 percent in the third quarter of 2026, compared to 40.3 percent in the third quarter of 2025, primarily due to less favorable reserve assumption updates and refinements. Persistency in the voluntary benefits product line was 75.9 percent for the first nine months of 2026, compared to 76.5 percent for the first nine months of 2025. Persistency in the individual disability product line was 87.4 percent for the first nine months of 2026, compared to 87.7 percent for the first nine months of 2025. Persistency in the dental and vision product line was 78.4 percent for the first nine months of 2026, compared to 83.1 percent for the first nine months of 2025.

Unum International Segment

The Unum International segment reported segment adjusted operating income of $0.2 million in the third quarter of 2026, a decrease of 99.5 percent from $44.2 million in the third quarter of 2025. Premium income increased 3.7 percent to $291.6 million in the third quarter of 2026, compared to $281.1 million in the third quarter of 2025. Net investment income increased 3.3 percent to $37.4 million in the third quarter of 2026, compared to $36.2 million in the third quarter of 2025. Sales decreased 41.6 percent to $29.0 million in the third quarter of 2026, compared to $49.7 million in the third quarter of 2025.

The Unum UK line of business reported a segment adjusted operating loss, in local currency, of £1.4 million in the third quarter of 2026, a decrease from segment adjusted operating income of £27.0 million in the third quarter of 2025. Premium income was £176.9 million in the third quarter of 2026, an increase of 3.5 percent from £171.0 million in the third quarter of 2025, due primarily to in-force block growth in the group life and supplemental product lines. Net investment income was £25.0 million in the third quarter of 2026, an increase of 3.7 percent from £24.1 million in the third quarter of 2025, due primarily to higher yield on invested assets, partially offset by a decrease in the level of invested assets. The benefit ratio was 91.0 percent in the third quarter of 2026, compared to 73.4 percent in the third quarter of 2025, due to unfavorable reserve assumption updates in the third quarter of 2026 compared to prior year, as well as higher incidence in the group long-term disability product line. Sales decreased 45.9 percent to £15.9 million in the third quarter of 2026, compared to £29.4 million in the third quarter of 2025. Persistency in the group long-term disability product line was 88.3 percent for the first nine months of 2026, compared to 92.3 percent for the first nine months of 2025. Persistency in the group life product line was 86.0 percent for the first nine months of 2026, compared to 90.2 percent for the first nine months of 2025. Persistency in the supplemental product line was 91.5 percent for the first nine months of 2026, compared to 93.6 percent for the first nine months of 2025.

Colonial Life Segment

Colonial Life reported segment adjusted operating income of $169.4 million in the third quarter of 2026, a 35.0 percent increase compared to $125.5 million in the third quarter of 2025. Premium income increased 3.0 percent to $470.0 million in the third quarter of 2026, compared to $456.5 million in the third quarter of 2025, due to prior period sales. Net investment income increased 13.5 percent to $50.3 million in the third quarter of 2026, compared to $44.3 million in the third quarter of 2025, due to an increase in the level of invested assets, an increase in the allocation of net investment income from our corporate owned excess assets, and an increase in the yield on invested assets. The benefit ratio was 38.0 percent in the third quarter of 2026, compared to 46.3 percent in the third quarter of 2025,

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primarily due to more favorable reserve assumption updates and favorable claims experience in the cancer and critical illness and life product lines. Sales increased 6.4 percent to $132.6 million in the third quarter of 2026, compared to $124.6 million in the third quarter of 2025. Persistency in the Colonial Life segment was 78.3 percent for the first nine months of 2026, compared to 78.7 percent for the first nine months of 2025.

Corporate Segment

The Corporate segment reported a segment adjusted operating loss of $45.7 million in the third quarter of 2026, a decrease compared to segment adjusted operating loss of $47.7 million in the third quarter of 2025 due primarily to higher net investment income, which was driven by an increase in the level of invested assets, partially offset by a decrease in the yield on invested assets.

Closed Block Segment

The Closed Block segment reported a segment adjusted operating loss of $135.6 million in the third quarter of 2026, a decrease compared to segment adjusted operating loss of $682.3 million in the third quarter of 2025, driven primarily by less unfavorable reserve assumption updates. The net premium ratio increased to 98.1 percent as of September 30, 2026 from 97.8 percent as of June 30, 2026. Results also reflect robust protections at our Fairwind entity, measured by statutory reserves and excess capital above our best estimate reserves, estimated to be approximately $2 billion following the anticipated closing of the 2026 Fortitude Re reinsurance transaction. In addition, we continued risk management actions including approximately 25 percent achievement of our current premium rate approval program.

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 158.6 million for the third quarter of 2026, compared to 170.6 million for the third quarter of 2025. Shares outstanding totaled 156.2 million at September 30, 2026. During the third quarter of 2026, the Company repurchased 2.1 million shares at a total cost of $202.0 million.

Capital Management

At September 30, 2026, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 485 percent, and the holding companies had available holding company liquidity of $1,383.4 million.

Book Value

Book value per common share as of September 30, 2026 was $68.90, compared to $64.56 at September 30, 2025. Book value per common share excluding AOCI as of September 30, 2026 was $76.73, compared to $77.39 at September 30, 2025.

Effective Income Tax Rate

The effective income tax rate used to determine after-tax adjusted operating income was 20.5 percent in the third quarter of 2026, compared to 21.3 percent in the third quarter of 2025. The decrease in the rate was driven primarily by a release of unrecognized tax benefits due to completion of an Internal Revenue Service exam in 2026.

Outlook

As noted above, we have revised our definition of after-tax adjusted operating income. Incorporating the annual assumption review and refinements, our results through the first three quarters, and our fourth-quarter expectations for the core segments, we now expect full-year 2026 after-tax adjusted operating income per share of $8.30 to $8.50, which includes approximately $0.33 from the notable item.

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Impact of Annual Reserve Assumption Updates to Net Income

Three Months Ended September 30
(in millions of dollars)
20262025
Unum US
Group Disability$36.6 $105.8 
Group Life and Accidental Death and Dismemberment5.0 3.1 
Supplemental and Voluntary26.9 38.8 
Total Unum US68.5 147.7 
Unum International(27.3)5.4 
Colonial Life42.5 8.9 
Core Operating Segments83.7 162.0 
Closed Block
Long-term Care1
(54.9)(643.1)
Closed Block - All Other(0.1)2.6 
Total Closed Block(55.0)(640.5)
Cash Flow Assumption Update Impacts to Income Before Income Tax$28.7 $(478.5)
Cash Flow Assumption Update Impacts to Net Income$23.5 $(377.8)
1$9.5 million of the $54.9 million reduction to income before income tax for the three months ended September 30, 2026 is associated with the retained long-term care block after the anticipated closing of the 2026 Fortitude Re reinsurance transaction.

Impact of Notable Items to Benefit Ratios

Three Months Ended September 30
20262025
Reported Benefit RatioBenefit Ratio, Excluding Notable ItemsReported Benefit RatioBenefit Ratio, Excluding Notable Items
Unum US Group Disability67.1 %70.6 %47.8 %61.3 %
Unum US Group Life and AD&D68.8 69.7 65.4 66.0 
Unum US Supplemental and Voluntary45.4 49.0 40.3 48.9 
Unum International86.3 76.9 69.4 71.3 
Colonial Life38.0 47.0 46.3 48.2 


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NON-GAAP FINANCIAL MEASURES

We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.  We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:

•After-tax adjusted operating income or loss, which excludes investment gains or losses, Closed Block segment after-tax adjusted operating income or loss, and certain other items;
•Book value per common share, which is calculated excluding AOCI;
•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and
•Adjusted operating return on equity, which is calculated using our core operating segments' after-tax segment adjusted operating income or loss and our core operating segments' equity adjusted to exclude the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives.
•After-tax segment adjusted operating income or loss, which excludes investment gains or losses and certain other items, as applicable.

We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income (loss) before income tax as presented in our consolidated statements of operations due to the exclusion of investment gains and losses and certain other items.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends.

We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation.

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.

We no longer exclude reserve assumption updates from our adjusted operating results, and prior period financial information has been adjusted to conform to this updated presentation.


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CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, November 4, 2026, at 8:00 am (Eastern Time) to discuss the results of operations for the third quarter of 2026. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

To receive dial in information for the call, please register in advance by using the following URL:
https://registrations.events/direct/Q4I33079VIPd1LPgnNnne0SpG. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, November 11, 2026 by using the registration URL noted above.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2026 is available on the “Investors” section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2025, Unum Group reported revenues of $13.1 billion and paid $8.3 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®.

Visit the Unum Group newsroom (https://www.unumgroup.com/newsroom) for more information, and connect with us on LinkedIn (https://www.linkedin.com/company/unum), Facebook (https://www.facebook.com/unumbenefits/), and Instagram (https://www.instagram.com/unumbenefits/).

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SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities, claim payments, and pricing due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (10) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (13) changes in our financial strength and credit ratings; (14) the ability of our reinsurers to meet their obligations to us and availability of reinsurance in the market; (15) our ability to hire and retain qualified employees; (16) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, social issues, third-party vendors, external events, and/or cyber or other information security incidents; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet sustainability standards and expectations of investors, regulators, customers, and other stakeholders.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.


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Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
($ in millions, except share data)
Three Months Ended September 30Nine Months Ended September 30
2026202520262025
Revenue
Premium Income$2,800.7 $2,688.0 $8,412.5 $8,138.9 
Net Investment Income522.4 476.8 1,484.2 1,550.7 
Net Investment Gain (Loss)(853.0)128.0 (863.2)(96.5)
Other Income77.4 85.6 239.2 238.3 
Total Revenue2,547.5 3,378.4 9,272.7 9,831.4 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss2,074.7 2,325.3 6,079.9 6,172.4 
Commissions365.0 335.2 1,097.8 1,021.9 
Interest and Debt Expense54.0 52.2 160.4 156.2 
Deferral of Acquisition Costs(188.3)(173.5)(566.3)(521.0)
Amortization of Deferred Acquisition Costs144.3 132.3 413.9 389.9 
Other Expenses647.2 652.4 2,004.2 1,896.9 
Total Benefits and Expenses3,096.9 3,323.9 9,189.9 9,116.3 
Income (Loss) Before Income Tax(549.4)54.5 82.8 715.1 
Income Tax Expense (Benefit)(129.7)14.8 13.6 150.7 
Net Income (Loss)$(419.7)$39.7 $69.2 $564.4 
PER SHARE INFORMATION
Net Income (Loss) Per Common Share
Basic$(2.65)$0.23 $0.43 $3.24 
Assuming Dilution$(2.65)$0.23 $0.43 $3.23 
Weighted Average Common Shares - Basic (000s)158,607.3 170,248.1 159,355.6 174,152.5 
Weighted Average Common Shares - Assuming Dilution (000s)158,607.3 170,588.8 159,735.2 174,570.0 
Outstanding Shares - (000s)156,201.0 168,962.2 


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Reconciliation of Non-GAAP Financial Measures

Three Months Ended September 30Nine Months Ended September 30
2026202520262025
(in millions of dollars, except per share data)
Net Income (Loss)$(419.7)$39.7 $69.2 $564.4 
Excluding Before-Tax Reconciling Items:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transactions(833.5)137.6 (833.5)(46.8)
Net Investment Loss, Other(19.5)(9.6)(29.7)(49.7)
Total Net Investment Gain (Loss)(853.0)128.0 (863.2)(96.5)
Closed Block Segment Before-Tax Adjusted Operating Loss (135.6)(682.3)(356.3)(685.1)
Strategic Actions — — (30.7)— 
Total Before-Tax Reconciling Items(988.6)(554.3)(1,250.2)(781.6)
Income Tax Effects:
Income Tax Benefit on Before-Tax Reconciling Items Above1
(207.9)(114.6)(259.9)(157.6)
Income Tax Only Reconciling Items2
(12.0)— (12.0)— 
Total Income Tax Effects(219.9)(114.6)(271.9)(157.6)
After-Tax Adjusted Operating Income$349.0 $479.4 $1,047.5 $1,188.4 
After-Tax Adjusted Operating Income per share$2.20 $2.81 $6.56 $6.81 
1 The income tax benefit on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate.
2 Reflects the tax benefit of $188.2 million related to the release of an unrecognized tax benefit liability and a tax expense of $176.2 million related to a valuation allowance on certain deferred tax assets.

September 30
20262025
(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$10,761.6 $68.90 $10,908.8 $64.56 
Excluding:
Net Unrealized Loss on Securities(3,215.8)(20.59)(1,978.2)(11.71)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits2,876.8 18.42 656.6 3.88 
Net Loss on Derivatives(411.3)(2.63)(264.2)(1.56)
Subtotal11,511.9 73.70 12,494.6 73.95 
Excluding:
Foreign Currency Translation Adjustment(269.9)(1.73)(246.1)(1.46)
Subtotal11,781.8 75.43 12,740.7 75.41 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(203.8)(1.30)(335.4)(1.98)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss
$11,985.6 $76.73 $13,076.1 $77.39 

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Three Months Ended
September 30, 2026September 30, 2025
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$237.8 £171.0 1.344 $229.8 
Unum Poland53.8 zł184.0 0.266 48.9 
Total291.6 278.7 
Unum US1,846.6 $1,755.4 1,755.4 
Colonial Life470.0 $456.5 456.5 
Core Operations$2,608.2 $2,490.6 
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.

After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2026
Unum US$249.8 $4,356.1 22.9 %
Unum International2.6 729.9 1.4 %
Colonial Life134.1 2,176.4 24.6 %
Core Operating Segments386.5 7,262.4 21.3 %
Corporate
(37.5)1,168.4 
Closed Block
(106.7)3,428.7 
Total$242.3 $11,859.5 
1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented below.


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Three Months Ended September 30
2026
(in millions)
Net Loss$(419.7)
Excluding Before-Tax Reconciling Items:
Net Investment Loss(853.0)
Total Before-Tax Reconciling Items(853.0)
Income Tax Effects:
Income Tax Benefit on Before-Tax Reconciling Items Above1
(179.0)
Income Tax Only Reconciling Items2
(12.0)
Total Income Tax Effects(191.0)
After-tax Segment Adjusted Operating Income
$242.3 
1 The income tax benefit on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate.
2 Reflects the tax benefit of $188.2 million related to the release of an unrecognized tax benefit liability and a tax expense of $176.2 million related to a valuation allowance on certain deferred tax assets.

9/30/20266/30/2026
Total Stockholders' Equity$10,761.6 $10,809.5 
Excluding:
Net Unrealized Loss on Securities(3,215.8)(2,292.8)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits2,876.8 1,174.5 
Net Loss on Derivatives(411.3)(279.2)
Total Adjusted Stockholders' Equity$11,511.9 $12,207.0 
Three Months Ended
9/30/2026
Average Adjusted Stockholders' Equity$11,859.5 

Three Months Ended September 30
20262025
(in millions of dollars)
Income (Loss) Before Income Tax$(549.4)$54.5 
Excluding:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transactions(833.5)137.6 
Net Investment Loss, Other(19.5)(9.6)
Total Net Investment Gain (Loss)(853.0)128.0 
Segment Adjusted Operating Income (Loss)$303.6 $(73.5)

12

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Unum Group
Statistical Supplement Third Quarter 2026

 TABLE OF CONTENTS
(in millions of dollars, except share data and where noted)
Interim Results are Unaudited
Page
Financial Highlights
1
Capital Metrics
2
Ratings
3
Consolidated Statements of Operations
4
Sales Data by Segment
5
Consolidated Balance Sheets
6
Financial Results by Segment
7
Quarterly Historical Financial Results by Segment
8
Financial Results and Selected Statistics by Segment

Unum US
9
Unum International
10
Colonial Life
11
Closed Block
12
Corporate
13
Investments
14
Appendix to Statistical Supplement
15
See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage



Unum Group Financial Highlights
We applied updates to prior year reported information throughout this document to align to current year presentation. See "Appendix to the Statistical Supplement" beginning on page 15 for more information regarding this update.
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Consolidated U.S. GAAP Results¹
Premium Income$2,800.7 $2,688.0 $8,412.5 $8,138.9 $10,831.0 $10,497.4 
Segment Adjusted Operating Revenue$3,400.5 $3,250.4 $10,152.2 $9,927.9 $13,182.1 $12,921.9 
Net Investment Gain (Loss)(853.0)128.0 (863.2)(96.5)(106.6)(34.6)
Strategic Actions— — (16.3)— — — 
Total Revenue$2,547.5 $3,378.4 $9,272.7 $9,831.4 $13,075.5 $12,887.3 
Net Income (Loss)$(419.7)$39.7 $69.2 $564.4 $738.5 $1,779.1 
Net Income (Loss) Per Common Share:
Basic $(2.65)$0.23 $0.43 $3.24 $4.28 $9.49 
Assuming Dilution $(2.65)$0.23 $0.43 $3.23 $4.27 $9.46 
Assets$61,307.0 $63,678.1 $63,519.4 $61,959.3 
Liabilities$50,545.4 $52,769.3 $52,400.3 $50,998.2 
Stockholders' Equity$10,761.6 $10,908.8 $11,119.1 $10,961.1 
Adjusted Stockholders' Equity$11,511.9 $12,494.6 $12,471.1 $12,801.6 
Adjusted Operating Return on Equity
Unum US22.9 %34.8 %23.8 %26.6 %25.4 %27.7 %
Unum International1.4 %17.0 %7.9 %16.5 %15.4 %14.8 %
Colonial Life24.6 %19.7 %21.1 %19.0 %18.5 %21.6 %
Core Operating Segments21.3 %28.6 %21.3 %23.5 %22.4 %24.7 %
Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain (Loss) from Operations, After Tax$819.7 $(345.0)$1,464.6 $436.6 $652.5 $1,337.0 
Net Realized Capital Gain (Loss), After Tax(142.7)50.1 (146.1)(16.5)(18.5)(14.6)
Net Income (Loss)$677.0 $(294.9)$1,318.5 $420.1 $634.0 $1,322.4 
Capital and Surplus$4,393.6 $4,085.2 $3,770.6 $3,909.7 
Weighted Average Risk-based Capital Ratio~ 485%~ 455%~ 440%~ 430%

1 Generally Accepted Accounting Principles
2 Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company and Unum Insurance Company.
1

Unum Group Capital Metrics
9/30/20269/30/202512/31/202512/31/2024
(in millions)per share(in millions)per share(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$10,761.6 $68.90 $10,908.8 $64.56 $11,119.1 $67.11 $10,961.1 $61.38 
Excluding:
Net Unrealized Loss on Securities(3,215.8)(20.59)(1,978.2)(11.71)(2,003.1)(12.09)(2,755.2)(15.43)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits2,876.8 18.42 656.6 3.88 929.9 5.61 1,185.4 6.64 
Net Loss on Derivatives(411.3)(2.63)(264.2)(1.56)(278.8)(1.68)(270.7)(1.51)
Subtotal11,511.9 73.70 12,494.6 73.95 12,471.1 75.27 12,801.6 71.68 
Excluding:
Foreign Currency Translation Adjustment(269.9)(1.73)(246.1)(1.46)(245.6)(1.48)(343.0)(1.93)
Subtotal11,781.8 75.43 12,740.7 75.41 12,716.7 76.75 13,144.6 73.61 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(203.8)(1.30)(335.4)(1.98)(210.9)(1.27)(340.2)(1.90)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss$11,985.6 $76.73 $13,076.1 $77.39 $12,927.6 $78.02 $13,484.8 $75.51 
Dividends Paid$232.0 $1.425 $229.8 $1.30 $307.2 $1.76 $296.6 $1.57 
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Shares Repurchased (millions)1
2.1 3.2 10.0 10.3 13.6 15.7 
Cost of Shares Repurchased (millions)2
$202.0 $253.3 $806.5 $759.2 $1,011.7 $979.3 
Stock Price (UNM closing price on last trading day of period)$87.73 $77.78 $77.50 $73.03 
Leverage Ratio
25.0 %23.4 %23.6 %22.9 %
Holding Company Liquidity (millions)$1,383 $1,982 $2,344 $1,987 

1For the nine months ended September 30, 2025 and for the year ended December 31, 2025, 0.7 million shares were included related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.
2Includes commissions of a de minimis amount and $0.3 million for the three and nine months ended September 30, 2026, respectively, $0.9 million and $1.8 million for the three and nine months ended September 30, 2025, respectively, $1.9 million for the year ended December 31, 2025, and a de minimis amount for the year ended December 31, 2024. There was excise tax of $2.0 million and $7.7 million for the three and nine months ended September 30, 2026, respectively, $2.4 million and $7.4 million for the three and nine months ended September 30, 2025, respectively, and $9.8 million and $8.3 million for the years ended December 31, 2025 and 2024, respectively. Also included for the year ended December 31, 2024 is $80.3 million related to shares which settled in February 2025 in connection with the November 2024 ASR agreement.


2

Unum Group Ratings

AM BestFitchMoody'sS&P
OutlookStable
Stable
StableStable
Senior Unsecured Debt Ratingsbbb+BBBBaa2BBB
Financial Strength Ratings
Provident Life and Accident Insurance CompanyAAA2A
Unum Life Insurance Company of AmericaAAA2A
First Unum Life Insurance CompanyAAA2A
Colonial Life & Accident Insurance CompanyAAA2A
The Paul Revere Life Insurance CompanyAAA2A
Unum Insurance CompanyAAA2NR
Provident Life and Casualty Insurance CompanyAANRNR
Unum LimitedNRNRNRA-

NR = not rated


3

Unum Group Consolidated Statements of Operations
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Revenue
Premium Income$2,800.7 $2,688.0 $8,412.5 $8,138.9 $10,831.0 $10,497.4 
Net Investment Income522.4 476.8 1,484.2 1,550.7 2,032.7 2,130.0 
Net Investment Gain (Loss)(853.0)128.0 (863.2)(96.5)(106.6)(34.6)
Other Income77.4 85.6 239.2 238.3 318.4 294.5 
Total Revenue2,547.5 3,378.4 9,272.7 9,831.4 13,075.5 12,887.3 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain
2,074.7 2,325.3 6,079.9 6,172.4 8,065.3 6,917.9 
Commissions365.0 335.2 1,097.8 1,021.9 1,355.3 1,258.6 
Interest and Debt Expense54.0 52.2 160.4 156.2 208.8 201.1 
Deferral of Acquisition Costs(188.3)(173.5)(566.3)(521.0)(697.1)(651.5)
Amortization of Deferred Acquisition Costs144.3 132.3 413.9 389.9 527.1 521.0 
Other Expenses647.2 652.4 2,004.2 1,896.9 2,682.6 2,388.9 
Total Benefits and Expenses3,096.9 3,323.9 9,189.9 9,116.3 12,142.0 10,636.0 
Income (Loss) Before Income Tax(549.4)54.5 82.8 715.1 933.5 2,251.3 
Income Tax Expense (Benefit)(129.7)14.8 13.6 150.7 195.0 472.2 
Net Income (Loss)$(419.7)$39.7 $69.2 $564.4 $738.5 $1,779.1 
Weighted Average Shares Outstanding
Basic158.6 170.2 159.4 174.2 172.5 187.5 
Assuming Dilution158.6 170.6 159.7 174.6 172.9 188.1 
Actual Number of Shares Outstanding156.2 169.0 165.7 178.6 


4

Unum Group Sales Data for Unum US Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/2025% Change9/30/20269/30/2025% Change12/31/202512/31/2024
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)$53.3 $52.3 1.9 %$248.5 $218.4 13.8 %$527.8 $512.6 
Large Case Market23.3 34.1 (31.7)143.1 149.0 (4.0)351.5 363.7 
Subtotal76.6 86.4 (11.3)391.6 367.4 6.6 879.3 876.3 
Supplemental and Voluntary87.3 92.7 (5.8)389.2 351.6 10.7 479.6 490.7 
Total Sales$163.9 $179.1 (8.5)$780.8 $719.0 8.6 $1,358.9 $1,367.0 


5

Unum Group Sales Data for Unum International Segment
Three Months EndedNine Months EndedYear Ended
(in millions of dollars)9/30/20269/30/2025% Change9/30/20269/30/2025% Change12/31/202512/31/2024
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)$9.0 $11.0 (18.2)%$29.2 $35.7 (18.2)%$48.2 $41.8 
Large Case Market8.1 24.2 (66.5)44.7 56.5 (20.9)70.0 73.8 
Subtotal17.1 35.2 (51.4)73.9 92.2 (19.8)118.2 115.6 
Supplemental4.4 4.4 — 24.4 25.0 (2.4)32.8 34.9 
Unum Poland7.5 10.1 (25.7)25.2 34.4 (26.7)46.2 36.4 
Total Sales$29.0 $49.7 (41.6)$123.5 $151.6 (18.5)$197.2 $186.9 
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)£6.6 £8.2 (19.5)%£21.7 £27.2 (20.2)%£36.6 £32.8 
Large Case Market6.0 18.0 (66.7)33.2 42.7 (22.2)52.8 57.8 
Subtotal12.6 26.2 (51.9)54.9 69.9 (21.5)89.4 90.6 
Supplemental3.3 3.2 3.1 18.1 19.1 (5.2)25.0 27.5 
Total Sales£15.9 £29.4 (45.9)£73.0 £89.0 (18.0)£114.4 £118.1 


5. 1

Unum Group Sales Data for Colonial Life Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/2025% Change9/30/20269/30/2025% Change12/31/202512/31/2024
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)$78.2 $76.4 2.4 %$230.8 $225.5 2.4 %$343.5 $331.9 
Large Case Market19.1 14.6 30.8 47.3 38.2 23.8 71.8 65.1 
Subtotal97.3 91.0 6.9 278.1 263.7 5.5 415.3 397.0 
Public Sector35.3 33.6 5.1 94.9 92.7 2.4 145.0 135.2 
Total Sales$132.6 $124.6 6.4 $373.0 $356.4 4.7 $560.3 $532.2 



5. 2

Unum Group Consolidated Balance Sheets
September 30December 31
20262025
Assets
Investments
Fixed Maturity Securities - at fair value$32,994.5 $33,056.6 
Mortgage Loans2,053.2 2,109.5 
Policy Loans3,538.1 3,668.1 
Other Long-term Investments1,664.1 1,670.4 
Short-term Investments1,714.9 3,016.2 
Total Investments41,964.8 43,520.8 
Other Assets
Cash and Bank Deposits279.9 158.2 
Accounts and Premiums Receivable1,558.1 1,429.8 
Reinsurance Recoverable10,525.8 11,574.6 
Accrued Investment Income751.3 596.0 
Deferred Acquisition Costs3,067.9 2,920.3 
Goodwill352.9 353.9 
Property and Equipment501.3 503.7 
Deferred Income Tax53.1 79.5 
Income Tax Receivable47.2 — 
Other Assets2,204.7 2,382.6 
Total Assets$61,307.0 $63,519.4 

6

Unum Group Consolidated Balance Sheets - Continued
September 30December 31
20262025
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits
$35,144.6 $38,017.0 
Policyholders' Account Balances
6,494.8 5,636.4 
Unearned Premiums522.9 412.8 
Other Policyholders’ Funds1,447.8 1,479.7 
Income Tax Payable— 52.2 
Deferred Income Tax232.4 38.8 
Long-term Debt3,765.7 3,767.6 
Other Liabilities 2,937.2 2,995.8 
Total Liabilities50,545.4 52,400.3 
Stockholders’ Equity
Common Stock19.6 19.6 
Additional Paid-in Capital1,620.3 1,593.0 
Accumulated Other Comprehensive Loss(1,224.0)(1,808.5)
Retained Earnings13,182.5 13,345.3 
Treasury Stock - at cost(2,836.8)(2,030.3)
Total Stockholders’ Equity10,761.6 11,119.1 
Total Liabilities and Stockholders’ Equity$61,307.0 $63,519.4 

6. 1

Unum Group Balance Sheets by Segment - September 30, 2026
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,308.2 $1,797.6 $4,201.2 $11,307.0 $3,084.1 $3,458.1 $19,715.9 $4,399.7 $41,964.8 
Deferred Acquisition Costs70.9 64.7 1,131.8 1,267.4 80.7 1,719.8 — — 3,067.9 
Goodwill10.1 — 271.1 281.2 44.0 27.7 — — 352.9 
Reinsurance Recoverable
24.8 11.0 369.8 405.6 157.1 4.3 9,958.8 — 10,525.8 
All Other603.1 350.0 142.8 1,095.9 307.3 268.2 1,692.3 2,031.9 5,395.6 
Total Assets$6,017.1 $2,223.3 $6,116.7 $14,357.1 $3,673.2 $5,478.1 $31,367.0 $6,431.6 $61,307.0 
Liabilities
Future Policy Benefits$4,359.6 $774.2 $2,824.0 $7,957.8 $2,319.7 $1,860.9 $23,006.2 $— $35,144.6 
Policyholders' Account Balances— — 651.9 651.9 — 853.0 3,995.2 994.7 6,494.8 
Unearned Premiums1.9 6.1 50.5 58.5 301.3 47.1 116.0 — 522.9 
Other Policyholders' Funds40.3 769.1 30.2 839.6 62.2 7.5 538.5 — 1,447.8 
Debt— — — — — — — 3,765.7 3,765.7 
All Other136.9 15.3 313.8 466.0 205.9 300.8 711.5 1,485.4 3,169.6 
Total Liabilities4,538.7 1,564.7 3,870.4 9,973.8 2,889.1 3,069.3 28,367.4 6,245.8 50,545.4 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,473.2 733.5 2,189.4 4,396.1 735.9 2,203.0 3,361.2 815.7 11,511.9 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(276.1)(104.2)(293.6)(673.9)(173.6)(202.0)(1,947.7)(629.9)(3,627.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
281.3 29.3 350.5 661.1 221.8 407.8 1,586.1 — 2,876.8 
Total Allocated Stockholders' Equity1,478.4 658.6 2,246.3 4,383.3 784.1 2,408.8 2,999.6 185.8 10,761.6 
Total Liabilities and Allocated Stockholders' Equity$6,017.1 $2,223.3 $6,116.7 $14,357.1 $3,673.2 $5,478.1 $31,367.0 $6,431.6 $61,307.0 
Allocated stockholders' equity is determined on the basis of an internal allocation formula that reflects the volume and risk components of the business and aligns with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.
6. 2

Unum Group Balance Sheets by Segment - December 31, 2025
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,685.7 $1,827.5 $4,314.6 $11,827.8 $3,183.2 $3,420.8 $21,459.4 $3,629.6 $43,520.8 
Deferred Acquisition Costs63.6 57.6 1,087.5 1,208.7 72.1 1,639.5 — — 2,920.3 
Goodwill10.1 — 271.1 281.2 45.0 27.7 — — 353.9 
Reinsurance Recoverable
26.2 7.6 410.1 443.9 93.3 4.6 11,032.8 — 11,574.6 
All Other386.5 326.9 160.3 873.7 254.4 197.3 1,395.6 2,428.8 5,149.8 
Total Assets$6,172.1 $2,219.6 $6,243.6 $14,635.3 $3,648.0 $5,289.9 $33,887.8 $6,058.4 $63,519.4 
Liabilities
Future Policy Benefits$4,591.6 $802.4 $3,099.4 $8,493.4 $2,404.3 $2,032.0 $25,087.3 $— $38,017.0 
Policyholders' Account Balances— — 665.7 665.7 — 858.9 4,111.8 — 5,636.4 
Unearned Premiums 1.3 5.7 41.7 48.7 201.5 46.9 115.7 — 412.8 
Other Policyholders' Funds26.1 769.6 33.0 828.7 78.3 8.8 563.9 — 1,479.7 
Debt
— — — — — — — 3,767.6 3,767.6 
All Other36.3 27.2 209.2 272.7 125.6 71.1 594.4 2,023.0 3,086.8 
Total Liabilities4,655.3 1,604.9 4,049.0 10,309.2 2,809.7 3,017.7 30,473.1 5,790.6 52,400.3 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,473.7 666.6 2,165.0 4,305.3 822.4 2,083.1 4,495.2 765.1 12,471.1 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(106.3)(67.0)(141.6)(314.9)(115.0)(72.1)(1,282.6)(497.3)(2,281.9)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
149.4 15.1 171.2 335.7 130.9 261.2 202.1 — 929.9 
Total Allocated Stockholders' Equity1,516.8 614.7 2,194.6 4,326.1 838.3 2,272.2 3,414.7 267.8 11,119.1 
Total Liabilities and Allocated Stockholders' Equity$6,172.1 $2,219.6 $6,243.6 $14,635.3 $3,648.0 $5,289.9 $33,887.8 $6,058.4 $63,519.4 

6. 3

Unum Group Financial Results by Segment

We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of operations due to the exclusion of investment gains or losses and certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. 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.
Three Months EndedNine Months Ended
9/30/20269/30/2025% Change9/30/20269/30/2025% Change
Premium Income
Unum US$1,846.6 $1,755.4 5.2 %$5,545.3 $5,334.9 3.9 %
Unum International291.6 281.1 3.7 867.6 798.9 8.6 
Colonial Life470.0 456.5 3.0 1,420.1 1,375.9 3.2 
Closed Block192.5 195.0 (1.3)579.5 629.2 (7.9)
2,800.7 2,688.0 4.2 8,412.5 8,138.9 3.4 
Adjusted Net Investment Income
Unum US164.9 151.9 8.6 479.0 455.9 5.1 
Unum International37.4 36.2 3.3 109.2 110.9 (1.5)
Colonial Life50.3 44.3 13.5 147.2 129.1 14.0 
Closed Block245.9 224.7 9.4 701.1 778.9 (10.0)
Corporate23.9 19.7 21.3 64.0 75.9 (15.7)
522.4 476.8 9.6 1,500.5 1,550.7 (3.2)
Other Income
Unum US65.2 65.5 (0.5)197.9 195.4 1.3 
Unum International2.1 2.9 (27.6)8.1 3.3 145.5 
Colonial Life0.5 0.6 (16.7)1.6 1.3 23.1 
Closed Block9.6 16.3 (41.1)30.5 38.3 (20.4)
Corporate— 0.3 (100.0)1.1 — 100.0 
77.4 85.6 (9.6)239.2 238.3 0.4 
Total Segment Adjusted Operating Revenue
Unum US2,076.7 1,972.8 5.3 6,222.2 5,986.2 3.9 
Unum International331.1 320.2 3.4 984.9 913.1 7.9 
Colonial Life520.8 501.4 3.9 1,568.9 1,506.3 4.2 
Closed Block448.0 436.0 2.8 1,311.1 1,446.4 (9.4)
Corporate23.9 20.0 19.5 65.1 75.9 (14.2)
$3,400.5 $3,250.4 4.6 $10,152.2 $9,927.9 2.3 

7

Unum Group Financial Results by Segment - Continued
Three Months EndedNine Months Ended
9/30/20269/30/2025% Change9/30/20269/30/2025% Change
Benefits and Adjusted Expenses
Unum US$1,761.4 $1,486.0 18.5 %$5,239.4 $4,852.1 8.0 %
Unum International330.9 276.0 19.9 929.5 788.6 17.9 
Colonial Life351.4 375.9 (6.5)1,140.3 1,147.7 (0.6)
Closed Block583.6 1,118.3 (47.8)1,667.4 2,131.5 (21.8)
Corporate69.6 67.7 2.8 198.9 196.4 1.3 
3,096.9 3,323.9 (6.8)9,175.5 9,116.3 0.6 
Segment Adjusted Operating Income (Loss)
Unum US315.3 486.8 (35.2)982.8 1,134.1 (13.3)
Unum International0.2 44.2 (99.5)55.4 124.5 (55.5)
Colonial Life169.4 125.5 35.0 428.6 358.6 19.5 
Closed Block(135.6)(682.3)(80.1)(356.3)(685.1)(48.0)
Corporate(45.7)(47.7)(4.2)(133.8)(120.5)11.0 
$303.6 $(73.5)N.M.$976.7 $811.6 20.3 

7. 1

Unum Group Quarterly Historical Financial Results by Segment
9/30/20266/30/20263/31/202612/31/20259/30/20256/30/2025
Premium Income
Unum US$1,846.6 $1,858.2 $1,840.5 $1,748.6 $1,755.4 $1,798.6 
Unum International291.6 289.3 286.7 283.9 281.1 271.1 
Colonial Life470.0 477.4 472.7 463.2 456.5 462.1 
Closed Block192.5 192.9 194.1 196.4 195.0 216.2 
2,800.7 2,817.8 2,794.0 2,692.1 2,688.0 2,748.0 
Adjusted Net Investment Income
Unum US164.9 155.8 158.3 148.3 151.9 155.1 
Unum International37.4 42.2 29.6 34.7 36.2 46.2 
Colonial Life50.3 50.1 46.8 43.5 44.3 42.6 
Closed Block245.9 226.1 229.1 237.6 224.7 284.5 
Corporate23.9 20.5 19.6 17.9 19.7 32.3 
522.4 494.7 483.4 482.0 476.8 560.7 
Other Income
Unum US65.2 65.9 66.8 63.4 65.5 58.0 
Unum International2.1 2.7 3.3 4.4 2.9 0.3 
Colonial Life0.5 0.4 0.7 0.3 0.6 0.3 
Closed Block9.6 9.6 11.3 11.6 16.3 12.1 
Corporate— 0.4 0.7 0.4 0.3 (0.3)
77.4 79.0 82.8 80.1 85.6 70.4 
Total Segment Adjusted Operating Revenue
Unum US2,076.7 2,079.9 2,065.6 1,960.3 1,972.8 2,011.7 
Unum International331.1 334.2 319.6 323.0 320.2 317.6 
Colonial Life520.8 527.9 520.2 507.0 501.4 505.0 
Closed Block448.0 428.6 434.5 445.6 436.0 512.8 
Corporate23.9 20.9 20.3 18.3 20.0 32.0 
$3,400.5 $3,391.5 $3,360.2 $3,254.2 $3,250.4 $3,379.1 


8

Unum Group Quarterly Historical Financial Results by Segment - Continued
9/30/20266/30/20263/31/202612/31/20259/30/20256/30/2025
Benefits and Adjusted Expenses
Unum US$1,761.4 $1,750.3 $1,727.7 $1,666.8 $1,486.0 $1,693.5 
Unum International330.9 309.9 288.7 289.8 276.0 276.0 
Colonial Life351.4 396.5 392.4 393.1 375.9 387.6 
Closed Block583.6 504.0 579.8 482.8 1,118.3 523.6 
Corporate69.6 65.4 63.9 69.4 67.7 63.7 
3,096.9 3,026.1 3,052.5 2,901.9 3,323.9 2,944.4 
Segment Adjusted Operating Income (Loss)
Unum US315.3 329.6 337.9 293.5 486.8 318.2 
Unum International0.2 24.3 30.9 33.2 44.2 41.6 
Colonial Life169.4 131.4 127.8 113.9 125.5 117.4 
Closed Block(135.6)(75.4)(145.3)(37.2)(682.3)(10.8)
Corporate(45.7)(44.5)(43.6)(51.1)(47.7)(31.7)
$303.6 $365.4 $307.7 $352.3 $(73.5)$434.7 

8. 1

Unum Group Financial Results for Unum US Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income$1,846.6 $1,755.4 $5,545.3 $5,334.9 $7,083.5 $6,883.2 
Net Investment Income164.9 151.9 479.0 455.9 604.2 632.2 
Other Income
65.2 65.5 197.9 195.4 258.8 235.9 
Total2,076.7 1,972.8 6,222.2 5,986.2 7,946.5 7,751.3 
Benefits and Expenses
Policy Benefits Including Remeasurement Gain or Loss1,144.7 896.2 3,376.0 3,051.6 4,120.4 3,864.7 
Commissions219.3 195.8 652.4 605.2 794.9 729.3 
Deferral of Acquisition Costs(94.2)(83.3)(275.5)(253.7)(331.7)(320.9)
Amortization of Deferred Acquisition Costs77.2 71.4 216.8 208.2 283.3 292.5 
Other Expenses414.4 405.9 1,269.7 1,240.8 1,652.0 1,602.9 
Total1,761.4 1,486.0 5,239.4 4,852.1 6,518.9 6,168.5 
Segment Adjusted Operating Income$315.3 $486.8 $982.8 $1,134.1 $1,427.6 $1,582.8 
Operating Ratios (% of Premium Income):
Benefit Ratio1
62.0 %51.1 %60.9 %57.2 %58.2 %56.1 %
Other Expense Ratio2
21.7 %22.4 %22.2 %22.5 %22.6 %22.5 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024 as well as refinements during the third quarter of 2026. Excluding these items, benefit ratios were 64.8% and 61.8% for the three and nine months ended September 30, 2026, respectively, 59.5% and 60.0% for the three and nine months ended September 30, 2025, and 60.3% and 58.2% for the years ended December 31, 2025 and 2024, respectively.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.


9

Unum Group Financial Results for Unum US Group Disability
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability$489.9 $499.2 $1,484.0 $1,511.5 $2,011.1 $2,086.1 
Group Short-term Disability326.7 286.0 969.6 853.6 1,138.4 1,084.0 
Total Premium Income816.6 785.2 2,453.6 2,365.1 3,149.5 3,170.1 
Net Investment Income79.7 75.3 230.2 223.8 296.0 311.2 
Other Income60.4 58.8 181.4 171.4 228.6 232.1 
Total956.7 919.3 2,865.2 2,760.3 3,674.1 3,713.4 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain548.3 375.3 1,608.5 1,355.1 1,858.5 1,781.8 
Commissions69.3 61.9 207.9 190.8 250.1 244.4 
Deferral of Acquisition Costs(17.9)(14.2)(51.9)(46.5)(60.7)(62.2)
Amortization of Deferred Acquisition Costs16.3 15.4 44.6 41.5 58.2 64.7 
Other Expenses245.9 241.6 751.6 736.1 982.4 973.5 
Total861.9 680.0 2,560.7 2,277.0 3,088.5 3,002.2 
Segment Adjusted Operating Income$94.8 $239.3 $304.5 $483.3 $585.6 $711.2 
Operating Ratios (% of Premium Income):
Benefit Ratio1
67.1 %47.8 %65.6 %57.3 %59.0 %56.2 %
Other Expense Ratio2
28.0 %28.6 %28.5 %29.0 %29.1 %28.6 %
Persistency:
Group Long-term Disability91.4 %90.6 %91.1 %93.3 %
Group Short-term Disability90.9 %88.6 %88.9 %91.7 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024 as well as refinements during the third quarter of 2026. Excluding these items, benefit ratios were 70.6% and 66.8% for the three and nine months ended September 30, 2026, respectively, 61.3% and 61.8% for the three and nine months ended September 30, 2025, and 62.4% and 59.0% for the years ended December 31, 2025 and 2024, respectively.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.
9. 1

Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Life$498.1 $468.3 $1,493.2 $1,404.5 $1,871.1 $1,784.7 
Accidental Death & Dismemberment53.3 48.9 160.1 146.3 195.6 186.1 
Total Premium Income551.4 517.2 1,653.3 1,550.8 2,066.7 1,970.8 
Net Investment Income24.9 21.2 71.7 60.5 81.6 88.3 
Other Income— 0.5 1.0 1.0 1.2 1.5 
Total576.3 538.9 1,726.0 1,612.3 2,149.5 2,060.6 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain379.3 338.5 1,083.4 1,057.3 1,391.8 1,294.2 
Commissions52.2 46.5 154.3 141.0 186.3 168.0 
Deferral of Acquisition Costs(13.3)(11.0)(39.0)(34.7)(45.5)(40.6)
Amortization of Deferred Acquisition Costs11.9 10.7 31.9 26.4 39.0 38.4 
Other Expenses68.0 63.0 208.9 191.7 255.4 243.0 
Total498.1 447.7 1,439.5 1,381.7 1,827.0 1,703.0 
Segment Adjusted Operating Income$78.2 $91.2 $286.5 $230.6 $322.5 $357.6 
Operating Ratios (% of Premium Income):
Benefit Ratio1
68.8 %65.4 %65.5 %68.2 %67.3 %65.7 %
Other Expense Ratio12.3 %12.2 %12.6 %12.4 %12.4 %12.3 %
Persistency:
Group Life92.3 %89.8 %90.2 %92.0 %
Accidental Death & Dismemberment91.9 %88.6 %89.1 %91.2 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024. Excluding these items, benefit ratios were 69.7% and 65.8% for the three and nine months ended September 30, 2026, respectively, 66.0% and 68.4% for the three and nine months ended September 30, 2025, and 67.5% and 66.4% for the years ended December 31, 2025 and 2024, respectively.
9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Voluntary Benefits$250.9 $231.6 $756.4 $700.2 $927.4 $879.2 
Individual Disability144.6 140.0 433.9 475.4 615.1 566.0 
Dental and Vision83.1 81.4 248.1 243.4 324.8 297.1 
Total Premium Income478.6 453.0 1,438.4 1,419.0 1,867.3 1,742.3 
Net Investment Income60.3 55.4 177.1 171.6 226.6 232.7 
Other Income
4.8 6.2 15.5 23.0 29.0 2.3 
Total543.7 514.6 1,631.0 1,613.6 2,122.9 1,977.3 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain217.1 182.4 684.1 639.2 870.1 788.7 
Commissions97.8 87.4 290.2 273.4 358.5 316.9 
Deferral of Acquisition Costs(63.0)(58.1)(184.6)(172.5)(225.5)(218.1)
Amortization of Deferred Acquisition Costs49.0 45.3 140.3 140.3 186.1 189.4 
Other Expenses100.5 101.3 309.2 313.0 414.2 386.4 
Total401.4 358.3 1,239.2 1,193.4 1,603.4 1,463.3 
Segment Adjusted Operating Income$142.3 $156.3 $391.8 $420.2 $519.5 $514.0 
Operating Ratios (% of Premium Income):
Benefit Ratio1
45.4 %40.3 %47.6 %45.0 %46.6 %45.3 %
Other Expense Ratio21.0 %22.4 %21.5 %22.1 %22.2 %22.2 %
Persistency:
Voluntary Benefits75.9 %76.5 %76.5 %76.0 %
Individual Disability87.4 %87.7 %87.7 %89.0 %
Dental and Vision78.4 %83.1 %83.3 %81.4 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024 as well as refinements during the third quarter of 2026. Excluding these items, benefit ratios were 49.0% and 48.8% for the three and nine months ended September 30, 2026, respectively, 48.9% and 47.7% for the three and nine months ended September 30, 2025, and 48.7% and 47.6% for the years ended December 31, 2025 and 2024, respectively.
9. 3

Unum Group Financial Results for Unum International Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability$107.6 $111.3 $319.9 $319.4 $427.5 $418.0 
Group Life78.9 71.9 233.1 201.6 275.7 211.3 
Supplemental51.3 47.4 152.4 136.3 184.2 165.6 
Unum Poland53.8 50.5 162.2 141.6 195.4 154.6 
Total Premium Income291.6 281.1 867.6 798.9 1,082.8 949.5 
Net Investment Income37.4 36.2 109.2 110.9 145.6 128.8 
Other Income2.1 2.9 8.1 3.3 7.7 1.6 
Total331.1 320.2 984.9 913.1 1,236.1 1,079.9 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain251.7 195.0 681.9 555.5 767.4 656.7 
Commissions28.5 26.1 88.7 73.6 95.7 82.5 
Deferral of Acquisition Costs (6.8)(5.5)(23.1)(16.4)(22.0)(17.8)
Amortization of Deferred Acquisition Costs3.6 2.7 9.7 7.8 10.7 9.5 
Other Expenses53.9 57.7 172.3 168.1 226.6 198.7 
Total330.9 276.0 929.5 788.6 1,078.4 929.6 
Segment Adjusted Operating Income$0.2 $44.2 $55.4 $124.5 $157.7 $150.3 



10

Unum Group Financial Results for Unum UK
Three Months EndedNine Months EndedYear Ended
(in millions of pounds, except exchange rate)
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability£80.1 £82.5 £237.9 £242.7 £324.0 £327.0 
Group Life58.7 53.3 173.3 153.1 208.8 165.1 
Supplemental38.1 35.2 113.3 103.6 139.6 129.5 
Total Premium Income176.9 171.0 524.5 499.4 672.4 621.6 
Net Investment Income25.0 24.1 72.7 76.1 99.4 91.9 
Other Income1.3 2.2 5.1 2.2 5.3 0.1 
Total203.2 197.3 602.3 577.7 777.1 713.6 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain160.9 125.5 430.6 359.1 493.8 440.2 
Commissions13.6 11.3 42.8 32.1 40.6 38.2 
Deferral of Acquisition Costs(1.7)(0.8)(7.0)(2.9)(3.9)(3.8)
Amortization of Deferred Acquisition Costs1.6 1.3 4.1 3.7 4.9 5.2 
Other Expenses30.2 33.0 97.5 99.8 133.5 122.4 
Total204.6 170.3 568.0 491.8 668.9 602.2 
Segment Adjusted Operating Income (Loss)£(1.4)£27.0 £34.3 £85.9 £108.2 £111.4 
Weighted Average Pound/Dollar Exchange Rate1.344 1.348 1.345 1.314 1.318 1.278 
Operating Ratios (% of Premium Income):
Benefit Ratio1
91.0 %73.4 %82.1 %71.9 %73.4 %70.8 %
Other Expense Ratio17.1 %19.3 %18.6 %20.0 %19.9 %19.7 %
Persistency:
Group Long-term Disability88.3 %92.3 %92.3 %92.0 %
Group Life86.0 %90.2 %90.1 %89.1 %
Supplemental91.5 %93.6 %93.3 %90.4 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024. Excluding these items, benefit ratios were 80.5% and 78.5% for the three and nine months ended September 30, 2026, respectively, 73.8% and 72.0% for the three and nine months ended September 30, 2025, and 73.5% and 69.8% for the years ended December 31, 2025 and 2024, respectively.
10. 1

Unum Group Financial Results for Colonial Life Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability$251.6 $247.5 $758.9 $743.7 $993.5 $969.5 
Life127.2 118.7 386.6 360.7 483.6 458.0 
Cancer and Critical Illness91.2 90.3 274.6 271.5 362.0 356.4 
Total Premium Income470.0 456.5 1,420.1 1,375.9 1,839.1 1,783.9 
Net Investment Income50.3 44.3 147.2 129.1 172.6 161.5 
Other Income0.5 0.6 1.6 1.3 1.6 4.0 
Total520.8 501.4 1,568.9 1,506.3 2,013.3 1,949.4 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain178.5 211.3 618.7 652.6 876.2 804.7 
Commissions102.8 96.7 312.6 292.6 398.6 378.4 
Deferral of Acquisition Costs(87.3)(84.7)(267.7)(250.9)(343.4)(312.8)
Amortization of Deferred Acquisition Costs63.5 58.2 187.4 173.9 233.1 219.0 
Other Expenses93.9 94.4 289.3 279.5 376.3 347.4 
Total351.4 375.9 1,140.3 1,147.7 1,540.8 1,436.7 
Segment Adjusted Operating Income$169.4 $125.5 $428.6 $358.6 $472.5 $512.7 
Operating Ratios (% of Premium Income):
Benefit Ratio1
38.0 %46.3 %43.6 %47.4 %47.6 %45.1 %
Other Expense Ratio20.0 %20.7 %20.4 %20.3 %20.5 %19.5 %
Persistency:
Accident, Sickness, and Disability74.0 %74.3 %74.1 %73.7 %
Life84.3 %84.3 %84.2 %84.4 %
Cancer and Critical Illness81.3 %82.5 %82.1 %82.2 %
1Benefit ratios include reserve assumption updates during the third quarters of 2026, 2025, and 2024. Excluding these items, benefit ratios were 47.0% and 46.6% for the three and nine months ended September 30, 2026, respectively, 48.2% and 48.1% for the three and nine months ended September 30, 2025, and 48.1% and 47.7% for the years ended December 31, 2025 and 2024, respectively.
11

Unum Group Financial Results for Closed Block Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Long-term Care $161.4 $158.6 $480.2 $510.7 $670.8 $696.1 
All Other31.1 36.4 99.3 118.5 154.8 184.7 
Total Premium Income192.5 195.0 579.5 629.2 825.6 880.8 
Net Investment Income245.9 224.7 701.1 778.9 1,016.5 1,148.9 
Other Income9.6 16.3 30.5 38.3 49.9 51.7 
Total448.0 436.0 1,311.1 1,446.4 1,892.0 2,081.4 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain493.4 1,022.8 1,394.6 1,912.7 2,301.3 1,591.8 
Commissions14.4 16.6 44.1 50.5 66.1 68.4 
Other Expenses75.8 78.9 228.7 168.3 246.9 174.6 
Total583.6 1,118.3 1,667.4 2,131.5 2,614.3 1,834.8 
Segment Adjusted Operating Income (Loss)$(135.6)$(682.3)$(356.3)$(685.1)$(722.3)$246.6 
Long-term Care Net Premium Ratio1
98.1 %97.6 %97.5 %94.6 %
Operating Ratios (% of Premium Income):
Other Expense Ratio39.4 %40.5 %39.5 %26.7 %29.9 %19.8 %
1Gross of reinsurance.
12

Unum Group Financial Results for Corporate Segment
Three Months EndedNine Months EndedYear Ended
9/30/20269/30/20259/30/20269/30/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Adjusted Net Investment Income$23.9 $19.7 $64.0 $75.9 $93.8 $58.6 
Other Income— 0.3 1.1 — 0.4 1.3 
Total23.9 20.0 65.1 75.9 94.2 59.9 
Interest Expense, Policy Benefits, and Adjusted Other Expenses69.6 67.7 198.9 196.4 265.8 251.1 
Segment Adjusted Operating Loss(45.7)(47.7)(133.8)(120.5)(171.6)(191.2)
Strategic Actions— — (30.7)— — — 
Settlement Loss on the U.S. Pension Plan Annuity Purchase— — — — (103.8)— 
Loss on Legal Settlement— — — — — (15.3)
Accelerated Charitable Contribution— — — — (20.0)— 
Loss Before Income Tax and Net Investment Gains and Losses$(45.7)$(47.7)$(164.5)$(120.5)$(295.4)$(206.5)



13

Unum Group Investments
9/30/20269/30/202612/31/2025
Fixed Maturity Securities (Fair Value)Selected Statistics
Corporate Bonds$27,004.0 81.9 %Earned Book Yield4.38 %4.35 %
Municipal Securities
2,706.4 8.2 Average Duration (in years)8.348.42
Foreign Governments
835.2 2.5 
Asset-Backed Securities1
643.9 2.0 
Mortgage-Backed Securities
1,002.7 3.0 
United States Government and Agencies
794.6 2.4 
Redeemable Preferred Stocks
7.7 — 
Total$32,994.5 100.0 %
9/30/2026
Fixed Maturity Securities (Fair Value)
Public
$27,072.2 82.1 %
Private2
5,922.3 17.9 
Total
$32,994.5 100.0 %
Amortized CostFair Value
Quality Ratings of Fixed Maturity SecuritiesPrivate Equity Partnerships9/30/202612/31/2025
Aaa3.9 %4.0 %Private Credit Partnerships$219.7 $255.8 
Aa18.0 17.2 Private Equity Partnerships677.8 651.4 
A34.3 34.6    Real Asset Partnerships550.6 549.1 
Baa40.3 40.6 Total$1,448.1 $1,456.3 
Below Baa3.5 3.6 
Total100.0 %100.0 %
Non-Current Investments$— $— 

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types.
2Excludes Rule 144A securities, which are included in Public investments.
14

Unum Group Investments at September 30, 2026
Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
ClassificationFair ValueNet Unrealized Gain (Loss)Fair Value with Gross Unrealized LossGross Unrealized LossFair Value with Gross Unrealized GainGross Unrealized Gain
Basic Industry$1,931.1 $(155.1)$1,374.6 $(166.4)$556.5 $11.3 
Capital Goods2,613.5 (207.4)1,848.7 (230.9)764.8 23.5 
Communications1,876.2 (135.6)1,071.8 (172.5)804.4 36.9 
Consumer Cyclical1,079.3 (122.4)752.6 (127.5)326.7 5.1 
Consumer Non-Cyclical5,301.3 (633.5)3,729.5 (664.4)1,571.8 30.9 
Energy2,058.0 (61.8)1,031.8 (97.4)1,026.2 35.6 
Financial Institutions4,347.7 (379.0)3,224.3 (382.0)1,123.4 3.0 
Mortgage/Asset-Backed1
1,646.6 (34.3)898.4 (37.5)748.2 3.2 
Sovereigns835.2 (188.2)619.7 (190.6)215.5 2.4 
Technology1,582.4 (176.9)1,330.2 (179.5)252.2 2.6 
Transportation1,386.2 (158.0)1,118.6 (162.6)267.6 4.6 
U.S. Government Agencies and Municipalities3,501.0 (592.4)2,478.5 (617.9)1,022.5 25.5 
Public Utilities4,836.0 (379.1)3,062.8 (422.4)1,773.2 43.3 
Total$32,994.5 $(3,223.7)$22,541.5 $(3,451.6)$10,453.0 $227.9 
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
Investment-GradeBelow-Investment-Grade
CategoryFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
Less than 91 days$4,961.6 $(173.9)$476.3 $(12.6)
91 through 180 days2,240.4 (137.9)76.7 (8.4)
181 through 270 days2,492.1 (191.5)96.7 (7.9)
271 days to 1 year722.3 (94.1)13.6 (1.4)
Greater than 1 year11,301.3 (2,779.1)160.5 (44.8)
Total$21,717.7 $(3,376.5)$823.8 $(75.1)
1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types.
14.1

Appendix to Statistical Supplement
2026 Significant Items:

•In July 2026, Unum Life Insurance Company of America (Unum America) entered into a master transaction agreement, effective April 2026, with Fortitude Reinsurance Company Ltd. (Fortitude Re) which is expected to result in the execution of a coinsurance agreement in November 2026. This reinsurance agreement reinsures approximately 28 percent of total Closed Block long-term care future policy benefits as of March 31, 2026. In connection with this reinsurance transaction, we recognized a net investment loss of $833.5 million during the third quarter of 2026.
•During the third quarter of 2026, we recognized a net tax only benefit of $12.0 million, reflecting the effect of the release of an unrecognized tax benefit liability of $188.2 million, mostly offset by a deferred tax asset valuation allowance of $176.2 million.
•During the third quarter of 2026, we recognized a net reserve decrease of $28.7 million before tax related to reserve assumption updates, which included $83.7 million related to our core operating segments, and a reserve increase related to refinements of $17.5 million before tax in our core operating segments.
•During the second quarter of 2026, we incurred expenses of $30.7 million before tax related to certain strategic actions.

2025 Significant Items:

•In February 2025, Unum America entered into a master transaction agreement with Fortitude Re which resulted in the execution of a coinsurance agreement during July 2025. This reinsurance agreement reinsures a portion of our Closed Block long-term care business and a portion of our Unum US individual disability business on a coinsurance basis to Fortitude Re effective January 2025. Upon closing the transaction in July of 2025, we transferred to Fortitude Re $953.5 million of cash as well as fixed maturity securities with a fair value totaling $3,230.1 million and accrued investment income of $47.1 million. After consideration of the final settlement, the final ceding commission related to this transaction was $442.3 million. As a result of this reinsurance agreement, we recognized the following:
•Net realized investment loss of $46.8 million during the year ended December 31, 2025.
•Reinsurance recoverable of $3,620.5 million comprised of ceded reserves of $3,315.2 million related to the Closed Block long-term care product line and $305.3 million related to the Unum US individual disability product line.
•Cost of reinsurance of $848.2 million related to the Closed Block long-term care product line and a deferred gain on reinsurance related to the Unum US individual disability product line of $145.9 million.
•Write-off of deferred acquisition costs related to the Unum US individual disability product line of $100.3 million which is included as a component of deferred gain on reinsurance.
•During the third quarter of 2025, we recognized a net reserve increase of $478.5 million before tax related to reserve assumption updates, including a net reserve decrease of $162.0 million related to our core operating segments.
•During the fourth quarter of 2025, we incurred a loss related to an accelerated charitable contribution of $20.0 million before tax.
•During the fourth quarter of 2025, we incurred a settlement loss of $103.8 million before tax related to a purchase of an annuity contract which transferred a portion of our U.S. qualified defined benefit pension plan obligation to a third party.

2024 Significant Items:

•During the third quarter of 2024, we recognized a net reserve decrease of $357.4 million before tax related to reserve assumption updates, including $182.1 million related to our core operating segments.
•During the third quarter of 2024, we incurred a loss of $15.3 million before tax for the settlement of an employment-related matter.




15

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business:

•After-tax adjusted operating income or loss, which excludes investment gains or losses, Closed Block segment adjusted operating income or loss, as well as certain other items, as applicable;
•Adjusted operating return on equity, which is calculated using our core operating segments after-tax segment adjusted operating income or loss and our core operating segments' equity adjusted to exclude the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•After-tax segment adjusted operating income or loss, which excludes investment gains or losses, as well as certain other items, as applicable;
•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives;
•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (AOCI);
•Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results.

We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of operations due to the following items:

•Segment adjusted operating revenue, which excludes investment gains or losses, as well as certain other items, as applicable;
•Segment adjusted operating income or loss, which excludes investment gains or losses, as well as certain other items, as applicable.

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures.

We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation.

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.

15.1

We no longer exclude reserve assumption updates from our adjusted operating results, and prior period financial information has been adjusted to conform to this updated presentation.

For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.3, other than book value per common share, which is presented on page 2.


15.2

Reconciliation of Non-GAAP Financial Measures

Three Months EndedYear Ended
September 30
June 30March 31December 31September 30December 31December 31
2026202520252024
Total Revenue$2,547.5 $3,370.0 $3,355.2 $3,244.1 $3,378.4 $13,075.5 $12,887.3 
Excluding:
Net Investment Gain (Loss)(853.0)(5.2)(5.0)(10.1)128.0 (106.6)(34.6)
Strategic Actions— (16.3)— — — — — 
Segment Adjusted Operating Revenue
$3,400.5 $3,391.5 $3,360.2 $3,254.2 $3,250.4 $13,182.1 $12,921.9 

Three Months EndedYear Ended
September 30June 30March 31December 31September 30December 31December 31
2026202520252024
Income (Loss) Before Income Tax$(549.4)$329.5 $302.7 $218.4 $54.5 $933.5 $2,251.3 
Excluding:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transactions(833.5)— — — 137.6 (46.8)— 
Net Investment Loss, Other
(19.5)(5.2)(5.0)(10.1)(9.6)(59.8)(34.6)
Net Investment Gain (Loss)(853.0)(5.2)(5.0)(10.1)128.0 (106.6)(34.6)
Strategic Actions— (30.7)— — — — — 
Settlement Loss on the U.S. Pension Plan Annuity Purchase
— — — (103.8)— (103.8)— 
Accelerated Charitable Contribution
— — — (20.0)— (20.0)— 
Loss on Legal Settlement
— — — — — — (15.3)
Segment Adjusted Operating Income (Loss)$303.6 $365.4 $307.7 $352.3 $(73.5)$1,163.9 $2,301.2 
15.3

Reconciliation of Non-GAAP Financial Measures - Continued

After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2026
Unum US$249.8 $4,356.1 22.9 %
Unum International2.6 729.9 1.4 %
Colonial Life134.1 2,176.4 24.6 %
Core Operating Segments386.5 7,262.4 21.3 %
Corporate(37.5)1,168.4 
Closed Block(106.7)3,428.7 
Total$242.3 $11,859.5 
Three Months Ended September 30, 2025
Unum US$384.8 $4,428.5 34.8 %
Unum International34.1 804.6 17.0 %
Colonial Life99.1 2,008.0 19.7 %
Core Operating Segments518.0 7,241.1 28.6 %
Corporate(38.6)766.0 
Closed Block(540.9)4,640.1 
Total$(61.5)$12,647.2 

1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.7.
15.4

Reconciliation of Non-GAAP Financial Measures - Continued

After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
Annualized Adjusted Operating Return on Equity
Nine Months Ended September 30, 2026
Unum US$778.6 $4,353.8 23.8 %
Unum International46.4 779.2 7.9 %
Colonial Life339.3 2,144.2 21.1 %
Core Operating Segments1,164.3 7,277.2 21.3 %
Corporate(116.8)1,188.5 
Closed Block(284.4)3,525.9 
Total$763.1 $11,991.6 
Nine Months Ended September 30, 2025
Unum US$896.2 $4,484.1 26.6 %
Unum International97.8 789.8 16.5 %
Colonial Life283.0 1,982.4 19.0 %
Core Operating Segments1,277.0 7,256.3 23.5 %
Corporate(88.6)555.7 
Closed Block(547.9)4,836.1 
Total$640.5 $12,648.1 

1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.7. Due to updates to our calculation of after-tax adjusted operating income for which the beginning balance of 2026 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2026 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2026. As a result, average equity for the nine months ended September 30, 2026 for certain of our segments will not compute using the historical allocated equity at December 31, 2025.

15.5

Reconciliation of Non-GAAP Financial Measures - Continued

After-Tax Segment Adjusted Operating Income (Loss)
 Average Allocated Equity1
 Adjusted Operating Return on Equity
Year Ended December 31, 2025
Unum US$1,128.1 $4,441.2 25.4 %
Unum International122.9 799.0 15.4 %
Colonial Life372.9 2,011.0 18.5 %
Core Operating Segments1,623.9 7,251.2 22.4 %
Corporate(124.2)555.2 
Closed Block(579.9)4,830.0 
Total$919.8 $12,636.4 
Year Ended December 31, 2024
Unum US$1,251.0 $4,523.2 27.7 %
Unum International115.3 776.8 14.8 %
Colonial Life404.5 1,869.2 21.6 %
Core Operating Segments1,770.8 7,169.2 24.7 %
Corporate(137.1)53.8 
Closed Block184.5 5,324.1 
Total$1,818.2 $12,547.1 

1 Excludes unrealized loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net loss on derivatives and is calculated using the stockholders' equity balances presented on page 15.7.


15.6

Reconciliation of Non-GAAP Financial Measures - Continued



Average allocated equity is computed as follows:
9/30/20266/30/202612/31/20259/30/20256/30/202512/31/202412/31/2023
Total Stockholders' Equity$10,761.6 $10,809.5 $11,119.1 $10,908.8 $11,320.0 $10,961.1 $9,651.4 
Excluding:
Net Unrealized Loss on Securities
(3,215.8)(2,292.8)(2,003.1)(1,978.2)(2,253.7)(2,755.2)(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits2,876.8 1,174.5 929.9 656.6 1,058.9 1,185.4 (648.4)
Net Unrealized Loss on Derivatives
(411.3)(279.2)(278.8)(264.2)(285.0)(270.7)(73.7)
Total Adjusted Stockholders' Equity$11,511.9 $12,207.0 $12,471.1 $12,494.6 $12,799.8 $12,801.6 $12,292.6 
Three Months EndedNine Months EndedTwelve Months EndedThree Months EndedNine Months EndedTwelve Months Ended
9/30/202612/31/20259/30/202512/31/2024
Average Adjusted Stockholders' Equity $11,859.5 $11,991.6 $12,636.4 $12,647.2 $12,648.1 $12,547.1 


15.7

Three Months Ended September 30Nine Months Ended September 30Year Ended December 31
20262025202620252025
2024
(in millions)
(in millions)
(in millions)
Net Income (Loss)$(419.7)$39.7 $69.2 $564.4 $738.5 $1,779.1 
Excluding Before-Tax Reconciling Items:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to Fortitude Re Reinsurance Transactions(833.5)137.6 (833.5)(46.8)(46.8)— 
Net Investment Loss, Other(19.5)(9.6)(29.7)(49.7)(59.8)(34.6)
Total Net Investment Gain (Loss)(853.0)128.0 (863.2)(96.5)(106.6)(34.6)
Closed Block Segment Before-Tax Adjusted Operating Income (Loss)(135.6)(682.3)(356.3)(685.1)(722.3)246.6 
Strategic Actions— — (30.7)— — — 
Settlement Loss on the U.S. Pension Plan Annuity Purchase— — — — (103.8)— 
Accelerated Charitable Contribution— — — — (20.0)— 
Loss on Legal Settlement— — — — — (15.3)
Total Before-Tax Reconciling Items(988.6)(554.3)(1,250.2)(781.6)(952.7)196.7 
Income Tax Expense (Benefit) on Reconciling Items1
(207.9)(114.6)(259.9)(157.6)(191.5)51.3 
Income Tax Only Reconciling Items2
(12.0)— (12.0)— — — 
After-Tax Adjusted Operating Income$349.0 $479.4 $1,047.5 $1,188.4 $1,499.7 $1,633.7 
After-Tax Adjusted Operating Income Per Share*$2.20 $2.81 $6.56 $6.81 $8.67 $8.69 
1 The income tax expense (benefit) on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate.
2 Reflects the tax benefit of $188.2 million related to the release of an unrecognized tax benefit liability and a tax expense of $176.2 million related to a valuation allowance on certain deferred tax assets.
*Assuming Dilution.










15.8




Reconciliation of Non-GAAP Financial Measures - Continued


September 30December 31
2026202520252024
Debt$3,765.7 $3,745.7 $3,767.6 $3,739.8 
Including:
Lease Liability 69.3 77.7 78.9 69.4 
Adjusted Debt and Lease Liability$3,835.0 $3,823.4 $3,846.5 $3,809.2 
Total Stockholders' Equity$10,761.6 $10,908.8 $11,119.1 $10,961.1 
Excluding:
Net Unrealized Loss on Securities(3,215.8)(1,978.2)(2,003.1)(2,755.2)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits2,876.8 656.6 929.9 1,185.4 
Net Loss on Derivatives(411.3)(264.2)(278.8)(270.7)
Equity, As Adjusted11,511.9 12,494.6 12,471.1 12,801.6 
Debt, As Adjusted and Lease Liability3,835.0 3,823.4 3,846.5 3,809.2 
Total Adjusted Capital$15,346.9 $16,318.0 $16,317.6 $16,610.8 
Leverage Ratio25.0 %23.4 %23.6 %22.9 %
15.9

Reconciliation of Non-GAAP Financial Measures - Continued


Three Months Ended
September 30, 2026September 30, 2025
Premium Income
Premium Income, Local Currency1
Weighted Average Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$237.8 £171.0 1.344 $229.8 
Unum Poland53.8 zł184.0 0.266 48.9 
Total291.6 278.7 
Unum US1,846.6 $1,755.4 1,755.4 
Colonial Life470.0 $456.5 456.5 
Core Operations$2,608.2 $2,490.6 

Nine Months Ended
September 30, 2026September 30, 2025
Premium Income
Premium Income, Local Currency1
Weighted Average Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$705.4 £499.4 1.345 $671.7 
Unum Poland162.2 zł536.1 0.272 145.8 
Total867.6 817.5 
Unum US5,545.3 $5,334.9 5,334.9 
Colonial Life1,420.1 $1,375.9 1,375.9 
Core Operations$7,833.0 $7,528.3 
1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and millions of U.S. dollars for Unum US and Colonial Life.
2Exchange rate is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.
15.10

Source: View Original Filing on SEC EDGAR

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