UNM 10-Q Quarterly Report June 30, 2025

UNUM GROUP

10-Ks and 10-Qs

10-Q	Quarter ended Sept. 30, 2025
10-Q	Quarter ended June 30, 2025
10-Q	Quarter ended March 31, 2025
10-K	Fiscal year ended Dec. 31, 2024
10-Q	Quarter ended Sept. 30, 2024
10-Q	Quarter ended June 30, 2024
10-Q	Quarter ended March 31, 2024
10-K	Fiscal year ended Dec. 31, 2023
10-Q	Quarter ended Sept. 30, 2023
10-Q	Quarter ended June 30, 2023
10-Q	Quarter ended March 31, 2023
10-K	Fiscal year ended Dec. 31, 2022
10-Q	Quarter ended Sept. 30, 2022
10-Q	Quarter ended June 30, 2022
10-Q	Quarter ended March 31, 2022
10-K	Fiscal year ended Dec. 31, 2021
10-Q	Quarter ended Sept. 30, 2021
10-Q	Quarter ended June 30, 2021
10-Q	Quarter ended March 31, 2021
10-K	Fiscal year ended Dec. 31, 2020
10-Q	Quarter ended Sept. 30, 2020
10-Q	Quarter ended June 30, 2020
10-Q	Quarter ended March 31, 2020
10-K	Fiscal year ended Dec. 31, 2019
10-Q	Quarter ended Sept. 30, 2019
10-Q	Quarter ended June 30, 2019
10-Q	Quarter ended March 31, 2019
10-K	Fiscal year ended Dec. 31, 2018
10-Q	Quarter ended Sept. 30, 2018
10-Q	Quarter ended June 30, 2018
10-Q	Quarter ended March 31, 2018
10-K	Fiscal year ended Dec. 31, 2017
10-Q	Quarter ended Sept. 30, 2017
10-Q	Quarter ended June 30, 2017
10-Q	Quarter ended March 31, 2017
10-K	Fiscal year ended Dec. 31, 2016
10-Q	Quarter ended Sept. 30, 2016
10-Q	Quarter ended June 30, 2016
10-Q	Quarter ended March 31, 2016
10-K	Fiscal year ended Dec. 31, 2015
10-Q	Quarter ended Sept. 30, 2015
10-Q	Quarter ended June 30, 2015
10-Q	Quarter ended March 31, 2015
10-K	Fiscal year ended Dec. 31, 2014
10-Q	Quarter ended Sept. 30, 2014
10-Q	Quarter ended June 30, 2014
10-Q	Quarter ended March 31, 2014
10-K	Fiscal year ended Dec. 31, 2013
10-Q	Quarter ended Sept. 30, 2013
10-Q	Quarter ended June 30, 2013
10-Q	Quarter ended March 31, 2013
10-K	Fiscal year ended Dec. 31, 2012
10-Q	Quarter ended Sept. 30, 2012
10-Q	Quarter ended June 30, 2012
10-Q	Quarter ended March 31, 2012
10-K	Fiscal year ended Dec. 31, 2011
10-Q	Quarter ended Sept. 30, 2011
10-Q	Quarter ended June 30, 2011
10-Q	Quarter ended March 31, 2011
10-K	Fiscal year ended Nov. 19, 2010
10-Q	Quarter ended Sept. 30, 2010
10-Q	Quarter ended June 30, 2010
10-Q	Quarter ended March 31, 2010
10-K	Fiscal year ended Dec. 31, 2009

PROXIES

DEF 14A	Filed on April 10, 2025
DEF 14A	Filed on Dec. 31, 2024
DEF 14A	Filed on April 11, 2024
DEF 14A	Filed on April 13, 2023
DEF 14A	Filed on May 26, 2022
DEF 14A	Filed on April 14, 2022
DEF 14A	Filed on April 15, 2021
DEF 14A	Filed on April 16, 2020
DEF 14A	Filed on April 11, 2019
DEF 14A	Filed on April 12, 2018
DEF 14A	Filed on April 13, 2017
DEF 14A	Filed on April 14, 2016
DEF 14A	Filed on April 9, 2015
DEF 14A	Filed on April 9, 2014
DEF 14A	Filed on April 11, 2013
DEF 14A	Filed on April 12, 2012
DEF 14A	Filed on April 14, 2011
DEF 14A	Filed on April 7, 2010
DEF 14A	Filed on None

unm-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-11294

Unum Group

(Exact name of registrant as specified in its charter)


Delaware			62-1598430
(State or other jurisdiction of incorporation or organization)			(I.R.S. 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, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	UNM	New York Stock Exchange
6.250% Junior Subordinated Notes due 2058	UNMA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

(Check one):

Large Accelerated Filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

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.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

170,313,240 shares of the registrant's common stock were outstanding as of July 28, 2025.

TABLE OF CONTENTS


		Page
	Cautionary Statement Regarding Forward-Looking Statements	1

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited):	3

	Consolidated Balance Sheets at June 30, 2025 and December 31, 2024	3

	Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024	5

	Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	6

	Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024	7

	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	8

	Notes to Consolidated Financial Statements	9

	Note 1 - Basis of Presentation	9

	Note 2 - Accounting Developments	9

	Note 3 - Fair Value of Financial Instruments	10

	Note 4 - Investments	28

	Note 5 - Derivative Financial Instruments	43

	Note 6 - Accumulated Other Comprehensive Loss	52

	Note 7 - Liability for Future Policy Benefits	54

	Note 8 - Policyholders' Account Balances	70

	Note 9 - Deferred Acquisition Costs	73

	Note 10 - Segment Information	75

	Note 11 - Employee Benefit Plans	81

	Note 12 - Stockholders' Equity and Earnings Per Common Share	82

	N ote 13 - Commitments and Contingent Liabilities	84

	N ote 14 - Debt and Other	85

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	87

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	128

Item 4.	Controls and Procedures	128

	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	129

Item 1A.	Risk Factors	129

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	129

Item 5.	Other Information	129

Item 6.	Exhibits	130

	Signatures	131

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the Act) provides a "safe harbor" to encourage companies to provide prospective information, as long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Certain information contained in this quarterly report on Form 10-Q (including certain statements in the consolidated financial statements and related notes and Management's Discussion and Analysis), or in any other written or oral statements made by us in communications with the financial community or contained in documents filed with the Securities and Exchange Commission (SEC), may be considered forward-looking statements within the meaning of the Act. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments. Forward-looking statements speak only as of the date made. We undertake no obligation to update these statements, even if made available on our website or otherwise. These statements may be made directly in this document or may be made part of this document by reference to other documents filed by us with the SEC, a practice which is known as "incorporation by reference." You can find many of these statements by looking for words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "plans," "assumes," "intends," "projects," "goals,” "objectives," or similar expressions in this document or in documents incorporated herein.

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements - Continued

These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. We caution readers that 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:

• 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.

• Sustained periods of low interest rates.

• 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.

• Changes in, or interpretations or enforcement of, laws and regulations.

• A cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data.

• 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.

• Increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors.

• 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.

• 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.

• 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.

• Our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations.

• Changes in our financial strength and credit ratings.

• Our ability to hire and retain qualified employees.

• Our ability to develop digital capabilities or execute on our technology systems upgrades or replacements.

• Availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us.

• 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.

• Ability to generate sufficient internal liquidity and/or obtain external financing.

• Damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures.

• Recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

• Effectiveness of our risk management program.

• Contingencies and the level and results of litigation.

• Fluctuation in foreign currency exchange rates.

• 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 of our annual report on Form 10-K for the year ended December 31, 2024.

All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Unum Group and Subsidiaries


	June 30		December 31
	2025		2024
	(in millions of dollars)

Assets

Investments
Fixed Maturity Securities - at fair value (amortized cost of $ 37,983.9 ; $ 38,269.9 ; allowance for credit losses of $ 14.4 ; $ 2.8 )	$	35,966.0	$	35,629.9
Mortgage Loans (net of allowance for credit losses of $ 15.6 ; $ 16.1 )	2,172.5		2,224.5
Policy Loans	3,604.8		3,617.2
Other Long-term Investments	1,659.9		1,694.4
Short-term Investments	2,286.6		2,540.3
Total Investments	45,689.8		45,706.3

Other Assets
Cash and Bank Deposits	1,194.8		162.8
Accounts and Premiums Receivable (net of allowance for credit losses of $ 27.6 ; $ 26.8 )	1,582.7		1,459.0
Reinsurance Recoverable (net of allowance for credit losses of $ 1.5 ; $ 1.5 )	7,974.9		8,296.4
Accrued Investment Income	702.9		649.8
Deferred Acquisition Costs	2,940.3		2,842.8
Goodwill	353.3		349.1
Property and Equipment	499.1		487.6
Deferred Income Tax	305.6		369.7

Other Assets	1,600.4		1,635.8

Total Assets	$	62,843.8	$	61,959.3

See notes to consolidated financial statements.

T able of Conten ts

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - Continued

Unum Group and Subsidiaries


	June 30		December 31
	2025		2024
	(in millions of dollars)

Liabilities and Stockholders' Equity

Liabilities
Future Policy Benefits	$	37,182.9	$	36,806.4
Policyholders' Account Balances	5,633.3		5,633.7
Unearned Premiums	538.3		384.0
Other Policyholders’ Funds	1,513.1		1,526.7
Income Tax Payable	261.6		226.5
Deferred Income Tax	36.7		31.0

Short-term Debt	274.8		274.6
Long-term Debt	3,469.1		3,465.2

Other Liabilities	2,614.0		2,650.1

Total Liabilities	51,523.8		50,998.2

Commitments and Contingent Liabilities - Note 13

Stockholders' Equity
Common Stock, $ 0.10 par
Authorized: 725,000,000 shares
Issued: 196,106,652 and 195,460,723 shares	19.6		19.5
Additional Paid-in Capital	1,578.4		1,489.6
Accumulated Other Comprehensive Loss	( 2,040.7 )		( 2,523.7 )
Retained Earnings	13,287.2		12,914.0
Treasury Stock - at cost: 23,968,208 and 16,871,752 shares	( 1,524.5 )		( 938.3 )

Total Stockholders' Equity	11,320.0		10,961.1

Total Liabilities and Stockholders' Equity	$	62,843.8	$	61,959.3

See notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Unum Group and Subsidiaries


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars, except share data)

Revenue
Premium Income	$	2,748.0	$	2,627.2	$	5,450.9	$	5,237.5
Net Investment Income	560.7		545.1		1,073.9		1,058.6
Net Investment Loss	( 17.7 )		( 10.4 )		( 224.5 )		( 11.6 )
Other Income	70.4		71.5		152.7		149.2
Total Revenue	3,361.4		3,233.4		6,453.0		6,433.7

Benefits and Expenses
Policy Benefits	1,944.9		1,866.6		3,905.2		3,759.6
Policy Benefits - Remeasurement Loss (Gain)	31.2		( 57.1 )		( 58.1 )		( 164.8 )
Commissions	343.5		319.1		686.7		632.7
Interest and Debt Expense	52.0		49.9		104.0		99.4

Deferral of Acquisition Costs	( 174.9 )		( 165.1 )		( 347.5 )		( 332.0 )
Amortization of Deferred Acquisition Costs	132.2		127.9		257.6		254.1

Compensation Expense	292.0		295.9		602.4		601.7
Other Expenses	323.5		300.7		642.1		591.8
Total Benefits and Expenses	2,944.4		2,737.9		5,792.4		5,442.5

Income Before Income Tax	417.0		495.5		660.6		991.2

Income Tax Expense (Benefit)
Current	89.1		132.9		169.5		220.2
Deferred	( 7.7 )		( 26.9 )		( 33.6 )		( 13.7 )
Total Income Tax Expense	81.4		106.0		135.9		206.5

Net Income	$	335.6	$	389.5	$	524.7	$	784.7

Net Income Per Common Share
Basic	$	1.93	$	2.05	$	2.98	$	4.10
Assuming Dilution	$	1.92	$	2.05	$	2.97	$	4.09

See notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Unum Group and Subsidiaries


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)

Net Income	$	335.6	$	389.5	$	524.7	$	784.7

Other Comprehensive Income
Change in Net Unrealized Loss on Securities (net of tax expense (benefit) of $ 22.0 ; $( 98.0 ); $ 132.2 ; $( 217.2 ))	79.5		( 363.0 )		501.5		( 804.7 )
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy Benefits, Net of Reinsurance (net of tax expense (benefit) of $ 10.9 ; $ 130.8 ; $( 31.7 ); $ 364.9 )	39.8		487.0		( 126.5 )		1,360.7
Change in Net Loss on Derivatives (net of tax benefit of $ 15.9 ; $ 9.0 ; $ 4.2 ; $ 23.1 )	( 59.8 )		( 37.6 )		( 14.3 )		( 90.9 )
Change in Foreign Currency Translation Adjustment (net of tax expense of $ 0.4 ; $ 1.2 ; $ 0.2 ; $ 1.5 )	80.0		4.2		122.3		( 7.3 )
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense (benefit) of $( 0.5 ); $ 0.7 ; $( 0.7 ); $ 10.1 )	( 1.4 )		3.2		—		4.0
Total Other Comprehensive Income	138.1		93.8		483.0		461.8

Comprehensive Income	$	473.7	$	483.3	$	1,007.7	$	1,246.5

See notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Unum Group and Subsidiaries


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Common Stock
Balance at Beginning of Period	$	19.5	$	19.5	$	19.5	$	19.4
Common Stock Activity	0.1		—		0.1		0.1
Balance at End of Period	19.6		19.5		19.6		19.5

Additional Paid-in Capital
Balance at Beginning of Period	1,568.7		1,548.2		1,489.6		1,547.8

Repurchase of Common Stock	—		—		80.3		—
Other Common Stock Activity	9.7		10.6		8.5		11.0
Balance at End of Period	1,578.4		1,558.8		1,578.4		1,558.8

Accumulated Other Comprehensive Loss


Balance at Beginning of Period	( 2,178.8 )		( 2,940.0 )		( 2,523.7 )		( 3,308.0 )
Other Comprehensive Income	138.1		93.8		483.0		461.8
Balance at End of Period	( 2,040.7 )		( 2,846.2 )		( 2,040.7 )		( 2,846.2 )

Retained Earnings


Balance at Beginning of Period	13,025.8		11,754.1		12,914.0		11,431.5
Net Income	335.6		389.5		524.7		784.7
Dividends to Stockholders (per common share: $ 0.420 ; $ 0.365 ; $ 0.840 ; $ 0.730 )	( 74.2 )		( 69.0 )		( 151.5 )		( 141.6 )

Balance at End of Period	13,287.2		12,074.6		13,287.2		12,074.6

Treasury Stock
Balance at Beginning of Period	( 1,221.2 )		( 162.3 )		( 938.3 )		( 39.3 )
Repurchases of Common Stock	( 303.3 )		( 179.8 )		( 586.2 )		( 302.8 )
Balance at End of Period	( 1,524.5 )		( 342.1 )		( 1,524.5 )		( 342.1 )

Total Stockholders' Equity at End of Period	$	11,320.0	$	10,464.6	$	11,320.0	$	10,464.6

See notes to consolidated financial statements.

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Unum Group and Subsidiaries


	Six Months Ended June 30
	2025		2024
	(in millions of dollars)
Cash Flows from Operating Activities
Net Income	$	524.7	$	784.7
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Change in Receivables	360.2		264.5
Change in Deferred Acquisition Costs	( 89.9 )		( 77.9 )
Change in Insurance Liabilities	55.0		( 123.3 )
Change in Income Taxes	10.3		( 34.4 )
Change in Other Accrued Liabilities	( 266.3 )		( 118.0 )
Non-cash Components of Net Investment Income	( 176.8 )		( 194.9 )
Net Investment Loss	224.5		11.6
Depreciation	60.2		59.3

Amortization of the Cost of Reinsurance	19.3		20.7
Other, Net	( 19.6 )		45.1
Net Cash Provided by Operating Activities	701.6		637.4

Cash Flows from Investing Activities
Proceeds from Sales of Fixed Maturity Securities	470.9		249.1
Proceeds from Maturities of Fixed Maturity Securities	923.3		618.0
Proceeds from Sales and Maturities of Other Investments	246.9		160.7
Purchases of Fixed Maturity Securities	( 904.3 )		( 1,023.2 )
Purchases of Other Investments	( 202.6 )		( 149.4 )
Net Sales and Maturities (Purchases) of Short-term Investments	328.1		( 146.5 )
Net Increase in Payables for Collateral on Investments	162.1		73.9

Net Purchases of Property and Equipment	( 63.7 )		( 56.0 )

Net Cash Provided (Used) by Investing Activities	960.7		( 273.4 )

Cash Flows from Financing Activities

Issuance of Long-term Debt	—		391.6
Repayment of Long-term Debt	—		( 350.0 )

Issuances of Common Stock	2.8		3.4
Repurchases of Common Stock	( 500.9 )		( 300.0 )
Dividends Paid to Stockholders	( 150.5 )		( 141.5 )
Proceeds from Policyholders' Account Deposits	63.3		67.8
Payments for Policyholders' Account Withdrawals	( 43.2 )		( 44.5 )

Other, Net	( 1.8 )		( 4.1 )
Net Cash Used by Financing Activities	( 630.3 )		( 377.3 )

Net Increase (Decrease) in Cash and Bank Deposits	1,032.0		( 13.3 )

Cash and Bank Deposits at Beginning of Year	162.8		146.0

Cash and Bank Deposits at End of Period	$	1,194.8	$	132.7

See notes to consolidated financial statements.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Unum Group and Subsidiaries

June 30, 2025

Note 1 - Basis of Presentation

The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in our annual report on Form 10-K for the year ended December 31, 2024.

In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of full year performance.

Note 2 - Accounting Developments

Accounting Updates Adopted in 2024:

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

The amendments in this update enhanced disclosures of significant expenses for reportable segments. Specifically, the update added a requirement to disclose significant expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and are included in each reported measure of segment profit or loss. This update required the disclosure of the title and position of the CODM as well as an explanation of how they use the reported measure(s) to assess segment performance and make decisions about allocating resources. The update also required the disclosure of the amount and composition of other segment items, which is the difference between reported segment revenues less the significant segment expenses. The amendments in this update allow for the disclosure of more than one measure of segment profit or loss, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles.

The amendments in this update were applied retrospectively in the annual period ended as of December 31, 2024 and interim periods beginning January 1, 2025. The adoption of this update modified our disclosures but did not have an impact on our financial position or results of operations.

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments

The amendments in this update provided optional guidance, for a limited period of time, to ease the potential burden in accounting for and recognizing the effects of reference rate reform on financial reporting. The guidance allowed for various practical expedients and exceptions when applying GAAP to contracts, hedging relationships, and other transactions affected either by discontinued rates as a direct result of reference rate reform or a market-wide change in interest rates used for discounting, margining or contract price alignment, if certain criteria are met. Specifically, the guidance provided certain practical expedients for contract modifications, fair value hedges, and cash flow hedges, and also provided certain exceptions related to changes in the critical terms of a hedging relationship. The guidance also allowed for a one-time election to sell or transfer debt securities that were both classified as held-to-maturity prior to January 1, 2020 and referenced a rate affected by the reform.

The adoption of this update was permitted as of the beginning of the interim period that includes March 12, 2020 (the issuance date of the update), or any date thereafter, through December 31, 2024, at which point the guidance sunset. We have elected practical expedients for contracts impacted by reference rate reform which did not result in a material impact on our financial position or results of operations.

Accounting Updates Outstanding:

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The amendments in this update require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. Specifically, the guidance requires additional information that meet a quantitative

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 2 - Accounting Developments - Continued

threshold in specified categories with respect to the reconciliation of the effective tax rate to the statutory tax rate for federal, state, and foreign income taxes. The specified categories are the following: state and local income taxes, foreign tax effects, effect of cross-border tax laws, enactment of new tax laws, nontaxable or nondeductible items, tax credits, changes in valuation allowances, and changes in unrecognized tax benefits. The quantitative threshold for each category is five percent of the amount computed by multiplying income (or loss) from continuing operations before income taxes by the statutory federal income tax rate. In addition, the amendments require additional information pertaining to income taxes paid, net of refunds, to be disaggregated by federal, state and foreign jurisdictions, and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold of five percent of total income taxes paid. The amendments also require disclosures of income (or loss) before income tax expense (or benefit) as domestic or foreign for each annual reporting period.

The amendments eliminate the historic requirement to disclose information regarding unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the twelve months following the reporting date, as well as the requirement to disclose the cumulative temporary differences when a deferred tax liability is not recognized due to certain exceptions under ASC 740.

We will adopt this update effective for the annual period beginning January 1, 2025. The adoption of this update is permitted on a prospective basis or a retrospective basis. The adoption of this update will not have an impact on our financial position or results of operations, but will expand our disclosures effective for the annual period beginning January 1, 2025.

ASU 2024-03, Disaggregation of Income Statement Expenses: Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and related amendment

The amendments in this update require the disclosure of disaggregation of certain income statement expense line items. Specifically, the guidance requires the disclosure of additional information related to certain expenses, including employee compensation, depreciation and amortization, and certain other expenses included in each income statement line item. The amendments also require the disclosure of both the total amount of selling expenses and a definition of selling expenses.

We will adopt this update effective for the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The adoption of this update is permitted on a prospective basis or a retrospective basis. The adoption of this update will expand our disclosures but will not have an impact on our financial position or results of operations.

Note 3 - Fair Value of Financial Instruments

Fair Value Measurements for Financial Instruments Carried at Fair Value

We report fixed maturity securities, which are classified as available-for-sale securities, derivative financial instruments, and unrestricted equity securities at fair value in our consolidated balance sheets. We report our investments in private equity partnerships at our share of the partnerships' net asset value (NAV) per share or its equivalent as a practical expedient for fair value.

The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. An active market for a financial instrument is a market in which transactions for an asset or a similar asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and should be used to measure fair value whenever available. Conversely, financial instruments rarely traded or not quoted have less observability and are measured at fair value using valuation techniques that require more judgment. Pricing observability is generally impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, and overall market conditions.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

We classify financial instruments in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs:

• Level 1 - the highest category of the fair value hierarchy classification wherein inputs are unadjusted and represent quoted prices in active markets for identical assets or liabilities at the measurement date.

• Level 2 - valued using inputs (other than prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.

• Level 3 - the lowest category of the fair value hierarchy and reflects the judgment of management regarding what market participants would use in pricing assets or liabilities at the measurement date. Financial assets and liabilities categorized as Level 3 are generally those that are valued using unobservable inputs to extrapolate an estimated fair value.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Valuation techniques used for assets and liabilities accounted for at fair value are generally categorized into three types. The market approach uses prices and other relevant information from market transactions involving identical or comparable assets or liabilities. The income approach converts future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. The cost approach is based upon the amount that currently would be required to replace the service capacity of an asset, or the current replacement cost.

We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available that can be obtained without undue cost and effort. In some cases, a single valuation technique will be appropriate (for example, when valuing an asset or liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate. If we use multiple valuation techniques to measure fair value, we evaluate and weigh the results, as appropriate, considering the reasonableness of the range indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances.

The selection of the valuation method(s) to apply considers the definition of an exit price and depends on the nature of the asset or liability being valued. For assets and liabilities accounted for at fair value, we generally use valuation techniques consistent with the market approach, and to a lesser extent, the income approach. We believe the market approach provides more observable data than the income approach, considering the type of investments we hold. Our fair value measurements could differ significantly based on the valuation technique and available inputs. When using a pricing service, we obtain the vendor's pricing documentation to ensure we understand their methodologies. We periodically review and approve the selection of our pricing vendors to ensure we are in agreement with their current methodologies. When markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. Our internal investment management professionals, which include portfolio managers and analysts, monitor securities priced by brokers and evaluate their prices for reasonableness based on benchmarking to available primary and secondary market information. In weighing a broker quote as an input to fair value, we place less reliance on quotes that do not reflect the result of market transactions. We also consider the nature of the quote, particularly whether it is a bid or market quote. If prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value. When relevant market data is unavailable, which may be the case during periods of market uncertainty, the income approach can, in suitable circumstances, provide a more appropriate fair value. During 2025, we have applied valuation approaches and techniques on a consistent basis to similar assets and liabilities and consistent with those approaches and techniques used at year end 2024.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

Fixed Maturity and Equity Securities

We use observable and unobservable inputs in measuring the fair value of our fixed maturity and equity securities. For securities categorized as Level 1, fair values equal active Trade Reporting and Compliance Engine (TRACE) pricing or unadjusted market maker prices. For securities categorized as Level 2 or Level 3, inputs that may be used in valuing each class of securities at any given time period are disclosed below. Actual inputs used to determine fair values will vary for each reporting period depending on the availability of inputs which may, at times, be affected by the lack of market liquidity.

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

United States Government and Government Agencies and Authorities

Valuation Method

Principally the market approach

Not applicable

Valuation Techniques / Inputs

Prices obtained from external pricing services

States, Municipalities, and Political Subdivisions

Valuation Method

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Relevant reports issued by analysts and rating agencies

Audited financial statements

Foreign Governments

Valuation Method

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Non-binding broker quotes

Call provisions

Public Utilities

Valuation Method

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Change in benchmark reference

Non-binding broker quotes

Analysis of similar bonds, adjusted for comparability

Benchmark yields

Discount for size - illiquidity

Transactional data for new issuances and secondary trades

Volatility of credit

Security cash flows and structures

Lack of marketability

Recent issuance / supply

Audited financial statements

Security and issuer level spreads

Security creditor ratings/maturity/capital structure/optionality

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

Public Utilities - Continued

Public covenants

Comparative bond analysis

Relevant reports issued by analysts and rating agencies

Mortgage/Asset-Backed Securities 1

Valuation Method

Principally the market and income approaches

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Non-binding broker quotes

Prices obtained from external pricing services

Security cash flows and structures

Underlying collateral

Prepayment speeds/loan performance/delinquencies

Relevant reports issued by analysts and rating agencies

Audited financial statements

All Other Corporate Bonds

Valuation Method

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Change in benchmark reference

Non-binding broker quotes

Discount for size - illiquidity

Benchmark yields

Volatility of credit

Transactional data for new issuances and secondary trades

Lack of marketability

Security cash flows and structures

Prices obtained from external pricing services

Recent issuance / supply

Security and issuer level spreads

Security creditor ratings/maturity/capital structure/optionality

Public covenants

Comparative bond analysis

Relevant reports issued by analysts and rating agencies

Audited financial statements

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

Redeemable Preferred Stocks

Valuation Method

Principally the market approach

Valuation Techniques / Inputs

Non-binding broker quotes

Financial statement analysis

Benchmark yields

Comparative bond analysis

Call provisions

Relevant reports issued by analysts and rating agencies

Audited financial statements

Perpetual Preferred and Equity Securities

Valuation Method

Principally the market approach

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Financial statement analysis

Non-binding broker quotes

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

The management of our investment portfolio includes establishing pricing policy and reviewing the reasonableness of sources and inputs used in developing pricing. We review all prices that vary between multiple pricing vendors by a threshold that is outside a normal market range for the asset type. In the event we receive a vendor's market price that does not appear reasonable based on our market analysis, we may challenge the price and request further information about the assumptions and methodologies used by the vendor to price the security. We may change the selected price based on a better data source such as an actual trade. We also review all prices that did not change from the prior month to ensure that these prices are within our expectations. The overall valuation process for determining fair values may include adjustments to valuations obtained from our pricing sources when they do not represent a valid exit price. These adjustments may be made when, in our judgment and considering our knowledge of the financial conditions and industry in which the issuer operates, certain features of the financial instrument require that an adjustment be made to the value originally obtained from our pricing sources. These features may include the complexity of the financial instrument, the market in which the financial instrument is traded, counterparty credit risk, credit structure, concentration, or liquidity. Additionally, an adjustment to the price derived from a model typically reflects our judgment of the inputs that other participants in the market for the financial instrument being measured at fair value would consider in pricing that same financial instrument. In the event an asset is sold, we test the validity of the fair value determined by our valuation techniques by comparing the selling price to the fair value determined for the asset in the immediately preceding month end reporting period.

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

The parameters and inputs used to validate a price on a security may be adjusted for assumptions about risk and current market conditions on a quarter to quarter basis, as certain features may be more significant drivers of valuation at the time of pricing. Changes to inputs in valuations are not changes to valuation methodologies; rather, the inputs are modified to reflect direct or indirect impacts on asset classes from changes in market conditions.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

At June 30, 2025, approximately 17.2 percent of our fixed maturity securities were valued using active trades from TRACE pricing or broker market maker prices for which there was current market activity in that specific security (comparable to receiving one binding quote). The prices obtained were not adjusted, and the assets were classified as Level 1.

The remaining 82.8 percent of our fixed maturity securities were valued based on non-binding quotes or other observable and unobservable inputs, as discussed below:

• 66.0 percent of our fixed maturity securities were valued based on prices from pricing services that generally use observable inputs such as prices for securities or comparable securities in active markets in their valuation techniques. These assets were classified as Level 2.

• 16.1 percent of our fixed maturity securities were valued based on one or more non-binding broker quotes, if validated by observable market data. When only one price is available, it is used if observable inputs and analysis confirms that it is appropriate. These assets, for which we were able to validate the price using other observable market data, were classified as Level 2.

• 0.7 percent of our fixed maturity securities were valued based on prices of comparable securities, internal models, or pricing services or other non-binding quotes with no other observable market data. These assets were classified as either Level 2 or Level 3, with the categorization dependent on whether there was other observable market data.

Derivatives

Fair values for derivatives other than embedded derivatives in modified coinsurance arrangements are based on market quotes or pricing models and represent the net amount of cash we would have paid or received if the contracts had been settled or closed as of the last day of the period. Credit risk related to the counterparty and the Company is considered in determining the fair values of these derivatives. However, since we have collateralization agreements in place with each counterparty which limits our exposure, any credit risk is immaterial. Therefore, we determined that no adjustments for credit risk were required as of June 30, 2025 or December 31, 2024.

Fair values for our embedded derivative in a modified coinsurance arrangement are estimated using internal pricing models and represent the hypothetical value of the duration mismatch of assets and liabilities, interest rate risk, and third party credit risk embedded in the modified coinsurance arrangement.

We consider transactions in inactive markets to be less representative of fair value. We use all available observable inputs when measuring fair value, but when significant unobservable inputs are used, we classify these assets or liabilities as Level 3.

Private Equity Partnerships

Our private equity partnerships represent funds that are primarily invested in private credit, private equity, and real assets, as described below. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:


		June 30, 2025
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	211.7	Not redeemable	$	115.5

		51.5		Quarterly / 90 days notice	12.7
Total Private Credit		263.2			128.2

Private Equity	(b)	618.3		Not redeemable	406.5
		38.3		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	10.5
Total Private Equity		656.6			417.0


Real Assets	(c)	494.4		Not redeemable	219.1
		36.7		Quarterly / 90 days notice	—
Total Real Assets		531.1			219.1

Total Partnerships		$	1,450.9		$	764.3


		December 31, 2024
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	236.9	Not redeemable	$	118.9

		52.3		Quarterly / 90 days notice	10.3
Total Private Credit		289.2			129.2

Private Equity	(b)	604.1		Not redeemable	398.2
		36.1		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	11.0
Total Private Equity		640.2			409.2

Real Assets	(c)	486.6		Not redeemable	230.1
		34.6		Quarterly / 90 days notice	—
Total Real Assets		521.2			230.1

Total Partnerships		$	1,450.6		$	768.5

(a) Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

America and, to a lesser extent, outside of North America. As of June 30, 2025, the estimated remaining life of the investments that do not allow for redemptions is approximately 77 percent in the next 3 years, 12 percent during the period from 3 to 5 years, and 11 percent during the period from 5 to 10 years.

(b) Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America. As of June 30, 2025, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 28 percent during the period from 3 to 5 years, and 38 percent during the period from 5 to 10 years.

(c) Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia. As of June 30, 2025, the estimated remaining life of the investments that do not allow for redemptions is approximately 47 percent in the next 3 years, 29 percent during period from 3 to 5 years, and 24 percent during the period from 5 to 10 years.

We record changes in our share of NAV of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. Our partnerships are subject to transfer restrictions which extend over the life of the investment. There are no circumstances in which the transfer restrictions would lapse.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used:


	June 30, 2025
	Level 1		Level 2		Level 3		NAV		Total
	(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities	$	—	$	537.8	$	—	$	—	$	537.8
States, Municipalities, and Political Subdivisions	—		3,183.7		—		—		3,183.7
Foreign Governments	—		873.2		—		—		873.2
Public Utilities	444.6		4,882.1		—		—		5,326.7
Mortgage/Asset-Backed Securities 1	—		1,011.8		81.4		—		1,093.2
All Other Corporate Bonds	5,777.0		19,146.7		19.9		—		24,943.6
Redeemable Preferred Stocks	—		7.8		—		—		7.8
Total Fixed Maturity Securities	6,221.6		29,643.1		101.3		—		35,966.0

Other Long-term Investments
Derivatives

Forwards	—		3.0		—		—		3.0
Foreign Currency Interest Rate Swaps	—		40.8		—		—		40.8
Embedded Derivative in Modified Coinsurance Arrangement	—		—		10.6		—		10.6

Total Derivatives	—		43.8		10.6		—		54.4
Perpetual Preferred and Equity Securities	—		0.1		23.8		—		23.9
Private Equity Partnerships	—		—		—		1,450.9		1,450.9
Total Other Long-term Investments	—		43.9		34.4		1,450.9		1,529.2
Total Financial Instrument Assets Carried at Fair Value	$	6,221.6	$	29,687.0	$	135.7	$	1,450.9	$	37,495.2

Liabilities
Other Liabilities
Derivatives
Forwards	$	—	$	234.1	$	—	$	—	$	234.1
Foreign Currency Interest Rate Swaps	—		52.4		—		—		52.4


Total Derivatives	—		286.5		—		—		286.5
Total Financial Instrument Liabilities Carried at Fair Value	$	—	$	286.5	$	—	$	—	$	286.5

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

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued


	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total
	(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities	$	77.9	$	452.6	$	—	$	—	$	530.5
States, Municipalities, and Political Subdivisions	—		3,291.4		—		—		3,291.4
Foreign Governments	—		768.1		—		—		768.1
Public Utilities	174.5		5,118.4		—		—		5,292.9
Mortgage/Asset-Backed Securities 1	—		843.7		73.5		—		917.2
All Other Corporate Bonds	3,928.1		20,822.6		71.5		—		24,822.2
Redeemable Preferred Stocks	—		7.6		—		—		7.6
Total Fixed Maturity Securities	4,180.5		31,304.4		145.0		—		35,629.9

Other Long-term Investments
Derivatives

Forwards	—		6.5		—		—		6.5
Foreign Currency Interest Rate Swaps	—		72.9		—		—		72.9
Embedded Derivative in Modified Coinsurance Arrangement	—		—		11.5		—		11.5
Total Derivatives	—		79.4		11.5		—		90.9
Perpetual Preferred and Equity Securities	—		0.1		24.4		—		24.5
Private Equity Partnerships	—		—		—		1,450.6		1,450.6
Total Other Long-term Investments	—		79.5		35.9		1,450.6		1,566.0
Total Financial Instrument Assets Carried at Fair Value	$	4,180.5	$	31,383.9	$	180.9	$	1,450.6	$	37,195.9

Liabilities
Other Liabilities
Derivatives
Forwards	$	—	$	223.2	$	—	$	—	$	223.2
Foreign Currency Interest Rate Swaps	—		32.5		—		—		32.5


Total Derivatives	—		255.7		—		—		255.7
Total Financial Instrument Liabilities Carried at Fair Value	$	—	$	255.7	$	—	$	—	$	255.7

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

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:


	Three Months Ended June 30, 2025
	Fair Value Beginning of Period		Total Realized and Unrealized Investment Gains (Losses) in								Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases		Sales/Maturities		Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities


Public Utilities	$	—	$	—	$	—	$	—	$	( 9.0 )	$	9.0	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities 1	77.2		—		0.9		7.1		( 3.7 )		—		( 0.1 )		81.4		0.9		—
All Other Corporate Bonds	32.3		—		( 0.1 )		1.0		( 29.3 )		16.0		—		19.9		( 0.1 )		—

Total Fixed Maturity Securities	109.5		—		0.8		8.1		( 42.0 )		25.0		( 0.1 )		101.3		0.8		—

Perpetual Preferred and Equity Securities	26.8		6.9		—		3.0		( 12.9 )		—		—		23.8		—		—
Embedded Derivative in Modified Coinsurance Arrangement	9.6		1.0		—		—		—		—		—		10.6		—		1.0

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

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued


	Three Months Ended June 30, 2024
	Fair Value Beginning of Period		Total Realized and Unrealized Investment Gains (Losses) in								Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases		Sales/Maturities		Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities



Mortgage/Asset-Backed Securities 1	$	38.7	$	—	$	0.4	$	4.9	$	( 0.7 )	$	3.3	$	( 0.1 )	$	46.5	$	0.4	$	—
All Other Corporate Bonds	90.2		—		2.5		—		( 26.7 )		23.1		( 35.8 )		53.3		2.5		—

Total Fixed Maturity Securities	128.9		—		2.9		4.9		( 27.4 )		26.4		( 35.9 )		99.8		2.9		—

Perpetual Preferred and Equity Securities	21.6		0.1		—		—		—		—		—		21.7		—		0.1
Embedded Derivative in Modified Coinsurance Arrangement	4.6		0.8		—		—		—		—		—		5.4		—		0.8

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

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued


	Six Months Ended June 30, 2025
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in								Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases		Sales/Maturities		Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities


Public Utilities	$	—	$	( 1.5 )	$	1.7	$	—	$	( 21.3 )	$	21.1	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities 1	73.5		—		0.3		11.9		( 4.2 )		—		( 0.1 )		81.4		0.3		—
All Other Corporate Bonds	71.5		( 6.2 )		( 8.3 )		1.0		( 99.6 )		99.7		( 38.2 )		19.9		( 8.3 )		—

Total Fixed Maturity Securities	145.0		( 7.7 )		( 6.3 )		12.9		( 125.1 )		120.8		( 38.3 )		101.3		( 8.0 )		—

Perpetual Preferred and Equity Securities	24.4		7.6		—		4.7		( 12.9 )		—		—		23.8		—		0.7
Embedded Derivative in Modified Coinsurance Arrangement	11.5		( 0.9 )		—		—		—		—		—		10.6		—		( 0.9 )

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

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued


	Six Months Ended June 30, 2024
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in								Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases		Sales/Maturities		Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities



Mortgage/Asset-Backed Securities 1	$	32.9	$	—	$	0.5	$	10.6	$	( 1.2 )	$	3.8	$	( 0.1 )	$	46.5	$	0.5	$	—
All Other Corporate Bonds	123.4		( 2.6 )		5.1		2.3		( 154.2 )		149.5		( 70.2 )		53.3		5.1		( 2.6 )

Total Fixed Maturity Securities	156.3		( 2.6 )		5.6		12.9		( 155.4 )		153.3		( 70.3 )		99.8		5.6		( 2.6 )

Perpetual Preferred and Equity Securities	21.6		0.1		—		—		—		—		—		21.7		—		0.1
Embedded Derivative in Modified Coinsurance Arrangement	( 1.5 )		6.9		—		—		—		—		—		5.4		—		6.9

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

Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.

June 30, 2025

Fair Value

Valuation Method

Unobservable Input

Range/Weighted Average

(in millions of dollars)

Fixed Maturity Securities

All Other Corporate Bonds - Private

8.2

Market Approach

Volatility of Credit

Market Convention

(a)

(b)

5.00 % - 5.00 % / 5.00 %

Priced at Par Value

Mortgage-Backed Securities/

Asset-Backed Securities 1

2.6

Market Approach

Market Convention

(b)

Priced at Par Value

Perpetual Preferred and Equity Securities

23.8

Market Approach

Market Convention

(b)

Priced at Cost, Owner's Equity, or Most Recent Round

Embedded Derivative in Modified Coinsurance Arrangement

10.6

Discounted Cash Flows

Projected Liability Cash Flows

Weighted Spread of Swap Curve

(c)

Actuarial Assumptions

( 0.15 )%

December 31, 2024

Fair Value

Valuation Method

Unobservable Input

Range/Weighted Average

(in millions of dollars)

Fixed Maturity Securities

All Other Corporate Bonds - Private

16.3

Market Approach

Volatility of Credit

Market Convention

(a)

(b)

5.00 % - 5.00 % / 5.00 %

Priced at Par Value

Mortgage-Backed Securities/

Asset-Backed Securities 1

21.2

Market Approach

Market Convention

(b)

Priced at Par Value

Perpetual Preferred and Equity Securities

24.4

Market Approach

Market Convention

(b)

Priced at Cost, Owner's Equity, or Most Recent Round

Embedded Derivative in Modified Coinsurance Arrangement

11.5

Discounted Cash Flows

Projected Liability Cash Flows

Weighted Spread of Swap Curve

(c)

Actuarial Assumptions

( 0.23 )%

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

(a) Represents basis point adjustments for credit-specific factors

(b) Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available

(c) Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan

Other than market convention, the impact of isolated decreases in unobservable inputs will result in a higher estimated fair value, whereas isolated increases in unobservable inputs will result in a lower estimated fair value. The unobservable input for market convention is not sensitive to input movements. The projected liability cash flows used in the fair value measurement of

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

our Level 3 embedded derivative are based on expected claim payments. If claim payments increase, the projected liability cash flows will increase, resulting in a decrease in the fair value of the embedded derivative. Decreases in projected liability cash flows will result in an increase in the fair value of the embedded derivative.

Fair Value Measurements for Financial Instruments Not Carried at Fair Value

The methods and assumptions used to estimate fair values of financial instruments not carried at fair value are discussed as follows:

Mortgage Loans: Fair value of newly originated, seasoned performing, or sub-performing but likely to continue cash flowing loans are calculated using a discounted cash flow analysis. Loans’ cash flows are modeled and appropriately discounted by a rate based on current yields and credit spreads. For sub and non-performing loans where there is some probability the loan will not continue to pay, a price based approach would be used to estimate the loan’s value in the open market utilizing current transaction information from similar loans.

Policy Loans: Fair values for policy loans, net of reinsurance ceded, are estimated using discounted cash flow analyses and interest rates currently being offered to policyholders with similar policies. Carrying amounts for ceded policy loans, which equal $ 3,292.3 million and $ 3,313.6 million as of June 30, 2025 and December 31, 2024, respectively, approximate fair value and are reported on a gross basis in our consolidated balance sheets. A change in interest rates for ceded policy loans will not impact our financial position because the benefits and risks are fully ceded to reinsuring counterparties.

Miscellaneous Long-term Investments: Carrying amounts for tax credit partnerships equal the unamortized balance of our contractual commitments and approximate fair value. Our shares of Federal Home Loan Bank (FHLB) common stock are carried at cost, which approximates fair value.

Long-term Debt: Fair values for long-term debt are obtained from independent pricing services or discounted cash flow analyses based on current incremental borrowing rates for similar types of borrowing arrangements.

FHLB Funding Agreements: Funding agreements with the FHLB represent cash advances used for the purpose of investing in either short-term investments, matched fixed maturity securities, or matched commercial mortgage loans. Carrying amounts approximate fair value.

Unfunded Commitments to Investment Partnerships: Unfunded equity commitments represent amounts that we have committed to fund investment partnerships. These commitments are legally binding, subject to the partnerships meeting specified conditions. Carrying amounts of these financial instruments approximate fair value.

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


	June 30, 2025
	Estimated Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
	(in millions of dollars)
Assets
Mortgage Loans	$	—	$	1,993.8	$	—	$	1,993.8	$	2,172.5
Policy Loans	—		—		3,673.5		3,673.5		3,604.8
Other Long-term Investments
Miscellaneous Long-term Investments	—		35.2		0.2		35.4		35.4
Total Financial Instrument Assets Not Carried at Fair Value	$	—	$	2,029.0	$	3,673.7	$	5,702.7	$	5,812.7

Liabilities
Long-term Debt	$	2,589.5	$	708.0	$	—	$	3,297.5	$	3,469.1


Other Liabilities
Unfunded Commitments	—		0.2		—		0.2		0.2
Payable for Collateral on FHLB Funding Agreements	—		525.5		—		525.5		525.5
Total Financial Instrument Liabilities Not Carried at Fair Value	$	2,589.5	$	1,233.7	$	—	$	3,823.2	$	3,994.8

T able of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 3 - Fair Value of Financial Instruments - Continued


	December 31, 2024
	Estimated Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
	(in millions of dollars)
Assets
Mortgage Loans	$	—	$	1,975.4	$	—	$	1,975.4	$	2,224.5
Policy Loans	—		—		3,672.9		3,672.9		3,617.2
Other Long-term Investments
Miscellaneous Long-term Investments	—		26.7		0.2		26.9		26.9

Total Financial Instrument Assets Not Carried at Fair Value	$	—	$	2,002.1	$	3,673.1	$	5,675.2	$	5,868.6

Liabilities
Long-term Debt	$	3,246.1	$	43.2	$	—	$	3,289.3	$	3,465.2
Other Liabilities
Unfunded Commitments	—		0.2		—		0.2		0.2
Payable for Collateral on FHLB Funding Agreements	—		324.2		—		324.2		324.2
Total Financial Instrument Liabilities Not Carried at Fair Value	$	3,246.1	$	367.6	$	—	$	3,613.7	$	3,789.6

The carrying values of financial instruments such as short-term investments, cash and bank deposits, accounts and premiums receivable, accrued investment income, securities lending agreements, and short-term debt approximate fair value due to the short-term nature of the instruments. As such, these financial instruments are not included in the above chart.

Fair values for insurance contracts other than investment contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in our overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments

Fixed Maturity Securities

At June 30, 2025 and December 31, 2024, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:


	June 30, 2025
	Amortized Cost, Gross of ACL 1		ACL 1		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	540.0	$	—	$	17.8	$	20.0	$	537.8
States, Municipalities, and Political Subdivisions	3,651.0		—		66.6		533.9		3,183.7
Foreign Governments	1,032.3		—		14.0		173.1		873.2
Public Utilities	5,468.7		—		180.2		322.2		5,326.7
Mortgage/Asset-Backed Securities 2	1,110.8		—		6.9		24.5		1,093.2
All Other Corporate Bonds	26,173.1		14.4		567.6		1,782.7		24,943.6
Redeemable Preferred Stocks	8.0		—		—		0.2		7.8
Total Fixed Maturity Securities	$	37,983.9	$	14.4	$	853.1	$	2,856.6	$	35,966.0


	December 31, 2024
	Amortized Cost, Gross of ACL 1		ACL 1		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	544.6	$	—	$	13.9	$	28.0	$	530.5
States, Municipalities, and Political Subdivisions	3,795.6		—		65.5		569.7		3,291.4
Foreign Governments	912.1		—		9.5		153.5		768.1
Public Utilities	5,525.0		—		132.3		364.4		5,292.9
Mortgage/Asset-Backed Securities 2	949.4		—		5.0		37.2		917.2
All Other Corporate Bonds	26,535.2		2.8		450.6		2,160.8		24,822.2
Redeemable Preferred Stocks	8.0		—		—		0.4		7.6
Total Fixed Maturity Securities	$	38,269.9	$	2.8	$	676.8	$	3,314.0	$	35,629.9

1 Allowance for Credit Losses

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

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.


	June 30, 2025
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	47.3	$	2.5	$	205.0	$	17.5
States, Municipalities, and Political Subdivisions	303.1		15.7		1,814.7		518.2
Foreign Governments	122.7		10.9		301.0		162.2
Public Utilities	870.5		41.6		1,512.8		280.6
Mortgage/Asset-Backed Securities 1	277.1		3.9		262.9		20.6
All Other Corporate Bonds	3,708.5		141.3		11,090.5		1,641.4
Redeemable Preferred Stocks	—		—		3.7		0.2
Total Fixed Maturity Securities	$	5,329.2	$	215.9	$	15,190.6	$	2,640.7


	December 31, 2024
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	43.7	$	4.1	$	201.3	$	23.9
States, Municipalities, and Political Subdivisions	425.8		15.3		1,926.2		554.4
Foreign Governments	171.9		10.6		266.3		142.9
Public Utilities	1,281.7		48.4		1,549.5		316.0
Mortgage/Asset-Backed Securities 1	199.9		8.9		285.9		28.3
All Other Corporate Bonds	4,904.4		182.5		12,209.3		1,978.3
Redeemable Preferred Stocks	3.9		0.1		3.7		0.3
Total Fixed Maturity Securities	$	7,031.3	$	269.9	$	16,442.2	$	3,044.1

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

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.


	June 30, 2025
	Amortized Cost, Net of ACL 1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,648.6	$	4.9	$	538.8	$	7.0	$	1,107.7
Over 1 year through 5 years	7,564.7		168.9		3,880.3		121.2		3,732.1
Over 5 years through 10 years	8,173.7		292.3		4,194.4		419.2		3,852.4
Over 10 years	19,471.7		380.1		6,279.5		2,284.7		11,287.6
	36,858.7		846.2		14,893.0		2,832.1		19,979.8
Mortgage/Asset-Backed Securities 2	1,110.8		6.9		553.2		24.5		540.0
Total Fixed Maturity Securities	$	37,969.5	$	853.1	$	15,446.2	$	2,856.6	$	20,519.8


	December 31, 2024
	Amortized Cost, Net of ACL 1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,484.1	$	4.1	$	432.4	$	6.2	$	1,049.6
Over 1 year through 5 years	7,688.2		123.5		2,840.8		196.6		4,774.3
Over 5 years through 10 years	8,404.6		236.4		3,486.1		565.5		4,589.4
Over 10 years	19,740.8		307.8		4,965.7		2,508.5		12,574.4
	37,317.7		671.8		11,725.0		3,276.8		22,987.7
Mortgage/Asset-Backed Securities 2	949.4		5.0		431.4		37.2		485.8
Total Fixed Maturity Securities	$	38,267.1	$	676.8	$	12,156.4	$	3,314.0	$	23,473.5

1 Allowance for Credit Losses

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

The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of June 30, 2025:


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	34,513.8	$	827.6	$	2,797.8	97.9	%
Below-Investment-Grade	1,452.2		25.5		58.8		2.1
Total Fixed Maturity Securities	$	35,966.0	$	853.1	$	2,856.6	100.0	%

The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At June 30, 2025, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses.

As of June 30, 2025, we held 867 individual investment-grade fixed maturity securities and 55 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 756 investment-grade fixed maturity securities and 40 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year.

In determining when a decline in fair value below amortized cost of a fixed maturity security represents a credit loss, we evaluate the following factors:

• Whether we expect to recover the entire amortized cost basis of the security

• Whether we intend to sell the security or will be required to sell the security before the recovery of its amortized cost basis

• Whether the security is current as to principal and interest payments

• The significance of the decline in value

• Current and future business prospects and trends of earnings

• The valuation of the security's underlying collateral

• Relevant industry conditions and trends relative to their historical cycles

• Market conditions

• Rating agency and governmental actions

• Bid and offering prices and the level of trading activity

• Adverse changes in estimated cash flows for securitized investments

• Changes in fair value subsequent to the balance sheet date

• Any other key measures for the related security

While determining whether a credit loss exists is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of investments and the recording of credit losses on a timely basis for investments determined to have a credit loss. We calculate the allowance for credit losses of fixed maturity securities based on the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. When estimating future cash flows, we analyze the strength of the issuer’s balance sheet, its debt obligations and near-term funding arrangements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as all other corporate bonds during the three and six months ended June 30, 2025.


	Three Months Ended June 30
	2025		2024
	(in millions of dollars)
Balance, beginning of period	$	3.8	$	2.2

Credit losses on securities for which credit losses were not previously recorded	9.6		2.6

Change in allowance on securities with allowance recorded in previous period	1.0		0.3



Balance, end of period	$	14.4	$	5.1


	Six Months Ended June 30
	2025		2024
	(in millions of dollars)
Balance, beginning of period	$	2.8	$	2.2

Credit losses on securities for which credit losses were not previously recorded	10.5		2.6

Change in allowance on securities with allowance recorded in previous period	1.1		0.3



Balance, end of period	$	14.4	$	5.1

At June 30, 2025, we had commitments of $ 98.1 million to fund private placement fixed maturity securities, the amount of which may or may not be funded.

Variable Interest Entities

We invest in variable interests issued by variable interest entities. These investments, which are passive in nature, include minority ownership interests in private equity partnerships, tax credit partnerships, and special purpose entities. Our maximum exposure to loss is limited to the carrying value of these investments in private equity partnerships, tax credit partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period.

As of June 30, 2025, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $ 1,451.1 million, comprised of $ 0.2 million of tax credit partnerships and $ 1,450.9 million of private equity partnerships. At December 31, 2024, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $ 1,450.8 million, comprised of $ 0.2 million of tax credit partnerships and $ 1,450.6 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets.

Mortgage Loans

Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios based on internal valuation of the collateral at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $ 2,188.1 million and $ 2,240.6 million at June 30, 2025 and December 31, 2024, respectively. The allowance for expected credit losses was $ 15.6 million and $ 16.1 million at June 30, 2025 and December 31, 2024, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $ 6.7 million and $7.0 million at June 30, 2025 and December 31, 2024, respectively.

The carrying amount of mortgage loans by property type and geographic region are presented below.



	June 30, 2025				December 31, 2024
	(in millions of dollars)

	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Property Type
Apartment	$	662.2	30.5	%	$	658.2	29.6	%
Industrial	667.3		30.7		690.4		31.0
Office	325.3		15.0		338.4		15.2
Retail	477.2		21.9		496.2		22.3
Other	40.5		1.9		41.3		1.9
Total	$	2,172.5	100.0	%	$	2,224.5	100.0	%

Region
New England	$	51.3	2.4	%	$	52.6	2.4	%
Mid-Atlantic	163.6		7.5		167.2		7.5
East North Central	277.5		12.8		297.2		13.4
West North Central	147.8		6.8		151.1		6.8
South Atlantic	525.0		24.1		532.5		23.9
East South Central	87.4		4.0		95.1		4.3
West South Central	186.7		8.6		193.6		8.7
Mountain	284.0		13.1		278.7		12.5
Pacific	449.2		20.7		456.5		20.5
Total	$	2,172.5	100.0	%	$	2,224.5	100.0	%

The risk in our mortgage loan portfolio is primarily related to vacancy rates. Events or developments, such as economic conditions that impact the ability of the borrowers to ensure occupancy of the property, may have a negative effect on our mortgage loan portfolio, particularly to the extent that our portfolio is concentrated in an affected region or property type. An increase in vacancies increases the probability of default, which would negatively affect our expected losses in our mortgage loan portfolio.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

We evaluate each of our mortgage loans individually for impairment and assign an internal quality rating based on a comprehensive rating system used to evaluate the risk of the loan. The factors we use to derive our internal quality ratings may include the following:

• Loan-to-value ratio based on internal valuation of the property

• Debt service coverage ratio based on current operating income

• Property location, including regional economics, trends, and demographics

• Age, condition, and construction quality of property

• Current and historical occupancy of property

• Lease terms relative to market

• Tenant size and financial strength

• Borrower's financial strength

• Borrower's equity in transaction

• Additional collateral, if any

Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of AA (highest quality) to B (lowest quality). We review and adjust, as needed, our internal quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency.

We estimate an allowance for credit losses that we expect to incur over the life of our mortgage loans using a probability of default method. For each loan, we estimate the probability that the loan will default before its maturity (probability of default) and the amount of the loss if the loan defaults (loss given default). These two factors result in an expected loss percentage that is applied to the amortized cost of each loan to determine the expected credit loss. As we are the original underwriter of the mortgage loans, the amortized cost generally equals the principal amount of the loan. We measure losses on defaults of our mortgage loans as the excess amortized cost of the mortgage loan over the fair value of the underlying collateral in the event that we foreclose on the loan or over the expected future cash flows of the loan if we retain the mortgage loan until payoff. We do not purchase mortgage loans with existing credit impairments.

In estimating the probability of default, we consider historical experience, current market conditions, and reasonable and supportable forecasts about the future market conditions. We utilize our historical loan experience in combination with a large third-party industry database for a period of time that aligns with the average life of our loans based on the maturity dates of the loans and prepayment experience. Our model utilizes an industry database of the historical loss experience based on our actual portfolio characteristics such as loan-to-value, debt service coverage, collateral type, geography, and late payment history. In addition, because we actively manage our portfolio, we may extend the term of a loan in certain situations and will accordingly extend the maturity date in the estimate of probability of default. In estimating the loss given default, we primarily consider the type and value of collateral and secondarily the expected liquidation costs and time to recovery.

The primary market factors that we consider in our forecast of future market conditions are gross domestic product, unemployment rates, interest rates, inflation, commercial real estate values, household formation, and retail sales. We also forecast certain loan specific factors such as growth in the fair value and net operating income of collateral by property type. We include our estimate of these factors over a two-year period and for the remainder of the loans’ estimated lives, adjusted for estimated prepayments. Past the two-year forecast period, we revert to the historical assumptions ratably by the end of the fifth year of the loan after which we utilize only historical assumptions.

We utilize various scenarios to estimate our allowance for expected losses ranging from a base case scenario that reflects normal market conditions to a severe case scenario that reflects adverse market conditions. We will adjust our allowance each period to utilize the scenario or weighting of the scenarios that best reflects our view of current market conditions.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following tables present information about mortgage loans by the applicable internal quality indicators:


	June 30, 2025				December 31, 2024
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Mortgage Rating
AA	$	95.2	4.4	%	$	117.8	5.3	%
A	1,073.9		49.4		1,099.1		49.4
BBB	885.9		40.8		915.5		41.2
BB	101.4		4.7		85.0		3.8
B	16.1		0.7		7.1		0.3
Total	$	2,172.5	100.0	%	$	2,224.5	100.0	%

Loan-to-Value Ratio 1
<= 65%	$	1,612.3	74.2	%	$	1,639.6	73.8	%
> 65% <= 75%	327.5		15.1		367.6		16.5
> 75% <= 85%	169.1		7.8		152.3		6.8
> 85%	63.6		2.9		65.0		2.9
Total	$	2,172.5	100.0	%	$	2,224.5	100.0	%

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at June 30, 2025 and December 31, 2024, respectively:


	June 30, 2025
	Prior to 2021		2021		2022		2023		2024		2025		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	89.0	$	6.2	$	—	$	—	$	—	$	—	$	95.2
A	820.1		166.7		24.1		9.5		6.5		49.1		1,076.0
BBB	554.6		153.1		62.5		57.0		39.6		23.4		890.2
BB	103.3		—		—		—		—		—		103.3
B	23.4		—		—		—		—		—		23.4
Total Amortized Cost	1,590.4		326.0		86.6		66.5		46.1		72.5		2,188.1
Allowance for credit losses	( 13.7 )		( 0.9 )		( 0.3 )		( 0.3 )		( 0.2 )		( 0.2 )		( 15.6 )
Carrying Amount	$	1,576.7	$	325.1	$	86.3	$	66.2	$	45.9	$	72.3	$	2,172.5

Loan-to-Value Ratio 1
<=65%	$	1,261.9	$	209.0	$	40.1	$	38.6	$	11.7	$	54.8	$	1,616.1
>65<=75%	158.2		44.3		46.5		27.9		34.4		17.7		329.0
>75%<=85%	108.3		61.9		—		—		—		—		170.2
>85%	62.0		10.8		—		—		—		—		72.8
Total Amortized Cost	1,590.4		326.0		86.6		66.5		46.1		72.5		2,188.1
Allowance for credit losses	( 13.7 )		( 0.9 )		( 0.3 )		( 0.3 )		( 0.2 )		( 0.2 )		( 15.6 )
Carrying Amount	$	1,576.7	$	325.1	$	86.3	$	66.2	$	45.9	$	72.3	$	2,172.5

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued


	December 31, 2024
	Prior to 2020		2020		2021		2022		2023		2024		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	111.5	$	—	$	6.4	$	—	$	—	$	—	$	117.9
A	780.5		99.6		169.1		24.6		9.5		18.0		1,101.3
BBB	561.7		55.1		155.1		63.0		57.3		28.2		920.4
BB	86.8		—		—		—		—		—		86.8
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	( 13.7 )		( 0.5 )		( 1.0 )		( 0.3 )		( 0.4 )		( 0.2 )		( 16.1 )
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5

Loan-to-Value Ratio 1
<=65%	$	1,229.6	$	112.9	$	210.0	$	40.8	$	38.7	$	11.7	$	1,643.7
>65<=75%	154.1		33.7		72.1		46.8		28.1		34.5		369.3
>75%<=85%	126.4		8.1		20.1		—		—		—		154.6
>85%	44.6		—		28.4		—		—		—		73.0
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	( 13.7 )		( 0.5 )		( 1.0 )		( 0.3 )		( 0.4 )		( 0.2 )		( 16.1 )
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The following tables present a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and six months ended June 30, 2025 and 2024 :


	Three Months Ended June 30, 2025
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio 1
<=65%	$	3.8	$	—	$	—	$	—	$	3.8
>65<=75%	1.7		( 0.2 )		—		—		1.5
>75%<=85%	3.1		( 2.0 )		—		—		1.1
>85%	8.0		1.2		—		—		9.2
Total	$	16.6	$	( 1.0 )	$	—	$	—	$	15.6


	Three Months Ended June 30, 2024
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio 1
<=65%	$	3.6	$	0.1	$	—	$	—	$	3.7
>65<=75%	3.4		( 0.1 )		—		—		3.3
>75%<=85%	1.2		0.5		—		—		1.7
>85%	2.5		0.9		—		—		3.4
Total	$	10.7	$	1.4	$	—	$	—	$	12.1


	Six Months Ended June 30, 2025
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio 1
<=65%	$	4.2	$	( 0.4 )	$	—	$	—	$	3.8
>65<=75%	1.7		( 0.2 )		—		—		1.5
>75%<=85%	2.2		( 1.1 )		—		—		1.1
>85%	8.0		1.2		—		—		9.2
Total	$	16.1	$	( 0.5 )	$	—	$	—	$	15.6


	Six Months Ended June 30, 2024
	Beginning of Year		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio 1
<=65%	$	3.8	$	( 0.1 )	$	—	$	—	$	3.7
>65<=75%	3.8		( 0.5 )		—		—		3.3
>75%<=85%	1.2		0.5		—		—		1.7
>85%	1.4		2.0		—		—		3.4
Total	$	10.2	$	1.9	$	—	$	—	$	12.1

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

During the three months ended June 30, 2025, no commercial mortgage loans had been modified for borrowers experiencing financial difficulties. During the six months ended June 30, 2025, we granted an other-than-insignificant payment delay for a commercial mortgage loan with an amortized cost of $ 14.2 million, which deferred the principal payment for 24 months. This modification represents less than one percent of the commercial mortgage loan portfolio balance. During the three and six months ended June 30, 2025, all commercial loans which were previously modified for borrowers experiencing financial difficulties were current. During the three and six months ended June 30, 2024, no commercial mortgage loans had been modified for borrowers experiencing financial difficulties. During the three and six months ended June 30, 2024, all commercial mortgage loans which were previously modified for borrowers experiencing financial difficulties were current.

At both June 30, 2025 and December 31, 2024, we had one specifically identified impaired mortgage loan with a carrying value of $9.2 million that was past due regarding principal and interest payments.

As of June 30, 2025 and December 31, 2024, we had no commercial mortgage loan foreclosures.

At June 30, 2025, we had no commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At June 30, 2025, we had no expected credit losses related to unfunded commitments on our consolidated balance sheets. At December 31, 2024, we had $ 0.1 million expected credit losses related to unfunded commitments on our consolidated balance sheets.

Investment Real Estate

Our real estate held for the production of income balance was $ 43.9 million and $ 59.5 million at June 30, 2025 and December 31, 2024, respectively, and the associated accumulated depreciation was $127.9 million and $129.7 million at June 30, 2025 and December 31, 2024, respectively. We monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired.

Our held for sale real estate balance was $ 51.4 million and $ 41.9 million at June 30, 2025 and December 31, 2024 and the associated accumulated depreciation was $61.6 million and $57.5 million at June 30, 2025 and December 31, 2024, respectively. During the three months ended June 30, 2025, we classified a property previously held for the production of income to held for sale. As of June 30, 2025, the property had a cost of $13.6 million and $4.1 million of accumulated depreciation. The estimated fair values less costs to sell are above the carrying values of the properties and we expect to close the sales of the properties within the next twelve months.

Transfers of Financial Assets

To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received.

Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them.

As of June 30, 2025, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $ 65.4 million, for which we received collateral in the form of cash and securities of $ 27.1 million and $ 41.2 million, respectively. As of December 31, 2024, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $ 94.0 million, for which we received collateral in the form of cash and securities of $ 62.7 million and $ 34.8 million, respectively. We had no outstanding repurchase agreements at June 30, 2025 or December 31, 2024.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:


	June 30, 2025		December 31, 2024
	Overnight and Continuous
	(in millions of dollars)
Borrowings


Public Utilities	$	0.6	$	5.2
Short Term Investments	—		1.0
All Other Corporate Bonds	26.5		56.5
Total Borrowings	27.1		62.7
Gross Amount of Recognized Liability for Securities Lending Transactions	27.1		62.7
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein	$	—	$	—

Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As members of the FHLBs, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLBs. Each member is required to hold a certain minimum amount of FHLB common stock as a condition of membership and additional amounts based on the amount of the borrowings. Advances received from the FHLB are primarily used for the purchase of short-term investments, matched fixed maturity securities, or matched commercial mortgage loans. The carrying value of common stock owned, collateral posted, and advances received are as follows:


	June 30, 2025		December 31, 2024
	(in millions of dollars)
Carrying Value of FHLB Common Stock	$	35.2	$	26.7
Advances from FHLB	525.5		324.2

Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities	$	759.2	$	553.6
Commercial Mortgage Loans	1,196.9		908.2
Total Carrying Value of Collateral Posted to FHLB	$	1,956.1	$	1,461.8

Offsetting of Financial Instruments

We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 5 for further discussion of collateral related to our derivative contracts.

We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.


	June 30, 2025
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	43.8	$	—	$	43.8	$	( 43.6 )	$	—	$	0.2
Securities Lending	65.4		—		65.4		( 38.3 )		( 27.1 )		—
Total	$	109.2	$	—	$	109.2	$	( 81.9 )	$	( 27.1 )	$	0.2

Financial Liabilities:
Derivatives	$	286.5	$	—	$	286.5	$	( 285.8 )	$	—	$	0.7
Securities Lending	27.1		—		27.1		( 27.1 )		—		—
Total	$	313.6	$	—	$	313.6	$	( 312.9 )	$	—	$	0.7


	December 31, 2024
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	79.4	$	—	$	79.4	$	( 75.7 )	$	( 3.2 )	$	0.5
Securities Lending	94.0		—		94.0		( 31.3 )		( 62.7 )		—
Total	$	173.4	$	—	$	173.4	$	( 107.0 )	$	( 65.9 )	$	0.5

Financial Liabilities:
Derivatives	$	255.7	$	—	$	255.7	$	( 254.3 )	$	—	$	1.4
Securities Lending	62.7		—		62.7		( 62.7 )		—		—
Total	$	318.4	$	—	$	318.4	$	( 317.0 )	$	—	$	1.4

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

Net Investment Income

Net investment income reported in our consolidated statements of income is presented below.


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Fixed Maturity Securities	$	477.8	$	469.2	$	941.1	$	923.1
Derivatives	6.1		8.7		1.9		16.9
Mortgage Loans	21.9		22.1		43.7		44.6
Policy Loans	5.7		5.2		10.9		10.6
Other Long-term Investments
Perpetual Preferred Securities	—		0.1		0.8		0.3
Private Equity Partnerships 1	25.3		32.7		43.6		53.0
Other	14.9		2.4		19.2		5.1
Short-term Investments	33.1		21.8		61.1		41.7
Gross Investment Income	584.8		562.2		1,122.3		1,095.3
Less Investment Expenses	21.3		14.2		42.7		30.8
Less Investment Income on Participation Fund Account Assets	2.8		2.9		5.7		5.9

Net Investment Income	$	560.7	$	545.1	$	1,073.9	$	1,058.6

1 The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2025 related to private equity partnerships still held at June 30, 2025 was $ 31.2 million and $ 57.6 million, respectively, reduced by net management fees and partnership expenses of $( 5.9 ) million and $( 14.0 ) million, respectively. The net unrealized gain recognized in net investment income for the three and six months ended June 30, 2024 related to private equity partnerships still held at June 30, 2024 was $ 37.3 million and $ 62.3 million, respectively, reduced by net management fees and partnership expenses of $( 4.6 ) million and $( 9.3 ) million, respectively. See Note 3 for further discussion of private equity partnerships.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 4 - Investments - Continued

Investment Gain and Loss

Investment gains and losses are as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales	$	1.2	$	—	$	1.8	$	—
Gross Losses on Sales 1	( 14.7 )		( 5.4 )		( 60.0 )		( 21.2 )
Impairment Loss 2	( 8.5 )		( 1.2 )		( 160.9 )		( 1.2 )
Change in Allowance for Credit Losses	( 10.6 )		( 2.9 )		( 11.6 )		( 2.9 )
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	7.4		—		7.4		—
Gross Losses on Sales	( 0.4 )		—		( 0.4 )		—
Impairment Loss	—		—		( 3.8 )		—
Change in Allowance for Credit Losses	0.9		( 1.4 )		0.5		( 1.9 )
Embedded Derivative in Modified Coinsurance Arrangement	1.0		0.8		( 0.9 )		6.9
All Other Derivatives	2.1		0.4		( 3.2 )		2.0
Foreign Currency Transactions	3.9		( 0.7 )		6.6		( 2.6 )
Other	—		—		—		9.3
Net Investment Loss	$	( 17.7 )	$	( 10.4 )	$	( 224.5 )	$	( 11.6 )

1 During the six months ended June 30, 2025, we recognized a $23.5 million net loss on sales of fixed maturity securities related to an anticipated reinsurance transaction and a $19.1 million loss on sales of fixed maturity securities related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group.

2 During the three and six months ended June 30, 2025, we recognized impairment losses of $8.5 million and $160.9 million, respectively, based on the intent to dispose of fixed maturity securities related to an anticipated reinsurance transaction.

Note 5 - Derivative Financial Instruments

Purpose of Derivatives

We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, credit risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, and total return swaps. Transactions hedging interest rate risk are primarily associated with our individual and group long-term care and individual and group disability products. All other product portfolios are periodically reviewed to determine if hedging strategies would be appropriate for risk management purposes. We do not use derivative financial instruments for speculative purposes.

Derivatives designated as cash flow hedges and used to reduce our exposure to interest rate and duration risk are as follows:

• Interest rate swaps were used to hedge interest rate risks and to improve the matching of assets and liabilities. An interest rate swap is an agreement in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and variable rate interest amounts. We used interest rate swaps to hedge the anticipated purchase of fixed maturity securities thereby protecting us from the potential adverse impact of declining interest rates on the associated policy reserves. We also used interest rate swaps to hedge the potential adverse impact of rising interest rates in anticipation of issuing fixed rate long-term debt.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

• Forward benchmark interest rate locks are used to minimize interest rate risk associated with the anticipated purchase or associated future coupons of fixed maturity securities or the anticipated issuance of fixed rate long-term debt. A forward benchmark interest rate lock is a derivative contract without an initial investment where we and the counterparty agree to purchase or sell a specific benchmark interest rate fixed maturity bond at a future date at a predetermined price or yield.

Derivatives designated as either cash flow or fair value hedges and used to reduce our exposure to foreign currency risk are as follows:

• Foreign currency interest rate swaps are used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. Under these swap agreements, we agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment.

Derivatives not designated as hedging instruments, which are used to reduce our exposure to foreign currency risk, volatility of the underlying deferred assets in our non-qualified defined contribution plan, and credit risk are as follows:

• Foreign currency interest rate swaps previously designated as hedges were used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification. These derivatives were effective hedges prior to novation to a new counterparty. In conjunction with the novation, these derivatives were de-designated as hedges. We agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. We hold offsetting swaps wherein we agree to pay fixed rate principal and interest payments in the functional currency of the operating segment in exchange for fixed rate foreign currency-denominated payments.

• Foreign currency forward contracts are used to minimize foreign currency risk. A foreign currency forward is a derivative without an initial investment where we and the counterparty agree to exchange a specific amount of currencies, at a specific exchange rate, on a specific date. We use these forward contracts to hedge the currency risk arising from foreign-currency denominated investments.

• Total Return Swap s are used to economically hedge a portion of the liability related to our non-qualified defined contribution plan and hedge the economic risk from credit spreads and interest rate duration related to certain cash and cash equivalent amounts. A total return swap is an agreement in which we pay a floating rate of interest to the counterparty and receive the total return on a portfolio of mutual funds and/or exchange traded funds. The swaps are cash settled on the last day of every month and the notional is re-established each month based on plan participant actions or cash settled at maturity.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

Derivative Risks

The basic types of risks associated with derivatives are market risk (that the value of the derivative will be adversely impacted by changes in the market, primarily changes in interest rates, exchange rates, and equity prices) and credit risk (that the counterparty will not perform according to the terms of the contract). The market risk of the derivatives should generally offset the market risk associated with the hedged financial instrument or liability. To help limit the credit exposure of the derivatives, we enter into master netting agreements with our counterparties whereby contracts in a gain position can be offset against contracts in a loss position. We also typically enter into bilateral, cross-collateralization agreements with our counterparties to help limit the credit exposure of the derivatives. These agreements require the counterparty in a loss position to submit acceptable collateral with the other counterparty in the event the net loss position meets or exceeds an agreed upon amount. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. At June 30, 2025 and December 31, 2024, we had $ 0.2 million and $ 0.5 million credit exposure on derivatives, respectively. The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.


	June 30, 2025		December 31, 2024
	(in millions of dollars)
Carrying Value of Collateral Received from Counterparties
Cash	$	—	$	3.6
Fixed Maturity Securities	—		8.4
	$	—	$	12.0
Carrying Value of Collateral Posted to Counterparties
Cash	$	—	$	4.0
Fixed Maturity Securities	285.0		196.7
	$	285.0	$	200.7

See Note 4 for further discussion of our master netting agreements.

All of our derivative instruments contain provisions that require us to maintain specified issuer credit ratings and financial strength ratings. Should our ratings fall below these specified levels, we would be in violation of the provisions, and our derivatives counterparties could terminate our contracts and request immediate payment. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position was $ 286.5 million and $ 255.7 million at June 30, 2025 and December 31, 2024, respectively.

Cash Flow Hedges

As of June 30, 2025 and December 31, 2024, we had $ 136.3 million and $ 139.1 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities.

As of June 30, 2025 and December 31, 2024, we had $ 2,597.0 million and $ 2,570.0 million, respectively, notional amount of forward benchmark interest rate locks to hedge the anticipated purchase of fixed maturity securities.

As of June 30, 2025, we expect to amortize approximately $ 5.2 million of net deferred gains on derivative instruments during the next twelve months. This amount will be reclassified from AOCI into earnings and reported on the same income statement line item as the hedged item. The income statement line items that will be affected by this amortization are net investment income and interest and debt expense. Additional amounts that may be reclassified from AOCI into earnings to offset the earnings impact of foreign currency translation of hedged items are not estimable.

As of June 30, 2025, we are hedging the variability of future cash flows associated with forecasted transactions through the year 2053.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

Fair Value Hedges

As of June 30, 2025 and December 31, 2024, we had $ 769.5 million and $ 736.4 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities.

The following table summarizes the amortized cost, carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges:


	June 30, 2025
	(in millions of dollars)
	Amortized Cost of Hedged Assets		Carrying Amount of Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed maturity securities:

Receive fixed functional currency interest, pay fixed foreign currency interest	$	772.7	$	668.4	$	25.8


	December 31, 2024
	(in millions of dollars)
	Amortized Cost of Hedged Assets		Carrying Amount of Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed maturity securities:

Receive fixed functional currency interest, pay fixed foreign currency interest	$	648.4	$	551.0	$	( 46.3 )

For the three and six months ended June 30, 2025, $( 2.3 ) million and $ 24.9 million, respectively, of the derivative instruments' gain (loss) related to cross-currency basis spread and forward points was excluded from the assessment of hedge effectiveness. For the three and six months ended June 30, 2024, $ 11.2 million and $ 1.3 million, respectively, of the derivative instruments' gain (loss) related to cross-currency basis spread and forward points was excluded from the assessment of hedge effectiveness. There were no instances wherein we discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

Derivatives not Designated as Hedging Instruments

As of June 30, 2025 and December 31, 2024, we held $ 125.9 million notional amount of receive fixed, pay fixed, foreign currency interest rate swaps. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss.

As of June 30, 2025 and December 31, 2024, we held $ 47.5 million and $ 51.1 million, respectively, notional amount of foreign currency forwards to mitigate the foreign currency risk associated with specific securities owned. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss.

As of June 30, 2025 and December 31, 2024, we held $ 139.2 million and $ 128.9 million, respectively, notional amount of total return swaps to mitigate the volatility associated with changes in the fair value of the underlying notional assets in our non-qualified defined contribution plan. This derivative is an economic hedge not designated as a hedging instrument, and changes in fair value are reported as a component of other expenses in our income statement.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

During the first quarter of 2025, we entered into a total return swap contract with a notional amount of $ 700.0 million to mitigate the economic risk from credit spreads and interest rate duration related to certain cash and cash equivalent amounts. This derivative was an economic hedge not designated as a hedging instrument, and changes in fair value were reported as realized gains or losses in our income statement. Expenses and dividend payments were reported in earnings as a component of net investment income. The total return swap was unwound and settled for cash in the second quarter of 2025. We held none of these total return swaps at December 31, 2024.

We have an embedded derivative in a modified coinsurance arrangement, for which we include in our net investment gains and losses a calculation intended to estimate the value of the option of our reinsurance counterparty to cancel the reinsurance contract with us. However, neither party can unilaterally terminate the reinsurance agreement except in extreme circumstances resulting from regulatory supervision, delinquency proceedings, or other direct regulatory action. Cash settlements or collateral related to this embedded derivative are not required at any time during the reinsurance contract or at termination of the reinsurance contract. There are no credit-related counterparty triggers, and any accumulated embedded derivative gain or loss reduces to zero over time as the reinsured business winds down.

Locations and Amounts of Derivative Financial Instruments

The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.


	June 30, 2025
			Derivative Assets		Derivative Liabilities
	Notional Amount		Fair Value		Fair Value
	(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks	$	2,597.0	$	3.0	$	231.2
Foreign Currency Interest Rate Swaps	136.3		14.5		2.5
Total Cash Flow Hedges	2,733.3		17.5		233.7

Fair Value Hedges

Foreign Currency Interest Rate Swaps	769.5		26.3		33.8


Total Designated as Hedging Instruments	$	3,502.8	$	43.8	$	267.5

Not Designated as Hedging Instruments


Foreign Currency Forwards	$	47.5	$	—	$	2.9
Foreign Currency Interest Rate Swaps	125.9		—		16.1
Total Return Swaps	139.2		—		—
Embedded Derivative in Modified Coinsurance Arrangement	—		10.6		—
Total Not Designated as Hedging Instruments	$	312.6	$	10.6	$	19.0

Total Derivatives	$	3,815.4	$	54.4	$	286.5

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued


	December 31, 2024
			Derivative Assets		Derivative Liabilities
	Notional Amount		Fair Value		Fair Value
	(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks	$	2,570.0	$	3.4	$	223.2
Foreign Currency Interest Rate Swaps	139.1		17.6		1.1
Total Cash Flow Hedges	2,709.1		21.0		224.3

Fair Value Hedges
Foreign Currency Interest Rate Swaps	736.4		54.7		15.0


Total Designated as Hedging Instruments	$	3,445.5	$	75.7	$	239.3

Not Designated as Hedging Instruments

Foreign Currency Forwards	$	51.1	$	3.1	$	—
Foreign Currency Interest Rate Swaps	125.9		0.6		16.4
Total Return Swaps	128.9		—		—
Embedded Derivative in Modified Coinsurance Arrangement	—		11.5		—
Total Not Designated as Hedging Instruments	$	305.9	$	15.2	$	16.4

Total Derivatives	$	3,751.4	$	90.9	$	255.7

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.


	Three Months Ended June 30
	2025						2024
	Net Investment Income		Net Investment Gain (Loss)		Interest and Debt Expense		Net Investment Income		Net Investment Gain (Loss)		Interest and Debt Expense
	(in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded	$	560.7	$	( 17.7 )	$	52.0	$	545.1	$	( 10.4 )	$	49.9

Gain (Loss) on Cash Flow Hedging Relationships
Interest Rate Swaps:
Hedged Items	17.6		0.1		1.5		22.6		—		0.8
Derivatives Designated as Hedging Instruments	2.9		( 0.4 )		—		4.8		—		—
Foreign Exchange Contracts:
Hedged Items	2.0		( 0.1 )		—		2.0		0.3		—
Derivatives Designated as Hedging Instruments	0.3		0.1		—		0.1		( 0.2 )		—
Forward Benchmark Interest Rate Locks:
Hedged Items	13.6		—		—		9.9		—		—
Derivatives Designated as Hedging Instruments	( 0.4 )		—		—		( 0.2 )		—		—

Gain (Loss) on Fair Value Hedging Relationships



Foreign Exchange Contracts:
Hedged Items	5.2		50.6		—		4.3		( 2.0 )		—
Derivatives Designated as Hedging Instruments	2.9		( 50.6 )		—		4.2		2.0		—

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued


	Six Months Ended June 30
	2025						2024
	Net Investment Income		Net Investment Gain (Loss)		Interest and Debt Expense		Net Investment Income		Net Investment Gain (Loss)		Interest and Debt Expense
	(in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded	$	1,073.9	$	( 224.5 )	$	104.0	$	1,058.6	$	( 11.6 )	$	99.4

Gain (Loss) on Cash Flow Hedging Relationships
Interest Rate Swaps:
Hedged Items	35.0		( 0.3 )		1.5		70.2		—		1.5
Derivatives Designated as Hedging Instruments	5.5		—		—		10.8		—		—
Foreign Exchange Contracts:
Hedged Items	4.3		( 0.1 )		—		4.2		0.3		—
Derivatives Designated as Hedging Instruments	( 0.4 )		0.1		—		( 0.4 )		( 0.2 )		—
Forward Benchmark Interest Rate Locks:
Hedged Items	25.9		—		—		18.9		—		—
Derivatives Designated as Hedging Instruments	( 0.8 )		—		—		( 0.4 )		—		—

Gain (Loss) on Fair Value Hedging Relationships



Foreign Exchange Contracts:
Hedged Items	9.6		72.1		—		8.5		( 19.6 )		—
Derivatives Designated as Hedging Instruments	( 2.3 )		( 72.1 )		—		7.3		19.6		—

The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss).


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives
Forwards	$	( 66.1 )	$	( 50.5 )	$	( 34.6 )	$	( 105.6 )

Foreign Exchange Contracts	( 5.4 )		0.6		( 4.4 )		3.8
Total	$	( 71.5 )	$	( 49.9 )	$	( 39.0 )	$	( 101.8 )

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 5 - Derivative Financial Instruments - Continued

The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Net Investment Gain (Loss)


Foreign Exchange Contracts	$	( 3.9 )	$	0.4	$	( 5.9 )	$	2.0
Embedded Derivative in Modified Coinsurance Arrangement	1.0		0.8		( 0.9 )		6.9
Total Return Swaps	6.0		—		2.8		—
Total	$	3.1	$	1.2	$	( 4.0 )	$	8.9

Net Investment Income
Total Return Swaps	$	0.8	$	—	$	0.9	$	—

Other Expenses
Gain on Total Return Swaps	$	( 11.3 )	$	( 0.8 )	$	( 7.0 )	$	( 8.7 )

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 6 - Accumulated Other Comprehensive Loss

Components of our accumulated other comprehensive income (loss), after tax, and related changes are as follows:


	Net Unrealized Loss on Securities		Effect of Change in Discount Rate Assumptions on the LFPB 1		Net Loss on Derivatives		Foreign Currency Translation Adjustment		Unrecognized Pension and Postretirement Benefit Costs		Total
	(in millions of dollars)
Balance at March 31, 2025	$	( 2,333.2 )	$	1,019.1	$	( 225.2 )	$	( 300.7 )	$	( 338.8 )	$	( 2,178.8 )
Other Comprehensive Income (Loss) Before Reclassifications	53.6		39.8		( 58.3 )		80.0		( 4.6 )		110.5
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	25.9		—		( 1.5 )		—		3.2		27.6
Net Other Comprehensive Income (Loss)	79.5		39.8		( 59.8 )		80.0		( 1.4 )		138.1
Balance at June 30, 2025	$	( 2,253.7 )	$	1,058.9	$	( 285.0 )	$	( 220.7 )	$	( 340.2 )	$	( 2,040.7 )

Balance at March 31, 2024	$	( 2,360.8 )	$	225.3	$	( 127.0 )	$	( 332.6 )	$	( 344.9 )	$	( 2,940.0 )
Other Comprehensive Income (Loss) Before Reclassifications	( 370.6 )		487.0		( 34.2 )		4.2		—		86.4
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	7.6		—		( 3.4 )		—		3.2		7.4
Net Other Comprehensive Income (Loss)	( 363.0 )		487.0		( 37.6 )		4.2		3.2		93.8
Balance at June 30, 2024	$	( 2,723.8 )	$	712.3	$	( 164.6 )	$	( 328.4 )	$	( 341.7 )	$	( 2,846.2 )

Balance at December 31, 2024	$	( 2,755.2 )	$	1,185.4	$	( 270.7 )	$	( 343.0 )	$	( 340.2 )	$	( 2,523.7 )
Other Comprehensive Income (Loss) Before Reclassifications	319.2		( 126.5 )		( 10.8 )		122.3		( 6.4 )		297.8
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	182.3		—		( 3.5 )		—		6.4		185.2
Net Other Comprehensive Income (Loss)	501.5		( 126.5 )		( 14.3 )		122.3		—		483.0
Balance at June 30, 2025	$	( 2,253.7 )	$	1,058.9	$	( 285.0 )	$	( 220.7 )	$	( 340.2 )	$	( 2,040.7 )

Balance at December 31, 2023	$	( 1,919.1 )	$	( 648.4 )	$	( 73.7 )	$	( 321.1 )	$	( 345.7 )	$	( 3,308.0 )
Other Comprehensive Income (Loss) Before Reclassifications	( 824.7 )		1,360.7		( 83.1 )		( 7.3 )		( 2.4 )		443.2
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	20.0		—		( 7.8 )		—		6.4		18.6
Net Other Comprehensive Income (Loss)	( 804.7 )		1,360.7		( 90.9 )		( 7.3 )		4.0		461.8
Balance at June 30, 2024	$	( 2,723.8 )	$	712.3	$	( 164.6 )	$	( 328.4 )	$	( 341.7 )	$	( 2,846.2 )

1 Liability for Future Policy Benefits

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 6 - Accumulated Other Comprehensive Loss - Continued

Amounts reclassified from accumulated other comprehensive loss were recognized in our consolidated statements of income as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Net Unrealized Loss on Securities
Net Investment Loss on Fixed Maturity Securities
Net Loss on Sales	$	( 13.5 )	$	( 5.4 )	$	( 58.2 )	$	( 21.2 )
Impairment Loss	( 8.5 )		( 1.2 )		( 160.9 )		( 1.2 )
Change in Allowance for Credit Losses	( 10.6 )		( 2.9 )		( 11.6 )		( 2.9 )
	( 32.6 )		( 9.5 )		( 230.7 )		( 25.3 )
Income Tax Benefit	( 6.7 )		( 1.9 )		( 48.4 )		( 5.3 )
Total	$	( 25.9 )	$	( 7.6 )	$	( 182.3 )	$	( 20.0 )

Net Loss on Derivatives
Net Investment Income
Gain on Interest Rate Swaps and Forwards	$	2.5	$	4.6	$	4.7	$	10.4
Loss on Foreign Currency Interest Rate Swaps	—		—		—		( 0.1 )
Net Investment Loss
Loss on Interest Rate Swaps	( 0.4 )		—		—		—
Loss on Foreign Currency Interest Rate Swaps	( 0.2 )		( 0.4 )		( 0.3 )		( 0.5 )



	1.9		4.2		4.4		9.8
Income Tax Expense	0.4		0.8		0.9		2.0
Total	$	1.5	$	3.4	$	3.5	$	7.8

Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss	$	( 4.1 )	$	( 3.9 )	$	( 8.2 )	$	( 8.2 )
Amortization of Prior Service Credit	—		—		0.1		0.1
	( 4.1 )		( 3.9 )		( 8.1 )		( 8.1 )
Income Tax Benefit	( 0.9 )		( 0.7 )		( 1.7 )		( 1.7 )
Total	$	( 3.2 )	$	( 3.2 )	$	( 6.4 )	$	( 6.4 )

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits

Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year.

The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity.

Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience.

The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate. The weighted average current discount rate was 5.2 percent at June 30, 2025 and 5.3 percent at December 31, 2024 with the decrease due primarily to a decrease in U.S. Treasury rates. The weighted average current discount rate was 5.2 percent at June 30, 2024 compared to 4.8 percent at December 31, 2023, with the increase due primarily to an increase in U.S. Treasury rates.

Actual variance from expected experience during the first six months of 2025 and 2024 was due primarily to the Unum US group disability, Closed Block long-term care, and the Unum US group life and accidental death and dismemberment product lines. Also contributing to the comparison for the first six months of 2025 was the Closed Block all other product line. During the first six months of 2025 and 2024, the variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. During the first six months of 2025 and 2024, the variance in the Closed Block long-term care product line was driven primarily by higher than expected claim incidence. For the first six months of 2025, this was partially offset by higher than expected mortality experience. During the first six months of 2025 and 2024, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected claim incidence. Also impacting the actual variances from expected experience during the first six months of 2025 was higher than expected mortality experience in the Closed Block all other product line, driven by our individual disability product.

For the six months ended June 30, 2025 and 2024, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. The cohorts for which net premiums exceeded the gross premiums within the Closed Block segment resulted in a $ 26.4 million reduction to income before income tax for the six months ended June 30, 2025 and resulted in a $ 26.5 million reduction to income before income tax for the six months ended June 30, 2024. For the six months ended June 30, 2025 and 2024, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment had an immaterial impact to income before income tax. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the six months ended June 30, 2025 or 2024.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.


	Consolidated
	June 30
	2025		2024
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	13,930.6	$	14,417.8
Beginning balance at original discount rate	14,266.9		14,243.2
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	( 191.5 )		( 147.4 )
Adjusted beginning of year balance	14,075.4		14,095.8
Issuances	697.7		633.9
Interest accretion	323.1		323.6
Net premiums collected	( 852.7 )		( 834.1 )

Foreign currency	47.0		( 6.9 )
Ending balance at original discount rate	14,290.5		14,212.3
Effect of change in discount rate assumptions	( 125.3 )		( 249.3 )
Balance, end of period	$	14,165.2	$	13,963.0

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	48,920.1	$	52,423.6
Beginning balance at original discount rate	50,778.2		51,305.7
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	( 267.2 )		( 305.0 )
Adjusted beginning of year balance	50,511.0		51,000.7
Issuances 1	1,951.5		1,878.2
Interest accretion	1,136.8		1,148.2
Benefit payments	( 2,915.4 )		( 2,872.3 )

Foreign currency	284.6		( 26.4 )
Ending balance at original discount rate	50,968.5		51,128.4
Effect of change in discount rate assumptions	( 1,382.5 )		( 1,173.5 )
Balance, end of period	$	49,586.0	$	49,954.9

Net liability for future policy benefits	$	35,420.8	$	35,991.9
Other 2	1,558.5		1,671.8
Total liability for future policy benefits	36,979.3		37,663.7
Less: Reinsurance recoverable related to future policy benefits	6,791.9		7,315.3
Net liability for future policy benefits, after reinsurance recoverable	$	30,187.4	$	30,348.4

1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals.
2 Other primarily relates to our Closed Block - All Other product line.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above.


	Consolidated
	Six Months Ended June 30
	2025		2024
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	5,233.9	$	5,036.4
Interest accretion	$	813.7	$	824.6


	Consolidated
	June 30
	2025			2024
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	102,952.0		$	104,473.6
Expected future gross premiums	$	39,814.8		$	38,987.4

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	26,214.6		$	25,712.7

Weighted average interest rate:
Interest accretion rate	4.9		%	4.9		%
Current discount rate	5.2		%	5.2		%

Weighted average duration of the liability	11.3 years			11.4 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

Unum US Segment

The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.


	June 30, 2025

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	—	$	—	$	1,240.2	$	1,202.5	$	2,442.7
Beginning balance at original discount rate	—		—		1,335.3		1,230.7		2,566.0
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		( 62.2 )		( 39.0 )		( 101.2 )
Adjusted beginning of year balance	—		—		1,273.1		1,191.7		2,464.8
Issuances 1	—		—		287.9		117.6		405.5
Interest accretion	—		—		24.1		25.7		49.8
Net premiums collected	—		—		( 112.8 )		( 91.4 )		( 204.2 )

Ending balance at original discount rate	—		—		1,472.3		1,243.6		2,715.9
Effect of change in discount rate assumptions	—		—		( 73.5 )		( 7.4 )		( 80.9 )
Balance, end of period	$	—	$	—	$	1,398.8	$	1,236.2	$	2,635.0

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	4,735.8	$	835.2	$	2,362.5	$	3,096.5	$	11,030.0
Beginning balance at original discount rate	4,907.5		852.6		2,614.6		3,191.1		11,565.8
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	( 63.7 )		( 20.3 )		( 63.6 )		( 48.0 )		( 195.6 )
Adjusted beginning of year balance	4,843.8		832.3		2,551.0		3,143.1		11,370.2
Issuances 1	697.5		269.5		303.3		124.0		1,394.3
Interest accretion	78.9		9.0		54.6		73.5		216.0
Benefit payments	( 783.8 )		( 300.6 )		( 139.3 )		( 145.6 )		( 1,369.3 )

Ending balance at original discount rate	4,836.4		810.2		2,769.6		3,195.0		11,611.2
Effect of change in discount rate assumptions	( 112.0 )		( 10.7 )		( 230.0 )		( 42.8 )		( 395.5 )
Balance, end of period	$	4,724.4	$	799.5	$	2,539.6	$	3,152.2	$	11,215.7

Net liability for future policy benefits	$	4,724.4	$	799.5	$	1,140.8	$	1,916.0	$	8,580.7
Other	0.2		0.8		2.8		27.1		30.9
Total liability for future policy benefits	4,724.6		800.3		1,143.6		1,943.1		8,611.6
Less: Reinsurance recoverable related to future policy benefits	25.3		5.4		13.1		72.1		115.9
Net liability for future policy benefits, after reinsurance recoverable	$	4,699.3	$	794.9	$	1,130.5	$	1,871.0	$	8,495.7

1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	June 30, 2024

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	—	$	—	$	1,134.7	$	1,296.7	$	2,431.4
Beginning balance at original discount rate	—		—		1,192.5		1,294.4		2,486.9
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	—		—		( 85.7 )		( 16.4 )		( 102.1 )
Adjusted beginning of year balance	—		—		1,106.8		1,278.0		2,384.8
Issuances 1	—		—		248.9		77.5		326.4
Interest accretion	—		—		20.0		27.6		47.6
Net premiums collected	—		—		( 98.7 )		( 96.5 )		( 195.2 )

Ending balance at original discount rate	—		—		1,277.0		1,286.6		2,563.6
Effect of change in discount rate assumptions	—		—		( 83.7 )		( 26.5 )		( 110.2 )
Balance, end of period	$	—	$	—	$	1,193.3	$	1,260.1	$	2,453.4

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,147.4	$	922.0	$	2,334.5	$	3,348.6	$	11,752.5
Beginning balance at original discount rate	5,277.1		936.5		2,422.0		3,313.9		11,949.5
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	( 120.9 )		( 38.0 )		( 98.7 )		( 31.1 )		( 288.7 )
Adjusted beginning of year balance	5,156.2		898.5		2,323.3		3,282.8		11,660.8
Issuances 1	677.7		283.1		263.4		81.3		1,305.5
Interest accretion	87.3		10.2		48.8		77.0		223.3
Benefit payments	( 808.3 )		( 305.7 )		( 115.5 )		( 139.2 )		( 1,368.7 )

Ending balance at original discount rate	5,112.9		886.1		2,520.0		3,301.9		11,820.9
Effect of change in discount rate assumptions	( 195.2 )		( 21.7 )		( 195.4 )		( 72.8 )		( 485.1 )
Balance, end of period	$	4,917.7	$	864.4	$	2,324.6	$	3,229.1	$	11,335.8

Net liability for future policy benefits	$	4,917.7	$	864.4	$	1,131.3	$	1,969.0	$	8,882.4
Other	0.2		0.9		2.7		26.4		30.2
Total liability for future policy benefits	4,917.9		865.3		1,134.0		1,995.4		8,912.6
Less: Reinsurance recoverable related to future policy benefits	26.6		7.2		13.4		152.6		199.8
Net liability for future policy benefits, after reinsurance recoverable	$	4,891.3	$	858.1	$	1,120.6	$	1,842.8	$	8,712.8

1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	Six Months Ended June 30, 2025

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	1,574.3	$	1,048.3	$	440.9	$	339.6	$	3,403.1
Interest accretion	$	78.9	$	9.0	$	30.5	$	47.8	$	166.2


	Six Months Ended June 30, 2024

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Total Unum US
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	1,527.5	$	995.0	$	415.9	$	329.7	$	3,268.1
Interest accretion	$	87.3	$	10.2	$	28.8	$	49.4	$	175.7


	June 30, 2025

	Group Disability			Group Life and AD&D			Voluntary Benefits			Individual Disability			Total Unum US
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	5,839.5		$	921.0		$	5,868.1		$	5,148.8		$	17,777.4
Expected future gross premiums	$	—		$	—		$	6,329.2		$	5,820.4		$	12,149.6

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	—		$	—		$	4,092.9		$	4,182.1		$	8,275.0

Weighted average interest rate:
Interest accretion rate	4.2		%	2.4		%	5.0		%	5.1		%	4.4		%
Current discount rate	4.6		%	2.7		%	5.5		%	5.0		%	4.6		%

Weighted average duration of the liability	4.0 years			2.5 years			18.2 years			9.5 years			7.1 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	June 30, 2024

	Group Disability			Group Life and AD&D			Voluntary Benefits			Individual Disability			Total Unum US
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	6,183.5		$	1,008.6		$	5,351.9		$	5,300.5		$	17,844.5
Expected future gross premiums	$	—		$	—		$	5,800.9		$	5,727.0		$	11,527.9

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	—		$	—		$	3,889.6		$	4,117.7		$	8,007.3

Weighted average interest rate:
Interest accretion rate	4.1		%	2.3		%	5.0		%	5.1		%	4.3 %
Current discount rate	5.0		%	2.8		%	5.4		%	5.2		%	4.9 %

Weighted average duration of the liability	4.2 years			2.6 years			18.1 years			9.6 years			7.0 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

Unum International Segment

The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.



	June 30
	2025		2024
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	276.1	$	270.3
Beginning balance at original discount rate	314.2		298.4
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	2.1		10.9
Adjusted beginning of year balance	316.3		309.3
Issuances 1	17.7		16.4
Interest accretion	6.5		5.8
Net premiums collected	( 16.1 )		( 14.0 )

Foreign currency	47.0		( 6.9 )
Ending balance at original discount rate	371.4		310.6
Effect of change in discount rate assumptions	( 34.2 )		( 35.5 )
Balance, end of period	$	337.2	$	275.1

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	2,391.6	$	2,527.4
Beginning balance at original discount rate	2,641.5		2,687.1
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	1.8		6.4
Adjusted beginning of year balance	2,643.3		2,693.5
Issuances 1	212.3		197.0
Interest accretion	36.4		33.7
Benefit payments	( 243.4 )		( 226.9 )

Foreign currency	284.6		( 26.4 )
Ending balance at original discount rate	2,933.2		2,670.9
Effect of change in discount rate assumptions	( 243.6 )		( 256.9 )
Balance, end of period	$	2,689.6	$	2,414.0

Net liability for future policy benefits	$	2,352.4	$	2,138.9
Other	50.1		37.3
Total liability for future policy benefits	2,402.5		2,176.2
Less: Reinsurance recoverable related to future policy benefits	73.1		70.9
Net liability for future policy benefits, after reinsurance recoverable	$	2,329.4	$	2,105.3

1 Issuances for Unum International primarily represent new claim incurrals.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued



	Six Months Ended June 30

	2025		2024
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	506.4	$	460.5
Interest accretion	$	29.9	$	27.9



	June 30
	2025			2024
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	4,760.1		$	4,259.1
Expected future gross premiums	$	1,562.1		$	1,266.3

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	982.5		$	816.0

Weighted average interest rate:
Interest accretion rate	4.1		%	4.1		%
Current discount rate	4.9		%	5.2		%

Weighted average duration of the liability	8.9 years			8.6 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

Colonial Life Segment

The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment.



	June 30
	2025		2024
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	3,553.3	$	3,592.6
Beginning balance at original discount rate	3,793.8		3,754.3
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	5.9		( 22.2 )
Adjusted beginning of year balance	3,799.7		3,732.1
Issuances	274.5		291.1
Interest accretion	72.1		69.0
Net premiums collected	( 319.5 )		( 316.5 )


Ending balance at original discount rate	3,826.8		3,775.7
Effect of change in discount rate assumptions	( 180.1 )		( 233.8 )
Balance, end of period	$	3,646.7	$	3,541.9

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	5,434.9	$	5,566.0
Beginning balance at original discount rate	6,026.2		5,925.2
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	( 5.5 )		( 41.3 )
Adjusted beginning of year balance	6,020.7		5,883.9
Issuances	295.6		313.3
Interest accretion	119.6		115.0
Benefit payments	( 327.5 )		( 310.4 )


Ending balance at original discount rate	6,108.4		6,001.8
Effect of change in discount rate assumptions	( 516.6 )		( 540.7 )
Balance, end of period	$	5,591.8	$	5,461.1

Net liability for future policy benefits	$	1,945.1	$	1,919.2
Other	23.8		24.4
Total liability for future policy benefits	1,968.9		1,943.6
Less: Reinsurance recoverable related to future policy benefits	1.1		1.8
Net liability for future policy benefits, after reinsurance recoverable	$	1,967.8	$	1,941.8

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued



	Six Months Ended June 30
	2025		2024
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	888.6	$	860.4
Interest accretion	$	47.5	$	46.0



	June 30
	2025			2024
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	10,685.1		$	10,051.8
Expected future gross premiums	$	12,887.4		$	12,146.0

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	9,187.4		$	8,821.1

Weighted average interest rate:
Interest accretion rate	4.4		%	4.3		%
Current discount rate	5.3		%	5.3		%

Weighted average duration of the liability	17.2 years			16.9 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

Closed Block Segment

The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.


	June 30, 2025

	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	7,658.5	$	—	$	7,658.5
Beginning balance at original discount rate	7,592.9		—		7,592.9
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	( 98.3 )		—		( 98.3 )
Adjusted beginning of year balance	7,494.6		—		7,494.6

Interest accretion	194.7		—		194.7
Net premiums collected	( 312.9 )		—		( 312.9 )

Ending balance at original discount rate	7,376.4		—		7,376.4
Effect of change in discount rate assumptions	169.9		—		169.9
Balance, end of period	$	7,546.3	$	—	$	7,546.3

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	22,925.2	$	7,138.4	$	30,063.6
Beginning balance at original discount rate	22,953.7		7,591.0		30,544.7
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	( 45.4 )		( 22.5 )		( 67.9 )
Adjusted beginning of year balance	22,908.3		7,568.5		30,476.8
Issuances 1	—		49.3		49.3
Interest accretion	599.8		165.0		764.8
Benefit payments	( 516.4 )		( 458.8 )		( 975.2 )

Ending balance at original discount rate	22,991.7		7,324.0		30,315.7
Effect of change in discount rate assumptions	112.1		( 338.9 )		( 226.8 )
Balance, end of period	$	23,103.8	$	6,985.1	$	30,088.9

Net liability for future policy benefits	$	15,557.5	$	6,985.1	$	22,542.6
Other 2	0.9		1,452.8		1,453.7
Total liability for future policy benefits	15,558.4		8,437.9		23,996.3
Less: Reinsurance recoverable related to future policy benefits	3.6		6,598.2		6,601.8
Net liability for future policy benefits, after reinsurance recoverable	$	15,554.8	$	1,839.7	$	17,394.5

1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	June 30, 2024

	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year	$	8,123.5	$	—	$	8,123.5
Beginning balance at original discount rate	7,703.6		—		7,703.6
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	( 34.0 )		—		( 34.0 )
Adjusted beginning of year balance	7,669.6		—		7,669.6

Interest accretion	201.2		—		201.2
Net premiums collected	( 308.4 )		—		( 308.4 )

Ending balance at original discount rate	7,562.4		—		7,562.4
Effect of change in discount rate assumptions	130.2		—		130.2
Balance, end of period	$	7,692.6	$	—	$	7,692.6

Present Value of Expected Future Policy Benefits
Balance, beginning of year	$	24,697.7	$	7,880.0	$	32,577.7
Beginning balance at original discount rate	22,649.3		8,094.6		30,743.9
Effect of changes in cash flow assumptions	—		—		—
Effect of actual variances from expected experience	11.5		7.1		18.6
Adjusted beginning of year balance	22,660.8		8,101.7		30,762.5
Issuances 1	—		62.4		62.4
Interest accretion	599.9		176.3		776.2
Benefit payments	( 466.3 )		( 500.0 )		( 966.3 )

Ending balance at original discount rate	22,794.4		7,840.4		30,634.8
Effect of change in discount rate assumptions	534.2		( 425.0 )		109.2
Balance, end of period	$	23,328.6	$	7,415.4	$	30,744.0

Net liability for future policy benefits	$	15,636.0	$	7,415.4	$	23,051.4
Other 2	25.2		1,554.7		1,579.9
Total liability for future policy benefits	15,661.2		8,970.1		24,631.3
Less: Reinsurance recoverable related to future policy benefits	4.2		7,038.6		7,042.8
Net liability for future policy benefits, after reinsurance recoverable	$	15,657.0	$	1,931.5	$	17,588.5

1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	Six Months Ended June 30, 2025

	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	352.2	$	83.6	$	435.8
Interest accretion	$	405.1	$	165.0	$	570.1


	Six Months Ended June 30, 2024

	Long-term Care		All Other		Total Closed Block
	(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments	$	347.8	$	99.6	$	447.4
Interest accretion	$	398.7	$	176.3	$	575.0


	June 30, 2025

	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	59,062.4		$	10,667.0		$	69,729.4
Expected future gross premiums	$	13,215.7		$	—		$	13,215.7

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	7,769.7		$	—		$	7,769.7

Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.3		%
Current discount rate	5.6		%	5.2		%	5.5		%

Weighted average duration of the liability	15.3 years			7.2 years			12.7 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued


	June 30, 2024

	Long-term Care			All Other			Total Closed Block
	(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments	$	60,832.0		$	11,486.2		$	72,318.2
Expected future gross premiums	$	14,047.2		$	—		$	14,047.2

Amount of discounted (at interest accretion rate):

Expected future gross premiums	$	8,068.3		$	—		$	8,068.3

Weighted average interest rate:
Interest accretion rate	5.6		%	4.6		%	5.2 %
Current discount rate	5.4		%	5.3		%	5.4 %

Weighted average duration of the liability	16.1 years			7.2 years			13.1 years

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 7 - Liability for Future Policy Benefits - Continued

Reconciliation

A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows:


	June 30
	2025		2024
	(in millions of dollars)
Liability for future policy benefits
Unum US 1	$	8,611.6	$	8,912.6
Unum International	2,402.5		2,176.2
Colonial Life	1,968.9		1,943.6
Closed Block 1	23,996.3		24,631.3
Other products 1	203.6		235.7
Total liability for future policy benefits	$	37,182.9	$	37,899.4

1 Unum US excludes dental & vision and medical stop-loss product lines and Closed Block excludes our participating fund account, which represents policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual stock life insurance company. The liabilities associated with these products are included within Other products.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 8 - Policyholders' Account Balances

Policyholders' account balances primarily include our universal life and corporate-owned life insurance products. Policyholders' account balances reflect customer deposits and interest credited less cost of insurance, administration expenses, surrender charges, and customer withdrawals.

The following table presents the balances and changes in the policyholders' account balances:


	June 30, 2025
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	568.8	$	849.0	$	4,052.2	$	5,470.0
Premiums received	25.2		38.1		12.5		75.8
Policy charges 1	( 27.5 )		( 35.0 )		( 55.7 )		( 118.2 )
Surrenders and withdrawals	( 16.5 )		( 19.4 )		( 9.0 )		( 44.9 )
Benefit payments	( 3.1 )		( 4.2 )		( 101.8 )		( 109.1 )
Interest credited	10.2		17.0		164.3		191.5
Other	4.1		—		0.3		4.4
Balance, end of period	561.2		845.5		4,062.8		5,469.5
Reserves in excess of account balance	109.9		13.0		40.9		163.8
Total policyholders' account balances	671.1		858.5		4,103.7		5,633.3
Less: Reinsurance recoverable related to policyholders' account balances	0.8		0.1		4,103.7		4,104.6
Net policyholders' account balances, after reinsurance recoverable	$	670.3	$	858.4	$	—	$	1,528.7

Weighted average crediting rate	3.7 %		4.1 %		8.4 %		7.3 %
Net amount at risk 2	$	3,953.7	$	7,924.6	$	1,649.5	$	13,527.8
Cash surrender value	$	550.7	$	821.2	$	4,034.9	$	5,406.8

1 Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 8 - Policyholders' Account Balances - Continued


	June 30, 2024
	Unum US - Voluntary Benefits		Colonial Life		Closed Block - All Other		Total
	(in millions of dollars, except weighted average data)
Balance, beginning of year	$	578.6	$	852.9	$	4,082.7	$	5,514.2
Premiums received	27.3		40.5		8.9		76.7
Policy charges 1	( 28.8 )		( 36.4 )		( 47.6 )		( 112.8 )
Surrenders and withdrawals	( 16.8 )		( 20.4 )		( 6.5 )		( 43.7 )
Benefit payments	( 3.3 )		( 4.0 )		( 95.9 )		( 103.2 )
Interest credited	10.6		17.1		138.2		165.9
Other	5.1		—		0.2		5.3
Balance, end of period	572.7		849.7		4,080.0		5,502.4
Reserves in excess of account balance	101.8		14.7		41.4		157.9
Total policyholders' account balances	674.5		864.4		4,121.4		5,660.3
Less: Reinsurance recoverable related to policyholders' account balances	0.9		—		4,121.4		4,122.3
Net policyholders' account balances, after reinsurance recoverable	$	673.6	$	864.4	$	—	$	1,538.0

Weighted average crediting rate	3.7 %		4.1 %		7.0 %		6.2 %
Net amount at risk 2	$	4,300.4	$	8,461.9	$	1,750.1	$	14,512.4
Cash surrender value	$	562.0	$	816.4	$	4,059.4	$	5,437.8

1 Contracts included in the policyholders' account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 8 - Policyholders' Account Balances - Continued

The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows.


	June 30, 2025
Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(in millions of dollars)

	Unum US - Voluntary Benefits
3.00 % - 3.99 %	$	87.1	$	—	$	—	$	—	$	87.1
4.00 % - 4.99 %	232.7		211.6		—		—		444.3
5.00 % - 6.00 %	29.8		—		—		—		29.8
	349.6		211.6		—		—		561.2

	Colonial Life

4.00 % - 5.00 %	839.1		6.4		—		—		845.5



	Closed Block - All Other
3.00 % - 5.99 %	1,440.1		47.8		6.7		—		1,494.6
6.00 % - 8.99 %	25.3		—		—		—		25.3
9.00 % - 11.99 %	2,333.8		—		—		—		2,333.8
12.00 % - 15.00 %	209.1		—		—		—		209.1
	4,008.3		47.8		6.7		—		4,062.8

Total	$	5,197.0	$	265.8	$	6.7	$	—	$	5,469.5

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 8 - Policyholders' Account Balances - Continued


	June 30, 2024
Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater than 150 Basis Points Above		Total
	(in millions of dollars)

	Unum US - Voluntary Benefits
3.00 % - 3.99 %	$	90.3	$	—	$	—	$	—	$	90.3
4.00 % - 4.99 %	222.0		192.4		36.3		—		450.7
5.00 % - 6.00 %	31.7		—		—		—		31.7

	344.0		192.4		36.3		—		572.7

	Colonial Life

4.00 % - 5.00 %	843.4		6.3		—		—		849.7



	Closed Block - All Other
3.00 % - 5.99 %	494.2		1,084.2		27.1		—		1,605.5
6.00 % - 8.99 %	2.5		23.8		—		—		26.3
9.00 % - 11.99 %	—		2,256.0		—		—		2,256.0
12.00 % - 15.00 %	—		192.2		—		—		192.2
	496.7		3,556.2		27.1		—		4,080.0

Total	$	1,684.1	$	3,754.9	$	63.4	$	—	$	5,502.4

Note 9 - Deferred Acquisition Costs

The following tables display the changes in DAC throughout the period:


	June 30, 2025

	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,260.6	$	53.0	$	1,529.2	$	2,842.8
Capitalization	170.4		10.9		166.2		347.5
Amortization expense	( 136.8 )		( 5.1 )		( 115.7 )		( 257.6 )
Foreign currency	—		7.6		—		7.6
Balance, end of period	$	1,294.2	$	66.4	$	1,579.7	$	2,940.3

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 9 - Deferred Acquisition Costs - Continued


	June 30, 2024

	Unum US		Unum International		Colonial Life		Total
	(in millions of dollars)
Balance, beginning of year	$	1,232.2	$	46.9	$	1,435.4	$	2,714.5
Capitalization	165.8		8.6		157.6		332.0
Amortization expense	( 141.0 )		( 4.8 )		( 108.3 )		( 254.1 )
Foreign currency	—		( 0.9 )		—		( 0.9 )
Balance, end of period	$	1,257.0	$	49.8	$	1,484.7	$	2,791.5


	June 30, 2025

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Dental and Vision		Total Unum US
	(in millions of dollars)
Balance, beginning of year	$	61.1	$	51.1	$	614.3	$	521.2	$	12.9	$	1,260.6
Capitalization	32.3		23.7		63.3		43.6		7.5		170.4
Amortization expense	( 26.1 )		( 15.7 )		( 57.3 )		( 30.6 )		( 7.1 )		( 136.8 )
Balance, end of period	$	67.3	$	59.1	$	620.3	$	534.2	$	13.3	$	1,294.2


	June 30, 2024

	Group Disability		Group Life and AD&D		Voluntary Benefits		Individual Disability		Dental and Vision		Total Unum US
	(in millions of dollars)
Balance, beginning of year	$	63.6	$	48.9	$	610.6	$	497.8	$	11.3	$	1,232.2
Capitalization	32.7		21.0		61.1		43.5		7.5		165.8
Amortization expense	( 28.6 )		( 17.1 )		( 58.6 )		( 30.5 )		( 6.2 )		( 141.0 )
Balance, end of period	$	67.7	$	52.8	$	613.1	$	510.8	$	12.6	$	1,257.0

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information

We have three principal operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are Closed Block and Corporate.

Segment information is shown below.


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	507.8	$	521.5	$	1,012.3	$	1,038.2
Group Short-term Disability	289.3		276.3		567.6		539.4
Group Life and Accidental Death & Dismemberment
Group Life	470.0		447.5		936.2		890.1
Accidental Death & Dismemberment	49.2		46.4		97.4		92.2
Supplemental and Voluntary
Voluntary Benefits	234.5		222.9		468.6		445.8
Individual Disability	166.7		142.2		335.4		284.2
Dental and Vision	81.1		74.1		162.0		148.4
	1,798.6		1,730.9		3,579.5		3,438.3

Unum International
Unum UK
Group Long-term Disability	107.9		102.3		208.1		205.8
Group Life	68.1		48.8		129.7		97.5
Supplemental	47.0		40.6		88.9		83.7
Unum Poland	48.1		37.1		91.1		73.5
	271.1		228.8		517.8		460.5


Colonial Life
Accident, Sickness, and Disability	249.1		241.7		496.2		484.9
Life	122.1		115.2		242.0		229.5
Cancer and Critical Illness	90.9		89.3		181.2		178.7
	462.1		446.2		919.4		893.1

Closed Block
Long-term Care	175.9		173.3		352.1		347.8
All Other	40.3		48.0		82.1		97.8
	216.2		221.3		434.2		445.6


Total Premium Income	$	2,748.0	$	2,627.2	$	5,450.9	$	5,237.5

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information - Continued


	Three Months Ended June 30, 2025
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	1,798.6	$	271.1	$	462.1	$	216.2	$	—	$	2,748.0
Net Investment Income	155.1		46.2		42.6		284.5		32.3		560.7
Other Income	58.0		0.3		0.3		12.1		( 0.3 )		70.4
Adjusted Operating Revenue	$	2,011.7	$	317.6	$	505.0	$	512.8	$	32.0	$	3,379.1

Adjusted Policy Benefits 1	$	1,110.9	$	189.3	$	226.0	$	413.7	$	—	$	1,939.9
Adjusted Policy Benefits - Remeasurement Loss (Gain)	( 18.7 )		7.1		( 2.8 )		45.6		—		31.2
Commissions	203.8		25.1		98.6		16.0		—		343.5
Interest and Debt Expense	—		—		—		—		52.0		52.0
Deferral of Acquisition Costs	( 85.7 )		( 5.6 )		( 83.6 )		—		—		( 174.9 )
Amortization of Deferred Acquisition Costs	71.6		2.6		58.0		—		—		132.2
Other Segment Items 2	411.6		57.5		91.4		33.6		11.7		605.8
Adjusted Benefits and Expenses	$	1,693.5	$	276.0	$	387.6	$	508.9	$	63.7	$	2,929.7

Adjusted Operating Income (Loss)	$	318.2	$	41.6	$	117.4	$	3.9	$	( 31.7 )	$	449.4
1 Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2 Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the three months ended June 30, 2025 was $ 21.2 million, $ 5.2 million, $ 4.0 million, $ 1.5 million, and $ 0.2 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information - Continued


	Three Months Ended June 30, 2024
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	1,730.9	$	228.8	$	446.2	$	221.3	$	—	$	2,627.2
Net Investment Income	158.1		38.0		40.5		294.2		14.3		545.1
Other Income	58.2		0.5		0.2		12.2		0.4		71.5
Adjusted Operating Revenue	$	1,947.2	$	267.3	$	486.9	$	527.7	$	14.7	$	3,243.8

Adjusted Policy Benefits 1	$	1,079.5	$	155.3	$	222.9	$	401.9	$	—	$	1,859.6
Adjusted Policy Benefits - Remeasurement Loss (Gain)	( 72.9 )		0.9		( 9.5 )		24.4		—		( 57.1 )
Commissions	187.1		20.4		94.0		17.6		—		319.1
Interest and Debt Expense	—		—		—		—		49.9		49.9
Deferral of Acquisition Costs	( 82.5 )		( 4.3 )		( 78.3 )		—		—		( 165.1 )
Amortization of Deferred Acquisition Costs	71.2		2.4		54.3		—		—		127.9
Other Segment Items 2	407.3		50.1		86.6		32.2		10.1		586.3
Adjusted Benefits and Expenses	$	1,589.7	$	224.8	$	370.0	$	476.1	$	60.0	$	2,720.6

Adjusted Operating Income (Loss)	$	357.5	$	42.5	$	116.9	$	51.6	$	( 45.3 )	$	523.2
1 Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2 Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the three months ended June 30, 2024 was $ 20.5 million, $ 4.3 million, $ 3.7 million, $ 1.3 million, and de minimis for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information - Continued


	Six Months Ended June 30, 2025
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	3,579.5	$	517.8	$	919.4	$	434.2	$	—	$	5,450.9
Net Investment Income	304.0		74.7		84.8		554.2		56.2		1,073.9
Other Income	129.9		0.4		0.7		22.0		( 0.3 )		152.7
Adjusted Operating Revenue	$	4,013.4	$	592.9	$	1,004.9	$	1,010.4	$	55.9	$	6,677.5

Adjusted Policy Benefits 1	$	2,249.5	$	362.2	$	452.6	$	829.1	$	—	$	3,893.4
Adjusted Policy Benefits - Remeasurement Loss (Gain)	( 94.1 )		( 1.7 )		( 11.3 )		49.0		—		( 58.1 )
Commissions	409.4		47.5		195.9		33.9		—		686.7
Interest and Debt Expense	—		—		—		—		104.0		104.0
Deferral of Acquisition Costs	( 170.4 )		( 10.9 )		( 166.2 )		—		—		( 347.5 )
Amortization of Deferred Acquisition Costs	136.8		5.1		115.7		—		—		257.6
Other Segment Items 2	834.9		110.4		185.1		70.1		24.7		1,225.2
Adjusted Benefits and Expenses	$	3,366.1	$	512.6	$	771.8	$	982.1	$	128.7	$	5,761.3

Adjusted Operating Income (Loss)	$	647.3	$	80.3	$	233.1	$	28.3	$	( 72.8 )	$	916.2
1 Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2 Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the six months ended June 30, 2025 was $ 42.5 million, $ 9.9 million, $ 8.2 million, $ 3.0 million, and $ 0.3 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information - Continued


	Six Months Ended June 30, 2024
	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Premium Income	$	3,438.3	$	460.5	$	893.1	$	445.6	$	—	$	5,237.5
Net Investment Income	315.1		64.1		79.8		567.3		32.3		1,058.6
Other Income	118.8		0.8		3.2		25.3		1.1		149.2
Adjusted Operating Revenue	$	3,872.2	$	525.4	$	976.1	$	1,038.2	$	33.4	$	6,445.3

Adjusted Policy Benefits 1	$	2,161.2	$	319.2	$	449.6	$	815.4	$	—	$	3,745.4
Adjusted Policy Benefits - Remeasurement Loss (Gain)	( 185.3 )		( 7.1 )		( 19.1 )		46.7		—		( 164.8 )
Commissions	369.3		40.0		189.2		34.2		—		632.7
Interest and Debt Expense	—		—		—		—		99.4		99.4
Deferral of Acquisition Costs	( 165.8 )		( 8.6 )		( 157.6 )		—		—		( 332.0 )
Amortization of Deferred Acquisition Costs	141.0		4.8		108.3		—		—		254.1
Other Segment Items 2	809.1		97.2		175.1		66.0		25.4		1,172.8
Adjusted Benefits and Expenses	$	3,129.5	$	445.5	$	745.5	$	962.3	$	124.8	$	5,407.6

Adjusted Operating Income (Loss)	$	742.7	$	79.9	$	230.6	$	75.9	$	( 91.4 )	$	1,037.7
1 Excludes the impact of non-contemporaneous reinsurance in the Closed Block segment.
2 Excludes the amortization of the cost of reinsurance in the Closed Block segment. For each reportable segment, other segment items includes compensation, other personnel expenses, taxes, licenses and fees, depreciation, intangible asset amortization and other expenses. Depreciation and intangible asset amortization during the six months ended June 30, 2024 was $ 41.8 million, $ 8.6 million, $ 7.5 million, $ 2.6 million, and $ 0.1 million for our Unum US, Unum International, Colonial Life, Closed Block and Corporate segments, respectively.


	June 30		December 31
	2025		2024
	(in millions of dollars)
Assets
Unum US	$	14,813.8	$	14,981.6
Unum International	3,712.8		3,291.3
Colonial Life	5,112.3		4,964.2
Closed Block	33,280.3		33,376.0
Corporate	5,924.6		5,346.2
Total Assets	$	62,843.8	$	61,959.3

We report goodwill in our Unum US, Unum International, and Colonial Life segments, which are the segments expected to benefit from the originating business combinations. At June 30, 2025 and December 31, 2024 goodwill was $ 353.3 million and $ 349.1 million, respectively, with $ 280.0 million attributable to Unum US in both periods, $ 45.6 million and $ 41.4 million, respectively, attributable to Unum International, and $ 27.7 million attributable to Colonial Life in both periods.

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, the amortization of the cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates as specified in the reconciliations

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 10 - Segment Information - Continued

below. We believe adjusted operating revenue and adjusted operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. 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.

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

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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.

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.

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


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Total Revenue	$	3,361.4	$	3,233.4	$	6,453.0	$	6,433.7
Excluding:

Net Investment Loss	( 17.7 )		( 10.4 )		( 224.5 )		( 11.6 )
Adjusted Operating Revenue	$	3,379.1	$	3,243.8	$	6,677.5	$	6,445.3

Income Before Income Tax	$	417.0	$	495.5	$	660.6	$	991.2
Excluding:


Net Investment Loss Related to the Reinsurance Agreement	( 8.5 )		—		( 184.4 )		—
Net Investment Loss, Other	( 9.2 )		( 10.4 )		( 40.1 )		( 11.6 )
Total Net Investment Loss	( 17.7 )		( 10.4 )		( 224.5 )		( 11.6 )


Amortization of the Cost of Reinsurance	( 9.7 )		( 10.3 )		( 19.3 )		( 20.7 )
Non-Contemporaneous Reinsurance	( 5.0 )		( 7.0 )		( 11.8 )		( 14.2 )







Adjusted Operating Income	$	449.4	$	523.2	$	916.2	$	1,037.7

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 11 - Employee Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit (OPEB) Plans

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

The following table provides the components of the net periodic benefit cost for the defined benefit pension and OPEB plans.


	Three Months Ended June 30
	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2025		2024		2025		2024		2025		2024
	(in millions of dollars)
Service Cost	$	2.3	$	2.3	$	—	$	—	$	—	$	—
Interest Cost	21.4		20.7		2.2		1.9		1.0		1.0
Expected Return on Plan Assets	( 21.8 )		( 22.8 )		( 2.2 )		( 2.1 )		( 0.1 )		( 0.1 )
Amortization of:
Net Actuarial Loss (Gain)	3.7		3.6		0.7		0.7		( 0.3 )		( 0.4 )

Total Net Periodic Benefit Cost	$	5.6	$	3.8	$	0.7	$	0.5	$	0.6	$	0.5


	Six Months Ended June 30
	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2025		2024		2025		2024		2025		2024
	(in millions of dollars)
Service Cost	$	4.7	$	4.6	$	—	$	—	$	—	$	—
Interest Cost	42.8		41.4		4.3		3.8		2.0		2.0
Expected Return on Plan Assets	( 43.6 )		( 45.6 )		( 4.4 )		( 4.2 )		( 0.2 )		( 0.2 )
Amortization of:
Net Actuarial Loss (Gain)	7.4		7.3		1.4		1.5		( 0.6 )		( 0.6 )
Prior Service Credit	—		—		—		—		( 0.1 )		( 0.1 )
Total Net Periodic Benefit Cost	$	11.3	$	7.7	$	1.3	$	1.1	$	1.1	$	1.1

We made a regulatory contribution of $ 18.3 million to our U.K defined benefit pension plan during the second quarter of 2025.

The service cost component of net periodic pension and postretirement benefit cost is included as a component of compensation expense in our consolidated statements of income. All other components of net periodic pension and postretirement benefit cost are included in other expenses.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 12 - Stockholders' Equity and Earnings Per Common Share

Earnings Per Common Share

Net income per common share is determined as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars, except share data)
Numerator
Net Income	$	335.6	$	389.5	$	524.7	$	784.7

Denominator (000s)
Weighted Average Common Shares - Basic	174,110.9		189,894.1		176,142.6		191,302.5
Dilution for Assumed Exercises of Nonvested Stock Awards	321.0		435.2		456.0		576.0
Weighted Average Common Shares - Assuming Dilution	174,431.9		190,329.3		176,598.6		191,878.5

Net Income Per Common Share
Basic	$	1.93	$	2.05	$	2.98	$	4.10
Assuming Dilution	$	1.92	$	2.05	$	2.97	$	4.09

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units and nonvested restricted stock units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $ 18.78 to $ 83.04 . Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive were 0.3 million for the three and six months ended June 30, 2025. There were a de minimis amount and 0.3 million potential common shares that were antidilutive for the three and six months ended June 30, 2024, respectively.

Common Stock

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 12 - Stockholders' Equity and Earnings Per Common Share - Continued

Our board of directors has authorized the following repurchase programs:


	February 2025 Authorization		July 2024 Authorization 1		October 2023 Authorization 2
	(in millions)
Effective Date	April 1, 2025		August 1, 2024		January 1, 2024
Expiration Date	None		March 31, 2025		July 31, 2024
Authorized Repurchase Amount	$	1,000.0	$	1,000.0	$	500.0
Cost of Shares Repurchased Under Repurchase Program	300.0		706.8		464.2
Unused and Expired	—		293.2		35.8
Remaining Repurchase Amount at June 30, 2025	$	700.0	$	—	$	—

1 Concurrent with the announcement of the February 2025 repurchase program, we also announced the termination of the July 2024 program as of March 31, 2025, and all unused amounts under that program expired as of that date.

2 Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date.

Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions)
Shares Repurchased 1	3.8		3.5		7.1		6.0
Cost of Shares Repurchased 2	$	303.3	$	179.8	$	505.9	$	302.8

1 For the six months ended June 30, 2025, includes 0.7 million shares related to the settlement of the November 2024 accelerated share repurchase agreement (ASR) which occurred in February 2025.

2 Includes $ 0.4 million and $ 0.9 million of commissions for the three and six months ended June 30, 2025, respectively, and a de minimis amount of commissions for the three and six months ended June 30, 2024. Also includes $ 2.9 million and $ 5.0 million of excise tax for the three and six months ended June 30, 2025, respectively, and $ 1.7 million and $ 2.8 million of excise tax for the three and six months ended June 30, 2024, respectively.

As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements. Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 12 - Stockholders' Equity and Earnings Per Common Share - Continued

may be settled in either cash or common stock at our option. Details of our ASRs impacting the three and six months ended June 30, 2025 and 2024 are as follows:


Prepayment Date	Prepayment Amount	Initial Share Delivery	Forward Contract Settlement Date	Shares Delivered to Settle Forward Contract
(in millions)
November 2024	$ 321.0	3.8	February 2025 1	0.7

April 2024	$ 125.0	1.7	June 2024	0.7
January 2024	$ 100.0	1.6	March 2024	0.5

1 The final price adjustment settlement, along with the delivery of the remaining shares, occurred in February 2025, resulting in the delivery to us of 0.7 million additional shares. As a result of the final settlement occurring subsequent to December 31, 2024, we recorded a decrease of $80.3 million to additional paid-in capital within stockholders' equity on our consolidated balance sheet for the value of the shares held back by the counterparty as of December 31, 2024, which was reclassified to treasury stock in the first quarter of 2025 in connection with the final settlement of the agreement.

Preferred Stock

Unum Group has 25.0 million shares of preferred stock authorized with a par value of $ 0.10 per share. No preferred stock has been issued to date.

Note 13 - Commitments and Contingent Liabilities

Commitments

See Notes 3 and 4 for further discussion on certain of our investment commitments.

Contingent Liabilities

We are a defendant in a number of litigation matters that have arisen in the normal course of business, including the matters discussed below. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning our compliance with applicable insurance and other laws and regulations. Given the complexity and scope of our litigation and regulatory matters, it is not possible to predict the ultimate outcome of all pending investigations or legal proceedings or provide reasonable estimates of potential losses, except if noted in connection with specific matters.

In some of these matters, no specified amount is sought. In others, very large or indeterminate amounts, including punitive and treble damages, are asserted. There is a wide variation of pleading practice permitted in the United States courts with respect to requests for monetary damages, including some courts in which no specified amount is required and others which allow the plaintiff to state only that the amount sought is sufficient to invoke the jurisdiction of that court. Further, some jurisdictions permit plaintiffs to allege damages well in excess of reasonably possible verdicts. Based on our extensive experience and that of others in the industry with respect to litigating or resolving claims through settlement over an extended period of time, we believe that the monetary damages asserted in a lawsuit or claim bear little relation to the merits of the case, or the likely disposition value. Therefore, the specific monetary relief sought is not stated.

Unless indicated otherwise, reserves have not been established for litigation and contingencies. An estimated loss is accrued when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

Claim Handling Matters

We and our insurance subsidiaries, in the ordinary course of our business, are engaged in claim litigation where disputes arise as a result of a denial or termination of benefits. Most typically these lawsuits are filed on behalf of a single claimant or policyholder, and in some of these individual actions punitive damages are sought, such as claims alleging bad faith in the

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 13 - Commitments and Contingent Liabilities - Continued

handling of insurance claims. For our general claim litigation, we maintain reserves based on experience to satisfy judgments and settlements in the normal course. We expect that the ultimate liability, if any, with respect to general claim litigation, after consideration of the reserves maintained, will not be material to our consolidated financial condition. Nevertheless, given the inherent unpredictability of litigation, it is possible that an adverse outcome in certain claim litigation involving punitive damages could, from time to time, have a material adverse effect on our consolidated results of operations in a period, depending on the results of operations for the particular period.

From time to time class action allegations are pursued where the claimant or policyholder purports to represent a larger number of individuals who are similarly situated. Since each insurance claim is evaluated based on its own merits, there is rarely a single act or series of actions which can properly be addressed by a class action. Nevertheless, we monitor these cases closely and defend ourselves appropriately where these allegations are made.

Note 14 - Debt and Other

Credit Facility

In April 2025, we and certain of our traditional U.S. life insurance subsidiaries, Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident) and Colonial Life & Accident Insurance Company, amended and restated the terms of our existing credit agreement providing for a five-year $ 500.0 million senior unsecured revolving credit facility with a syndicate of lenders. The revolving credit facility, which was previously set to expire in 2027, was extended through April 2030. We may request that the lenders’ aggregate commitments of $500.0 million under the facility be increased by up to an additional $200.0 million. Other of our domestic wholly-owned subsidiaries are permitted to join the credit facility as borrowers, subject to certain conditions. Any obligation of a subsidiary under the credit facility is subject to an unconditional guarantee by Unum Group. At June 30, 2025, there were no borrowed amounts outstanding under the revolving credit facility and letters of credit totaling $ 0.4 million had been issued.

Borrowings under the credit facility are subject to financial covenants, negative covenants, and events of default that are customary. The credit facility includes financial covenants based on our leverage ratio and consolidated net worth as well as covenants that limit subsidiary indebtedness.

Debt

In June 2024, we issued $ 400.0 million of 6.000 % senior notes due 2054. The notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt. A portion of the net proceeds of the offering were used to repay the $ 350.0 million aggregate principal amount of outstanding indebtedness under our senior unsecured delayed draw term loan facility which was repaid and subsequently terminated.

Allowance for Expected Credit Losses on Premiums Receivable

At June 30, 2025, March 31, 2025, and December 31, 2024, the allowance for expected credit losses on premiums receivable was $ 27.6 million, $ 27.0 million, and $ 26.8 million, respectively, on gross premiums receivable of $ 691.7 million, $ 631.8 million, and $ 584.1 million, respectively. The increase in the allowance of $ 0.6 million and $ 0.8 million during the three and six months ended June 30, 2025, respectively, was driven by an increase in gross premiums receivable.

At June 30, 2024, March 31, 2024, and December 31, 2023, the allowance for expected credit losses on premiums receivable was $ 26.8 million, $ 30.0 million, and $ 29.5 million, respectively, on gross premiums receivable of $ 659.8 million $ 676.9 million, and $ 612.4 million, respectively. The decrease in the allowance of $ 3.2 million during the three months ended June 30, 2024, was driven primarily by improvements in unemployment levels. The decrease of $ 2.7 million during the six months ended June 30, 2024, was driven primarily by improvements in the age of premiums receivable and unemployment levels.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued

Unum Group and Subsidiaries

June 30, 2025

Note 14 - Debt and Other - Continued

Closed Block Long-Term Care and Unum US Individual Disability Reinsurance Transaction

In February 2025, Unum 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. 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.

In July 2025, immediately prior to entering into the reinsurance agreement with Fortitude Re, Unum America recaptured the aforementioned Closed Block long-term care business from Fairwind Insurance Company, an affiliated captive reinsurer, and assumed the aforementioned Unum US individual disability business from Provident, an affiliate.

Table of Contents

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

TABLE OF CONTENTS


			Page
E xecutive Summary			88

R econciliation of Non-GAAP and Other F inancial Measures			92

C ritical Accounting Estimates			94

A ccounting Development s			94

C onsolidated Operating Results			95

S egment Results			97

U num US Segment			97

U num International Segment			105

Colonial Life Segment			110

C losed Block Segment			112

C orporate Segment			115

I nvestments			115

L iquidity a nd Capital Resources			122

Table of Contents

Executive Summary

Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries. The principal operating subsidiaries in the United States are Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident), The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company (Colonial Life & Accident), Unum Insurance Company, Starmount Life Insurance Company, in the United Kingdom, Unum Limited, and in Poland, Unum Zycie TUiR S.A. (Unum Poland). We are a leading provider of financial protection benefits in the United States and the United Kingdom. Our products include disability, life, accident, critical illness, dental and vision, and other related services. We market our products primarily through the workplace.

We have three principal operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are the Closed Block and Corporate segments. These segments are discussed more fully under "Segment Results" included herein in this Item 2.

The benefits we provide help the working world thrive throughout life's moments and protect people from the financial hardship of illness, injury, or loss of life. As a leading provider of employee benefits, we offer a broad portfolio of products and services through the workplace that provide support when it is needed most.

Specifically, we offer disability, life and voluntary products, on both individual and group bases, as well as provide certain fee-based services. These products and services, which can be sold stand-alone or combined with other coverages, help employers of all sizes attract and retain the talented and capable workforce they need to succeed while protecting the incomes and livelihood of their employees. We believe employer-sponsored benefits are the most effective way to provide workers with access to information and options to protect their financial stability. Working people and their families, particularly those at lower and middle incomes, are perhaps the most vulnerable in today's economy yet are often overlooked by many providers of financial products and services. For many of these workers and families, employer-sponsored benefits are the primary defense against the potentially catastrophic financial impact of death, illness, or injury.

We have established a corporate culture consistent with the social value of our products and services. We see important links between the obligations we have to all of our stakeholders, and we place a strong emphasis on operating with integrity and contributing to positive change in our communities. Accordingly, we are committed not only to meeting the needs of our customers who depend on us, but also to being accountable for our actions through sound and consistent business practices, a strong internal compliance program, a comprehensive risk management strategy, and an engaged employee workforce.

This discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto in Part I, Item 1 contained in this Form 10-Q and with the "Cautionary Statement Regarding Forward-Looking Statements" included below the Table of Contents, as well as the discussion, analysis, and consolidated financial statements and notes thereto in Part I, Items 1 and 1A, and Part II, Items 7, 7A, and 8 of our annual report on Form 10-K for the year ended December 31, 2024.

Operating Performance and Capital Management

For the second quarter of 2025, w e reported net income of $335.6 million, or $1.92 per diluted common share, compared to net income of $389.5 million, or $2.05 per diluted common share, in the second quarter of 2024. For the first six months of 2025, w e reported net income of $524.7 million, or $2.97 per diluted common share, compared to net income of $784.7 million, or $4.09 per diluted common share in the same period of 2024.

Included in our results for the second quarter of 2025 are:

• A net investment loss of $17.7 million before tax and $13.9 million after tax, or $0.08 per diluted common share;

• Amortization of the cost of reinsurance of $9.7 million before tax and $7.7 million after tax, or $0.05 per diluted common share; and

• Non-contemporaneous reinsurance of $5.0 million before tax and $3.9 million after tax, or $0.02 per diluted common share.

Table of Contents

Included in our results for the first six months of 2025 are :

• A net investment loss of $224.5 million before tax and $177.3 million after tax, or $1.00 per diluted common share;

• Amortization of the cost of reinsurance of $19.3 million before tax and $15.3 million after tax, or $0.09 per diluted common share; and

• Non-contemporaneous reinsurance of $11.8 million before tax and $9.3 million after tax, or $0.05 per diluted common share.

Included in our results for the second quarter of 2024 are:

• A net investment loss of $10.4 million before tax and $8.2 million after tax, or $0.04 per diluted common share;

• Amortization of the cost of reinsurance of $10.3 million before tax and $8.2 million after tax, or $0.04 per diluted common share; and

• Non-contemporaneous reinsurance of $7.0 million before tax and $5.5 million after tax, or $0.03 per diluted common share.

Included in our results for the first six months of 2024 are:

• A net investment loss of $11.6 million before tax and $9.0 million after tax, or $0.05 per diluted common share;

• Amortization of the cost of reinsurance $20.7 million before tax and $16.4 million after tax, or $0.08 per diluted common share; and

• Non-contemporaneous reinsurance of $14.2 million before tax and $11.2 million after tax, or $0.06 per diluted common share.

Excluding these items, after-tax adjusted operating income for the second quarter of 2025 was $361.1 million, or $2.07 per diluted common share compared to $411.4 million, or $2.16 per diluted common share, for the same period of 2024. After-tax adjusted operating income was $726.6 million, or $4.11 per diluted common share, in the first six months of 2025, compared to $821.3 million, or $4.28 per diluted common share, in the first six months of 2024. See "Reconciliation of Non-GAAP and Other Financial Measures" contained herein in this Item 2 for further discussion and a reconciliation of these items.

Our Unum US segment reported adjusted operating income of $318.2 million and $647.3 million in the second quarter and first six months of 2025, respectively, compared to $357.5 million and $742.7 million in the same periods of 2024, due to unfavorable benefits experience and higher commissions, partially offset by higher premium income. The benefit ratio for our Unum US segment was 60.7 percent and 60.2 percent in the second quarter and first six months of 2025, respectively, compared to 58.2 percent and 57.5 percent in the same periods of 2024. Unum US sales decreased 16.2 percent and 8.1 percent in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024.

Our Unum International segment reported adjusted operating income of $41.6 million and $80.3 million in the second quarter and first six months of 2025, respectively, compared to $42.5 million and $79.9 million in the same periods of 2024. Our Unum UK line of business reported adjusted operating income of £29.4 million and £58.9 million in the second quarter and first six months of 2025, respectively, compared to £32.5 million and £60.7 million in the same periods of 2024, due to unfavorable benefits experience, partially offset by higher premium income and net investment income. The benefit ratio for our Unum UK line of business was 75.0 percent and 71.1 percent in the second quarter and first six months of 2025, respectively, compared to 69.5 percent and 68.8 percent in the same periods of 2024. Unum International sales, as measured in U.S. dollars, increased 1.1 percent and decreased 7.3 percent in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Unum UK sales, as measured in local currency, decreased 13.5 percent and 19.4 percent in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024.

Our Colonial Life segment reported adjusted operating income of $117.4 million and $233.1 million in the second quarter and first six months of 2025, compared to $116.9 million and $230.6 million in the same periods of 2024, primarily due to higher premium income and net investment income, partially offset by higher operating expenses. Also impacting the comparison of the second quarter of 2025, compared to the same period of 2024, was unfavorable benefit experience. The benefit ratio for Colonial Life was 48.3 percent and 48.0 percent in the second quarter and first six months of 2025, respectively, compared to 47.8 percent and 48.2 percent in the same periods of 2024. Colonial Life sales increased 2.9 percent and 2.6 percent in the second quarter and first six months of 2025, respectively, compared to the same periods of 2024.

Table of Contents

Our Closed Block segment reported a loss before income tax and net investment gains and losses of $10.8 million and $2.8 million in the second quarter and first six months of 2025, respectively, compared to income before income tax and net investment gains and losses of $34.3 million and $41.0 million in the same periods of 2024, which includes the amortization of the cost of reinsurance and the impact of non-contemporaneous reinsurance related to the Closed Block individual disability reinsurance transaction. Excluding these items, our Closed Block Segment reported adjusted operating income of $3.9 million and $28.3 million in the second quarter and first six months of 2025, respectively, compared to $51.6 million and $75.9 million in the same periods of 2024, due primarily to unfavorable benefits experience and a decrease in net investment income. The net premium ratio for long-term care increased to 94.9 percent at June 30, 2025 from 93.7 percent at June 30, 2024.

A rising interest rate environment could positively impact our yields on new investments, but could also increase unrealized losses in our current holdings. Alternatively, a declining interest rate environment could negatively impact our yields on new investments, but could also reduce unrealized losses in our current holdings. As of June 30, 2025, we do not hold any securities with a decline in fair value below amortized cost which we intend to sell nor any securities for which it is more likely than not that we will be required to sell before recovery in amortized cost for which an impairment loss was not recorded. During the first six months of 2025, we recognized impairment losses totaling $160.9 million as a result of our intent to transfer certain fixed maturity securities related to the reinsurance transaction with Fortitude Reinsurance Company Ltd. (Fortitude Re) which closed in July 2025. The net unrealized loss on our fixed maturity securities was $2.0 billion at June 30, 2025, compared to $2.6 billion at December 31, 2024,with the decrease due primarily to a decrease in U.S. Treasury rates. The earned book yield on our investment portfolio was 4.47 percent for the first six months of 2025 compared to a yield of 4.44 percent for full year 2024.

Additionally, a rising interest rate environment could result in reserve decreases while a declining interest rate environment could result in reserve increases, specific to our liability for future policy benefits, as the reserve discount rate assumptions used in the calculation of our liability are updated at each reporting date using a yield that is reflective of an upper-medium grade fixed income instrument, which is generally equivalent to a single-A interest rate matched to the duration of certain of our insurance liabilities. The change in discount rate assumptions on the liability for future policy benefits, net of reinsurance, due primarily to the decrease in U.S. Treasury rates during the first six months of 2025, resulted in an increase to the liability for future policy benefits, net of reinsurance, of approximately $0.2 billion.

We believe our capital and financial positions are strong. At June 30, 2025, the risk-based capital (RBC) ratio for our traditional U.S. insurance subsidiaries, calculated on a weighted average basis using the NAIC Company Action Level formula, was approximately 485 percent, which is above our long-term expectation. We repurchased 7.1 million shares and 6.0 million shares of Unum Group common stock under our share repurchase program, during the first six months of 2025 and 2024, respectively, at a cost of $505.9 million and $302.8 million, respectively, including commissions and excise tax. Our weighted average common shares outstanding, assuming dilution, equaled 174.4 million and 190.3 million for the second quarters of 2025 and 2024, respectively, and 176.6 million and 191.9 million for the first six months of 2025 and 2024, respectively. As of June 30, 2025, Unum Group and our intermediate holding companies had available holding company liquidity of $1,955.7 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset backed securities. See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

Closed Block Long-Term Care and Unum US Individual Disability Reinsurance Transaction

In February 2025, Unum America entered into a master transaction agreement with 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. 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 2025, we transferred to Fortitude Re $953.5 million of cash, which included the ceding commission of $461.7 million, as well as fixed maturity securities which had an amortized cost of $3,096.3 million and a fair value of $3,224.5 million as of June 30, 2025. A final settlement, including the final ceding commission adjustment, is expected prior to the end of 2025. Fortitude Re established and will maintain a collateralized trust account for the benefit of Unum America to secure its obligations under the reinsurance agreement. During the first six months of 2025, we recognized impairment losses totaling $160.9 million based on our intent to transfer these fixed maturity securities. In preparation for the transaction, fixed maturity securities with a fair value of $151.6 million and amortized cost of $175.1 million were sold during the first six months of 2025, resulting in a $23.5 million net loss. Although we transferred a significant portion of our fixed maturity securities portfolio during the third quarter of 2025 as a part of this transaction, the overall credit profile of our remaining portfolio did not change.

Table of Contents

In July 2025, immediately prior to entering into the reinsurance agreement with Fortitude Re, Unum America recaptured the aforementioned Closed Block long-term care business from Fairwind Insurance Company (Fairwind), an affiliated captive reinsurer, and assumed the aforementioned Unum US individual disability business from Provident, an affiliate.

See Notes 4 and 14 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" and "Liquidity and Capital Resources" contained herein in this Item 2 for further information.

Global Minimum Tax

The Organization for Economic Co-operation and Development (OECD) has established model rules to ensure a minimum level of tax of 15 percent (Pillar Two) for multinational companies. Several jurisdictions, including the United Kingdom, Ireland, and Poland have adopted Pillar Two beginning on or after December 31, 2023. We have not recorded Pillar Two taxes as of June 30, 2025, and we do not expect material impacts in 2025. We will continue to monitor legislative developments and refine our estimates as necessary.

One Big Beautiful Bill Act

In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into U.S. law. We do not expect the OBBBA to have a material impact on our financial position or results of operations in 2025.

Consolidated Company Outlook

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

In 2024, we experienced increased earnings driven by the underlying strength of our business and expect positive operating trends in our core businesses to continue in 2025. The products and services we provide deliver significant value to employers, employees and their families, and we believe this will help drive sales and premium growth in 2025.

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

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

Further discussion is included in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and in "Reconciliation of Non-GAAP and Other Financial Measures," "Consolidated Operating Results," "Segment Results," "Investments," and "Liquidity and Capital Resources" contained herein in this Item 2.

Table of C ontents

Reconciliation of Non-GAAP and Other Financial Measures

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

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

See "Investments" contained herein in Item 2 and Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion regarding the net investment loss.

Table of C ontents

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


	Three Months Ended June 30
	2025				2024
	(in millions)		per share *		(in millions)		per share *
Net Income	$	335.6	$	1.92	$	389.5	$	2.05
Excluding:
Net Investment Loss

Net Investment Loss Related to the Reinsurance Agreement (net of tax benefit of $1.9; $—)	(6.6)		(0.04)		—		—
Net Investment Loss, Other (net of tax benefit of $1.9; $2.2)	(7.3)		(0.04)		(8.2)		(0.04)
Total Net Investment Loss	(13.9)		(0.08)		(8.2)		(0.04)


Amortization of the Cost of Reinsurance (net of tax benefit of $2.0; $2.1)	(7.7)		(0.05)		(8.2)		(0.04)

Non-Contemporaneous Reinsurance (net of tax benefit of $1.1; $1.5)	(3.9)		(0.02)		(5.5)		(0.03)



After-tax Adjusted Operating Income	$	361.1	$	2.07	$	411.4	$	2.16

*Assuming Dilution


	Six Months Ended June 30
	2025				2024
	(in millions)		per share *		(in millions)		per share *
Net Income	$	524.7	$	2.97	$	784.7	$	4.09
Excluding:
Net Investment Loss

Net Investment Loss Related to the Reinsurance Agreement (net of tax benefit of $38.8; $—)	(145.6)		(0.82)		—		—
Net Investment Loss, Other (net of tax benefit of $8.4; $2.6)	(31.7)		(0.18)		(9.0)		(0.05)
Total Net Investment Loss	(177.3)		(1.00)		(9.0)		(0.05)


Amortization of the Cost of Reinsurance (net of tax benefit of $4.0; $4.3)	(15.3)		(0.09)		(16.4)		(0.08)

Non-Contemporaneous Reinsurance (net of tax benefit of $2.5; $3.0)	(9.3)		(0.05)		(11.2)		(0.06)








After-tax Adjusted Operating Income	$	726.6	$	4.11	$	821.3	$	4.28

* Assuming Dilution

Table of C ontents

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


	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
	(in millions of dollars)
Total Revenue	$	3,361.4	$	3,233.4	$	6,453.0	$	6,433.7
Excluding:
Net Investment Loss	(17.7)		(10.4)		(224.5)		(11.6)
Adjusted Operating Revenue	$	3,379.1	$	3,243.8	$	6,677.5	$	6,445.3

Income Before Income Tax	$	417.0	$	495.5	$	660.6	$	991.2
Excluding:


Net Investment Loss Related to the Reinsurance Agreement	(8.5)		—		(184.4)		—
Net Investment Loss, Other	(9.2)		(10.4)		(40.1)		(11.6)
Total Net Investment Loss	(17.7)		(10.4)		(224.5)		(11.6)


Amortization of the Cost of Reinsurance	(9.7)		(10.3)		(19.3)		(20.7)

Non-Contemporaneous Reinsurance	(5.0)		(7.0)		(11.8)		(14.2)






Adjusted Operating Income	$	449.4	$	523.2	$	916.2	$	1,037.7

Critical Accounting Estimates

We prepare our financial statements in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in our financial statements and accompanying notes. Estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in our financial statements.

The accounting estimates deemed to be most critical to our financial position and results of operations are those related to the liability for future policy benefits, fair value of investments, pension and postretirement benefit plans, income taxes, and contingent liabilities. There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2025.

For additional information, refer to our significant accounting policies in Note 1 of the "Notes to Consolidated Financial Statements" in Part II, Item 8, and "Critical Accounting Estimates" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2024.

Accounting Developments

For information on new accounting standards and the impact, if any, on our financial position or results of operations, see Note 2 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information.

T able of Contents

Consolidated Operating Results


(in millions of dollars)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Revenue
Premium Income	$	2,748.0	4.6	%	$	2,627.2	$	5,450.9	4.1	%	$	5,237.5
Net Investment Income	560.7		2.9		545.1		1,073.9		1.4		1,058.6
Net Investment Loss	(17.7)		70.2		(10.4)		(224.5)		N.M.		(11.6)
Other Income	70.4		(1.5)		71.5		152.7		2.3		149.2
Total Revenue	3,361.4		4.0		3,233.4		6,453.0		0.3		6,433.7

Benefits and Expenses
Policy Benefits	1,944.9		4.2		1,866.6		3,905.2		3.9		3,759.6
Policy Benefits - Remeasurement Loss (Gain)	31.2		154.6		(57.1)		(58.1)		(64.7)		(164.8)
Commissions	343.5		7.6		319.1		686.7		8.5		632.7
Interest and Debt Expense	52.0		4.2		49.9		104.0		4.6		99.4

Deferral of Acquisition Costs	(174.9)		5.9		(165.1)		(347.5)		4.7		(332.0)
Amortization of Deferred Acquisition Costs	132.2		3.4		127.9		257.6		1.4		254.1

Compensation Expense	292.0		(1.3)		295.9		602.4		0.1		601.7
Other Expenses	323.5		7.6		300.7		642.1		8.5		591.8
Total Benefits and Expenses	2,944.4		7.5		2,737.9		5,792.4		6.4		5,442.5

Income Before Income Tax	417.0		(15.8)		495.5		660.6		(33.4)		991.2
Income Tax Expense	81.4		(23.2)		106.0		135.9		(34.2)		206.5

Net Income	$	335.6	(13.8)		$	389.5	$	524.7	(33.1)		$	784.7

N.M. = not a meaningful percentage

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

The weighted average pound/dollar exchange rate for our Unum UK line of business was 1.333 and 1.265 for the three months ended June 30, 2025 and 2024, and 1.299 and 1.265 for the six months ended June 30, 2025 and 2024, respectively. If the 2024 results for our U.K. operations had been translated at the weighted average exchange rates of 2025, our adjusted operating revenue would have been higher by approximately $13 million and $12 million, respectively, in the second quarter and first six months of 2024 and our adjusted operating income would have been higher by approximately $2 million for both the second quarter and first six months of 2024. However, it is important to distinguish between translating and converting foreign currency. Except for a limited number of transactions, we do not actually convert pounds into dollars. As a result, we view foreign currency translation as a financial reporting item and not a reflection of operations or profitability in the U.K.

Premium income increased in each of our principal operating segments in the second quarter and first six months of 2025 compared to the same periods of 2024, primarily due to prior period sales and the impacts from the recapture of a previously ceded block of business in our Unum US individual disability product line that occurred in the first quarter of 2025, partially offset by the expected decline in medical stop-loss in our Unum US segment. Premium income continues to decline, as expected, in our Closed Block segment.

Net investment income was higher in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily an increase in the level of invested assets and higher investment income from inflation index-linked bonds held by

T able of Contents

Unum UK. Partially offsetting the higher net investment income for the first six months of 2025 compared to the same period of 2024 was a decrease in yield on invested assets.

Our investment gains and losses on fixed maturity securities include net losses on sales of $13.5 million and $5.4 million in the second quarter of 2025 and 2024, respectively, and $58.2 million and $21.2 million in the first six months of 2025 and 2024, respectively. The net losses for the first six months of 2025 were primarily related to a realized loss of $23.5 million on sales of fixed maturity securities relating to our reinsurance transaction with Fortitude Re as well as a $19.1 million realized loss on sales of fixed maturity securities relating to funding of a dividend from one of our subsidiaries. Credit and impairment losses on fixed maturity securities were $19.1 million and $172.5 million during the second quarter and first six months of 2025, respectively. Credit and impairment losses on fixed maturity securities for the first six months of 2025 is primarily comprised of the $160.9 million impairment loss based on the intent to transfer fixed-maturity securities in anticipation of our reinsurance agreement with Fortitude Re. Credit and impairment losses on fixed maturity securities were $4.1 million during the second quarter and first six months of 2024. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" contained herein in this Item 2 for further information.

Other income is primarily comprised of fee-based service products in the Unum US segment, which include leave management services and administrative services only business, and the underlying results and associated net investment income of certain assumed blocks of reinsured business in the Closed Block segment. Also included within other income for the first six months of 2025 is a gain on the recapture of a previously ceded block of business in the Unum US individual disability product line.

Overall benefits experience was unfavorable in the second quarter and first six months of 2025 relative to the same periods of 2024. The consolidated benefit ratio, which includes the remeasurement gain or loss, was 71.9 percent and 70.6 percent in the second quarter and first six months of 2025, respectively, compared to 68.9 percent and 68.6 percent for the same prior year periods. Excluding the impact of non-contemporaneous reinsurance, the consolidated benefit ratio was 71.7 percent and 70.4 percent in the second quarter and first six months of 2025, respectively, compared to 68.6 percent and 68.4 percent for the same prior year periods. The benefit ratio, which includes the remeasurement gain or loss, for each of our operating business segments is discussed more fully in "Segment Results" as follows.

Commissions were higher during the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to the continued impacts from the recapture of a previously ceded block of business in our Unum US individual disability product line that occurred in the first quarter of 2025 as well as prior period sales in our principal operating business segments. The deferral of acquisition costs was higher during the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to increase in commissions and other sales-related costs in our Colonial Life segment. The increase in the amortization of deferred acquisition costs in the second quarter and first six months of 2025 compared to the same periods of 2024 is due primarily to growth in the level of the deferred asset in our Colonial Life segment.

Other expenses and compensation expense, on a combined basis, increased in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to an increase in operational investments in our business and impacts from the recapture of a previously ceded block of business in our Unum US individual disability product line that occurred in the first quarter of 2025.

Our effective income tax rates for the second quarter and first six months of 2025 were 19.5 percent and 20.6 percent of income before income tax, respectively, compared to 21.4 percent and 20.8 percent for the same prior year periods. Our effective income tax rate differed from the U.S. statutory rate of 21 percent for the second quarter of 2025 primarily due to tax exempt income. Our effective income tax rates were generally consistent with the U.S. statutory rate of 21 percent in effect for the second quarter of 2024 and for the first six months of 2025 and 2024.

Table of Contents

Consolidated Sales Results

Shown below are sales results for our three principal operating business segments.


(in millions)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Unum US	$	262.4	(16.2)	%	$	313.2	$	539.9	(8.1)	%	$	587.3


Unum International	$	65.0	1.1	%	$	64.3	$	101.9	(7.3)	%	$	109.9

Colonial Life	$	126.5	2.9	%	$	122.9	$	231.8	2.6	%	$	225.9

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

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

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

Segment Results

Our reportable segments are comprised of the following: Unum US, Unum International, Colonial Life, Closed Block, and Corporate.

In describing our results, we may at times note certain items and exclude the impact on financial ratios and metrics to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur. We also measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses and certain other items. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. See "Reconciliation of Non-GAAP Financial Measures" contained herein in this Item 2.

Unum US Segment

The Unum US segment is comprised of the group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines of business. The group disability line of business includes long-term and short-term disability, medical stop-loss, and fee-based service products. The supplemental and voluntary line of business includes voluntary benefits, individual disability, and dental and vision products. These products, excluding medical stop-loss which is no longer actively marketed as of the third quarter of 2024, are marketed through our field sales personnel who work in conjunction with independent brokers and consultants.

Table of Contents

Unum US Operating Results

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


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income	$	1,798.6		3.9	%	$	1,730.9		$	3,579.5		4.1	%	$	3,438.3
Net Investment Income	155.1			(1.9)		158.1			304.0			(3.5)		315.1
Other Income	58.0			(0.3)		58.2			129.9			9.3		118.8
Total	2,011.7			3.3		1,947.2			4,013.4			3.6		3,872.2

Benefits and Expenses
Policy Benefits	1,110.9			2.9		1,079.5			2,249.5			4.1		2,161.2
Policy Benefits - Remeasurement Gain	(18.7)			(74.3)		(72.9)			(94.1)			(49.2)		(185.3)
Commissions	203.8			8.9		187.1			409.4			10.9		369.3
Deferral of Acquisition Costs	(85.7)			3.9		(82.5)			(170.4)			2.8		(165.8)
Amortization of Deferred Acquisition Costs	71.6			0.6		71.2			136.8			(3.0)		141.0
Other Expenses	411.6			1.1		407.3			834.9			3.2		809.1
Total	1,693.5			6.5		1,589.7			3,366.1			7.6		3,129.5



Adjusted Operating Income	$	318.2		(11.0)		$	357.5		$	647.3		(12.8)		$	742.7

Operating Ratios (% of Premium Income):

Benefit Ratio	60.7		%			58.2		%	60.2		%			57.5		%
Other Expense Ratio 1	22.2		%			22.8		%	22.6		%			22.8		%

Adjusted Operating Income Ratio	17.7		%			20.7		%	18.1		%			21.6		%


1 Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

Table of Contents

Unum US Group Disability Operating Results

Shown below are financial results and key performance indicators for Unum US group disability.


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	507.8		(2.6)	%	$	521.5		$	1,012.3		(2.5)	%	$	1,038.2
Group Short-term Disability	289.3			4.7		276.3			567.6			5.2		539.4
Total Premium Income	797.1			(0.1)		797.8			1,579.9			0.1		1,577.6
Net Investment Income	74.5			(4.9)		78.3			148.5			(4.9)		156.1
Other Income	56.6			(1.6)		57.5			112.6			(3.1)		116.2
Total	928.2			(0.6)		933.6			1,841.0			(0.5)		1,849.9

Benefits and Expenses
Policy Benefits	514.6			(1.0)		519.7			1,043.5			0.2		1,041.3
Policy Benefits - Remeasurement Gain	(18.5)			(61.5)		(48.0)			(63.7)			(47.4)		(121.0)
Commissions	63.9			2.6		62.3			128.9			3.9		124.1
Deferral of Acquisition Costs	(16.2)			—		(16.2)			(32.3)			(1.2)		(32.7)
Amortization of Deferred Acquisition Costs	15.7			10.6		14.2			26.1			(8.7)		28.6
Other Expenses	243.9			(1.8)		248.4			494.5			0.6		491.6
Total	803.4			2.9		780.4			1,597.0			4.2		1,531.9



Adjusted Operating Income	$	124.8		(18.5)		$	153.2		$	244.0		(23.3)		$	318.0

Operating Ratios (% of Premium Income):

Benefit Ratio	62.2		%			59.1		%	62.0		%			58.3		%
Other Expense Ratio 1	28.6		%			29.0		%	29.2		%			29.0		%

Adjusted Operating Income Ratio	15.7		%			19.2		%	15.4		%			20.2		%

Persistency:
Group Long-term Disability									90.6		%			93.1		%
Group Short-term Disability									88.2		%			91.8		%


1 Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

Premium income was consistent in the second quarter and first six months of 2025 compared to the same periods of 2024 due to the expected decline in medical stop-loss premium and lower persistency, mostly offset by an increase in premium income due to prior period sales. Net investment income was lower in the second quarter and first six months of 2025 compared to the same periods of 2024 due to a lower level of invested assets. Other income was generally consistent in the second quarter and first six months of 2025 compared to the same periods of 2024.

The benefit ratio was unfavorable in the second quarter and first six months of 2025 compared to the same periods of 2024 due to lower recoveries in our long-term disability product line and higher average claims size in our short-term disability product line. Also contributing to the unfavorable benefit ratio in the first six months of 2025 compared to the same period of 2024 was higher incidence in our long-term disability product line.

Table of Contents

Commissions were higher in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to prior period sales. The deferral of acquisition costs were generally consistent in the second quarter and first six months of 2025 compared to the same periods of 2024. The amortization of deferred acquisition costs changed in the second quarter and first six months of 2025 compared to the same periods of 2024 due to the composition of lapses across cohorts. The other expense ratio, which includes other income that is primarily related to fee-based service products, was favorable in the second quarter of 2025 compared to the same period of 2024 due to our focus on expense management and operating efficiencies. The other expense ratio was generally consistent for the first six months of 2025 compared to the same period of 2024.

Unum US Group Life and Accidental Death and Dismemberment Operating Results

Shown below are financial results and key performance indicators for Unum US group life and accidental death and dismemberment.


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Group Life	$	470.0		5.0	%	$	447.5		$	936.2		5.2	%	$	890.1
Accidental Death & Dismemberment	49.2			6.0		46.4			97.4			5.6		92.2
Total Premium Income	519.2			5.1		493.9			1,033.6			5.2		982.3
Net Investment Income	21.1			(6.2)		22.5			39.3			(11.7)		44.5
Other Income	0.4			N.M.		0.1			0.5			(54.5)		1.1
Total	540.7			4.7		516.5			1,073.4			4.4		1,027.9

Benefits and Expenses
Policy Benefits	361.5			5.7		341.9			739.1			6.5		694.2
Policy Benefits - Remeasurement Loss (Gain)	0.6			103.2		(18.8)			(20.3)			(46.4)		(37.9)
Commissions	47.5			11.2		42.7			94.5			12.0		84.4
Deferral of Acquisition Costs	(12.1)			15.2		(10.5)			(23.7)			12.9		(21.0)
Amortization of Deferred Acquisition Costs	9.6			(5.9)		10.2			15.7			(8.2)		17.1
Other Expenses	63.4			2.4		61.9			128.7			4.5		123.2
Total	470.5			10.1		427.4			934.0			8.6		860.0



Adjusted Operating Income	$	70.2		(21.2)		$	89.1		$	139.4		(17.0)		$	167.9

Operating Ratios (% of Premium Income):

Benefit Ratio	69.7		%			65.4		%	69.5		%			66.8		%
Other Expense Ratio	12.2		%			12.5		%	12.5		%			12.5		%

Adjusted Operating Income Ratio	13.5		%			18.0		%	13.5		%			17.1		%

Persistency:
Group Life									89.7		%			92.1		%
Accidental Death & Dismemberment									88.3		%			91.6		%



N.M. = not a meaningful percentage

Premium income increased in the second quarter and first six months of 2025 compared to the same periods of 2024 due to prior period sales and in-force block growth, partially offset by lower persistency. Net investment income was lower in the second quarter and first six months of 2025 compared to the same periods of 2024 due to a lower level of invested assets. Also

100

Table of Contents

impacting the comparison for the second quarter of 2025 compared to the same period of 2024 is a decrease in the yield on invested assets.

The benefit ratio was unfavorable in the second quarter and first six months of 2025 compared to the same periods of 2024 due to higher average claim size in our group life product line and less favorable waiver of premium benefits experience, partially offset by lower incidence in our group life product line. The unfavorability for the second quarter of 2025 compared to the same period of 2024 is also partially offset by lower incidence and lower average claims size in our accidental death and dismemberment product line.

Commissions and the deferral of acquisition costs were higher in the second quarter and first six months of 2025 compared to the same period of 2024 due to prior period sales. The amortization of deferred acquisition costs decreased in the second quarter and the first six months of 2025 compared to the same periods of 2024 due to the composition of lapses across cohorts. The other expense ratio was favorable in the second quarter of 2025 compared to the same period of 2024 due to our focus on expense management and operating efficiencies. The other expense ratio was generally consistent during the first six months of 2025 compared to the same period of 2024.

101

Table of Contents

Unum US Supplemental and Voluntary Operating Results

Shown below are financial results and key performance indicators for Unum US supplemental and voluntary product lines.


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Voluntary Benefits	$	234.5		5.2	%	$	222.9		$	468.6		5.1	%	$	445.8
Individual Disability	166.7			17.2		142.2			335.4			18.0		284.2
Dental and Vision	81.1			9.4		74.1			162.0			9.2		148.4
Total Premium Income	482.3			9.8		439.2			966.0			10.0		878.4
Net Investment Income	59.5			3.8		57.3			116.2			1.5		114.5
Other Income	1.0			66.7		0.6			16.8			N.M.		1.5
Total	542.8			9.2		497.1			1,099.0			10.5		994.4

Benefits and Expenses
Policy Benefits	234.8			7.8		217.9			466.9			9.7		425.7
Policy Benefits - Remeasurement Gain	(0.8)			(86.9)		(6.1)			(10.1)			(61.7)		(26.4)
Commissions	92.4			12.5		82.1			186.0			15.7		160.8
Deferral of Acquisition Costs	(57.4)			2.9		(55.8)			(114.4)			2.1		(112.1)
Amortization of Deferred Acquisition Costs	46.3			(1.1)		46.8			95.0			(0.3)		95.3
Other Expenses	104.3			7.5		97.0			211.7			9.0		194.3
Total	419.6			9.9		381.9			835.1			13.2		737.6





Adjusted Operating Income	$	123.2		6.9		$	115.2		$	263.9		2.8		$	256.8

Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits	44.3		%			45.1		%	44.2		%			39.5		%
Individual Disability	40.3		%			39.0		%	37.9		%			40.0		%

Dental and Vision	77.7		%			75.3		%	75.7		%			73.9		%
Other Expense Ratio	21.6		%			22.1		%	21.9		%			22.1		%

Adjusted Operating Income Ratio	25.5		%			26.2		%	27.3		%			29.2		%

Persistency:
Voluntary Benefits									76.4		%			76.3		%
Individual Disability									88.0		%			89.0		%
Dental and Vision									82.4		%			81.1		%



N.M. = not a meaningful percentage

Premium income was higher in the second quarter and first six months of 2025 compared to the same periods of 2024 due to the continued impacts from the recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025, favorable persistency in the voluntary benefits and dental and vision product lines, and higher prior period sales in the voluntary benefits and individual disability product lines. Net investment income increased in the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to an increase in the yield on invested assets and an increase in the level of invested assets. Other income was generally consistent in the second quarter of 2025 compared to the same period of 2024 and was higher in the first six months of 2025 compared to the same period of 2024 due primarily to a gain on the recapture of a previously ceded block of business in the individual disability product line.

The benefit ratio for voluntary benefits was favorable in the second quarter of 2025 compared to the same period of 2024 due to favorable benefit experience in the critical illness and hospital indemnity products, partially offset by unfavorable benefit experience in the life and accident products. The benefit ratio for voluntary benefits was unfavorable in the first six months of 2025 compared to the same period of 2024 due to unfavorable benefit experience in the critical illness, accident, and hospital

102

Table of Contents

indemnity products. The benefit ratio for the individual disability product line was unfavorable in the second quarter of 2025 compared to the same period of 2024 due primarily to lower recoveries. The benefit ratio for the individual disability product line was favorable in the first six months of 2025 compared to the same period of 2024 due primarily to higher recoveries. The benefit ratio for the dental and vision product line was unfavorable in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to higher claims incidence.

Commissions were higher in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to the continued impacts from the recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025. The deferral of acquisition costs and the amortization of deferred acquisition costs were generally consistent in the second quarter and first six months of 2025 compared to the same periods of 2024. The other expense ratio was favorable in the second quarter and first six months of 2025 compared to the same periods of 2024 due to our focus on expense management and operating efficiencies.

Sales


(in millions of dollars)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	45.1	(30.4)	%	$	64.8	$	88.2	(26.1)	%	$	119.4
Group Short-term Disability	39.3		(7.1)		42.3		71.2		(9.0)		78.2
Group Life and AD&D	77.2		(5.7)		81.9		121.6		(2.5)		124.7
Subtotal	161.6		(14.5)		189.0		281.0		(12.8)		322.3
Supplemental and Voluntary
Voluntary Benefits	62.2		(21.8)		79.5		185.1		(1.2)		187.4
Individual Disability	23.4		(8.2)		25.5		47.1		0.9		46.7
Dental and Vision	15.2		(20.8)		19.2		26.7		(13.6)		30.9
Subtotal	100.8		(18.8)		124.2		258.9		(2.3)		265.0
Total Sales	$	262.4	(16.2)		$	313.2	$	539.9	(8.1)		$	587.3

Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	95.2	(19.1)	%	$	117.7	$	166.1	(14.8)	%	$	195.0
Large Case Market	66.4		(6.9)		71.3		114.9		(9.7)		127.3
Subtotal	161.6		(14.5)		189.0		281.0		(12.8)		322.3
Supplemental and Voluntary	100.8		(18.8)		124.2		258.9		(2.3)		265.0
Total Sales	$	262.4	(16.2)		$	313.2	$	539.9	(8.1)		$	587.3

Group sales decreased during the second quarter and first six months of 2025 compared to the same periods of 2024 due to lower sales to existing customers in the large case market, which we define as employee groups with greater than 2,000 employees, lower sales to new customers in the core market, as well as the impact of no sales of our medical stop-loss product in the first six months of 2025 as it was no longer actively marketed as of the third quarter of 2024. Partially offsetting the comparison for the second quarter of 2025 compared to the same period of 2024 was higher sales to new customers in the large case market. The sales mix in the group market sector for the first six months of 2025 was approximately 59 percent core market and 41 percent large case market.

Voluntary benefits sales decreased during the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to lower sales to new and existing customers in the large case market. Partially offsetting the comparison for the first six months of 2025 compared to the same period of 2024 is higher sales to new and existing customers in the core market. Individual disability sales, which are primarily concentrated in the multi-life market, decreased in the second quarter of 2025 compared to the same period of 2024 due to lower sales to new and existing customers. Individual disability sales increased

103

Table of Contents

during the first six months of 2025 compared to the same period of 2024 primarily due to higher sales to new customers. Dental and vision sales decreased during the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to lower sales to new customers.

Segment Outlook

We remain committed to offering consumers a broad set of financial protection benefit products at the worksite. During 2025, we will continue to invest in a unique customer experience defined by simplicity, empathy, and deep industry expertise through the increased utilization of digital capabilities and technology to enhance enrollment, underwriting, the client administration experience, and claims processing. In addition, we will focus on strategically driven sales by enhancing the connectivity, alignment, and support for brokers and technology partners, including integration with human capital management systems. With respect to smaller employers, we will continue to provide a comprehensive set of consumer-focused products, enhance our distribution model, and utilize our digital tools to bring industry leading enrollment capabilities and a fully integrated customer experience. Our differentiated offerings and market leading leave management services provide substantial growth opportunities, particularly with larger employers, and stronger persistency in our core products. We believe our active client management, integrated customer experience across our product lines, and strong risk management, will enable us to continue to grow our market over the long-term.

We expect strong adjusted operating income in 2025 with premium growth driven by new sales and persistency. We expect the group disability market to remain competitive which may impact our pricing and renewal premium levels. We expect strong group disability claim experience to continue in 2025, driven by operational performance. We also expect group life claim experience to be mostly stable, but may experience some quarterly claims volatility. We expect a decline in our supplemental and voluntary line of business adjusted operating income following the closing of the reinsurance transaction with Fortitude Re. We expect a slight increase in our operating expense ratio as we continue to invest in our people and capabilities.

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

As previously discussed, we entered into a reinsurance agreement with Fortitude Re to cede a portion of our individual disability business. For further discussion, see “Executive Summary" contained herein in Item 2 and Note 14 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

104

Table of Contents

Unum International Segment

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

Operating Results

Shown below are financial results and key performance indicators for the Unum International segment.


(in millions of dollars)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	107.9	5.5	%	$	102.3	$	208.1	1.1	%	$	205.8
Group Life	68.1		39.5		48.8		129.7		33.0		97.5
Supplemental	47.0		15.8		40.6		88.9		6.2		83.7
Unum Poland	48.1		29.6		37.1		91.1		23.9		73.5
Total Premium Income	271.1		18.5		228.8		517.8		12.4		460.5
Net Investment Income	46.2		21.6		38.0		74.7		16.5		64.1
Other Income	0.3		(40.0)		0.5		0.4		(50.0)		0.8
Total	317.6		18.8		267.3		592.9		12.8		525.4

Benefits and Expenses
Policy Benefits	189.3		21.9		155.3		362.2		13.5		319.2
Policy Benefits - Remeasurement Loss (Gain)	7.1		N.M.		0.9		(1.7)		(76.1)		(7.1)
Commissions	25.1		23.0		20.4		47.5		18.8		40.0
Deferral of Acquisition Costs	(5.6)		30.2		(4.3)		(10.9)		26.7		(8.6)
Amortization of Deferred Acquisition Costs	2.6		8.3		2.4		5.1		6.3		4.8
Other Expenses	57.5		14.8		50.1		110.4		13.6		97.2
Total	276.0		22.8		224.8		512.6		15.1		445.5



Adjusted Operating Income	$	41.6	(2.1)		$	42.5	$	80.3	0.5		$	79.9


N.M. = not a meaningful percentage

Foreign Currency Translation

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

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

105

Table of Contents

relative to the prior period. In periods when the functional currency weakens, translation decreases current period results relative to the prior period.

Unum UK Operating Results

Shown below are financial results and key performance indicators for the Unum UK product lines in functional currency.


(in millions of pounds, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	80.8		(0.2)	%	£	81.0		£	160.2		(1.5)	%	£	162.6
Group Life	50.9			31.5		38.7			99.8			29.4		77.1
Supplemental	35.2			9.7		32.1			68.4			3.5		66.1
Total Premium Income	166.9			9.9		151.8			328.4			7.4		305.8
Net Investment Income	31.9			14.3		27.9			52.0			12.3		46.3
Other Income (Loss)	(0.1)			(100.0)		—			—			(100.0)		0.1
Total	198.7			10.6		179.7			380.4			8.0		352.2

Benefits and Expenses
Policy Benefits	120.1			14.4		105.0			235.6			8.8		216.6
Policy Benefits - Remeasurement Loss (Gain)	5.1			N.M.		0.5			(2.0)			(68.3)		(6.3)
Commissions	10.7			10.3		9.7			20.8			8.9		19.1
Deferral of Acquisition Costs	(0.9)			—		(0.9)			(2.1)			5.0		(2.0)
Amortization of Deferred Acquisition Costs	1.1			(21.4)		1.4			2.4			(14.3)		2.8
Other Expenses	33.2			5.4		31.5			66.8			9.0		61.3
Total	169.3			15.0		147.2			321.5			10.3		291.5



Adjusted Operating Income	£	29.4		(9.5)		£	32.5		£	58.9		(3.0)		£	60.7



Weighted Average Pound/Dollar Exchange Rate	1.333					1.265			1.299					1.265

Operating Ratios (% of Premium Income):
Benefit Ratio	75.0		%			69.5		%	71.1		%			68.8		%
Other Expense Ratio	19.9		%			20.8		%	20.3		%			20.0		%

Adjusted Operating Income Ratio	17.6		%			21.4		%	17.9		%			19.8		%

Persistency:
Group Long-term Disability									92.3		%			92.7		%
Group Life									89.9		%			88.2		%
Supplemental									93.0		%			89.4		%



N.M. = not a meaningful percentage

Premium income was higher in the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to in-force block growth in the group life and supplemental product lines.

106

Table of Contents

Net investment income was higher in the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to higher income from inflation index-linked bonds. Our investments in inflation index-linked bonds support the claim liabilities associated with certain group policies that provide for inflation-linked increases in policy benefits. The change in net investment income attributable to these index-linked bonds is generally correlated to a change in policy benefits related to the inflation index-linked group long-term disability and group life policies.

The benefit ratio was unfavorable in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to higher inflation-linked experience in benefits, partially offset by favorable incidence in the group life product line. Also impacting the comparison for the second quarter of 2025 compared to the same period of 2024 is higher incidence in the group long-term disability product line.

Commissions were higher in the second quarter and first six months of 2025 compared to the same periods of 2024 primarily due to in-force block growth.

The deferral of acquisition costs and the amortization of deferred acquisition costs were generally consistent in the second quarter and first six months of 2025 compared to the same periods of 2024. The other expense ratio was lower in the second quarter of 2025 compared to the same period of 2024 due primarily to our focus on operating efficiencies, and was generally consistent in the first six months of 2025 compared to the same period of 2024.

107

Table of Contents

Sales


(in millions of dollars and pounds)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Unum International Sales by Product
Unum UK
Group Long-term Disability	$	14.1	(16.1)	%	$	16.8	$	21.1	(33.9)	%	$	31.9
Group Life	24.9		(5.0)		26.2		35.9		(0.6)		36.1
Supplemental	11.9		(6.3)		12.7		20.6		(18.6)		25.3
Unum Poland	14.1		64.0		8.6		24.3		46.4		16.6
Total Sales	$	65.0	1.1		$	64.3	$	101.9	(7.3)		$	109.9

Unum International Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	13.5	18.4	%	$	11.4	$	24.7	19.3	%	$	20.7
Large Case Market	25.5		(19.3)		31.6		32.3		(31.7)		47.3
Subtotal	39.0		(9.3)		43.0		57.0		(16.2)		68.0
Supplemental	11.9		(6.3)		12.7		20.6		(18.6)		25.3
Unum Poland	14.1		64.0		8.6		24.3		46.4		16.6
Total Sales	$	65.0	1.1		$	64.3	$	101.9	(7.3)		$	109.9

Unum UK Sales by Product
Group Long-term Disability	£	10.6	(20.9)	%	£	13.4	£	16.2	(36.0)	%	£	25.3
Group Life	18.8		(9.6)		20.8		27.5		(3.8)		28.6
Supplemental	8.9		(11.9)		10.1		15.9		(20.5)		20.0
Total Sales	£	38.3	(13.5)		£	44.3	£	59.6	(19.4)		£	73.9

Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	10.1	12.2	%	£	9.0	£	19.0	15.9	%	£	16.4
Large Case Market	19.3		(23.4)		25.2		24.7		(34.1)		37.5
Subtotal	29.4		(14.0)		34.2		43.7		(18.9)		53.9
Supplemental	8.9		(11.9)		10.1		15.9		(20.5)		20.0
Total Sales	£	38.3	(13.5)		£	44.3	£	59.6	(19.4)		£	73.9

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

Unum UK group long-term disability sales decreased in the second quarter of 2025 and in the first six months of 2025 compared to the same periods of 2024, driven primarily by lower sales to new and existing customers in the large case market, which we define as employee groups with more than 500 employees, and lower sales to existing customers in the core market.

Unum UK group life sales decreased in the second quarter and first six months of 2025 compared to the same periods of 2024 due to lower sales to new customers in the large case market, partially offset by higher sales to new customers in the core market.

Unum UK supplemental sales decreased in the second quarter and first six months of 2025 compared to the same periods of 2024 due to lower sales in our dental product line, partially offset by higher sales in our group critical illness product line.

108

Table of Contents

Segment Outlook

We are committed to driving growth in the Unum International segment and will build on the capabilities that we believe will generate growth and profitability in our businesses over the long term. In 2025, we will focus on scaling our business and broadening our product portfolio. For our Unum UK line of business, we will continue to focus on delivering a best in class health and wellbeing service to improve retention of our key customers and drive growth across our product offerings. We will also accelerate premium growth by focusing on both the broker experience and customer engagement, while maintaining our disciplined approach to pricing. Within our Unum Poland line of business, we will drive growth by continuing to expand our existing distribution channels. We will also continue to invest in digital capabilities, technology, and product enhancements which we believe will drive sustainable growth over the long term.

In 2025, we expect growth in adjusted operating income with continued sales and premium growth. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly.

109

Table of C ontents

Colonial Life Segment

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

Operating Results

Shown below are financial results and key performance indicators for the Colonial Life segment.


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	249.1		3.1	%	$	241.7		$	496.2		2.3	%	$	484.9
Life	122.1			6.0		115.2			242.0			5.4		229.5
Cancer and Critical Illness	90.9			1.8		89.3			181.2			1.4		178.7
Total Premium Income	462.1			3.6		446.2			919.4			2.9		893.1
Net Investment Income	42.6			5.2		40.5			84.8			6.3		79.8
Other Income	0.3			50.0		0.2			0.7			(78.1)		3.2
Total	505.0			3.7		486.9			1,004.9			3.0		976.1

Benefits and Expenses
Policy Benefits	226.0			1.4		222.9			452.6			0.7		449.6
Policy Benefits - Remeasurement Gain	(2.8)			(70.5)		(9.5)			(11.3)			(40.8)		(19.1)
Commissions	98.6			4.9		94.0			195.9			3.5		189.2
Deferral of Acquisition Costs	(83.6)			6.8		(78.3)			(166.2)			5.5		(157.6)
Amortization of Deferred Acquisition Costs	58.0			6.8		54.3			115.7			6.8		108.3
Other Expenses	91.4			5.5		86.6			185.1			5.7		175.1
Total	387.6			4.8		370.0			771.8			3.5		745.5





Adjusted Operating Income	$	117.4		0.4		$	116.9		$	233.1		1.1		$	230.6

Operating Ratios (% of Premium Income):
Benefit Ratio	48.3		%			47.8		%	48.0		%			48.2		%

Other Expense Ratio	19.8		%			19.4		%	20.1		%			19.6		%

Adjusted Operating Income Ratio	25.4		%			26.2		%	25.4		%			25.8		%

Persistency:
Accident, Sickness, and Disability									74.2		%			73.4		%
Life									84.1		%			84.8		%
Cancer and Critical Illness									82.5		%			82.0		%

Premium income in the second quarter and first six months of 2025 was higher compared to the same periods of 2024 due to prior period sales and favorable overall persistency. Net investment income increased during the second quarter and first six months of 2025 relative to the same periods of 2024 due to an increase in the level of invested assets and an increase in the yield on invested assets.

The benefit ratio was unfavorable in the second quarter of 2025 relative to the same period of 2024 primarily due to unfavorable benefit experience in the accident, sickness, and disability product line. The benefit ratio was favorable in the first

110

Table of C ontents

six months of 2025 relative to the same period of 2024 primarily due to favorable benefit experience in the life product line, partially offset by unfavorable benefit experience in the accident, sickness and disability product line.

Commissions were higher in the second quarter and first six months of 2025 relative to the same periods of 2024 due to prior period sales. The deferral of acquisition costs was higher in t he second quarter and the first six months of 2025 relative to the same periods of 2024 due to the increase in commissions and other sales-related costs. The amortization of deferred acquisition costs was higher during the second quarter and the first six months of 2025 relative to the same periods of 2024 primarily due to growth in the level of the deferred asset . The other expense ratio increased in the second quarter and first six months of 2025 relative to the same periods of 2024 due primarily to an increase in employee-related costs and an increase in operational investments in our business.

Sales


(in millions of dollars)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Sales by Product
Accident, Sickness, and Disability	$	78.0	2.9	%	$	75.8	$	144.2	2.7	%	$	140.4
Life	30.5		2.3		29.8		55.5		1.6		54.6
Cancer and Critical Illness	18.0		4.0		17.3		32.1		3.9		30.9

Total Sales	$	126.5	2.9		$	122.9	$	231.8	2.6		$	225.9

Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)	$	79.3	0.6	%	$	78.8	$	149.1	(0.9)	%	$	150.5
Large Case Market	14.3		18.2		12.1		23.6		10.8		21.3
Subtotal	93.6		3.0		90.9		172.7		0.5		171.8
Public Sector	32.9		2.8		32.0		59.1		9.2		54.1
Total Sales	$	126.5	2.9		$	122.9	$	231.8	2.6		$	225.9

Commercial sector sales increased in the second quarter of 2025 compared to the same period of 2024 due primarily to higher sales to new customers in the core market, which we define as accounts with less than 1,000 employees, and higher sales to new and existing customers in the large case market, partially offset by lower sales to existing customers in the core market. Commercial sector sales increased in the first six months of 2025 compared to the same period of 2024 due primarily to higher sales to new customers in the large case market, partially offset by lower sales to existing customers in the core market. Public sector sales increased in the second quarter and first six months of 2025 compared to the same periods of 2024 due to higher sales to existing customers. Public sector sales for the first six months of 2025 compared to the same period of 2024 also increased due to higher sales to new customers.

Segment Outlook

We remain committed to providing employees and their families with simple, modern, and personal benefit solutions. During 2025, we will continue to utilize our strong distribution system of independent agents, benefit counselors and broker partnerships. We will also continue to invest in solutions and digital capabilities to expand our reach and effectiveness, driving growth and improving productivity while enhancing the customer experience. In 2025, we will continue to bring an enhanced engagement and enrollment platform to market, enabling deeper connections with employees through the enrollment process as well as maintaining stronger relationships throughout the customer lifecycle. We believe our distribution system, customer service capabilities, digital and virtual tools, and ability to serve all market sizes position us well for future growth.

In 2025, we expect growth in adjusted operating income for the full year with strong sales growth, continued premium growth and stable claim experience. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly.

111

Table of Contents

Closed Block Segment

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

Operating Results

Shown below are financial results and key performance indicators for the Closed Block segment.


(in millions of dollars, except ratios)
	Three Months Ended June 30								Six Months Ended June 30
	2025			% Change		2024			2025			% Change		2024
Adjusted Operating Revenue
Premium Income
Long-term Care	$	175.9		1.5	%	$	173.3		$	352.1		1.2	%	$	347.8
All Other	40.3			(16.0)		48.0			82.1			(16.1)		97.8
Total Premium Income	216.2			(2.3)		221.3			434.2			(2.6)		445.6
Net Investment Income	284.5			(3.3)		294.2			554.2			(2.3)		567.3
Other Income	12.1			(0.8)		12.2			22.0			(13.0)		25.3
Total	512.8			(2.8)		527.7			1,010.4			(2.7)		1,038.2

Benefits and Expenses
Policy Benefits	418.7			2.4		408.9			840.9			1.4		829.6
Policy Benefits - Remeasurement Loss	45.6			86.9		24.4			49.0			4.9		46.7
Commissions	16.0			(9.1)		17.6			33.9			(0.9)		34.2

Other Expenses	43.3			1.9		42.5			89.4			3.1		86.7
Total	523.6			6.1		493.4			1,013.2			1.6		997.2

Income (Loss) Before Income Tax and Net Investment Gains and Losses	(10.8)			(131.5)		34.3			(2.8)			(106.8)		41.0
Amortization of the Cost of Reinsurance	9.7			(5.8)		10.3			19.3			(6.8)		20.7
Non-Contemporaneous Reinsurance	5.0			(28.6)		7.0			11.8			(16.9)		14.2


Adjusted Operating Income	$	3.9		(92.4)		$	51.6		$	28.3		(62.7)		$	75.9

Long-term Care Net Premium Ratio									94.9		%			93.7		%








Operating Ratios (% of Premium Income):
Other Expense Ratio 1	15.5		%			14.6		%	16.1		%			14.8		%
Income (Loss) Ratio	(5.0)		%			15.5		%	(0.6)		%			9.2		%
Adjusted Operating Income Ratio	1.8		%			23.3		%	6.5		%			17.0		%


Long-term Care Persistency									95.3		%			95.3		%



1 Excludes amortization of the cost of reinsurance.

Premium income for the long-term care product line in the second quarter and first six months of 2025 was generally consistent with the same periods of 2024. Premium income for our all other product line continues to decline as expected due to policyholder lapses.

Net investment income was lower during the second quarter and first six months of 2025 relative to the same periods of 2024 primarily due to lower miscellaneous investment income, primarily related to smaller increases in the NAV on our private equity partnerships, and a decrease in the level of invested assets, partially offset by an increase in yield on invested assets.

112

Table of Contents

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

Policy benefits including remeasurement loss, excluding the impacts of non-contemporaneous reinsurance, were higher in the second quarter and first six months of 2025 compared to the same periods of 2024 driven primarily by lower claimant mortality and an increase in the current period benefit expense resulting from the higher net premium ratio and the impact of capped cohorts in the long-term care product line. Also impacting the second quarter of 2025 compared to the same period of 2024 was higher average new claim size in the long-term care product line. The net premium ratio for long-term care increased to 94.9 percent at June 30, 2025 from 93.7 percent at June 30, 2024 due primarily to unfavorable incidence and the impact of the reserve assumption updates in the third quarter of 2024.

The other expense ratio, excluding the amortization of the cost of reinsurance, was higher in the second quarter and first six months of 2025 compared to the same periods of 2024 due primarily to an increase in operational investments in our business.

Individual Disability Reinsurance Transaction

As shown in the chart above, we exclude from income before income tax and net investment gains and losses, the amortization of the cost of reinsurance and the impact of non-contemporaneous reinsurance related to the Closed Block individual disability reinsurance transaction, where we ceded a significant portion of this business. The cost of reinsurance continues to be amortized over a remaining period of approximately 21 years, on a declining trajectory generally consistent with the expected run-off pattern of the ceded reserves. As a result of the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. The decrease in the effects of non-contemporaneous reinsurance treatment in the second quarter and first six months of 2025 compared to the same periods of 2024 is due to expected run out of the ceded block which resulted in a smaller net change in reserves in the second quarter and first six months of 2025 compared to the same periods of 2024.

Segment Outlook

We will continue to execute on our well-defined strategy of implementing long-term care premium rate increases, efficient capital management, improved financial analysis, and operational effectiveness. In regard to capital management, we will continue to explore, and execute where appropriate, structural and reinsurance options to enhance financial flexibility. We continue to file requests with various state insurance departments for premium rate increases on certain of our individual and group long-term care policies which reflect assumptions as of the date of filings. In states for which a rate increase is submitted and approved, we routinely provide customers options for coverage changes or other approaches that might fit their current financial and insurance needs. Despite continued anticipated premium rate increases in our long-term care business, we expect overall premium income and adjusted operating revenue to decline over the long term as these closed blocks of business wind down. We will likely experience volatility in net investment income due to fluctuations of miscellaneous investment income, driven by the allocation towards alternative assets, primarily private equity partnership investments, in the long-term care product line portfolio. We record changes in our share of the NAV of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. As these NAVs are volatile and can fluctuate materially with changes in market economic conditions, there may possibly be significant movements up or down in future periods as conditions change. We continuously monitor key indicators to assess our risks and adjust our business plans, including utilization of derivative financial instruments to manage interest rate risk.

Profitability of our long-tailed products is affected by claims experience related to mortality, morbidity, resolutions, investment returns, premium rate increases, and persistency. The net premium ratio represents the ratio of future expected benefits and related expenses to future expected gross premiums using the original discount rate. Long-term care benefits experience may continue to have quarterly volatility, particularly in the near term as our claim block matures and as we continue the implementation of premium rate increases. Claim resolution rates which reflect the probability that a disability or long-term care claim will close due to recovery or death of the insureds, are very sensitive to operational and external factors and can be

113

Table of Contents

volatile. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the life of the block of business and will vary from actual experience in any one period. It is possible that variability in any of our reserve assumptions, including, but not limited to, mortality, morbidity, resolutions, premium rate increases, benefit change elections, and persistency, could result in a material impact to our reserves.

As a result of the execution of the reinsurance transaction related to our Closed Block individual disability line of business, we have fully ceded a significant portion of this business.

As previously discussed, we entered into a reinsurance agreement with Fortitude Re to cede a portion of our long-term care business. For further discussion, see “Executive Summary" contained herein in Item 2 and Note 14 of the “Notes to Consolidated Financial Statements” contained herein in Item 1.

114

Table of C ontents

Corporate Segment

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

Operating Results


(in millions of dollars)
	Three Months Ended June 30						Six Months Ended June 30
	2025		% Change		2024		2025		% Change		2024
Adjusted Operating Revenue
Net Investment Income	$	32.3	125.9	%	$	14.3	$	56.2	74.0	%	$	32.3
Other Income (Loss)	(0.3)		(175.0)		0.4		(0.3)		(127.3)		1.1
Total	32.0		117.7		14.7		55.9		67.4		33.4

Interest, Debt, and Other Expenses	63.7		6.2		60.0		128.7		3.1		124.8






Adjusted Operating Loss	$	(31.7)	(30.0)		$	(45.3)	$	(72.8)	(20.4)		$	(91.4)

Adjusted operating loss decreased in the second quarter and first six months of 2025 relative to the same periods of 2024 due primarily to increased net investment income, which was driven by an increase in miscellaneous investment income and an increase in the level of invested assets.

Segment Outlook

We expect to continue to generate excess capital on an annual basis through the statutory earnings in our insurance subsidiaries and believe we are well positioned with flexibility to preserve our capital strength while also returning capital to our shareholders. We may experience volatility in net investment income due to changes in the prevailing interest rates, miscellaneous investment income, and the composition and level of invested assets.

Investments

Overview

Investment activities are an integral part of our business, and profitability is significantly affected by investment results. We segment our invested assets into portfolios that support our various product lines. Generally, our investment strategy for our portfolios is to match the effective asset cash flows and durations with related expected liability cash flows and durations to consistently meet the liability funding requirements of our businesses and to manage interest rate risk. We seek to earn investment income while assuming credit risk in a prudent and selective manner, subject to constraints of quality, liquidity, diversification, and regulatory considerations. Our overall investment philosophy is to invest in a portfolio of high quality assets that provide investment returns consistent with that assumed in the pricing of our insurance products. Assets are invested predominantly in fixed maturity securities.

We may redistribute investments among our different lines of business or sell selected securities and reinvest the proceeds, when necessary, to adjust the cash flow and/or duration of the asset portfolios to better match the cash flow and duration of the liability portfolios. Asset and liability portfolio modeling is updated on a quarterly basis and is used as part of the overall interest rate risk management strategy. Cash flows from the in-force asset and liability portfolios are projected at current interest rate levels and at levels reflecting an increase and a decrease in interest rates to obtain a range of projected cash flows under the different interest rate scenarios. These results enable us to assess the impact of projected changes in cash flows and duration resulting from potential changes in interest rates. Testing the asset and liability portfolios under various interest rate scenarios enables us to choose what we believe to be the most appropriate investment strategy, as well as to limit the risk of disadvantageous outcomes. Although we test the asset and liability portfolios under various interest rate scenarios as part of our modeling, the majority of our liabilities related to insurance contracts are not interest rate sensitive, and we therefore have minimal exposure to policy withdrawal risk. Our determination of investment strategy relies on long-term measures such as asset adequacy analysis and the relationship between the portfolio yields supporting our various product lines and the aggregate

115

Table of Contents

discount rate assumptions embedded in the reserves. We also use this analysis in determining hedging strategies and utilizing derivative financial instruments for managing interest rate risk and the risk related to matching duration for our assets and liabilities. We do not use derivative financial instruments for speculative purposes.

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

Reinsurance Transactions

As a part of the reinsurance agreement with Fortitude Re, which closed during July 2025, we transferred fixed maturity securities and cash to Fortitude Re. The fixed maturity securities had an amortized cost of $3,096.3 million and a fair value of $3,224.5 million as of June 30, 2025. We recognized impairment losses totaling $152.4 million and $8.5 million during the first and second quarter of 2025, respectively, based on our intent to transfer these assets. In preparation for the anticipated transaction, fixed maturity securities with a fair value of $151.6 million and amortized cost of $175.1 million were sold during the first quarter of 2025, resulting in a $23.5 million net loss. Although we transferred a significant portion of our fixed maturity securities portfolio as part of this transaction, the overall credit profile of our remaining portfolio did not change. See "Executive Summary" for further information on the anticipated reinsurance transaction contained herein in this Item 2.

In February 2025, First Unum Life Insurance Company (First Unum), a wholly owned insurance subsidiary, entered into a reinsurance agreement with Provident, a wholly owned insurance subsidiary, to cede, on a coinsurance with funds withheld basis, 100 percent of the long-term care business of First Unum effective January 1, 2025. Also, in February 2025, First Unum received regulatory approval for, and paid, an extraordinary dividend of $630 million to Unum Group. As a part of the funding of the dividend, fixed maturity securities with a fair value of $81.8 million and an amortized cost of $100.9 million were sold, resulting in a $19.1 million net loss.

116

Table of Contents

Fixed Maturity Securities

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

Fixed Maturity Securities - By Industry Classification

As of June 30, 2025


(in millions of dollars)
Classification	Fair Value		Net Unrealized Gain (Loss)		Fair Value with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,410.8	$	(91.8)	$	1,360.1	$	136.7	$	1,050.7	$	44.9
Capital Goods	3,287.0		(95.1)		1,699.6		179.8		1,587.4		84.7
Communications	2,174.7		(49.8)		964.1		150.4		1,210.6		100.6
Consumer Cyclical	1,358.8		(88.2)		997.5		110.5		361.3		22.3
Consumer Non-Cyclical	6,306.3		(428.6)		3,976.7		564.3		2,329.6		135.7
Energy	2,529.0		27.9		774.1		82.5		1,754.9		110.4
Financial Institutions	3,932.2		(280.0)		3,000.4		311.3		931.8		31.3
Mortgage/Asset-Backed 1	1,093.2		(17.6)		540.0		24.5		553.2		6.9
Sovereigns	873.2		(159.1)		423.7		173.1		449.5		14.0
Technology	1,346.4		(105.1)		982.8		117.5		363.6		12.4
Transportation	1,606.2		(104.6)		1,047.4		129.9		558.8		25.3
U.S. Government Agencies and Municipalities	3,721.5		(469.5)		2,370.1		553.9		1,351.4		84.4
Public Utilities	5,326.7		(142.0)		2,383.3		322.2		2,943.4		180.2
Total	$	35,966.0	$	(2,003.5)	$	20,519.8	$	2,856.6	$	15,446.2	$	853.1

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

117

Table of Contents

The following two tables show the length of time our investment-grade and below-investment-grade fixed maturity securities portfolios had been in a gross unrealized loss position as of June 30, 2025 and at the end of the prior four quarters. The relationships of the current fair value to amortized cost are not necessarily indicative of the fair value to amortized cost relationships for the securities throughout the entire time that the securities have been in an unrealized loss position nor are they necessarily indicative of the relatio nships after June 30, 2025. The decrease in the net unrealized loss on fixed maturity securities during the second quarter of 2025 was due primarily to the tightening of credit spreads.

Unrealized Loss on Investment-Grade Fixed Maturity Securities

Length of Time in Unrealized Loss Position


(in millions of dollars)
	2025				2024
	June 30		March 31			December 31		September 30		June 30

Fair Value < 100% >= 70% of Amortized Cost

<= 90 days	$	11.1	$	38.1		$	188.9	$	11.8	$	31.4
> 90 <= 180 days	37.1		111.7			56.6		1.2		74.6
> 180 <= 270 days	93.1		46.0			1.1		5.1		28.6
> 270 days <= 1 year	65.5		1.1			13.2		3.3		6.4
> 1 year <= 2 years	28.6		42.9			58.8		24.9		286.2
> 2 years <= 3 years	179.0		342.4			1,553.6		1,708.4		2,019.4
> 3 years	1,553.8		1,467.7			497.6		202.0		60.8
Sub-total	1,968.2		2,049.9			2,369.8		1,956.7		2,507.4

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

<= 90 days	—		—			—		—		0.1
> 90 <= 180 days	—		3.9			—		—		—
> 180 <= 270 days	4.1		—			—		—		—

> 1 year <= 2 years	1.0		—			—		28.4		33.3
> 2 years <= 3 years	54.1		53.7			326.1		232.8		597.2
> 3 years	719.2		674.8			498.4		62.3		61.8
Sub-total	778.4		732.4			824.5		323.5		692.4

Fair Value < 40% of Amortized Cost



> 180 <= 270 days	—		—			2.0		—		—
> 270 days <= 1 year	—		2.0			2.0		—		—
> 1 year <= 2 years	—		1.9			—		—		—
> 2 years <= 3 years	—		36.6			34.9		28.6		27.2
> 3 years	51.2		10.5			3.0		—		—
Sub-total	51.2		51.0			41.9		28.6		27.2

Total	$	2,797.8	$	2,833.3		$	3,236.2	$	2,308.8	$	3,227.0

118

Table of Contents

Unrealized Loss on Below-Investment-Grade Fixed Maturity Securities

Length of Time in Unrealized Loss Position


(in millions of dollars)
	2025				2024
	June 30		March 31		December 31		September 30		June 30

Fair Value < 100% >= 70% of Amortized Cost

<= 90 days	$	0.3	$	3.4	$	4.8	$	0.3	$	0.4
> 90 <= 180 days	0.8		3.9		1.2		—		0.7
> 180 <= 270 days	3.8		0.4		—		—		0.9
> 270 days <= 1 year	0.1		—		0.1		—		—
> 1 year <= 2 years	0.1		0.1		0.1		—		0.9
> 2 years <= 3 years	—		9.4		38.2		38.6		51.7
> 3 years	41.9		31.3		13.4		11.7		—
Sub-total	47.0		48.5		57.8		50.6		54.6

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






> 2 years <= 3 years	—		—		16.4		14.7		25.6
> 3 years	8.0		19.0		3.3		—		12.3
Sub-total	8.0		19.0		19.7		14.7		37.9

Fair Value <= 40% of Amortized Cost




> 1 year <= 2 years	—		—		—		—		0.1

> 3 years	3.8		0.3		0.3		0.3		0.2
Sub-total	3.8		0.3		0.3		0.3		0.3

Total	$	58.8	$	67.8	$	77.8	$	65.6	$	92.8

119

Table of Contents

As of June 30, 2025, we held 45 investment-grade fixed maturity securities with a gross unrealized loss of $10.0 million or greater as shown in the chart below.


Gross Unrealized Losses $10 Million or Greater on Investment-Grade Fixed Maturity Securities
As of June 30, 2025

(in millions of dollars)
Classification	Fair Value		Gross Unrealized Loss		Numbers of Issuers
Basic Industry	$	211.9	$	(48.7)	4
Capital Goods	136.9		(35.5)		3
Communications	370.6		(82.2)		6
Consumer Cyclical	279.7		(56.0)		4
Consumer Non-Cyclical	494.8		(87.6)		7
Energy	128.7		(23.1)		2
Financial Institutions	227.1		(51.3)		4

Sovereigns	377.3		(157.3)		2
Technology	217.4		(34.5)		3
Transportation	152.1		(48.0)		4
U.S. Government Agencies and Municipalities	28.7		(10.7)		1
Public Utilities	327.1		(82.1)		5
Total	$	2,952.3	$	(717.0)	45

At June 30, 2025, we held one below investment-grade fixed maturity security with a gross unrealized loss greater than $10.0 million. The security is a utilities company and had a fair value of $34.4 million and a gross unrealized loss of $10.9 million.

Unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At June 30, 2025, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to higher interest rates, credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses.

During the second quarter of 2025, we recognized a realized loss of $13.4 million on the sale of fixed maturity securities from a single issuer in the communications sector. We had no other individual net investment losses of $10.0 million or greater from credit losses or sales of fixed maturity securities during the first six months of 2025 or 2024.

As of June 30, 2025, the amortized cost, net of allowance for credit losses, and fair value of our below-investment-grade fixed maturity securities was $1,485.5 million and $1,452.2 million, respectively, and our below-investment-grade fixed maturity securities as a percentage of our total investment portfolio decreased to 3.2 percent at June 30, 2025 from 3.3 percent at December 31, 2024 on a fair value basis. Below-investment-grade securities are inherently riskier than investment-grade securities since the risk of default by the issuer, by definition and as exhibited by bond rating, is higher. Also, the secondary market for certain below-investment-grade issues can be highly illiquid. Additional downgrades may occur, but we do not anticipate any liquidity problems resulting from our investments in below-investment-grade securities, nor do we expect these investments to adversely affect our ability to hold our other investments to maturity.

120

Table of Contents

Fixed Maturity Securities - Foreign Exposure

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

Mortgage Loans

The carrying value of our mortgage loan portfolio was $2,172.5 million and $2,224.5 million at June 30, 2025 and December 31, 2024 , respectively. Our investments in mortgage loans are carried at amortized cost less an allowance for expected credit losses which was $15.6 million and $16.1 million at June 30, 2025 and December 31, 2024 , respectively. Our mortgage loan portfolio is comprised entirely of commercial mortgage loans. Our mortgage loan portfolio is well diversified geographically and among property types.

Due to conservative underwriting, the incidence of non-performing mortgage loans and foreclosure activity continues to be low. Other than our allowance for expected credit losses, we held one specifically identified impaired mortgage loan at June 30, 2025 and December 31, 2024. The carrying value was $9.2 million at both June 30, 2025 and December 31, 2024. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our mortgage loan portfolio and the allowance for expected credit losses.

Private Equity Partnerships

The carrying value of our investments in private equity partnerships was $1,450.9 million and $1,450.6 million at June 30, 2025 and December 31, 2024, respectively. These partnerships are passive in nature and represent funds that are primarily invested in private credit, private equity, and real assets. The carrying value of the partnerships is based on our share of the partnership's NAV and changes in the carrying value are recorded as a component of net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. We recorded net investment income totaling $25.3 million and $43.6 million for the partnerships in the second quarter and the first six months of 2025, respectively. The majority of our investments in partnerships are not redeemable. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments. We had $764.3 million of commitments for additional investments in the partnerships at June 30, 2025 which may or may not be funded. See Note 3 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our private equity partnerships.

Derivative Financial Instruments

We use derivative financial instruments primarily to manage interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, and total return swaps. As of June 30, 2025, we had $3,809.0 million in notional amount of derivatives outstanding, of which $2,597.0 million is related to management of reinvestment risk in our long-term care product line, $1,072.8 million is related to management of foreign currency risk related to foreign denominated investments, and $139.2 million is economically hedging a portion of the liability related to our non-qualified defined contribution plan. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. Our credit exposure on derivatives was $0.2 million at June 30, 2025. At June 30, 2025, there were no fixed maturity securities received from our counterparties and no cash posted as collateral from our counterparties. The carrying value of fixed maturity securities posted as collateral to our counterparties was $285.0 million at June 30, 2025. There was no cash posted as collateral to our counterparties at June 30, 2025. We believe that our credit risk is mitigated by our use of multiple counterparties, all of which have an investment-grade credit rating, and by our use of cross-collateralization agreements. See Note 5 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our derivatives.

121

Table of Contents

For further information see "Investments" in Part I, Item 1 and "Critical Accounting Estimates" and "Investments" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2024, and Notes 3, 4, and 5 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

Liquidity and Capital Resources

Overview

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

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

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

The liquidity requirements of the holding company Unum Group include common stock dividends, interest and debt service, and ongoing investments in our businesses. Unum Group's liquidity requirements are met by assets held by Unum Group and our intermediate holding companies, dividends from primarily our insurance subsidiaries, and issuance of common stock, debt, or other capital securities and borrowings from our existing credit facility, as needed. As of June 30, 2025, Unum Group and our intermediate holding companies had available holding company liquidity of $1,955.7 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset backed securities. No significant restrictions exist on our ability to use or access funds in any of our U.S. or foreign intermediate holding companies. Dividends repatriated from our foreign subsidiaries are eligible for 100 percent exemption from U.S. income tax but may be subject to withholding tax and/or tax on foreign currency gain or loss.

As a part of the reinsurance agreement with Fortitude Re, which closed during July 2025, we transferred $953.5 million of cash, which included the ceding commission of $461.7 million, as well as fixed maturity securities which had an amortized cost of $3,096.3 million and a fair value of $3,224.5 million as of June 30, 2025. A final settlement, including the final ceding commission adjustment, is expected prior to the end of 2025.

See "Executive Summary" and "Investments" contained herein in Item 2, and Note 14 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of this transaction.

As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. During the six months ended June 30, 2025, we repurchased 7.1 million shares at a cost of $500.0 million excluding commissions and excise tax.

122

Our board of directors has authorized the following repurchase programs:


	February 2025 Authorization		July 2024 Authorization 1
	(in millions)
Effective Date	April 1, 2025		August 1, 2024
Expiration Date	None		March 31, 2025
Authorized Repurchase Amount	$	1,000.0	$	1,000.0
Cost of Shares Repurchased Under Repurchase Program	300.0		706.8
Unused and Expired	—		293.2
Remaining Repurchase Amount at June 30, 2025	$	700.0	$	—

See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information.

Cash Available from Subsidiaries

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

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

Unum America cedes blocks of long-term care business to Fairwind, which is an affiliated captive reinsurance subsidiary domiciled in the United States. The ability of Fairwind to pay dividends to Unum Group will depend on its satisfaction of applicable regulatory requirements and on the performance of the business reinsured by Fairwind. Unum Group did not make any capital contributions to Fairwind during the first six months of 2025, nor do we expect to make capital contributions for the remainder of the year.

The ability of Unum Group and certain of its intermediate holding company subsidiaries to continue to receive dividends from their insurance subsidiaries also depends on additional factors such as RBC ratios and capital adequacy and/or solvency requirements, funding growth objectives at an affiliate level, and maintaining appropriate capital adequacy ratios to support desired ratings. The RBC ratios for our U.S. insurance subsidiaries at June 30, 2025 are in line with our expectations and are significantly above the level that would require state regulatory action.

Unum Group and/or certain of its intermediate holding company subsidiaries may also receive dividends from our U.K. subsidiaries, the payment of which may be subject to applicable insurance company regulations and capital guidance in the U.K. Unum Limited is subject to the requirements of U.K. Solvency II, the system of prudential regulation applying in the U.K., which prescribes capital requirements and risk management standards for the U.K. insurance industry. Our U.K. holding company is also subject to the U.K. Solvency II requirements relevant to insurance holding companies while, together with certain of its subsidiaries including Unum Limited, the group (the Unum UK Solvency II Group) is subject to group supervision under U.K. Solvency II. The Unum UK Solvency II Group received approval from the U.K. Prudential Regulation Authority (PRA) to use its own internal model for calculating regulatory capital and also received approval for certain associated regulatory permissions including transitional relief as the U.K. Solvency II capital regime is implemented.

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

123

Table of Contents

During 2025, we intend to maintain a level of capital in our insurance subsidiaries above the applicable capital adequacy requirements and minimum solvency margins. As a result of our consideration of overall capitalization needs, we may not utilize the entire amount of dividends available in 2025, which are based on applicable restrictions under current law. Approximately $1,383 million is available, without prior approval by regulatory authorities, during 2025 for the payment of dividends from Unum Group's traditional U.S. insurance subsidiaries, which excludes our captive reinsurer. Unum Group has received $110 million of ordinary dividends from its traditional U.S. insurance subsidiaries during the six months ended June 30, 2025. First Unum entered into a reinsurance agreement with Provident to cede, on a coinsurance with funds withheld basis, 100 percent of the long-term care business of First Unum, effective January 1, 2025. Also in February 2025, First Unum received regulatory approval for, and paid, an extraordinary dividend of $630 million to Unum Group. No other extraordinary dividends have been paid during the first six months of 2025.

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

Funding for Employee Benefit Plans

During the six months ended June 30, 2025, we made contributions of $44.3 million and £2.7 million to our U.S. and U.K. defined contribution plans, respectively, and expect to make additional contributions of approximately $44 million and £3 million during the remainder of 2025. We had no regulatory contribution requirements for our U.S. qualified defined benefit pension plan and we made no voluntary contributions during the six months ended June 30, 2025. We do not expect to have regulatory contribution requirements for our U.S. qualified defined benefit plan during the remainder of 2025, but we reserve the right to make voluntary contributions during the remainder of 2025. We made a regulatory contribution of £13.7 million to our U.K defined benefit pension plan during the six months ended June 30, 2025 and expect to make approximately £1 million in additional regulatory contributions for the remainder of 2025. We have met all minimum pension funding requirements set forth by the Employee Retirement Income Security Act (ERISA). We have estimated our future funding requirements under the Pension Protection Act of 2006 and under applicable U.K. law and do not believe that any future funding requirements will cause a material adverse effect on our liquidity. See Note 11 of the "Notes to Consolidated Financial Statements" of our annual report on Form 10-K for the year ended December 31, 2024 for further discussion.

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

Our long-term debt balance at June 30, 2025 was $3,469.1 million, net of a net discount of $129.2 million and deferred debt issuance costs of $35.1 million, and is comprised of unsecured senior notes, unsecured medium-term notes, and junior subordinated debt securities. Our short-term debt balance at June 30, 2025 was $274.8 million, net of a discount and deferred debt issuance costs of $0.1 million each. Our short-term debt balance is comprised of unsecured senior notes.

In April 2025, we and certain of our traditional U.S. life insurance subsidiaries, Unum America, Provident and Colonial Life & Accident, amended and restated the terms of our existing credit agreement providing for a five-year $500.0 million senior unsecured revolving credit facility with a syndicate of lenders. The revolving credit facility, which was previously set to expire in 2027, was extended through April 2030. We may request that the lenders’ aggregate commitments of $500.0 million under the facility be increased by up to an additional $200.0 million. Other of our domestic wholly-owned subsidiaries are permitted to join the credit facility as borrowers, subject to certain conditions. Any obligation of a subsidiary under the credit facility is subject to an unconditional guarantee by Unum Group. At June 30, 2025, there were no borrowed amounts outstanding under the revolving credit facility and letters of credit totaling $0.4 million had been issued.

We have a five-year £75.0 million senior unsecured standby letter of credit facility with a different syndicate of lenders, pursuant to which a syndicated letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration in July 2026. We have an additional five-year, £75.0 million senior standby letter of credit facility pursuant to which a standby letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration in December 2028. At June 30, 2025, no amounts have been borrowed under the standby credit facilities or letters of credit issued.

124

Table of Contents

There are no significant financial covenants associated with any of our debt obligations other than our borrowings under the credit facilities, which are subject to financial covenants, negative covenants, and events of default that are customary. Each credit facility includes financial covenants based on our leverage ratio and consolidated net worth as well as covenants that limit subsidiary indebtedness. We continually monitor our debt covenants to ensure we remain in compliance. We have not observed any current trends that would cause a breach of any debt covenants.

See "Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity" and Note 10 of the "Notes to Consolidated Financial Statements" contained in Part II, Items 7 and 8, respectively, of our annual report on Form 10-K for the year ended December 31, 2024 for further discussion.

Shelf Registration

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

Commitments

As of June 30, 2025, we had commitments of $98.1 million to fund certain investments in private placement fixed maturity securities and $764.3 million to fund certain private equity partnerships.

With respect to our commitments and off-balance sheet arrangements, see the discussion under "Cash Requirements" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2024. During the first six months of 2025, there were no substantive changes in our commitments, contractual obligations, or other off-balance sheet arrangements other than the changes noted herein.

Transfers of Financial Assets

Our investment policy permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements, which increases our investment income with minimal risk. We account for all of our securities lending agreements and repurchase agreements as secured borrowings. As of June 30, 2025, we held $27.1 million of cash collateral from securities lending agreements. The average cash collateral balance during the first six months of 2025 was $39.1 million, and the maximum amount outstanding at any month end was $46.2 million. As of June 30, 2025, we held $41.2 million of off-balance sheet securities lending agreements which were collateralized by securities that we were neither permitted to sell nor control. The average balance of these off-balance sheet transactions during the first six months of 2025 was $29.0 million, and the maximum amount outstanding at any month end was $41.2 million.

To manage our cash position more efficiently, we may enter into securities repurchase agreements with unaffiliated financial institutions. We generally use securities repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. We had no securities repurchase agreements outstanding at June 30, 2025, nor did we utilize any securities repurchase agreements during the first six months of 2025. Our use of securities repurchase agreements and securities lending agreements can fluctuate during any given period and will depend on our liquidity position, the availability of long-term investments that meet our purchasing criteria, and our general business needs.

Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As of June 30, 2025, we owned $35.2 million of FHLB common stock and had outstanding advances of $525.5 million from the regional FHLBs which were used for the purpose of investing in either short-term investments, matched fixed maturity securities, or matched commercial mortgage loans. As of June 30, 2025, we have additional borrowing capacity of approximately $735.4 million from the FHLBs.

See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information.

125

Table of Contents

Consolidated Cash Flows


(in millions of dollars)
	Six Months Ended June 30
	2025		2024
Net Cash Provided by Operating Activities	$	701.6	$	637.4
Net Cash Provided (Used) by Investing Activities	960.7		(273.4)
Net Cash Used by Financing Activities	(630.3)		(377.3)
Net Increase (Decrease) in Cash and Bank Deposits	$	1,032.0	$	(13.3)

Operating Cash Flows

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

Investing Cash Flows

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

In preparation for the reinsurance transaction with Fortitude Re, fixed maturity securities with a fair value of $151.6 million were sold during the first quarter of 2025. Also during the first quarter of 2025, fixed maturity securities with a fair value of $81.8 million were sold related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group.

See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" contained herein in this Item 2 for further information.

Financing Cash Flows

Financing cash flows consist primarily of borrowings and repayments of debt, dividends paid to stockholders, repurchases of common stock, and policyholders' account deposits and withdrawals.

Cash used to repurchase shares of Unum Group's common stock during the first six months of 2025 and 2024 was $500.9 million and $300.0 million, respectively. During the first six months of 2025 and 2024, we paid dividends of $150.5 million and $141.5 million, respectively, to holders of Unum Group's common stock.

In June 2024, we issued $400.0 million of 6.000% senior notes due 2054 and received proceeds of $391.6 million. A portion of the net proceeds of the offering were used to repay the outstanding indebtedness under our senior unsecured delayed draw term loan facility, resulting in a cash outflow of $350.0 million.

126

Table of Contents

Ratings

A.M. Best Company (AM Best), Fitch Ratings (Fitch), Moody's Ratings (Moody's), and S&P Global Ratings (S&P) are among the third parties that assign issuer credit ratings to Unum Group and financial strength ratings to our insurance subsidiaries. Issuer credit ratings reflect an agency's opinion of the overall financial capacity of a company to meet its senior debt obligations. Financial strength ratings are specific to each individual insurance subsidiary and reflect each rating agency's view of the overall financial strength (capital levels, earnings, growth, investments, business mix, operating performance, and market position) of the insuring entity and its ability to meet its obligations to policyholders. Both the issuer credit ratings and financial strength ratings incorporate quantitative and qualitative analyses by rating agencies and are routinely reviewed and updated on an ongoing basis.

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

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

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

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

AM Best

Fitch

Moody's

S&P

Outlook

Stable

Positive

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

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

Starmount Life Insurance Company

Unum Limited

A-

NR = not rated

There have been no changes in the rating agencies' outlooks or ratings during 2025 prior to the date of this filing.

See our annual report on Form 10-K for the year ended December 31, 2024 for further information regarding our debt, issuer credit ratings and financial strength ratings and the risks associated with rating changes.

127

Table of Contents

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to various market risk exposures including interest rate risk and foreign exchange rate risk. With respect to our exposure to market risk, see the discussion under "Investments" in Item 2 of this Form 10-Q and in Part II, Item 7A of our annual report on Form 10-K for the year ended December 31, 2024. During the first six months of 2025, there was no substantive change to our market risk or the management of this risk.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. We evaluated those controls based on the 2013 Internal Control - Integrated Framework from the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, these officers concluded that our disclosure controls and procedures were effective as of June 30, 2025.

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended, during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

128

Table of Contents

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to Part I, Item 1, Note 13 of the "Notes to Consolidated Financial Statements" for information on legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in our annual report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information about our share repurchase activity for the second quarter of 2025.


	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share (1)		(c) Total Number of Shares Purchased as Part of Publicly Announced Program (2)	(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) (2)
April 1 - April 30, 2025	1,994,390	$	75.79	1,994,390	$	848,849,079
May 1 - May 31, 2025	1,218,986	80.89		1,218,986	750,251,183
June 1 - June 30, 2025	627,446	80.08		627,446	700,005,872
Total	3,840,822			3,840,822

(1) Excludes the cost of commissions and excise taxes.

(2) In February 2025, our board of directors authorized the repurchase of up to $1,000.0 million of Unum Group's outstanding common stock beginning on April 1, 2025. The repurchase program has no scheduled termination date.

ITEM 5. OTHER INFORMATION

Securities trading plans

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

129

Table of Conten ts

ITEM 6. EXHIBITS


Index to Exhibits

(2.1)						C oinsurance Agreement, dated July 1, 2025, among Unum Life Insurance Company of America, Fortitude Reinsurance Company Ltd., and, solely with respect to certain provisions, the Retrocessionaire named therein.*

(10.1)						Third Amended and Restated Credit Agreement, dated as of April 29, 2025, among Unum Group, Unum Life Insurance Company of America, Provident Life and Accident Insurance Company, and Colonial Life & Accident Insurance Company, as Borrowers, the Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent, L/C Agent, a Fronting Bank and Swingline Lender.

(31.1)						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(31.2)						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(32.1)						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(32.2)						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(101)						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

(104)						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

						* Certain portions of this exhibit have been omitted pursuant to Item 601(b)(2)(ii) of Regulation S-K. The registrant agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.

130

Table of Contents

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, thereunto duly authorized.


	Unum Group
	(Registrant)
Date: July 30, 2025	By:	/s/ Steven A. Zabel
		Steven A. Zabel
		Executive Vice President, Chief Financial Officer

Date: July 30, 2025	By:	/s/ Walter L. Rice, Jr.
		Walter L. Rice, Jr.
		Senior Vice President, Chief Accounting Officer

131

TABLE OF CONTENTS

Part I - Financial Information Item 1. Financial Statements Note 1 - Basis Of Presentation Note 2 - Accounting Developments Note 2 - Accounting Developments - Continued Note 3 - Fair Value Of Financial Instruments Note 3 - Fair Value Of Financial Instruments - Continued Note 4 - Investments Note 4 - Investments - Continued Note 5 - Derivative Financial Instruments Note 5 - Derivative Financial Instruments - Continued Note 6 - Accumulated Other Comprehensive Loss Note 6 - Accumulated Other Comprehensive Loss - Continued Note 7 - Liability For Future Policy Benefits Note 7 - Liability For Future Policy Benefits - Continued Note 8 - Policyholders' Account Balances Note 8 - Policyholders' Account Balances - Continued Note 9 - Deferred Acquisition Costs Note 9 - Deferred Acquisition Costs - Continued Note 10 - Segment Information Note 10 - Segment Information - Continued Note 11 - Employee Benefit Plans Note 12 - Stockholders' Equity and Earnings Per Common Share Note 12 - Stockholders' Equity and Earnings Per Common Share - Continued Note 13 - Commitments and Contingent Liabilities Note 13 - Commitments and Contingent Liabilities - Continued Note 14 - Debt and Other Note 14 - Debt and Other - Continued Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II - Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

(2.1) Coinsurance Agreement, dated July 1, 2025, among Unum Life Insurance Company of America, Fortitude Reinsurance Company Ltd., and, solely with respect to certain provisions, the Retrocessionaire named therein.* (10.1) Third Amended and Restated Credit Agreement, dated asofApril 29,2025, among Unum Group, Unum Life Insurance Company of America, Provident Life and Accident Insurance Company, and Colonial Life & Accident Insurance Company, as Borrowers, the Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent, L/C Agent, a Fronting Bank and Swingline Lender. (31.1) Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (31.2) Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (32.1) Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002. (32.2) Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002.

Supplier name	Ticker
The Allstate Corporation	ALL
The Hartford Financial Services Group, Inc.	HIG
MetLife, Inc.	MET
Brown & Brown, Inc.	BRO
Markel Corporation	MKL
The Travelers Companies, Inc.	TRV

UNM 10-Q Quarter ended June 30, 2025

Exhibits