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Stronger Q1 2026 results for Unum Group (NYSE: UNM) with higher EPS

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Unum Group reported solid first-quarter 2026 results, with net income of $232.0 million, or $1.41 per diluted share, compared to $189.1 million, or $1.06 per share, a year earlier. Excluding investment losses and the Closed Block segment, after-tax adjusted operating income was $352.5 million, or $2.14 per diluted share, versus $348.8 million, or $1.95, in 2025.

Core operations were strong, with 14.4 percent sales growth, 3.9 percent premium growth on a constant currency basis, and a 21.7 percent adjusted operating return on equity. Unum returned substantial capital through approximately $400 million of share repurchases and $78.4 million of dividends, while maintaining holding company liquidity of $1.7 billion and a traditional U.S. life risk-based capital ratio of about 460 percent.

Book value per common share was $67.76, up 6.2 percent over the prior-year quarter, and book value per share excluding AOCI was $78.93, up 3.6 percent. Management reaffirmed confidence in the business with a full-year 2026 outlook for after-tax adjusted operating income per share of $8.60 to $8.90, representing approximately 8 percent to 12 percent growth versus the redefined 2025 result of $7.93 per share.

Positive

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Insights

Unum posts steady Q1 growth, strong capital, and disciplined buybacks.

Unum Group delivered Q1 2026 net income of $232.0 million, with after-tax adjusted operating income of $352.5 million or $2.14 per diluted share. Core segments generated a combined adjusted operating return on equity of 21.7%, indicating healthy profitability across the U.S., international, and Colonial Life businesses.

Capital strength remains a key feature. Traditional U.S. life insurance subsidiaries show a risk-based capital ratio of roughly 460%, while holding company liquidity stands at $1.7 billion. This supports continued capital management, including Q1 share repurchases of $402.4 million and dividends of $78.4 million, even as Closed Block results were a drag.

Management’s full-year 2026 outlook for after-tax adjusted operating EPS of $8.60–$8.90, versus $7.93 in 2025, implies 8–12% growth. Actual delivery will depend on maintaining favorable sales and premium trends, stable benefit ratios in key lines, and managing volatility in the Closed Block long-term care portfolio.

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, and exhibit attachments filed with this report.
Net income $232.0 million Three months ended March 31, 2026
After-tax adjusted operating income $352.5 million Q1 2026, excluding investment losses and Closed Block
Adjusted EPS $2.14 per diluted share After-tax adjusted operating income per diluted share, Q1 2026
Total revenue $3,355.2 million Q1 2026 consolidated revenue
Share repurchases $402.4 million Cost of 5.4 million shares repurchased in Q1 2026
Book value per share $67.76 Book value per common share as of March 31, 2026
Book value per share excluding AOCI $78.93 Book value per common share excluding AOCI as of March 31, 2026
2026 adjusted EPS outlook $8.60–$8.90 per share Full-year 2026 after-tax adjusted operating income per share guidance
after-tax adjusted operating income financial
"after-tax adjusted operating income was $352.5 million ($2.14 per diluted common share)"
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.
segment adjusted operating income financial
"We measure and analyze our segment performance on the basis of "segment adjusted operating income""
Segment adjusted operating income is the profit a specific part of a business generates from its core activities after removing one-time items, unusual charges, or accounting quirks that can distort results. Investors use it to see how a particular division is really performing, like checking a player’s game stats after ignoring fluke plays, so they can compare divisions and track true operating trends over time.
risk-based capital ratio financial
"weighted average risk-based capital ratio of approximately 460 percent, well above target levels"
A risk-based capital ratio compares a financial firm's capital (the cushion of money it can lose without collapsing) to its assets after those assets are scaled up or down based on how risky they are. Think of it like measuring how strong a boat's lifeboats are relative to how stormy the water is—higher ratios mean a bigger safety buffer. Investors use it to judge a bank or insurer's ability to survive losses and to predict regulatory pressure or limits on dividends and growth.
benefit ratio financial
"The benefit ratio for the first quarter of 2026 was 63.7 percent, compared to 61.8 percent"
Closed Block segment financial
"The Closed Block segment reported a segment adjusted operating loss of $145.3 million"
constant currency financial
"premium growth on a constant currency basis; strong core operations margins"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
Net income $232.0 million compared to $189.1 million in the first quarter of 2025
Adjusted EPS $2.14 per diluted share compared to $1.95 per diluted share in the first quarter of 2025
Premium income $2,794.0 million compared to $2,702.9 million in the first quarter of 2025
Sales growth 14.4 percent sales growth on core operations top-line in the quarter
Book value per common share $67.76 grew 6.2 percent over the year-ago quarter
Book value per share excluding AOCI $78.93 grew 3.6 percent over the year-ago quarter
Guidance

Full-year 2026 outlook for after-tax adjusted operating income per share of $8.60 to $8.90, representing approximately 8 percent to 12 percent growth versus the redefined full-year 2025 result of $7.93 per share.

Understanding 8-K Material Events →
0000005513FALSE00000055132026-04-282026-04-280000005513exch:XNYSus-gaap:CommonClassAMember2026-04-282026-04-280000005513exch:XNYSunm:A6250JuniorSubordinatedNotesDue2058Member2026-04-282026-04-28


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): April 28, 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 April 28, 2026, Unum Group (the "Company") issued a news release reporting its results for the first quarter of 2026, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
Also on April 28, 2026, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the first 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 April 28, 2026, concerning earnings for the first quarter of 2026.
99.2
Statistical Supplement of Unum Group for the first 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: April 28, 2026
By: /s/ J. Paul Jullienne
Name:J. Paul Jullienne
Title:Vice President, Managing Counsel, and
Corporate Secretary



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

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

Unum Group Reports First Quarter 2026 Results

•Net income of $232.0 million ($1.41 per diluted common share) for the first quarter of 2026; after-tax adjusted operating income was $352.5 million ($2.14 per diluted common share).
•Favorable core operations top-line trends continued, with 14.4 percent sales growth and 3.9 percent premium growth on a constant currency basis; strong core operations margins, including 21.7 percent adjusted operating return on equity, drove solid traditional U.S. life insurance company statutory operating earnings of $314.0 million.
•Robust capital return in the quarter with approximately $400 million of shares repurchased, and $78.4 million of common stock dividends; strong balance sheet with holding company liquidity of $1.7 billion and weighted average risk-based capital ratio of approximately 460 percent, well above target levels.
•Book value per common share of $67.76 grew 6.2 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $78.93 grew 3.6 percent over the year-ago quarter.

CHATTANOOGA, Tenn. (April 28, 2026) - Unum Group (NYSE: UNM) today reported net income of $232.0 million ($1.41 per diluted common share) for the first quarter of 2026, compared to net income of $189.1 million ($1.06 per diluted common share) for the first quarter of 2025.

Included in net income for the first quarter of 2026 is a net after-tax investment loss on the Company’s investment portfolio of $4.0 million ($0.03 per diluted common share) and the Closed Block segment after-tax adjusted operating loss of $116.5 million ($0.70 per diluted common share). Included in net income for the first quarter of 2025 is a net after-tax investment loss on the Company’s investment portfolio of $163.4 million ($0.91 per diluted common share) and the Closed Block segment after-tax adjusted operating income of $3.7 million ($0.02 per diluted common share). Excluding the items above, after-tax adjusted operating income was $352.5 million ($2.14 per diluted common share) in the first quarter of 2026, compared to $348.8 million ($1.95 per diluted common share) in the first quarter of 2025.

We applied updates throughout this document which reflects changes to prior year reported information to align to current year presentation. See "Non-GAAP Financial Measures" beginning on page 4 for more information regarding this update.

“The first quarter marked a strong start to the year, with solid top and bottom line performance across our businesses,” said Richard P. McKenney, president and chief executive officer. “Customer demand remained positive, as a strong increase in sales coupled with good retention rates drove overall premium growth. Our approach to the market continues to resonate with employers and distribution partners. Actions taken in the Closed Block in 2025 continue to result in an improving risk profile including some employers’ decisions to discontinue their long-term care plans. As part of our disciplined capital deployment strategy, we returned substantial capital to shareholders, through $400 million in share repurchases and $78 million in dividends. As we look ahead, we remain confident in our resilient business model, strong capital position, and ability to deliver for our customers and shareholders.”


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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 before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, reserve assumption updates, 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. Reserve assumption updates may result in increases or decreases to earnings. 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 before income tax, net income, or net loss. 

Unum US Segment

Unum US reported an increase of 2.7 percent in segment adjusted operating income to $337.9 million in the first quarter of 2026, compared to $329.1 million in the first quarter of 2025. Premium income increased 3.3 percent to $1,840.5 million in the first quarter of 2026, compared to $1,780.9 million in the first quarter of 2025. Net investment income increased 6.3 percent to $158.3 million in the first quarter of 2026, compared to the $148.9 million in the first quarter of 2025. Sales increased 20.8 percent to $335.1 million in the first quarter of 2026, compared to $277.5 million in the first quarter of 2025.

Within the Unum US operating segment, the group disability line of business reported a 10.6 percent decrease in segment adjusted operating income to $106.6 million in the first quarter of 2026, compared to $119.2 million in the first quarter of 2025. Premium income for the group disability line of business was $809.5 million in the first quarter of 2026, which increased compared to $782.8 million in the first quarter of 2025, due primarily to favorable persistency and prior period sales, partially offset by the expected run off in medical stop-loss premium. Net investment income was $76.0 million in the first quarter of 2026, which was generally consistent compared to $74.0 million in the first quarter of 2025. The benefit ratio for the first quarter of 2026 was 63.7 percent, compared to 61.8 percent in the first quarter of 2025, due to pricing actions, as well as higher incidence in the short-term disability product line. Persistency in the group long-term disability product line was 92.2 percent for the first three months of 2026, compared to 90.7 percent for the first three months of 2025. Persistency in the group short-term disability product line was 90.7 percent for the first three months of 2026, compared to 87.5 percent for the first three months of 2025.

The group life and accidental death and dismemberment line of business reported a 66.3 percent increase in segment adjusted operating income to $115.1 million in the first quarter of 2026, compared to $69.2 million in the first quarter of 2025. Premium income for this line of business increased 6.6 percent to $548.4 million in the first quarter of 2026, compared to the $514.4 million in the first quarter of 2025, due to favorable persistency and prior period sales. Net investment income increased 29.1 percent to $23.5 million in the first quarter of 2026, compared to $18.2 million in the first 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 the yield on invested assets. The benefit ratio in the first quarter of 2026 was 61.8 percent, compared to 69.3 percent in the first quarter of 2025, due to lower claim incidence in the group life and accidental death and dismemberment product lines. Persistency in the group life product line was 92.6 percent for the first three months of 2026, compared to 89.2 percent for the first three months of 2025. Persistency in the accidental death and dismemberment product line was 92.2 percent for the first three months of 2026, compared to 87.9 percent for the first three months of 2025.

The supplemental and voluntary line of business reported a decrease of 17.4 percent in segment adjusted operating income to $116.2 million in the first quarter of 2026, compared to $140.7 million in the first quarter of 2025. Premium income for the supplemental and voluntary line of business decreased 0.2 percent to $482.6 million in the first quarter of 2026, compared to $483.7 million in the first quarter of 2025, due to the impact of ceding a portion of the individual disability product line as a part of the Fortitude Re reinsurance transaction and lower persistency across all product lines, mostly offset by higher sales in the voluntary benefits and individual disability product lines. Net investment income was $58.8 million in the first quarter of 2026, which was generally consistent compared to $56.7 million in the first quarter of 2025. The benefit ratio was 49.9 percent in the first quarter of 2026, compared to 46.1 percent in the first quarter of 2025, primarily due to higher average claim size in the individual disability product line and higher claim incidence within the individual disability and voluntary benefits product lines. Persistency in the voluntary

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benefits product line was 75.8 percent for the first three months of 2026, compared to 76.8 percent for the first three months of 2025. Persistency in the individual disability product line was 87.9 percent for the first three months of 2026, compared to 88.2 percent for the first three months of 2025. Persistency in the dental and vision product line was 79.9 percent for the first three months of 2026, compared to 82.2 percent for the first three months of 2025.

Unum International Segment

The Unum International segment reported segment adjusted operating income of $30.9 million in the first quarter of 2026, a decrease of 20.2 percent from $38.7 million in the first quarter of 2025. Premium income increased 16.2 percent to $286.7 million in the first quarter of 2026, compared to $246.7 million in the first quarter of 2025. Net investment income increased 3.9 percent to $29.6 million in the first quarter of 2026, compared to $28.5 million in the first quarter of 2025. Sales increased 14.1 percent to $42.1 million in the first quarter of 2026, compared to $36.9 million in the first quarter of 2025.

The Unum UK line of business reported segment adjusted operating income, in local currency, of £20.4 million in the first quarter of 2026, a decrease of 30.8 percent from £29.5 million in the first quarter of 2025. Premium income was £172.1 million in the first quarter of 2026, an increase of 6.6 percent from £161.5 million in the first quarter of 2025, due primarily to sales across all product lines. Net investment income was £19.1 million in the first quarter of 2026, a decrease of 5.0 percent from £20.1 million in the first quarter of 2025, due to lower income from inflation index-linked bonds. The benefit ratio was 72.9 percent in the first quarter of 2026, compared to 67.1 percent in the first quarter of 2025, due primarily to higher average claim size and higher claim incidence in the group long-term disability product line. Sales increased 15.0 percent to £24.5 million in the first quarter of 2026, compared to £21.3 million in the first quarter of 2025. Persistency in the group long-term disability product line was 90.6 percent for the first three months of 2026, compared to 92.1 percent for the first three months of 2025. Persistency in the group life product line was 87.1 percent for the first three months of 2026, compared to 88.9 percent for the first three months of 2025. Persistency in the supplemental product line was 91.4 percent for the first three months of 2026, compared to 89.4 percent for the first three months of 2025.

Colonial Life Segment

Colonial Life reported segment adjusted operating income of $127.8 million in the first quarter of 2026, a 10.5 percent increase compared to $115.7 million in the first quarter of 2025. Premium income increased 3.4 percent to $472.7 million in the first quarter of 2026, compared to $457.3 million in the first quarter of 2025, due to prior period sales and stable overall persistency. Net investment income increased 10.9 percent to $46.8 million in the first quarter of 2026, compared to $42.2 million in the first quarter of 2025, due to an increase in the allocation of net investment income from our corporate owned excess assets and an increase in the level of invested assets. The benefit ratio was 46.0 percent in the first quarter of 2026, compared to 47.7 percent in the first quarter of 2025, primarily due to favorable benefits experience in the life and cancer and critical illness product lines. Sales increased 0.9 percent to $106.3 million in the first quarter of 2026, compared to $105.3 million in the first quarter of 2025. Persistency in the Colonial Life segment was 78.1 percent for the first three months of 2026 and 2025.

Corporate Segment

The Corporate segment reported a segment adjusted operating loss of $43.6 million in the first quarter of 2026, compared to a segment adjusted operating loss of $41.1 million in the first quarter of 2025, due primarily to decreased net investment income, which was driven by a decrease in the yield on invested assets.



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Closed Block Segment

The Closed Block segment reported a segment adjusted operating loss of $145.3 million in the first quarter of 2026, compared to segment adjusted operating income $8.0 million in the first quarter of 2025, driven primarily by group policy terminations and claim incidence in the long-term care product line and lower net investment income. As a result of benefits experience during the first quarter of 2026, the net premium ratio increased to 97.6 percent from 97.5 percent as of December 31, 2025. Results also reflect robust protections at our Fairwind entity, measured by statutory reserves and excess capital above our best estimate reserves, at $2.2 billion, and continued risk management actions including 15 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 164.4 million for the first quarter of 2026, compared to 178.9 million for the first quarter of 2025. Shares outstanding totaled 160.7 million at March 31, 2026. During the first quarter of 2026, the Company repurchased 5.4 million shares at a total cost of $402.4 million.

Capital Management

At March 31, 2026, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 460 percent, and the holding companies had available holding company liquidity of $1,726.1 million.

Book Value

Book value per common share as of March 31, 2026 was $67.76, compared to $63.78 at March 31, 2025. Book value per common share excluding AOCI as of March 31, 2026 was $78.93, compared to $76.17 at March 31, 2025.

Effective Income Tax Rate

The effective income tax rate used to determine after-tax adjusted operating income was 22.2 percent in the first quarter of 2026, compared to 21.2 percent in the first quarter of 2025. The increase in the rate was driven primarily by lower excess tax benefit on equity compensation.

Outlook

Full-year 2026 outlook for after-tax adjusted operating income per share of $8.60 to $8.90 which represents growth of approximately 8 percent to 12 percent when comparing to our redefined full-year 2025 result of $7.93 per share.

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, reserve assumption updates, 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

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•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 reserve assumption updates, as well as 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 before income tax as presented in our consolidated statements of income due to the following items:

•Segment adjusted operating revenue, which excludes investment gains or losses;
•Segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, 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 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.

Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our results.

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.

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, April 29, 2026, at 8:00 am (Eastern Time) to discuss the results of operations for the first 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/Q4I3307983. 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

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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, May 6, 2026 by using the registration URL noted above.

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

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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.


7

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Unum Group
FINANCIAL HIGHLIGHTS
(Unaudited)
($ in millions, except share data)
 Three Months Ended March 31
 20262025
Revenue
Premium Income$2,794.0 $2,702.9 
Net Investment Income483.4 513.2 
Net Investment Loss(5.0)(206.8)
Other Income82.8 82.3 
Total Revenue3,355.2 3,091.6 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss (Gain)
2,004.0 1,871.0 
Commissions368.5 343.2 
Interest and Debt Expense53.1 52.0 
Deferral of Acquisition Costs(190.6)(172.6)
Amortization of Deferred Acquisition Costs134.2 125.4 
Other Expenses683.3 629.0 
Total Benefits and Expenses3,052.5 2,848.0 
Income Before Income Tax302.7 243.6 
Income Tax Expense70.7 54.5 
Net Income$232.0 $189.1 
PER SHARE INFORMATION
Net Income Per Common Share
Basic$1.41 $1.06 
Assuming Dilution$1.41 $1.06 
Weighted Average Common Shares - Basic (000s)164,073.9 178,291.5 
Weighted Average Common Shares - Assuming Dilution (000s)164,399.5 178,882.4 
Outstanding Shares - (000s)160,749.6 175,826.9 


8

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Reconciliation of Non-GAAP Financial Measures

Three Months Ended March 31
20262025
 (in millions)per share *(in millions)per share *
Net Income$232.0 $1.41 $189.1 $1.06 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Fortitude Re Reinsurance Transaction (net of tax benefit of $—; $36.9)
— — (139.0)(0.78)
Net Investment Loss, Other (net of tax benefit of $1.0; $6.5)
(4.0)(0.03)(24.4)(0.13)
Total Net Investment Loss
(4.0)(0.03)(163.4)(0.91)
Closed Block Segment After-Tax Adjusted Operating Income (Loss) (net of tax expense (benefit) of $(28.8); $4.3)
(116.5)(0.70)3.7 0.02 
After-tax Adjusted Operating Income$352.5 $2.14 $348.8 $1.95 
* Assuming Dilution

March 31
20262025
(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$10,892.4 $67.76 $11,214.0 $63.78 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(15.13)(2,333.2)(13.27)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 8.68 1,019.1 5.80 
Net Loss on Derivatives(282.1)(1.76)(225.2)(1.28)
Subtotal12,211.7 75.97 12,753.3 72.53 
Excluding:
Foreign Currency Translation Adjustment(268.6)(1.67)(300.7)(1.71)
Subtotal12,480.3 77.64 13,054.0 74.24 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(207.6)(1.29)(338.8)(1.93)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss
$12,687.9 $78.93 $13,392.8 $76.17 


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Three Months Ended
March 31, 2026March 31, 2025
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$232.1 £161.5 1.349 $217.9 
Unum Poland54.6 zł171.2 0.277 47.4 
Total286.7 265.3 
Unum US1,840.5 $1,780.9 1,780.9 
Colonial Life472.7 $457.3 457.3 
Core Operations$2,599.9 $2,503.5 
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 March 31, 2026
Unum US$267.8 $4,291.0 25.0 %
Unum International22.8 837.8 10.9 %
Colonial Life101.2 2,109.7 19.2 %
Core Operating Segments391.8 7,238.5 21.7 %
Corporate
(39.3)1,513.9 
Closed Block
(116.5)3,589.0 
Total$236.0 $12,341.4 
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. 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 three months ended March 31, 2026 for certain of our segments will not compute using the historical allocated equity at December 31, 2025.

Three Months Ended March 31
2026
 (in millions)
Net Income$232.0 
Excluding:
Net Investment Loss (net of tax benefit of $1.0)
(4.0)
After-tax Segment Adjusted Operating Income
$236.0 

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3/31/202612/31/2025
Total Stockholders' Equity$10,892.4 $11,119.1 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(2,003.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 929.9 
Net Loss on Derivatives(282.1)(278.8)
Total Adjusted Stockholders' Equity$12,211.7 $12,471.1 
Three Months Ended
3/31/2026
Average Adjusted Stockholders' Equity$12,341.4 

Three Months Ended March 31
20262025
(in millions of dollars)
Income Before Income Tax$302.7 $243.6 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Fortitude Re Reinsurance Transaction— (175.9)
Net Investment Loss, Other(5.0)(30.9)
Total Net Investment Loss(5.0)(206.8)
Segment Adjusted Operating Income$307.7 $450.4 

11

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Unum Group
Statistical Supplement First 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 Income
4
Sales Data by Segment
5
Consolidated Balance Sheets
6
Financial Results by Segment
7
Quarterly Historical Financial Results by Segment
8
Financial Results and Selected Statistics by Segment
Unum US
9
Unum International
10
Colonial Life
11
Closed Block
12
Corporate
13
Investments
14
Appendix to Statistical Supplement
15
See "Appendix to Statistical Supplement" on page 15 for a summary of significant items and page 15.3 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage



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 EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Consolidated U.S. GAAP Results¹
Premium Income$2,794.0 $2,702.9 $10,831.0 $10,497.4 
Segment Adjusted Operating Revenue
$3,360.2 $3,298.4 $13,182.1 $12,921.9 
Net Investment Loss(5.0)(206.8)(106.6)(34.6)
Total Revenue$3,355.2 $3,091.6 $13,075.5 $12,887.3 
Net Income$232.0 $189.1 $738.5 $1,779.1 
Net Income Per Common Share:
Basic $1.41 $1.06 $4.28 $9.49 
Assuming Dilution $1.41 $1.06 $4.27 $9.46 
Assets$62,714.3 $62,459.8 $63,519.4 $61,959.3 
Liabilities$51,821.9 $51,245.8 $52,400.3 $50,998.2 
Stockholders' Equity$10,892.4 $11,214.0 $11,119.1 $10,961.1 
Adjusted Stockholders' Equity$12,211.7 $12,753.3 $12,471.1 $12,801.6 
Adjusted Operating Return on Equity
Unum US25.0 %23.0 %22.8 %25.2 %
Unum International10.9 %15.4 %14.8 %15.6 %
Colonial Life19.2 %18.6 %18.2 %19.7 %
Core Operating Segments21.7 %21.0 %20.6 %22.7 %
Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax$314.0 $489.8 $652.5 $1,337.0 
Net Realized Capital Loss, After Tax
(0.5)(38.5)(18.5)(14.6)
Net Income$313.5 $451.3 $634.0 $1,322.4 
Capital and Surplus$4,031.2 $4,190.3 $3,770.6 $3,909.7 
Weighted Average Risk-based Capital Ratio~ 460%~ 460%~ 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, First Unum Life Insurance Company, Colonial Life & Accident Insurance Company, The Paul Revere Life Insurance Company, Unum Insurance Company, Provident Life and Casualty Insurance Company, and Starmount Life Insurance Company.
1

Unum Group Capital Metrics
3/31/20263/31/202512/31/202512/31/2024
(in millions)per share(in millions)per share(in millions)per share(in millions)per share
Total Stockholders' Equity (Book Value)$10,892.4 $67.76 $11,214.0 $63.78 $11,119.1 $67.11 $10,961.1 $61.38 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(15.13)(2,333.2)(13.27)(2,003.1)(12.09)(2,755.2)(15.43)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 8.68 1,019.1 5.80 929.9 5.61 1,185.4 6.64 
Net Loss on Derivatives(282.1)(1.76)(225.2)(1.28)(278.8)(1.68)(270.7)(1.51)
Subtotal12,211.7 75.97 12,753.3 72.53 12,471.1 75.27 12,801.6 71.68 
Excluding:
Foreign Currency Translation Adjustment(268.6)(1.67)(300.7)(1.71)(245.6)(1.48)(343.0)(1.93)
Subtotal12,480.3 77.64 13,054.0 74.24 12,716.7 76.75 13,144.6 73.61 
Excluding:
Unrecognized Pension and Postretirement Benefit Costs(207.6)(1.29)(338.8)(1.93)(210.9)(1.27)(340.2)(1.90)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss$12,687.9 $78.93 $13,392.8 $76.17 $12,927.6 $78.02 $13,484.8 $75.51 
Dividends Paid$78.4 $0.46 $77.3 $0.42 $307.2 $1.76 $296.6 $1.570 

Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Shares Repurchased (millions)1
5.4 3.3 13.6 15.7 
Cost of Shares Repurchased (millions)2
$402.4 $202.6 $1,011.7 $979.3 
Price (UNM closing price on last trading day of period)$73.03 $81.46 $77.50 $73.03 
Leverage Ratio
23.9 %23.0 %23.6 %22.9 %
Holding Company Liquidity (millions)
$1,726 $2,215 $2,344 $1,987 
1For the three months ended March 31, 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 $0.1 million for the three months ended March 31, 2026, $0.5 million for the three months ended March 31, 2025, $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 $3.7 million and $2.1 million for the three months ended March 31, 2026 and 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
OutlookStableStableStableStable
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
Starmount Life Insurance CompanyANRNRNR
Unum LimitedNRNRNRA-
NR = not rated



3

Unum Group Consolidated Statements of Income
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Revenue
Premium Income$2,794.0 $2,702.9 $10,831.0 $10,497.4 
Net Investment Income483.4 513.2 2,032.7 2,130.0 
Net Investment Loss(5.0)(206.8)(106.6)(34.6)
Other Income82.8 82.3 318.4 294.5 
Total Revenue3,355.2 3,091.6 13,075.5 12,887.3 
Benefits and Expenses
Policy Benefits Including Remeasurement Loss or Gain
2,004.0 1,871.0 8,065.3 6,917.9 
Commissions368.5 343.2 1,355.3 1,258.6 
Interest and Debt Expense53.1 52.0 208.8 201.1 
Deferral of Acquisition Costs(190.6)(172.6)(697.1)(651.5)
Amortization of Deferred Acquisition Costs134.2 125.4 527.1 521.0 
Other Expenses683.3 629.0 2,682.6 2,388.9 
Total Benefits and Expenses3,052.5 2,848.0 12,142.0 10,636.0 
Income Before Income Tax302.7 243.6 933.5 2,251.3 
Income Tax Expense70.7 54.5 195.0 472.2 
Net Income$232.0 $189.1 $738.5 $1,779.1 
Weighted Average Shares Outstanding
Basic164.1 178.3 172.5 187.5 
Assuming Dilution164.4 178.9 172.9 188.1 
Actual Number of Shares Outstanding160.7 175.8 165.7 178.6 


4

Unum Group Sales Data for Unum US Segment
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)$93.5 $70.9 31.9 %$527.8 $512.6 
Large Case Market52.3 48.5 7.8 351.5 363.7 
Subtotal145.8 119.4 22.1 879.3 876.3 
Supplemental and Voluntary189.3 158.1 19.7 479.6 490.7 
Total Sales$335.1 $277.5 20.8 $1,358.9 $1,367.0 


5

Unum Group Sales Data for Unum International Segment
Three Months EndedYear Ended
(in millions of dollars)3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)$10.2 $11.2 (8.9)%$48.2 $41.8 
Large Case Market11.7 6.8 72.1 70.0 73.8 
Subtotal21.9 18.0 21.7 118.2 115.6 
Supplemental11.2 8.7 28.7 32.8 34.9 
Unum Poland9.0 10.2 (11.8)46.2 36.4 
Total Sales$42.1 $36.9 14.1 $197.2 $186.9 
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)£7.6 £8.9 (14.6)%£36.6 £32.8 
Large Case Market8.6 5.4 59.3 52.8 57.8 
Subtotal16.2 14.3 13.3 89.4 90.6 
Supplemental8.3 7.0 18.6 25.0 27.5 
Total Sales£24.5 £21.3 15.0 £114.4 £118.1 


5. 1

Unum Group Sales Data for Colonial Life Segment
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)$70.5 $69.8 1.0 %$343.5 $331.9 
Large Case Market9.8 9.3 5.4 71.8 65.1 
Subtotal80.3 79.1 1.5 415.3 397.0 
Public Sector26.0 26.2 (0.8)145.0 135.2 
Total Sales$106.3 $105.3 0.9 $560.3 $532.2 



5. 2

Unum Group Consolidated Balance Sheets
March 31December 31
20262025
Assets
Investments
Fixed Maturity Securities - at fair value$33,300.8 $33,056.6 
Mortgage Loans2,066.3 2,109.5 
Policy Loans3,702.9 3,668.1 
Other Long-term Investments1,664.8 1,670.4 
Short-term Investments2,055.3 3,016.2 
Total Investments42,790.1 43,520.8 
Other Assets
Cash and Bank Deposits192.6 158.2 
Accounts and Premiums Receivable1,614.4 1,429.8 
Reinsurance Recoverable11,310.9 11,574.6 
Accrued Investment Income582.0 596.0 
Deferred Acquisition Costs2,974.4 2,920.3 
Goodwill353.0 353.9 
Property and Equipment509.3 503.7 
Deferred Income Tax37.2 79.5 
Other Assets2,350.4 2,382.6 
Total Assets$62,714.3 $63,519.4 

6

Unum Group Consolidated Balance Sheets - Continued
March 31December 31
20262025
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits
$37,300.5 $38,017.0 
Policyholders' Account Balances
5,736.0 5,636.4 
Unearned Premiums509.1 412.8 
Other Policyholders’ Funds1,472.6 1,479.7 
Income Tax Payable87.6 52.2 
Deferred Income Tax41.0 38.8 
Long-term Debt3,762.0 3,767.6 
Other Liabilities 2,913.1 2,995.8 
Total Liabilities51,821.9 52,400.3 
Stockholders’ Equity
Common Stock19.6 19.6 
Additional Paid-in Capital1,602.1 1,593.0 
Accumulated Other Comprehensive Loss(1,795.5)(1,808.5)
Retained Earnings13,498.9 13,345.3 
Treasury Stock - at cost(2,432.7)(2,030.3)
Total Stockholders’ Equity10,892.4 11,119.1 
Total Liabilities and Stockholders’ Equity$62,714.3 $63,519.4 

6. 1

Unum Group Balance Sheets by Segment - March 31, 2026
Unum US
Group DisabilityGroup Life and Accidental Death & DismembermentSupplemental and VoluntaryTotal Unum USUnum InternationalColonial LifeClosed BlockCorporateConsolidated
Assets
Investments$5,537.1 $1,837.5 $4,310.4 $11,685.0 $2,869.6 $3,534.1 $20,596.0 $4,105.4 $42,790.1 
Deferred Acquisition Costs66.0 61.2 1,104.4 1,231.6 75.6 1,667.2 — — 2,974.4 
Goodwill10.1 — 271.1 281.2 44.1 27.7 — — 353.0 
Reinsurance Recoverable
25.2 8.8 410.5 444.5 121.5 5.5 10,739.4 — 11,310.9 
All Other423.9 315.1 119.6 858.6 551.1 97.9 1,167.8 2,610.5 5,285.9 
Total Assets$6,062.3 $2,222.6 $6,216.0 $14,500.9 $3,661.9 $5,332.4 $32,503.2 $6,715.9 $62,714.3 
Liabilities
Future Policy Benefits$4,521.6 $779.2 $3,059.6 $8,360.4 $2,248.5 $2,013.5 $24,678.1 $— $37,300.5 
Policyholders' Account Balances— — 659.0 659.0 — 855.7 4,114.8 106.5 5,736.0 
Unearned Premiums3.5 6.6 60.8 70.9 268.4 47.9 121.9 — 509.1 
Other Policyholders' Funds39.1 775.0 31.2 845.3 70.6 8.2 548.5 — 1,472.6 
Debt— — — — — — — 3,762.0 3,762.0 
All Other49.6 28.5 209.3 287.4 167.3 84.1 586.9 1,916.0 3,041.7 
Total Liabilities4,613.8 1,589.3 4,019.9 10,223.0 2,754.8 3,009.4 30,050.2 5,784.5 51,821.9 
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity1,420.0 694.6 2,156.2 4,270.8 853.2 2,133.9 3,487.4 1,466.4 12,211.7 
Net Unrealized Loss on Securities and Net Loss on Derivatives
(150.0)(79.7)(172.3)(402.0)(149.8)(100.8)(1,526.8)(535.0)(2,714.4)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits
178.5 18.4 212.2 409.1 203.7 289.9 492.4 — 1,395.1 
Total Allocated Stockholders' Equity1,448.5 633.3 2,196.1 4,277.9 907.1 2,323.0 2,453.0 931.4 10,892.4 
Total Liabilities and Allocated Stockholders' Equity$6,062.3 $2,222.6 $6,216.0 $14,500.9 $3,661.9 $5,332.4 $32,503.2 $6,715.9 $62,714.3 

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 Premiums1.3 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 Benefits149.4 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 income due to the exclusion of investment gains or losses, reserve assumption updates, as well as 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 EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024% Change
Premium Income
Unum US$1,840.5 $1,780.9 3.3 %$7,083.5 $6,883.2 2.9 %
Unum International286.7 246.7 16.2 1,082.8 949.5 14.0 
Colonial Life472.7 457.3 3.4 1,839.1 1,783.9 3.1 
Closed Block194.1 218.0 (11.0)825.6 880.8 (6.3)
2,794.0 2,702.9 3.4 10,831.0 10,497.4 3.2 
Net Investment Income
Unum US158.3 148.9 6.3 604.2 632.2 (4.4)
Unum International29.6 28.5 3.9 145.6 128.8 13.0 
Colonial Life46.8 42.2 10.9 172.6 161.5 6.9 
Closed Block229.1 269.7 (15.1)1,016.5 1,148.9 (11.5)
Corporate19.6 23.9 (18.0)93.8 58.6 60.1 
483.4 513.2 (5.8)2,032.7 2,130.0 (4.6)
Other Income
Unum US66.8 71.9 (7.1)258.8 235.9 9.7 
Unum International3.3 0.1 N.M.7.7 1.6 N.M.
Colonial Life0.7 0.4 75.0 1.6 4.0 (60.0)
Closed Block11.3 9.9 14.1 49.9 51.7 (3.5)
Corporate0.7 — N.M.0.4 1.3 (69.2)
82.8 82.3 0.6 318.4 294.5 8.1 
Total Segment Adjusted Operating Revenue
Unum US2,065.6 2,001.7 3.2 7,946.5 7,751.3 2.5 
Unum International319.6 275.3 16.1 1,236.1 1,079.9 14.5 
Colonial Life520.2 499.9 4.1 2,013.3 1,949.4 3.3 
Closed Block434.5 497.6 (12.7)1,892.0 2,081.4 (9.1)
Corporate20.3 23.9 (15.1)94.2 59.9 57.3 
$3,360.2 $3,298.4 1.9 $13,182.1 $12,921.9 2.0 

7

Unum Group Financial Results by Segment - Continued
Three Months EndedYear Ended
3/31/20263/31/2025% Change12/31/202512/31/2024% Change
Adjusted Benefits and Expenses
Unum US$1,727.7 $1,672.6 3.3 %$6,666.6 $6,312.1 5.6 %
Unum International288.7 236.6 22.0 1,083.8 922.1 17.5 
Colonial Life392.4 384.2 2.1 1,549.7 1,482.7 4.5 
Closed Block579.8 489.6 18.4 1,973.8 2,010.1 (1.8)
Corporate63.9 65.0 (1.7)265.8 251.1 5.9 
3,052.5 2,848.0 7.2 11,539.7 10,978.1 5.1 
Segment Adjusted Operating Income (Loss)
Unum US337.9 329.1 2.7 1,279.9 1,439.2 (11.1)
Unum International30.9 38.7 (20.2)152.3 157.8 (3.5)
Colonial Life127.8 115.7 10.5 463.6 466.7 (0.7)
Closed Block(145.3)8.0 N.M.(81.8)71.3 N.M.
Corporate(43.6)(41.1)6.1 (171.6)(191.2)(10.3)
$307.7 $450.4 (31.7)$1,642.4 $1,943.8 (15.5)
7. 1

Unum Group Quarterly Historical Financial Results by Segment
3/31/202612/31/20259/30/20256/30/20253/31/2025
Premium Income
Unum US$1,840.5 $1,748.6 $1,755.4 $1,798.6 $1,780.9 
Unum International286.7 283.9 281.1 271.1 246.7 
Colonial Life472.7 463.2 456.5 462.1 457.3 
Closed Block194.1 196.4 195.0 216.2 218.0 
2,794.0 2,692.1 2,688.0 2,748.0 2,702.9 
Net Investment Income
Unum US158.3 148.3 151.9 155.1 148.9 
Unum International29.6 34.7 36.2 46.2 28.5 
Colonial Life46.8 43.5 44.3 42.6 42.2 
Closed Block229.1 237.6 224.7 284.5 269.7 
Corporate19.6 17.9 19.7 32.3 23.9 
483.4 482.0 476.8 560.7 513.2 
Other Income
Unum US66.8 63.4 65.5 58.0 71.9 
Unum International3.3 4.4 2.9 0.3 0.1 
Colonial Life0.7 0.3 0.6 0.3 0.4 
Closed Block11.3 11.6 16.3 12.1 9.9 
Corporate0.7 0.4 0.3 (0.3)— 
82.8 80.1 85.6 70.4 82.3 
Total Segment Adjusted Operating Revenue
Unum US2,065.6 1,960.3 1,972.8 2,011.7 2,001.7 
Unum International319.6 323.0 320.2 317.6 275.3 
Colonial Life520.2 507.0 501.4 505.0 499.9 
Closed Block434.5 445.6 436.0 512.8 497.6 
Corporate20.3 18.3 20.0 32.0 23.9 
$3,360.2 $3,254.2 $3,250.4 $3,379.1 $3,298.4 


8

Unum Group Quarterly Historical Financial Results by Segment - Continued
3/31/202612/31/20259/30/20256/30/20253/31/2025
Adjusted Benefits and Expenses
Unum US$1,727.7 $1,666.8 $1,633.7 $1,693.5 $1,672.6 
Unum International288.7 289.8 281.4 276.0 236.6 
Colonial Life392.4 393.1 384.8 387.6 384.2 
Closed Block579.8 482.8 477.8 523.6 489.6 
Corporate63.9 69.4 67.7 63.7 65.0 
3,052.5 2,901.9 2,845.4 2,944.4 2,848.0 
Segment Adjusted Operating Income (Loss)
Unum US337.9 293.5 339.1 318.2 329.1 
Unum International30.9 33.2 38.8 41.6 38.7 
Colonial Life127.8 113.9 116.6 117.4 115.7 
Closed Block(145.3)(37.2)(41.8)(10.8)8.0 
Corporate(43.6)(51.1)(47.7)(31.7)(41.1)
$307.7 $352.3 $405.0 $434.7 $450.4 

8. 1

Unum Group Financial Results for Unum US Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income$1,840.5 $1,780.9 $7,083.5 $6,883.2 
Net Investment Income158.3 148.9 604.2 632.2 
Other Income
66.8 71.9 258.8 235.9 
Total2,065.6 2,001.7 7,946.5 7,751.3 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
1,095.3 1,063.2 4,268.1 4,008.3 
Commissions219.4 205.6 794.9 729.3 
Deferral of Acquisition Costs(91.6)(84.7)(331.7)(320.9)
Amortization of Deferred Acquisition Costs68.7 65.2 283.3 292.5 
Other Expenses435.9 423.3 1,652.0 1,602.9 
Total1,727.7 1,672.6 6,666.6 6,312.1 
Segment Adjusted Operating Income337.9 329.1 1,279.9 1,439.2 
Reserve Assumption Updates— — 147.7 143.6 
Income before Income Tax and Net Investment Gains and Losses$337.9 $329.1 $1,427.6 $1,582.8 
Operating Ratios (% of Premium Income):
Benefit Ratio1
59.5 %59.7 %60.3 %58.2 %
Other Expense Ratio2
22.9 %23.0 %22.6 %22.5 %
Segment Adjusted Operating Income Ratio
18.4 %18.5 %18.1 %20.9 %
Income Ratio
20.2 %23.0 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
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 EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability$498.8 $504.5 $2,011.1 $2,086.1 
Group Short-term Disability310.7 278.3 1,138.4 1,084.0 
Total Premium Income809.5 782.8 3,149.5 3,170.1 
Net Investment Income76.0 74.0 296.0 311.2 
Other Income60.9 56.0 228.6 232.1 
Total946.4 912.8 3,674.1 3,713.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
515.7 483.7 1,964.3 1,871.8 
Commissions69.8 65.0 250.1 244.4 
Deferral of Acquisition Costs(16.3)(16.1)(60.7)(62.2)
Amortization of Deferred Acquisition Costs13.9 10.4 58.2 64.7 
Other Expenses256.7 250.6 982.4 973.5 
Total839.8 793.6 3,194.3 3,092.2 
Segment Adjusted Operating Income106.6 119.2 479.8 621.2 
Reserve Assumption Updates— — 105.8 90.0 
Income Before Income Tax and Net Investment Gains and Losses$106.6 $119.2 $585.6 $711.2 
Operating Ratios (% of Premium Income):
Benefit Ratio1
63.7 %61.8 %62.4 %59.0 %
Other Expense Ratio2
29.5 %29.9 %29.1 %28.6 %
Segment Adjusted Operating Income Ratio
13.2 %15.2 %15.2 %19.6 %
Income Ratio
18.6 %22.4 %
Persistency:
Group Long-term Disability92.2 %90.7 %91.1 %93.3 %
Group Short-term Disability90.7 %87.5 %88.9 %91.7 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
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 EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Life$495.4 $466.2 $1,871.1 $1,784.7 
Accidental Death & Dismemberment53.0 48.2 195.6 186.1 
Total Premium Income548.4 514.4 2,066.7 1,970.8 
Net Investment Income23.5 18.2 81.6 88.3 
Other Income0.7 0.1 1.2 1.5 
Total572.6 532.7 2,149.5 2,060.6 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
338.7 356.7 1,394.9 1,307.2 
Commissions51.1 47.0 186.3 168.0 
Deferral of Acquisition Costs(12.3)(11.6)(45.5)(40.6)
Amortization of Deferred Acquisition Costs8.7 6.1 39.0 38.4 
Other Expenses71.3 65.3 255.4 243.0 
Total457.5 463.5 1,830.1 1,716.0 
Segment Adjusted Operating Income115.1 69.2 319.4 344.6 
Reserve Assumption Updates
— — 3.1 13.0 
Income Before Income Tax and Net Investment Gains and Losses$115.1 $69.2 $322.5 $357.6 
Operating Ratios (% of Premium Income):
Benefit Ratio1
61.8 %69.3 %67.5 %66.3 %
Other Expense Ratio13.0 %12.7 %12.4 %12.3 %
Segment Adjusted Operating Income Ratio
21.0 %13.5 %15.5 %17.5 %
Income Ratio
15.6 %18.1 %
Persistency:
Group Life92.6 %89.2 %90.2 %92.0 %
Accidental Death & Dismemberment92.2 %87.9 %89.1 %91.2 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Voluntary Benefits$253.8 $234.1 $927.4 $879.2 
Individual Disability146.5 168.7 615.1 566.0 
Dental and Vision82.3 80.9 324.8 297.1 
Total Premium Income482.6 483.7 1,867.3 1,742.3 
Net Investment Income58.8 56.7 226.6 232.7 
Other Income
5.2 15.8 29.0 2.3 
Total546.6 556.2 2,122.9 1,977.3 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
240.9 222.8 908.9 829.3 
Commissions98.5 93.6 358.5 316.9 
Deferral of Acquisition Costs(63.0)(57.0)(225.5)(218.1)
Amortization of Deferred Acquisition Costs46.1 48.7 186.1 189.4 
Other Expenses107.9 107.4 414.2 386.4 
Total430.4 415.5 1,642.2 1,503.9 
Segment Adjusted Operating Income116.2 140.7 480.7 473.4 
Reserve Assumption Updates - Voluntary Benefits— — 11.1 (12.2)
Reserve Assumption Updates - Individual Disability— — 27.7 52.8 
Income Before Income Tax and Net Investment Gains and Losses$116.2 $140.7 $519.5 $514.0 
Operating Ratios (% of Premium Income):
Benefit Ratio
49.9 %46.1 %48.7 %47.6 %
Other Expense Ratio22.4 %22.2 %22.2 %22.2 %
Segment Adjusted Operating Income Ratio
24.1 %29.1 %25.7 %27.2 %
Income Ratio
27.8 %29.5 %
Persistency:
Voluntary Benefits75.8 %76.8 %76.5 %76.0 %
Individual Disability87.9 %88.2 %87.7 %89.0 %
Dental and Vision79.9 %82.2 %83.3 %81.4 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
9. 3

Unum Group Financial Results for Unum International Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability$104.8 $100.2 $427.5 $418.0 
Group Life77.0 61.6 275.7 211.3 
Supplemental50.3 41.9 184.2 165.6 
Unum Poland54.6 43.0 195.4 154.6 
Total Premium Income286.7 246.7 1,082.8 949.5 
Net Investment Income29.6 28.5 145.6 128.8 
Other Income3.3 0.1 7.7 1.6 
Total319.6 275.3 1,236.1 1,079.9 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
203.5 164.1 772.8 649.2 
Commissions31.0 22.4 95.7 82.5 
Deferral of Acquisition Costs (9.2)(5.3)(22.0)(17.8)
Amortization of Deferred Acquisition Costs3.4 2.5 10.7 9.5 
Other Expenses60.0 52.9 226.6 198.7 
Total288.7 236.6 1,083.8 922.1 
Segment Adjusted Operating Income30.9 38.7 152.3 157.8 
Reserve Assumption Updates
— — 5.4 (7.5)
Income Before Income Tax and Net Investment Gains and Losses$30.9 $38.7 $157.7 $150.3 



10

Unum Group Financial Results for Unum UK

Three Months EndedYear Ended
(in millions of pounds, except exchange rate)
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Group Long-term Disability£77.8 £79.4 £324.0 £327.0 
Group Life57.1 48.9 208.8 165.1 
Supplemental37.2 33.2 139.6 129.5 
Total Premium Income172.1 161.5 672.4 621.6 
Net Investment Income19.1 20.1 99.4 91.9 
Other Income
2.3 0.1 5.3 0.1 
Total193.5 181.7 777.1 713.6 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
125.5 108.4 494.5 433.8 
Commissions14.9 10.1 40.6 38.2 
Deferral of Acquisition Costs(3.3)(1.2)(3.9)(3.8)
Amortization of Deferred Acquisition Costs1.6 1.3 4.9 5.2 
Other Expenses34.4 33.6 133.5 122.4 
Total173.1 152.2 669.6 595.8 
Segment Adjusted Operating Income20.4 29.5 107.5 117.8 
Reserve Assumption Updates
— — 0.7 (6.4)
Income Before Income Tax and Net Investment Gains and Losses£20.4 £29.5 £108.2 £111.4 
Weighted Average Pound/Dollar Exchange Rate1.343 1.264 1.318 1.278 
Operating Ratios (% of Premium Income):
Benefit Ratio1
72.9 %67.1 %73.5 %69.8 %
Other Expense Ratio20.0 %20.8 %19.9 %19.7 %
Segment Adjusted Operating Income Ratio
11.9 %18.3 %16.0 %19.0 %
Income Ratio
16.1 %17.9 %
Persistency:
Group Long-term Disability90.6 %92.1 %92.3 %92.0 %
Group Life87.1 %88.9 %90.1 %89.1 %
Supplemental91.4 %89.4 %93.3 %90.4 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
10. 1

Unum Group Financial Results for Colonial Life Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability$252.8 $247.1 $993.5 $969.5 
Life128.3 119.9 483.6 458.0 
Cancer and Critical Illness91.6 90.3 362.0 356.4 
Total Premium Income472.7 457.3 1,839.1 1,783.9 
Net Investment Income46.8 42.2 172.6 161.5 
Other Income0.7 0.4 1.6 4.0 
Total520.2 499.9 2,013.3 1,949.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
217.3 218.1 885.1 850.7 
Commissions102.9 97.3 398.6 378.4 
Deferral of Acquisition Costs(89.8)(82.6)(343.4)(312.8)
Amortization of Deferred Acquisition Costs62.1 57.7 233.1 219.0 
Other Expenses99.9 93.7 376.3 347.4 
Total392.4 384.2 1,549.7 1,482.7 
Segment Adjusted Operating Income127.8 115.7 463.6 466.7 
Reserve Assumption Updates
— — 8.9 46.0 
Income Before Income Tax and Net Investment Gains and Losses$127.8 $115.7 $472.5 $512.7 
Operating Ratios (% of Premium Income):
Benefit Ratio1
46.0 %47.7 %48.1 %47.7 %
Other Expense Ratio21.1 %20.5 %20.5 %19.5 %
Segment Adjusted Operating Income Ratio
27.0 %25.3 %25.2 %26.2 %
Income Ratio
25.7 %28.7 %
Persistency:
Accident, Sickness, and Disability73.8 %73.6 %74.1 %73.7 %
Life84.3 %83.8 %84.2 %84.4 %
Cancer and Critical Illness81.2 %82.2 %82.1 %82.2 %
1Excludes the reserve assumption updates that occurred during the third quarters of 2025 and 2024.
11

Unum Group Financial Results for Closed Block Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Premium Income
Long-term Care $159.4 $176.2 $670.8 $696.1 
All Other34.7 41.8 154.8 184.7 
Total Premium Income194.1 218.0 825.6 880.8 
Net Investment Income229.1 269.7 1,016.5 1,148.9 
Other Income11.3 9.9 49.9 51.7 
Total434.5 497.6 1,892.0 2,081.4 
Adjusted Benefits and Expenses
Adjusted Policy Benefits Including Remeasurement Loss or Gain
487.9 425.6 1,660.8 1,767.1 
Commissions15.2 17.9 66.1 68.4 
Other Expenses76.7 46.1 246.9 174.6 
Total579.8 489.6 1,973.8 2,010.1 
Segment Adjusted Operating Income (Loss)(145.3)8.0 (81.8)71.3 
Reserve Assumption Updates - Long-Term Care
— — (643.1)174.1 
Reserve Assumption Updates - All Other
— — 2.6 1.2 
Income (Loss) Before Income Tax and Net Investment Gains and Losses$(145.3)$8.0 $(722.3)$246.6 
Long-term Care Net Premium Ratio1
97.6 %94.7 %97.5 %94.6 %
Operating Ratios (% of Premium Income):
Other Expense Ratio
39.5 %21.1 %29.9 %19.8 %
Segment Adjusted Operating Income (Loss) Ratio(74.9)%3.7 %(9.9)%8.1 %
Income (Loss) Ratio(87.5)%28.0 %
1Gross of reinsurance.
12

Unum Group Financial Results for Corporate Segment
Three Months EndedYear Ended
3/31/20263/31/202512/31/202512/31/2024
Segment Adjusted Operating Revenue
Net Investment Income$19.6 $23.9 $93.8 $58.6 
Other Income
0.7 — 0.4 1.3 
Total20.3 23.9 94.2 59.9 
Interest, Debt, and Adjusted Other Expenses
63.9 65.0 265.8 251.1 
Segment Adjusted Operating Loss(43.6)(41.1)(171.6)(191.2)
Settlement Loss on the U.S. Pension Plan Annuity Purchase— — (103.8)— 
Accelerated Charitable Contribution— — (20.0)— 
Loss on Legal Settlement— — — (15.3)
Loss Before Income Tax and Net Investment Gains and Losses$(43.6)$(41.1)$(295.4)$(206.5)
13

Unum Group Investments
3/31/20263/31/202612/31/2025
Fixed Maturity Securities (Fair Value)Selected Statistics
Corporate Bonds
$27,546.3 82.8 %Earned Book Yield4.29 %4.35 %
Municipal Securities
3,000.0 9.0 Average Duration (in years)8.318.42
Foreign Governments
844.9 2.5 
Asset-Backed Securities1
586.8 1.8 
Mortgage-Backed Securities
770.1 2.3 
United States Government and Agencies
544.9 1.6 
Redeemable Preferred Stocks
7.8 — 
Total$33,300.8 100.0 %
3/31/2026
Fixed Maturity Securities (Fair Value)
Public$27,240.3 81.8 %
Private2
6,060.5 18.2 
Total$33,300.8 100.0 %
Amortized CostFair ValuePrivate Equity Partnerships3/31/202612/31/2025
Quality Ratings of Fixed Maturity SecuritiesPrivate Credit Partnerships$231.2 $255.8 
Aaa3.7 %3.7 %Private Equity Partnerships658.7 651.4 
Aa16.9 16.3 Real Asset Partnerships554.2 549.1 
A32.9 33.3 Total $1,444.1 $1,456.3 
Baa42.8 42.9 
Below Baa3.7 3.8 
Total100.0 %100.0 %Non-Current Investments$— $— 

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 March 31, 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$2,146.2 $(110.2)$1,426.2 $(140.8)$720.0 $30.6 
Capital Goods2,819.4 (132.6)1,818.0 (185.3)1,001.4 52.7 
Communications1,990.3 (86.4)1,053.4 (156.8)936.9 70.4 
Consumer Cyclical1,260.5 (96.3)895.1 (112.7)365.4 16.4 
Consumer Non-Cyclical5,630.5 (502.4)4,109.1 (586.9)1,521.4 84.5 
Energy2,127.7 15.1 805.2 (73.2)1,322.5 88.3 
Financial Institutions3,655.6 (292.4)2,992.2 (310.3)663.4 17.9 
Mortgage/Asset-Backed1
1,356.9 (15.0)800.5 (22.7)556.4 7.7 
Sovereigns844.9 (144.5)425.5 (159.4)419.4 14.9 
Technology1,478.4 (135.3)1,242.3 (143.9)236.1 8.6 
Transportation1,440.1 (115.9)1,033.5 (132.8)406.6 16.9 
U.S. Government Agencies and Municipalities3,544.9 (417.2)2,329.8 (492.3)1,215.1 75.1 
Public Utilities5,005.4 (196.9)2,716.6 (333.7)2,288.8 136.8 
Total$33,300.8 $(2,230.0)$21,647.4 $(2,850.8)$11,653.4 $620.8 
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$5,084.6 $(91.5)$341.9 $(7.1)
91 through 180 days1,090.6 (52.9)16.3 (1.2)
181 through 270 days149.4 (12.0)3.4 (0.4)
271 days to 1 year27.4 (2.6)— — 
Greater than 1 year14,667.9 (2,625.0)265.9 (58.1)
Total$21,019.9 $(2,784.0)$627.5 $(66.8)

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
14.1

Appendix to Statistical Supplement

2026 Significant Items:
•None.

2025 Significant Items:

•In February 2025, Unum Life Insurance Company of America entered into a master transaction agreement with Fortitude Reinsurance Company Ltd. (Fortitude Re) which resulted in the execution of a coinsurance agreement (reinsurance 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. The reinsurance agreement represents approximately 21 percent of total Closed Block long-term care future policy benefits and approximately 15 percent of Unum US individual disability future policy benefits as of December 31, 2024. Upon closing the transaction in July of 2025, we transferred to Fortitude Re $953.5 million 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. Fortitude Re has an A rating by A.M. Best Company and has established a collateralized trust account for the benefit of Unum America to secure its obligations. As a result of this reinsurance agreement, we recognized the following:
•Net realized investment loss totaling $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.
•Third quarter of 2025 reserve assumption updates resulting in a net reserve increase of $478.5 million before tax, or $377.8 million after tax.
•During the fourth quarter of 2025, we incurred a loss related to an accelerated charitable contribution of $20.0 million before tax, or $15.8 million after tax.
•During the fourth quarter of 2025, we incurred a settlement loss of $103.8 million before tax, or $82.0 million after 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:

•Third quarter of 2024 reserve assumption updates resulting in a net reserve decrease of $357.4 million before tax, or $282.6 million after tax.
•During the third quarter of 2024, we incurred a loss of $15.3 million before tax, or $12.1 million after 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 after-tax adjusted operating income or loss, and reserve assumption updates, 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 and reserve assumption updates, 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; and

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 income due to the following items:

•Segment adjusted operating revenue, which excludes investment gains or losses;
•Segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, 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 Company. 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.

Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results.
15.1

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.

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 Ended
Year Ended
March 31December 31September 30June 30March 31December 31December 31
2026202520252024
Total Revenue$3,355.2 $3,244.1 $3,378.4 $3,361.4 $3,091.6 $13,075.5 $12,887.3 
Excluding:
Net Investment Gain (Loss)(5.0)(10.1)128.0 (17.7)(206.8)(106.6)(34.6)
Segment Adjusted Operating Revenue
$3,360.2 $3,254.2 $3,250.4 $3,379.1 $3,298.4 $13,182.1 $12,921.9 
Three Months EndedYear Ended
March 31December 31September 30June 30March 31December 31December 31
2026202520252024
Income Before Income Tax$302.7 $218.4 $54.5 $417.0 $243.6 $933.5 $2,251.3 
Excluding:
Net Investment Gain (Loss)
Net Investment Gain (Loss) Related to the Fortitude Re Reinsurance Transaction
— — 137.6 (8.5)(175.9)(46.8)— 
Net Investment Loss, Other
(5.0)(10.1)(9.6)(9.2)(30.9)(59.8)(34.6)
Net Investment Gain (Loss)(5.0)(10.1)128.0 (17.7)(206.8)(106.6)(34.6)
Reserve Assumption Updates
— — (478.5)— — (478.5)357.4 
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
$307.7 $352.3 $405.0 $434.7 $450.4 $1,642.4 $1,943.8 
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 March 31, 2026
Unum US$267.8 $4,291.0 25.0 %
Unum International22.8 837.8 10.9 %
Colonial Life101.2 2,109.7 19.2 %
Core Operating Segments391.8 7,238.5 21.7 %
Corporate(39.3)1,513.9 
Closed Block(116.5)3,589.0 
Total$236.0 $12,341.4 
Three Months Ended March 31, 2025
Unum US$259.9 $4,526.0 23.0 %
Unum International29.6 769.7 15.4 %
Colonial Life91.3 1,960.5 18.6 %
Core Operating Segments380.8 7,256.2 21.0 %
Corporate(32.0)567.1 
Closed Block3.7 4,954.2 
Total$352.5 $12,777.5 

1Excludes 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 15.6. 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 three months ended March 31, 2026 for certain of our segments will not compute using the historical allocated equity at December 31, 2025.
15.4

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$1,011.5 $4,441.2 22.8 %
Unum International118.5 799.0 14.8 %
Colonial Life365.8 2,011.0 18.2 %
Core Operating Segments1,495.8 7,251.2 20.6 %
Corporate(124.2)555.2 
Closed Block(74.0)4,830.0 
Consolidated$1,297.6 $12,636.4 
Year Ended December 31, 2024
Unum US$1,137.6 $4,523.2 25.2 %
Unum International120.9 776.8 15.6 %
Colonial Life368.2 1,869.2 19.7 %
Core Operating Segments1,626.7 7,169.2 22.7 %
Corporate(137.1)53.8 
Closed Block46.0 5,324.1 
Consolidated$1,535.6 $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 15.6.
15.5


Three Months Ended March 31
Year Ended December 31
202620252025
2024
(in millions)(in millions)
Net Income$232.0 $189.1 $738.5 $1,779.1 
Excluding:
Net Investment Loss
Net Investment Loss Related to Fortitude Re Reinsurance Transaction (net of tax benefit of $—; $36.9; $9.9; $—)
— (139.0)(36.9)— 
Net Investment Loss, Other (net of tax benefit of $1.0; $6.5; $13.2; $7.6)
(4.0)(24.4)(46.6)(27.0)
Total Net Investment Loss
(4.0)(163.4)(83.5)(27.0)
Reserve Assumption Updates (net of tax expense (benefit) of $—; $—; $(100.7); $74.8)
— — (377.8)282.6 
Settlement Loss on the U.S. Pension Plan Annuity Purchase (net of tax benefit of $—; $—; $21.8; $—)
— — (82.0)— 
Accelerated Charitable Contribution (net of tax benefit of $—; $—; $4.2; $—)
— — (15.8)— 
Loss on Legal Settlement (net tax benefit of $—; $—; $—; $3.2)
— — — (12.1)
After-tax Segment Adjusted Operating Income
$236.0 $352.5 $1,297.6 $1,535.6 

Average allocated equity is computed as follows:
3/31/202612/31/20253/31/202512/31/202412/31/2023
Total Stockholders' Equity$10,892.4 $11,119.1 $11,214.0 $10,961.1 $9,651.4 
Excluding:
Net Unrealized Loss on Securities
(2,432.3)(2,003.1)(2,333.2)(2,755.2)(1,919.1)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 929.9 1,019.1 1,185.4 (648.4)
Net Unrealized Loss on Derivatives
(282.1)(278.8)(225.2)(270.7)(73.7)
Total Adjusted Stockholders' Equity$12,211.7 $12,471.1 $12,753.3 $12,801.6 $12,292.6 
Three Months EndedTwelve Months EndedThree Months EndedTwelve Months Ended
3/31/202612/31/20253/31/202512/31/2024
Average Adjusted Stockholders' Equity $12,341.4 $12,636.4 $12,777.5 $12,547.1 

15.6

Reconciliation of Non-GAAP Financial Measures - Continued
Three Months Ended March 31
20262025
(in millions)per share*(in millions)per share*
Net Income$232.0 $1.41 $189.1 $1.06 
Excluding:
Net Investment Loss
Net Investment Loss Related to the Fortitude Re Reinsurance Transaction (net of tax benefit of $—; $36.9)
— — (139.0)(0.78)
Net Investment Loss, Other (net of tax benefit of $1.0; $6.5)
(4.0)(0.03)(24.4)(0.13)
Total Net Investment Loss
(4.0)(0.03)(163.4)(0.91)
Closed Block Segment After-Tax Adjusted Operating Income (Loss) (net of tax expense (benefit) of $(28.8); $4.3)
(116.5)(0.70)3.7 0.02 
After-tax Adjusted Operating Income$352.5 $2.14 $348.8 $1.95 
*Assuming Dilution.

15.7

Reconciliation of Non-GAAP Financial Measures - Continued
Year Ended December 31
20252024
(in millions)per share *(in millions)per share *
Net Income$738.5 $4.27 $1,779.1 $9.46 
Excluding:
Net Investment Losses
Net Investment Loss Related to Reinsurance Transaction (net of tax benefit of $9.9; $—)
(36.9)(0.21)— — 
Net Investment Loss, Other (net of tax benefit of $13.2; $7.6)
(46.6)(0.28)(27.0)(0.14)
Total Net Investment Loss
(83.5)(0.49)(27.0)(0.14)
Closed Block Segment After-tax Adjusted Operating Income (Loss) (net of tax expense (benefit) of $(7.8); $25.3)
(74.0)(0.43)46.0 0.24 
Reserve Assumption Updates (net of tax expense (benefit) of $(100.7); $74.8)
(377.8)(2.18)282.6 1.50 
Settlement Loss on the U.S. Pension Plan Annuity Purchase (net of tax benefit of $21.8; $—)
(82.0)(0.47)— — 
Accelerated Charitable Contribution (net of tax benefit of $4.2; $—)
(15.8)(0.09)— — 
Loss on Legal Settlement (net tax benefit of $—; $3.2)
— — (12.1)(0.06)
After-tax Adjusted Operating Income$1,371.6 $7.93 $1,489.6 $7.92 
*Assuming Dilution.














15.8

Reconciliation of Non-GAAP Financial Measures - Continued

March 31December 31
2026202520252024
Debt$3,762.0 $3,741.6 $3,767.6 $3,739.8 
Including:
Lease Liability 74.7 68.3 78.9 69.4 
Adjusted Debt and Lease Liability$3,836.7 $3,809.9 $3,846.5 $3,809.2 
Total Stockholders' Equity$10,892.4 $11,214.0 $11,119.1 $10,961.1 
Excluding:
Net Unrealized Loss on Securities(2,432.3)(2,333.2)(2,003.1)(2,755.2)
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits1,395.1 1,019.1 929.9 1,185.4 
Net Loss on Derivatives
(282.1)(225.2)(278.8)(270.7)
Equity, As Adjusted12,211.7 12,753.3 12,471.1 12,801.6 
Debt, As Adjusted and Lease Liability3,836.7 3,809.9 3,846.5 3,809.2 
Total Adjusted Capital$16,048.4 $16,563.2 $16,317.6 $16,610.8 
Leverage Ratio23.9 %23.0 %23.6 %22.9 %

March 31, 2026March 31, 2025
Premium Income
Premium Income in Local Currency1
Weighted Average Premium Income Exchange Rate2
Premium Income in Constant Currency
Unum International
Unum UK$232.1 £161.5 1.349 $217.9 
Unum Poland54.6 zł171.2 0.277 47.4 
Total286.7 265.3 
Unum US1,840.5 $1,780.9 1,780.9 
Colonial Life472.7 $457.3 457.3 
Core Operations$2,599.9 $2,503.5 
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.

15.9

Source: View Original Filing on SEC EDGAR

FAQ

How did Unum Group (UNM) perform financially in Q1 2026?

Unum Group reported net income of $232.0 million, or $1.41 per diluted share, in Q1 2026. After-tax adjusted operating income was $352.5 million, or $2.14 per share, modestly above the prior year’s $348.8 million and $1.95 per share.

How much capital did Unum Group (UNM) return to shareholders in Q1 2026?

In Q1 2026, Unum Group repurchased 5.4 million shares at a total cost of $402.4 million and paid $78.4 million in common stock dividends. These actions reflect an ongoing capital return strategy alongside maintaining significant holding company liquidity of $1.7 billion.

What is Unum Group’s (UNM) book value per share and capital position?

As of March 31, 2026, Unum Group’s book value per common share was $67.76, up 6.2 percent year over year. Book value per share excluding AOCI was $78.93. Traditional U.S. life insurance companies maintained an approximate 460 percent risk-based capital ratio, indicating a strong capital position.

What earnings guidance did Unum Group (UNM) provide for full-year 2026?

Unum Group projected full-year 2026 after-tax adjusted operating income per share of $8.60 to $8.90. This range represents approximately 8 percent to 12 percent growth versus the company’s redefined full-year 2025 after-tax adjusted operating income per share of $7.93.

How did Unum Group’s core segments perform compared to the Closed Block in Q1 2026?

Core segments generated after-tax segment adjusted operating income of $391.8 million, while the Closed Block segment posted an after-tax adjusted operating loss of $116.5 million. The loss reflected long-term care claims experience and lower net investment income within the run-off Closed Block portfolio.

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