EX-99.2 3 unm03312022exhibit992.htm EX-99.2

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Unum Group

Statistical Supplement First Quarter 2022

 TABLE OF CONTENTS

(in millions of dollars, except share data and where noted)

Interim Results are Unaudited

						Page
			Financial Highlights			1
			Capital Metrics			2
			Ratings			3
			Consolidated Statements of Income			4
			Sales Data by Segment			5
			Consolidated Balance Sheets			6
			Financial Results by Segment			7
			Quarterly Historical Financial Results by Segment			8
			Financial Results and Selected Statistics by Segment
			Unum US			9
			Unum International			10
			Colonial Life			11
			Closed Block			12
			Corporate			13
			Reserves			14
			Investments			15
			Appendix to Statistical Supplement			16
			See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.3 for a reconciliation of our non-GAAP financial measures.
			N.M. = not a meaningful percentage

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Unum Group Financial Highlights

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Consolidated U.S. GAAP Results¹
Premium Income			$	2,403.3					$	2,378.3					$	9,481.0					$	9,378.1
Adjusted Operating Revenue			$	2,996.3					$	2,987.4					$	11,937.1					$	11,963.0
Net Investment Gain (Loss)			(13.8)						84.6						76.7						1,199.1
Revenue			$	2,982.5					$	3,072.0					$	12,013.8					$	13,162.1
Net Income			$	253.5					$	153.0					$	824.2					$	793.0
Net Income Per Common Share:
Basic			$	1.25					$	0.75					$	4.04					$	3.89
Assuming Dilution			$	1.25					$	0.75					$	4.02					$	3.89
Assets			$	66,471.7					$	69,256.6					$	70,115.6					$	70,625.8
Stockholders' Equity			$	10,623.1					$	10,570.1					$	11,416.4					$	10,871.0
Adjusted Operating Return on Equity
Unum US			11.8		%				8.3		%				8.2		%				14.6		%
Unum International			16.2		%				10.3		%				10.4		%				6.5		%
Colonial Life			18.4		%				14.5		%				16.4		%				16.7		%
Core Operating Segments			13.8		%				10.0		%				10.3		%				14.1		%
Consolidated			10.6		%				8.7		%				8.9		%				10.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax			$	200.5					$	136.7					$	681.1					$	726.2
Net Realized Capital Gain (Loss), After Tax			(2.4)						6.7						98.4						(79.4)
Net Income			$	198.1					$	143.4					$	779.5					$	646.8
Capital and Surplus			$	3,941.9					$	3,729.3					$	3,950.3					$	3,875.0
Weighted Average Risk-based Capital Ratio			~ 400%						~ 370%						~ 395%						~ 365%

1 Generally Accepted Accounting Principles

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

1

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Unum Group Capital Metrics

			3/31/2022												3/31/2021												12/31/2021												12/31/2020
			(in millions)						per share						(in millions)						per share						(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	10,623.1					$	52.62					$	10,570.1					$	51.77					$	11,416.4					$	56.37					$	10,871.0					$	53.37
Excluding:
Net Unrealized Gain on Securities			66.1						0.33						678.2						3.32						962.2						4.75						1,067.7						5.24
Net Gain on Hedges			51.4						0.25						77.1						0.38						61.8						0.30						97.8						0.48
Subtotal			10,505.6						52.04						9,814.8						48.07						10,392.4						51.32						9,705.5						47.65
Excluding:
Foreign Currency Translation Adjustment			(305.8)						(1.52)						(254.0)						(1.24)						(273.9)						(1.35)						(261.3)						(1.28)
Subtotal			10,811.4						53.56						10,068.8						49.31						10,666.3						52.67						9,966.8						48.93
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(391.8)						(1.94)						(526.2)						(2.58)						(396.0)						(1.96)						(530.0)						(2.61)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	11,203.2					$	55.50					$	10,595.0					$	51.89					$	11,062.3					$	54.63					$	10,496.8					$	51.54
Dividends Paid			$	62.9					$	0.30					$	59.4					$	0.29					$	240.6					$	1.17					$	233.2					$	1.14

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Shares Repurchased (millions)			1.3						—						1.9						—
Cost of Shares Repurchased (millions)			$	37.5					$	—					$	50.0					$	—
Price (UNM closing price on last trading day of period)			$	31.51					$	27.83					$	24.57					$	22.94
Leverage Ratio			25.1		%				26.0		%				25.3		%				26.2		%
Holding Company Liquidity			$	1,269					$	1,664					$	1,515					$	1,512

2

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Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Outlook

Stable

Stable

Stable

Stable

Issuer Credit Ratings

bbb

BBB-

Baa3

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A

A-

A3

A

Unum Life Insurance Company of America

A

A-

A3

A

Colonial Life & Accident Insurance Company

A

A-

A3

A

The Paul Revere Life Insurance Company

A

A-

A3

A

Starmount Life Insurance Company

A

NR

NR

NR

Unum Insurance Company

A-

A-

A3

NR

Unum Limited

NR

NR

NR

A-

NR = not rated

3

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Unum Group Consolidated Statements of Income

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Revenue
Premium Income			$	2,403.3					$	2,378.3					$	9,481.0					$	9,378.1
Net Investment Income			527.2						548.7						2,213.2						2,360.7
Net Investment Gain (Loss)			(13.8)						84.6						76.7						1,199.1
Other Income			65.8						60.4						242.9						224.2
Total Revenue			2,982.5						3,072.0						12,013.8						13,162.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			1,843.9						2,051.2						7,598.6						8,972.9
Commissions			273.2						259.9						1,038.1						1,057.3
Interest and Debt Expense - Non-recourse Debt			—						—						—						3.1
Interest and Debt Expense - All Other Debt			46.9						44.4						185.0						185.1
Cost Related to Early Retirement of Debt			—						—						67.3						—
Deferral of Acquisition Costs			(141.8)						(130.6)						(508.1)						(576.2)
Amortization of Deferred Acquisition Costs			156.1						166.4						586.1						606.1
Other Expenses			492.1						481.9						1,983.8						1,949.8
Total Benefits and Expenses			2,670.4						2,873.2						10,950.8						12,198.1
Income Before Income Tax			312.1						198.8						1,063.0						964.0
Income Tax			58.6						45.8						238.8						171.0
Net Income			$	253.5					$	153.0					$	824.2					$	793.0
Weighted Average Shares Outstanding
Basic			202.6						204.1						204.2						203.6
Assuming Dilution			203.5						204.7						204.8						203.8
Actual Number of Shares Outstanding			201.9						204.2						202.5						203.7

4

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Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Year Ended
			3/31/2022						3/31/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	40.6					$	31.1					30.5		%				$	206.6					$	239.7
Group Short-term Disability			27.8						24.1						15.4						142.7						158.7
Group Life and AD&D			33.6						30.2						11.3						223.8						224.3
Subtotal			102.0						85.4						19.4						573.1						622.7
Supplemental and Voluntary
Voluntary Benefits			94.3						101.0						(6.6)						231.2						241.6
Individual Disability			20.3						17.0						19.4						75.0						71.4
Dental and Vision			9.2						8.0						15.0						62.4						63.9
Subtotal			123.8						126.0						(1.7)						368.6						376.9
Total Sales			$	225.8					$	211.4					6.8						$	941.7					$	999.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	65.6					$	58.2					12.7		%				$	371.5					$	377.0
Large Case Market			36.4						27.2						33.8						201.6						245.7
Subtotal			102.0						85.4						19.4						573.1						622.7
Supplemental and Voluntary			123.8						126.0						(1.7)						368.6						376.9
Total Sales			$	225.8					$	211.4					6.8						$	941.7					$	999.6

5

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Unum Group Sales Data for Unum International Segment

			Three Months Ended																		Year Ended
(in millions of dollars)			3/31/2022						3/31/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Unum UK
Group Long-term Disability			$	15.6					$	8.1					92.6		%				$	41.4					$	37.7
Group Life			8.3						6.5						27.7						31.3						20.6
Supplemental			5.9						5.1						15.7						17.0						18.9
Unum Poland			4.4						3.5						25.7						16.1						13.3
Total Sales			$	34.2					$	23.2					47.4						$	105.8					$	90.5
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	12.1					$	8.2					47.6		%				$	41.5					$	36.2
Large Case Market			11.8						6.4						84.4						31.2						22.1
Subtotal			23.9						14.6						63.7						72.7						58.3
Supplemental			5.9						5.1						15.7						17.0						18.9
Unum Poland			4.4						3.5						25.7						16.1						13.3
Total Sales			$	34.2					$	23.2					47.4						$	105.8					$	90.5
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	11.6					£	5.9					96.6		%				£	30.0					£	29.5
Group Life			6.2						4.7						31.9						22.8						16.1
Supplemental			4.4						3.7						18.9						12.3						14.9
Total Sales			£	22.2					£	14.3					55.2						£	65.1					£	60.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	8.9					£	6.0					48.3		%				£	30.2					£	28.3
Large Case Market			8.9						4.6						93.5						22.6						17.3
Subtotal			17.8						10.6						67.9						52.8						45.6
Supplemental			4.4						3.7						18.9						12.3						14.9
Total Sales			£	22.2					£	14.3					55.2						£	65.1					£	60.5

5. 1

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Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Year Ended
			3/31/2022						3/31/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Accident, Sickness, and Disability			$	65.6					$	57.4					14.3		%				$	297.9					$	261.5
Life			23.8						20.6						15.5						111.0						88.8
Cancer and Critical Illness			14.6						12.2						19.7						70.9						62.8
Total Sales			$	104.0					$	90.2					15.3						$	479.8					$	413.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)			$	72.7					$	62.3					16.7		%				$	313.2					$	266.2
Large Case Market			12.1						11.5						5.2						68.5						57.4
Subtotal			84.8						73.8						14.9						381.7						323.6
Public Sector			19.2						16.4						17.1						98.1						89.5
Total Sales			$	104.0					$	90.2					15.3						$	479.8					$	413.1

5. 2

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Unum Group Consolidated Balance Sheets

			March 31						December 31
			2022						2021
Assets
Investments
Fixed Maturity Securities			$	39,946.0					$	43,336.0
Mortgage Loans			2,529.5						2,560.4
Policy Loans			3,573.5						3,662.9
Other Long-term Investments			1,280.4						1,203.0
Short-term Investments			1,295.5						1,388.0
Total Investments			48,624.9						52,150.3
Other Assets
Cash and Bank Deposits			106.6						75.0
Accounts and Premiums Receivable			1,571.6						1,519.9
Reinsurance Recoverable			10,640.3						10,919.3
Accrued Investment Income			658.5						602.7
Deferred Acquisition Costs			2,229.2						2,207.9
Goodwill			350.8						352.2
Property and Equipment			454.9						462.7
Other Assets			1,834.9						1,825.6
Total Assets			$	66,471.7					$	70,115.6

6

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Unum Group Consolidated Balance Sheets - Continued

			March 31						December 31
			2022						2021
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits			$	1,874.2					$	1,907.7
Reserves for Future Policy and Contract Benefits			45,258.0						48,007.5
Unearned Premiums			431.9						347.5
Other Policyholders’ Funds			1,816.9						1,790.9
Income Tax Payable			227.2						159.1
Deferred Income Tax			202.8						458.4
Long-term Debt			3,442.9						3,442.2
Other Liabilities			2,594.7						2,585.9
Total Liabilities			55,848.6						58,699.2
Stockholders’ Equity
Common Stock			30.8						30.7
Additional Paid-in Capital			2,395.8						2,408.1
Accumulated Other Comprehensive Income (Loss)			(580.1)						354.1
Retained Earnings			12,043.8						11,853.2
Treasury Stock			(3,267.2)						(3,229.7)
Total Stockholders’ Equity			10,623.1						11,416.4
Total Liabilities and Stockholders’ Equity			$	66,471.7					$	70,115.6

6. 1

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Unum Group Deferred Acquisition Costs by Segment

			Unum US						Unum International						Colonial Life						Consolidated
Balance at December 31, 2020			$	1,168.7					$	32.0					$	1,071.9					$	2,272.6
Capitalization			242.7						12.8						252.6						508.1
Amortization			(319.0)						(8.0)						(259.1)						(586.1)
Adjustment Related to Unrealized Investment Gains and Losses			3.8						—						10.9						14.7
Foreign Currency			—						(1.4)						—						(1.4)
Balance at December 31, 2021			1,096.2						35.4						1,076.3						2,207.9
Capitalization			68.3						3.5						70.0						141.8
Amortization			(79.7)						(2.0)						(74.4)						(156.1)
Adjustment Related to Unrealized Investment Gains and Losses			6.5						—						30.3						36.8
Foreign Currency			—						(1.2)						—						(1.2)
Balance at March 31, 2022			$	1,091.3					$	35.7					$	1,102.2					$	2,229.2

6. 2

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Unum Group Balance Sheets by Segment - March 31, 2022

			Unum US
			Group Disability						Group Life and Accidental Death & Dismemberment						Supplemental and Voluntary						Total Unum US						Unum International						Colonial Life						Closed Block						Corporate						Consolidated
Assets
Investments			$	7,847.7					$	2,459.2					$	5,000.3					$	15,307.2					$	3,422.6					$	3,363.3					$	24,033.0					$	2,498.8					$	48,624.9
Deferred Acquisition Costs			93.7						60.0						937.6						1,091.3						35.7						1,102.2						—						—						2,229.2
Goodwill			8.9						—						271.1						280.0						43.1						27.7						—						—						350.8
All Other			347.4						338.6						376.6						1,062.6						371.0						266.3						12,180.4						1,386.5						15,266.8
Total Assets			$	8,297.7					$	2,857.8					$	6,585.6					$	17,741.1					$	3,872.4					$	4,759.5					$	36,213.4					$	3,885.3					$	66,471.7
Liabilities
Reserves and Policyholder Benefits			$	6,445.8					$	1,965.5					$	4,125.6					$	12,536.9					$	2,984.7					$	2,974.3					$	30,885.1					$	—					$	49,381.0
Debt			—						—						—						—						—						—						—						3,442.9						3,442.9
All Other			159.9						90.0						301.2						551.1						142.7						175.2						605.6						1,550.1						3,024.7
Total Liabilities			6,605.7						2,055.5						4,426.8						13,088.0						3,127.4						3,149.5						31,490.7						4,993.0						55,848.6
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,667.6						834.1						2,091.5						4,593.2						769.8						1,563.7						4,450.3						(871.4)						10,505.6
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges			24.4						(31.8)						67.3						59.9						(24.8)						46.3						272.4						(236.3)						117.5
Total Allocated Stockholders' Equity			1,692.0						802.3						2,158.8						4,653.1						745.0						1,610.0						4,722.7						(1,107.7)						10,623.1
Total Liabilities and Allocated Stockholders' Equity			$	8,297.7					$	2,857.8					$	6,585.6					$	17,741.1					$	3,872.4					$	4,759.5					$	36,213.4					$	3,885.3					$	66,471.7

Allocated stockholders' equity is determined on the basis of an internal allocation formula that reflects the volume and risk components of the business and aligns with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.

6. 3

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Unum Group Balance Sheets by Segment - December 31, 2021

			Unum US
			Group Disability						Group Life and Accidental Death & Dismemberment						Supplemental and Voluntary						Total Unum US						Unum International						Colonial Life						Closed Block						Corporate						Consolidated
Assets
Investments			$	8,260.2					$	2,525.5					$	5,301.1					$	16,086.8					$	3,740.2					$	3,533.8					$	25,968.2					$	2,821.3					$	52,150.3
Deferred Acquisition Costs			93.7						59.1						943.4						1,096.2						35.4						1,076.3						—						—						2,207.9
Goodwill			8.9						—						271.1						280.0						44.5						27.7						—						—						352.2
All Other			411.3						416.3						405.7						1,233.3						266.4						258.1						12,319.7						1,327.7						15,405.2
Total Assets			$	8,774.1					$	3,000.9					$	6,921.3					$	18,696.3					$	4,086.5					$	4,895.9					$	38,287.9					$	4,149.0					$	70,115.6
Liabilities
Reserves and Policyholder Benefits			$	6,913.6					$	2,007.9					$	4,289.8					$	13,211.3					$	3,136.4					$	2,985.4					$	32,720.5					$	—					$	52,053.6
Debt			—						—						—						—						—						—						—						3,442.2						3,442.2
All Other			160.2						125.6						334.5						620.3						161.2						203.8						629.0						1,589.1						3,203.4
Total Liabilities			7,073.8						2,133.5						4,624.3						13,831.6						3,297.6						3,189.2						33,349.5						5,031.3						58,699.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,663.2						832.9						2,091.3						4,587.4						788.8						1,539.0						4,526.7						(1,049.5)						10,392.4
Net Unrealized Gain on Securities and Net Gain on Hedges			37.1						34.5						205.7						277.3						0.1						167.7						411.7						167.2						1,024.0
Total Allocated Stockholders' Equity			1,700.3						867.4						2,297.0						4,864.7						788.9						1,706.7						4,938.4						(882.3)						11,416.4
Total Liabilities and Allocated Stockholders' Equity			$	8,774.1					$	3,000.9					$	6,921.3					$	18,696.3					$	4,086.5					$	4,895.9					$	38,287.9					$	4,149.0					$	70,115.6

6. 4

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Unum Group Financial Results by Segment

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 or losses and amortization of the cost of reinsurance as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

			Three Months Ended																		Year Ended
			3/31/2022						3/31/2021						% Change						12/31/2021						12/31/2020						% Change
Premium Income
Unum US			$	1,544.9					$	1,525.8					1.3		%				$	6,078.0					$	6,018.9					1.0		%
Unum International			187.8						174.4						7.7						717.0						652.8						9.8
Colonial Life			430.7						426.4						1.0						1,690.2						1,712.0						(1.3)
Closed Block			239.9						251.7						(4.7)						995.8						994.4						0.1
			2,403.3						2,378.3						1.1						9,481.0						9,378.1						1.1
Net Investment Income
Unum US			171.0						179.7						(4.8)						721.6						720.3						0.2
Unum International			34.5						26.0						32.7						132.7						104.6						26.9
Colonial Life			38.1						37.7						1.1						172.0						155.7						10.5
Closed Block			274.8						297.2						(7.5)						1,159.0						1,370.3						(15.4)
Corporate			8.8						8.1						8.6						27.9						9.8						184.7
			527.2						548.7						(3.9)						2,213.2						2,360.7						(6.2)
Other Income
Unum US			47.1						40.4						16.6						170.0						154.9						9.7
Unum International			0.2						0.1						100.0						0.6						0.5						20.0
Colonial Life			0.3						0.2						50.0						1.0						1.1						(9.1)
Closed Block			16.0						18.4						(13.0)						65.1						66.6						(2.3)
Corporate			2.2						1.3						69.2						6.2						1.1						N.M.
			65.8						60.4						8.9						242.9						224.2						8.3
Total Adjusted Operating Revenue
Unum US			1,763.0						1,745.9						1.0						6,969.6						6,894.1						1.1
Unum International			222.5						200.5						11.0						850.3						757.9						12.2
Colonial Life			469.1						464.3						1.0						1,863.2						1,868.8						(0.3)
Closed Block			530.7						567.3						(6.5)						2,219.9						2,431.3						(8.7)
Corporate			11.0						9.4						17.0						34.1						10.9						N.M.
			$	2,996.3					$	2,987.4					0.3						$	11,937.1					$	11,963.0					(0.2)

7

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Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Year Ended
			3/31/2022						3/31/2021						% Change						12/31/2021						12/31/2020						% Change
Benefits and Expenses
Unum US			$	1,591.4					$	1,630.2					(2.4)		%				$	6,289.7					$	6,068.7					3.6		%
Unum International			195.3						174.1						12.2						744.6						681.3						9.3
Colonial Life			379.0						391.0						(3.1)						1,534.0						1,533.4						—
Closed Block			453.3						629.6						(28.0)						2,077.2						3,667.0						(43.4)
Corporate			51.4						48.3						6.4						305.3						247.7						23.3
			2,670.4						2,873.2						(7.1)						10,950.8						12,198.1						(10.2)
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US			171.6						115.7						48.3						679.9						825.4						(17.6)
Unum International			27.2						26.4						3.0						105.7						76.6						38.0
Colonial Life			90.1						73.3						22.9						329.2						335.4						(1.8)
Closed Block			77.4						(62.3)						224.2						142.7						(1,235.7)						111.5
Corporate			(40.4)						(38.9)						(3.9)						(271.2)						(236.8)						(14.5)
			325.9						114.2						185.4						986.3						(235.1)						519.5
Income Tax			61.8						28.1						119.9						222.7						(81.6)						372.9
Income Before Net Investment Gain (Loss)			264.1						86.1						206.7						763.6						(153.5)						597.5
Net Investment Gain (Loss) (net of tax expense (benefit) of $(3.2); $17.7; $16.1; $252.6)			(10.6)						66.9						(115.8)						60.6						946.5						(93.6)
Net Income			$	253.5					$	153.0					65.7						$	824.2					$	793.0					3.9

7. 1

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Unum Group Quarterly Historical Financial Results by Segment

			3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20						9/30/20						6/30/20						3/31/20
Premium Income
Unum US			$	1,544.9					$	1,529.3					$	1,500.8					$	1,522.1					$	1,525.8					$	1,485.1					$	1,483.4					$	1,522.7					$	1,527.7
Unum International			187.8						177.5						181.6						183.5						174.4						165.7						165.4						157.1						164.6
Colonial Life			430.7						423.3						420.8						419.7						426.4						418.8						419.9						438.6						434.7
Closed Block			239.9						244.5						250.5						249.1						251.7						250.3						249.4						250.3						244.4
			2,403.3						2,374.6						2,353.7						2,374.4						2,378.3						2,319.9						2,318.1						2,368.7						2,371.4
Net Investment Income
Unum US			171.0						182.1						176.2						183.6						179.7						173.1						190.7						176.9						179.6
Unum International			34.5						37.9						33.1						35.7						26.0						25.5						26.3						26.3						26.5
Colonial Life			38.1						40.9						51.8						41.6						37.7						37.5						43.7						36.8						37.7
Closed Block			274.8						282.5						284.6						294.7						297.2						356.7						351.2						326.3						336.1
Corporate			8.8						7.4						4.5						7.9						8.1						0.7						1.3						2.7						5.1
			527.2						550.8						550.2						563.5						548.7						593.5						613.2						569.0						585.0
Other Income
Unum US			47.1						44.8						43.5						41.3						40.4						37.4						42.0						35.3						40.2
Unum International			0.2						—						0.4						0.1						0.1						0.1						0.2						0.2						—
Colonial Life			0.3						0.2						0.3						0.3						0.2						0.2						0.3						0.3						0.3
Closed Block			16.0						15.3						19.3						12.1						18.4						16.9						17.8						13.7						18.2
Corporate			2.2						2.1						2.4						0.4						1.3						0.6						0.3						0.2						—
			65.8						62.4						65.9						54.2						60.4						55.2						60.6						49.7						58.7
Total Adjusted Operating Revenue
Unum US			1,763.0						1,756.2						1,720.5						1,747.0						1,745.9						1,695.6						1,716.1						1,734.9						1,747.5
Unum International			222.5						215.4						215.1						219.3						200.5						191.3						191.9						183.6						191.1
Colonial Life			469.1						464.4						472.9						461.6						464.3						456.5						463.9						475.7						472.7
Closed Block			530.7						542.3						554.4						555.9						567.3						623.9						618.4						590.3						598.7
Corporate			11.0						9.5						6.9						8.3						9.4						1.3						1.6						2.9						5.1
			$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6					$	2,991.9					$	2,987.4					$	3,015.1

8

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Unum Group Quarterly Historical Financial Results by Segment - Continued

			3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20						9/30/20						6/30/20						3/31/20
Benefits and Expenses
Unum US			$	1,591.4					$	1,674.8					$	1,417.0					$	1,567.7					$	1,630.2					$	1,552.1					$	1,527.9					$	1,503.0					$	1,485.7
Unum International			195.3						188.3						187.7						194.5						174.1						170.6						170.5						168.5						171.7
Colonial Life			379.0						384.4						392.8						365.8						391.0						385.3						371.7						384.8						391.6
Closed Block			453.3						485.3						497.9						464.4						629.6						1,996.8						547.6						553.6						569.0
Corporate			51.4						54.6						64.4						138.0						48.3						44.0						79.0						73.7						51.0
			2,670.4						2,787.4						2,559.8						2,730.4						2,873.2						4,148.8						2,696.7						2,683.6						2,669.0
Income Before Income Tax Expense (Benefit) and Net Investment Gain (Loss)
Unum US			171.6						81.4						303.5						179.3						115.7						143.5						188.2						231.9						261.8
Unum International			27.2						27.1						27.4						24.8						26.4						20.7						21.4						15.1						19.4
Colonial Life			90.1						80.0						80.1						95.8						73.3						71.2						92.2						90.9						81.1
Closed Block			77.4						57.0						56.5						91.5						(62.3)						(1,372.9)						70.8						36.7						29.7
Corporate			(40.4)						(45.1)						(57.5)						(129.7)						(38.9)						(42.7)						(77.4)						(70.8)						(45.9)
			325.9						200.4						410.0						261.7						114.2						(1,180.2)						295.2						303.8						346.1
Income Tax Expense (Benefit)			61.8						33.9						81.3						79.4						28.1						(285.2)						67.9						63.7						72.0
Income (Loss) Before Net Investment Gain (Loss)			264.1						166.5						328.7						182.3						86.1						(895.0)						227.3						240.1						274.1
Net Investment Gain (Loss)			(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9						4.4						33.8						(144.0)
Tax Expense (Benefit) on Net Investment Gain (Loss)			(3.2)						(1.9)						—						0.3						17.7						274.5						0.6						8.4						(30.9)
Net Income			$	253.5					$	159.7					$	328.6					$	182.9					$	153.0					$	135.4					$	231.1					$	265.5					$	161.0
Net Income Per Common Share - Assuming Dilution			$	1.25					$	0.78					$	1.60					$	0.89					$	0.75					$	0.66					$	1.13					$	1.30					$	0.79

8. 1

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Unum Group Financial Results for Unum US Segment

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income			$	1,544.9					$	1,525.8					$	6,078.0					$	6,018.9
Net Investment Income			171.0						179.7						721.6						720.3
Other Income			47.1						40.4						170.0						154.9
Total			1,763.0						1,745.9						6,969.6						6,894.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			1,094.7						1,133.3						4,338.8						4,138.7
Commissions			153.2						147.9						583.4						594.9
Deferral of Acquisition Costs			(68.3)						(66.9)						(242.7)						(291.5)
Amortization of Deferred Acquisition Costs			79.7						98.7						319.0						341.0
Other Expenses			332.1						317.2						1,291.2						1,285.6
Total			1,591.4						1,630.2						6,289.7						6,068.7
Income Before Income Tax and Net Realized Investment Gains and Losses			171.6						115.7						679.9						825.4
Reserve Assumption Update			—						—						(215.0)						—
Adjusted Operating Income			$	171.6					$	115.7					$	464.9					$	825.4
Operating Ratios (% of Premium Income):
Benefit Ratio1			70.9		%				74.3		%				74.9		%				68.8		%
Other Expense Ratio			21.5		%				20.8		%				21.2		%				21.4		%
Adjusted Operating Income Ratio			11.1		%				7.6		%				7.6		%				13.7		%

1Excludes the $215.0 million reserve decrease during the twelve months ended December 31, 2021, related to the reserve assumption update that occurred during the third quarter of 2021.

9

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Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	463.9					$	457.7					$	1,827.8					$	1,828.5
Group Short-term Disability			221.6						215.2						864.0						799.2
Total Premium Income			685.5						672.9						2,691.8						2,627.7
Net Investment Income			90.3						97.4						379.6						388.8
Other Income			45.3						39.5						165.7						147.6
Total			821.1						809.8						3,237.1						3,164.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			506.1						503.3						1,849.2						1,921.9
Commissions			52.5						51.3						199.8						191.8
Deferral of Acquisition Costs			(12.7)						(12.6)						(49.8)						(49.3)
Amortization of Deferred Acquisition Costs			12.7						12.9						51.4						53.1
Other Expenses			199.9						190.8						773.9						756.6
Total			758.5						745.7						2,824.5						2,874.1
Income Before Income Tax and Net Investment Gains and Losses			62.6						64.1						412.6						290.0
Reserve Assumption Update			—						—						(215.0)						—
Adjusted Operating Income			$	62.6					$	64.1					$	197.6					$	290.0
Operating Ratios (% of Premium Income):
Benefit Ratio1			73.8		%				74.8		%				76.7		%				73.1		%
Other Expense Ratio			29.2		%				28.4		%				28.8		%				28.8		%
Adjusted Operating Income Ratio			9.1		%				9.5		%				7.3		%				11.0		%
Persistency:
Group Long-term Disability			90.4		%				90.7		%				89.6		%				90.8		%
Group Short-term Disability			89.2		%				86.1		%				87.4		%				88.7		%

1Excludes the $215.0 million reserve decrease during the twelve months ended December 31, 2021, related to the reserve assumption update that occurred during the third quarter of 2021.

9. 1

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Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment

									Three Months Ended												Year Ended
															3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Life															$	412.6					$	410.0					$	1,641.9					$	1,640.5
Accidental Death & Dismemberment															42.1						41.4						165.1						163.9
Total Premium Income															454.7						451.4						1,807.0						1,804.4
Net Investment Income															24.9						24.9						104.0						97.2
Other Income															0.4						0.3						1.7						2.4
Total															480.0						476.6						1,912.7						1,904.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits															399.5						445.8						1,728.8						1,470.4
Commissions															36.7						36.8						144.7						143.2
Deferral of Acquisition Costs															(9.1)						(9.4)						(21.0)						(36.0)
Amortization of Deferred Acquisition Costs															8.2						9.6						38.3						39.3
Other Expenses															54.1						52.1						213.8						205.3
Total															489.4						534.9						2,104.6						1,822.2
Adjusted Operating Income (Loss)															$	(9.4)					$	(58.3)					$	(191.9)					$	81.8
Operating Ratios (% of Premium Income):
Benefit Ratio															87.9		%				98.8		%				95.7		%				81.5		%
Other Expense Ratio															11.9		%				11.5		%				11.8		%				11.4		%
Adjusted Operating Income Ratio															(2.1)		%				(12.9)		%				(10.6)		%				4.5		%
Persistency:
Group Life															89.0		%				90.1		%				89.7		%				88.8		%
Accidental Death & Dismemberment															88.2		%				89.7		%				89.1		%				88.2		%

9. 2

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Unum Group Financial Results for Unum US Supplemental and Voluntary

									Three Months Ended												Year Ended
															3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Voluntary Benefits															$	220.5					$	218.7					$	846.7					$	875.2
Individual Disability															113.6						115.7						459.8						456.0
Dental and Vision															70.6						67.1						272.7						255.6
Total Premium Income															404.7						401.5						1,579.2						1,586.8
Net Investment Income															55.8						57.4						238.0						234.3
Other Income															1.4						0.6						2.6						4.9
Total															461.9						459.5						1,819.8						1,826.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits															189.1						184.2						760.8						746.4
Commissions															64.0						59.8						238.9						259.9
Deferral of Acquisition Costs															(46.5)						(44.9)						(171.9)						(206.2)
Amortization of Deferred Acquisition Costs															58.8						76.2						229.3						248.6
Other Expenses															78.1						74.3						303.5						323.7
Total															343.5						349.6						1,360.6						1,372.4
Adjusted Operating Income															$	118.4					$	109.9					$	459.2					$	453.6
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits															40.4		%				39.3		%				43.2		%				42.2		%
Individual Disability															42.5		%				42.4		%				42.8		%				48.8		%
Dental and Vision															73.4		%				73.2		%				72.6		%				60.6		%
Other Expense Ratio															19.3		%				18.5		%				19.2		%				20.4		%
Adjusted Operating Income Ratio															29.3		%				27.4		%				29.1		%				28.6		%
Persistency:
Voluntary Benefits															75.9		%				74.3		%				75.8		%				72.7		%
Individual Disability															89.3		%				90.2		%				89.7		%				89.5		%
Dental and Vision															84.0		%				87.4		%				86.0		%				85.0		%

9. 3

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Unum Group Financial Results for Unum International Segment

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	103.4					$	97.1					$	401.9					$	364.9
Group Life			32.2						27.3						112.3						108.5
Supplemental			29.0						28.0						112.6						99.8
Unum Poland			23.2						22.0						90.2						79.6
Total Premium Income			187.8						174.4						717.0						652.8
Net Investment Income			34.5						26.0						132.7						104.6
Other Income			0.2						0.1						0.6						0.5
Total			222.5						200.5						850.3						757.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			147.3						129.5						556.2						500.9
Commissions			14.9						12.9						54.1						49.7
Deferral of Acquisition Costs			(3.5)						(2.9)						(12.8)						(12.1)
Amortization of Deferred Acquisition Costs			2.0						2.1						8.0						7.4
Other Expenses			34.6						32.5						139.1						135.4
Total			195.3						174.1						744.6						681.3
Adjusted Operating Income			$	27.2					$	26.4					$	105.7					$	76.6

10

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Unum Group Financial Results for Unum UK

			Three Months Ended												Year Ended
(in millions of pounds, except exchange rate)			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	77.1					£	70.4					£	292.0					£	284.2
Group Life			24.0						19.8						81.7						84.6
Supplemental			21.6						20.3						81.8						77.7
Total Premium Income			122.7						110.5						455.5						446.5
Net Investment Income			24.2						17.4						91.0						76.0
Other Income			0.1						—						0.1						0.1
Total			147.0						127.9						546.6						522.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			99.0						83.2						362.8						352.5
Commissions			8.2						6.7						28.7						28.1
Deferral of Acquisition Costs			(1.2)						(0.8)						(4.3)						(4.2)
Amortization of Deferred Acquisition Costs			1.2						1.3						5.1						5.3
Other Expenses			20.6						18.9						81.8						86.5
Total			127.8						109.3						474.1						468.2
Adjusted Operating Income			£	19.2					£	18.6					£	72.5					£	54.4
Weighted Average Pound/Dollar Exchange Rate			1.344						1.382						1.377						1.287
Operating Ratios (% of Premium Income):
Benefit Ratio			80.7		%				75.3		%				79.6		%				78.9		%
Other Expense Ratio			16.8		%				17.1		%				18.0		%				19.4		%
Adjusted Operating Income Ratio			15.6		%				16.8		%				15.9		%				12.2		%
Persistency:
Group Long-term Disability			88.1		%				87.0		%				89.3		%				88.2		%
Group Life			88.0		%				87.2		%				86.5		%				81.8		%
Supplemental			90.4		%				88.2		%				90.9		%				90.7		%

10. 1

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Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	239.7					$	240.7					$	953.3					$	975.1
Life			101.7						96.6						384.7						376.4
Cancer and Critical Illness			89.3						89.1						352.2						360.5
Total Premium Income			430.7						426.4						1,690.2						1,712.0
Net Investment Income			38.1						37.7						172.0						155.7
Other Income			0.3						0.2						1.0						1.1
Total			469.1						464.3						1,863.2						1,868.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			212.3						236.2						910.4						906.5
Commissions			85.6						78.3						320.1						334.3
Deferral of Acquisition Costs			(70.0)						(60.8)						(252.6)						(272.6)
Amortization of Deferred Acquisition Costs			74.4						65.6						259.1						257.7
Other Expenses			76.7						71.7						297.0						307.5
Total			379.0						391.0						1,534.0						1,533.4
Adjusted Operating Income			$	90.1					$	73.3					$	329.2					$	335.4
Operating Ratios (% of Premium Income):
Benefit Ratio			49.3		%				55.4		%				53.9		%				52.9		%
Other Expense Ratio			17.8		%				16.8		%				17.6		%				18.0		%
Adjusted Operating Income Ratio			20.9		%				17.2		%				19.5		%				19.6		%
Persistency:
Accident, Sickness, and Disability			74.5		%				75.0		%				75.4		%				74.3		%
Life			85.4		%				84.1		%				85.5		%				83.7		%
Cancer and Critical Illness			82.2		%				82.3		%				82.4		%				81.8		%

11

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Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Long-term Care			$	174.8					$	177.4					$	704.3					$	666.9
Individual Disability			63.4						72.1						284.0						319.6
All Other			1.7						2.2						7.5						7.9
Total Premium Income			239.9						251.7						995.8						994.4
Net Investment Income			274.8						297.2						1,159.0						1,370.3
Other Income			16.0						18.4						65.1						66.6
Total			530.7						567.3						2,219.9						2,431.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			389.6						552.2						1,793.2						3,426.8
Commissions			19.5						20.8						80.5						78.4
Interest and Debt Expense			—						—						—						3.1
Other Expenses			44.2						56.6						203.5						158.7
Total			453.3						629.6						2,077.2						3,667.0
Income (Loss) Before Income Tax and Net Investment Gains and Losses			77.4						(62.3)						142.7						(1,235.7)
Long-term Care Reserve Assumption Update			—						—						2.1						151.5
Individual Disability Reserve Assumption Update			—						—						6.4						—
Group Pension Reserve Assumption Update			—						—						25.1						17.5
Impacts from Closed Block Individual Disability Reinsurance Transaction			—						139.3						139.3						1,305.5
Amortization of the Cost of Reinsurance			16.7						20.0						79.1						2.6
Adjusted Operating Income			$	94.1					$	97.0					$	394.7					$	241.4
Interest Adjusted Loss Ratios:
Long-term Care1			70.2		%				77.7		%				77.3		%				68.9		%
Individual Disability2			78.7		%				68.9		%				67.9		%				85.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio3			11.5		%				12.1		%				11.9		%				13.6		%
Income (Loss) Ratio			32.3		%				(24.8)		%				14.3		%				(124.3)		%
Adjusted Operating Income Ratio			39.2		%				38.5		%				39.6		%				24.3		%
Persistency:
Long-term Care			95.4		%				93.3		%				95.6		%				94.8		%
Individual Disability			86.5		%				87.7		%				86.4		%				88.0		%

1Excludes $2.1 million during the twelve months ended December 31, 2021, related to the reserve assumption update that occurred during the third quarter of 2021 and excludes $151.5 million during the twelve months ended December 31, 2020, related to the reserve assumption update that occurred during the fourth quarter of 2020. The interest adjusted loss ratio for long-term care for the rolling twelve months ended March 31, 2022, excluding the third quarter of 2021 reserve increase, was 75.5 percent. The interest-adjusted loss ratio for the rolling twelve months ended March 31, 2021 excluding the fourth quarter of 2020 reserve increase, was 68.1 percent.

12

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2 The interest adjusted loss ratio for the twelve months ended December 31, 2020 excludes the reserve recognition of $1,284.5 million related to the first phase of the reinsurance transaction. The interest-adjusted loss ratio for the three months ended March 31, 2021 and twelve months ended December 31 2021 excludes the reserve recognition of $133.1 million related to the second phase of the reinsurance transaction.

3Excludes $16.7 million, $20.0 million, $79.1 million and $2.6 million of amortization of the cost of reinsurance during the first quarter of 2022, first quarter of 2021, and twelve months ended December 31, 2021 and twelve months ended December 31, 2020, respectively. Excludes $21.0 million of transaction costs related to the first phase of the reinsurance transaction from the twelve months ended December 31, 2020. Also excludes $6.2 million of transaction costs related to the second phase of the reinsurance transaction from the three months ended March 31, 2021 and twelve months ended December 31, 2021.

12.1

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Unum Group Financial Results for Corporate Segment

			Three Months Ended												Year Ended
			3/31/2022						3/31/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Net Investment Income			$	8.8					$	8.1					$	27.9					$	9.8
Other Income			2.2						1.3						6.2						1.1
Total			11.0						9.4						34.1						10.9
Interest, Debt, and Other Expenses			51.4						48.3						305.3						247.7
Loss Before Income Tax and Net Investment Gain (Loss)			(40.4)						(38.9)						(271.2)						(236.8)
Impairment Loss on Internal-Use Software			—						—						12.1						—
Costs Related to Organizational Design Update			—						—						67.3						—
Impairment Loss on ROU Asset			—						—						13.9						12.7
Cost Related to Early Retirement of Debt			—						—						—						23.3
Adjusted Operating Loss			$	(40.4)					$	(38.9)					$	(177.9)					$	(200.8)

13

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Unum Group Reserves

			March 31, 2022
			Gross																																				Total Reinsurance Ceded
			Policy Reserves												Claim Reserves																														Total Net
									%						Incurred						IBNR						%						Total
Group Disability			$	—					—		%				$	5,297.4					$	787.8					26.0		%				$	6,085.2					$	58.2					$	6,027.0
Group Life and Accidental Death & Dismemberment			56.0						0.3						694.0						250.8						4.0						1,000.8						4.7						996.1
Individual Disability			449.9						2.1						1,415.9						149.5						6.7						2,015.3						207.6						1,807.7
Voluntary Benefits			1,752.6						8.1						48.9						50.9						0.4						1,852.4						23.8						1,828.6
Dental and Vision			—						—						0.2						13.3						0.1						13.5						0.1						13.4
Unum US Segment			2,258.5						10.5						7,456.4						1,252.3						37.2						10,967.2						294.4						10,672.8
Unum International Segment			206.6						1.0						2,056.7						156.1						9.5						2,419.4						88.1						2,331.3
Colonial Life Segment			2,488.2						11.5						319.7						114.9						1.9						2,922.8						2.4						2,920.4
Individual Disability			136.4						0.6						9,067.1						118.8						39.2						9,322.3						7,981.5						1,340.8
Long-term Care			10,943.8						50.6						2,326.2						273.2						11.1						13,543.2						6.7						13,536.5
Other			5,588.1						25.8						152.2						112.6						1.1						5,852.9						4,901.2						951.7
Closed Block Segment			16,668.3						77.0						11,545.5						504.6						51.4						28,718.4						12,889.4						15,829.0
Subtotal			$	21,621.6					100.0		%				$	21,378.3					$	2,027.9					100.0		%				45,027.8						13,274.3						31,753.5
Adjustment Related to Unrealized Investment Gains and Losses																																	2,104.4						74.8						2,029.6
Consolidated																																	$	47,132.2					$	13,349.1					$	33,783.1

The adjustment related to unrealized investment gains and losses reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the corresponding available-for-sale securities had been realized. Changes in this adjustment are primarily due to movements in credit spreads and U.S. Treasury rates.

14

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Unum Group Reserves

			December 31, 2021
			Gross																																				Total Reinsurance Ceded
			Policy Reserves												Claim Reserves																														Total Net
									%						Incurred						IBNR						%						Total
Group Disability			$	—					—		%				$	5,350.2					$	766.6					25.9		%				$	6,116.8					$	52.3					$	6,064.5
Group Life and Accidental Death & Dismemberment			56.7						0.3						715.8						281.0						4.2						1,053.5						4.4						1,049.1
Individual Disability			456.1						2.1						1,412.0						150.4						6.6						2,018.5						205.7						1,812.8
Voluntary Benefits			1,752.2						8.1						47.6						51.3						0.4						1,851.1						23.7						1,827.4
Dental and Vision			—						—						0.9						11.5						0.1						12.4						0.1						12.3
Unum US Segment			2,265.0						10.5						7,526.5						1,260.8						37.2						11,052.3						286.2						10,766.1
Unum International Segment			211.2						1.0						2,110.7						156.0						9.6						2,477.9						94.3						2,383.6
Colonial Life Segment			2,471.8						11.4						322.8						115.5						1.9						2,910.1						3.2						2,906.9
Individual Disability			148.6						0.7						9,210.0						123.6						39.4						9,482.2						8,145.4						1,336.8
Long-term Care			10,842.2						50.2						2,300.1						271.7						10.9						13,414.0						7.4						13,406.6
Other			5,652.2						26.2						153.2						113.8						1.0						5,919.2						4,950.1						969.1
Closed Block Segment			16,643.0						77.1						11,663.3						509.1						51.3						28,815.4						13,102.9						15,712.5
Subtotal			$	21,591.0					100.0		%				$	21,623.3					$	2,041.4					100.0		%				45,255.7						13,486.6						31,769.1
Adjustment Related to Unrealized Investment Gains and Losses																																	4,659.5						132.1						4,527.4
Consolidated																																	$	49,915.2					$	13,618.7					$	36,296.5

14. 1

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Unum Group Investments

						3/31/2022																		3/31/2022						12/31/2021
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	24,743.8					62.0		%				Earned Book Yield						4.56		%				4.85		%
Mortgage-Backed/Asset-Backed Securities						559.1						1.4						Average Duration (in years)						8.05						8.35
Private Placements						6,207.1						15.5
High Yield						2,522.9						6.3
Government Securities						1,602.0						4.0
Municipal Securities						4,307.3						10.8
Redeemable Preferred Stocks						3.8						—
Total						$	39,946.0					100.0		%
						Amortized Cost						Fair Value						Private Equity Partnerships						3/31/2022						12/31/2021
Quality Ratings of Fixed Maturity Securities																		Private Credit Partnerships						$	291.6					$	279.4
Aaa						4.6		%				4.7		%				Private Equity Partnerships						424.4						384.6
Aa						11.6						11.7						Real Asset Partnerships						329.9						314.6
A						26.5						27.0						Total						$	1,045.9					$	978.6
Baa						50.7						50.3
Below Baa						6.6						6.3
Total						100.0		%				100.0		%				Non-Current Investments						$	—					$	19.8

15

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Unum Group Investments at March 31, 2022

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
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						$	2,875.4					$	109.4					$	698.4					$	50.6					$	2,177.0					$	160.0
Capital Goods						3,669.9						201.9						918.8						68.9						2,751.1						270.8
Communications						2,579.6						205.5						677.6						49.6						1,902.0						255.1
Consumer Cyclical						1,488.5						53.0						370.4						30.8						1,118.1						83.8
Consumer Non-Cyclical						6,435.1						389.3						1,606.3						127.9						4,828.8						517.2
Energy						3,291.7						292.6						472.0						29.1						2,819.7						321.7
Financial Institutions						3,637.5						30.2						1,461.0						121.7						2,176.5						151.9
Mortgage/Asset-Backed						559.1						22.7						102.7						0.7						456.4						23.4
Sovereigns						1,064.7						131.0						231.7						48.2						833.0						179.2
Technology						1,746.7						(4.1)						661.5						54.5						1,085.2						50.4
Transportation						1,904.6						72.5						626.3						47.6						1,278.3						120.1
U.S. Government Agencies and Municipalities						4,844.6						159.4						1,986.2						224.9						2,858.4						384.3
Public Utilities						5,848.6						617.0						885.5						70.4						4,963.1						687.4
Total						$	39,946.0					$	2,280.4					$	10,698.4					$	924.9					$	29,247.6					$	3,205.3
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
						Investment-Grade																								Below-Investment-Grade
Category						Fair Value						Gross Unrealized Loss																		Fair Value						Gross Unrealized Loss
Less than 91 days						$	7,254.3					$	491.6																	$	801.8					$	24.8
91 through 180 days						1,309.5						202.6																		75.6						5.9
181 through 270 days						721.6						112.8																		15.9						1.9
271 days to 1 year						4.1						1.1																		2.0						—
Greater than 1 year						422.8						70.8																		90.8						13.4
Total						$	9,712.3					$	878.9																	$	986.1					$	46.0

15.1

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Appendix to Statistical Supplement

2022 Significant Items

•None.

2021 Significant Items

•Third quarter of 2021 reserve assumption updates resulting in a reserve reduction of $215.0 million before tax, or $169.9 million after tax, in our Unum US group long-term disability product line and reserve increases of $2.1 million, $6.4 million, and $25.1 million before tax, or $1.7 million, $5.1 million, and $19.8 million after tax, in our Closed Block long-term care, Closed Block individual disability, and Closed Block group pension product lines, respectively.

•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.

•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.

•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $24.2 million of additional tax expense through continuing operations for the revaluation of our deferred tax assets and liabilities.

•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.

In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.

In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we recognized the following in the first quarter of 2021 related to the second phase:

•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.

•Increase in benefits and change in reserves for future benefits of $133.1 million, or $105.1 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $6.2 million, or $5.0 million after tax.

•Reinsurance recoverable of $990.0 million related to the policies on claim status (DLR cohort).

•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.

•Cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort.

•Deposit asset of $5.0 million related to the ALR cohort.

16

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Appendix to Statistical Supplement - Continued

2020 Significant Items

•In connection with the first phase of the previously-mentioned reinsurance transaction, the ceding companies paid a total cash ceding commission to Commonwealth of approximately $438 million and transferred additional assets consisting primarily of fixed maturity securities and cash totaling $6,669.8 million. PLC received a payment of $62 million from Commonwealth related to the 12-year volatility cover for the business reinsured during the first phase of the transaction. In addition, we recognized the following in the fourth quarter of 2020 related to the first phase:

•Net realized investment gain of $1,302.3 million before tax, or $1,028.8 million after tax, related to the transfer of investments.

•Increase in benefits and change in reserves for future benefits of $1,284.5 million, or $1,014.7 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $21.0 million, or $16.6 million after tax.

•Net tax benefit of $36.5 million.

•Reinsurance recoverable of $6,141.5 million representing the ceded reserves related to the DLR cohort.

•Cost of reinsurance, or prepaid reinsurance premium, of $815.7 million related to the DLR cohort, of which we recognized amortization expense of $2.6 million, or $2.0 million after tax.

•Deposit asset of $88.2 million related to the ALR cohort.

•Fourth quarter of 2020 reserve assumption updates resulting in reserve increases of $151.5 million and $17.5 million before tax, or $119.7 million and $13.8 million after tax, in our Closed Block long-term care and Closed Block group pension product lines, respectively.

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

•Third quarter of 2020 costs related to organizational design update of $23.3 million before tax and $18.6 million after tax.

•Second quarter of 2020 impairment loss of $12.7 million, or $10.0 million after tax, on a ROU asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•In June 2016, the Financial Accounting Standards Board (FASB) issued an update that amended the guidance on the impairment of financial instruments. This update added an impairment model known as the current expected credit loss model that is based on expected losses rather than incurred losses, and will generally result in earlier recognition of allowances for losses. This new model applies to financial instruments such as mortgage loans, fixed maturity securities classified as held-to-maturity, and certain receivables. This update also prospectively modified the other-than-temporary impairment model used for available-for-sale fixed maturity securities such that credit losses are recognized as an allowance rather than as a reduction in the amortized cost of the security. We adopted this update effective January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2020 which resulted in a decrease to retained earnings of $18.9 million, a decrease to mortgage loans of $8.3 million, a decrease in reinsurance recoverable of $1.8 million, a decrease in accounts and premiums receivable of $13.5 million, a decrease in deferred income tax liability of $5.0 million, and an increase to other liabilities of $0.3 million.

16.1

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Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

•Consolidated adjusted operating revenue, which excludes investment gains or losses;

•After-tax adjusted operating income or loss, which excludes investment gains or losses and amortization of the cost of reinsurance as well as certain other items, as applicable;

•Adjusted operating return on equity, which is calculated using after-tax adjusted operating income or loss and excludes from equity the unrealized gain or loss on securities and net gain on hedges;

•Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on hedges, and the non-recourse debt and associated capital of Northwind Holdings, LLC prior to pay off in December 2020; and

•Book value per common share, which is calculated excluding accumulated other comprehensive income (AOCI).

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

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

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.

For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 16.3, other than book value per common share, which is presented on page 2.

16.2

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Reconciliation of Non-GAAP Financial Measures

						Three Months Ended
						March 31						December 31						September 30						June 30						March 31						December 31						September 30						June 30						March 31
						2022						2021																								2020
Total Revenue						$	2,982.5					$	2,979.1					$	2,969.7					$	2,993.0					$	3,072.0					$	4,273.5					$	2,996.3					$	3,021.2					$	2,871.1
Excluding:
Net Investment Gain (Loss)						(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9						4.4						33.8						(144.0)
Adjusted Operating Revenue						$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6					$	2,991.9					$	2,987.4					$	3,015.1

16.3

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Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity						Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2022
Unum US						$	135.7					$	4,590.4					11.8		%
Unum International						31.6						779.3						16.2		%
Colonial Life						71.2						1,551.4						18.4		%
Core Operating Segments						238.5						6,921.1						13.8		%
Closed Block						73.9						4,488.5
Corporate						(35.1)						(960.6)
Total						$	277.3					$	10,449.0					10.6		%
Three Months Ended March 31, 2021
Unum US						$	91.6					$	4,395.3					8.3		%
Unum International						21.2						822.4						10.3		%
Colonial Life						57.8						1,597.8						14.5		%
Core Operating Segments						170.6						6,815.5						10.0		%
Closed Block						75.9						4,107.6
Corporate						(34.5)						(1,162.7)
Total						$	212.0					$	9,760.4					8.7		%

16.4

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Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Adjusted Operating Return on Equity
Year Ended December 31, 2021
Unum US						$	367.8					$	4,500.0					8.2		%
Unum International						84.1						806.1						10.4		%
Colonial Life						259.9						1,580.3						16.4		%
Core Operating Segments						711.8						6,886.4						10.3		%
Closed Block						248.6						4,208.6
Corporate						(69.7)						(1,046.0)
Total						$	890.7					$	10,049.0					8.9		%
Year Ended December 31, 2020
Unum US						$	651.4					$	4,458.2					14.6		%
Unum International						51.9						797.7						6.5		%
Colonial Life						264.5						1,584.1						16.7		%
Core Operating Segments						967.8						6,840.0						14.1		%
Closed Block						183.8						3,979.2
Corporate						(146.2)						(1,395.2)
Total						$	1,005.4					$	9,424.0					10.7		%

1 Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.6. Due to the implementation of a FASB update for which the beginning balances of 2020 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2020 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2020. As a result, average equity for the year ended December 31, 2020 for certain of our segments will not compute using the historical allocated equity at December 31, 2019.

16.5

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Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

						3/31/2022						12/31/2021						3/31/2021						12/31/2020						12/31/2019
Total Stockholders' Equity						$	10,623.1					$	11,416.4					$	10,570.1					$	10,871.0					$	9,965.0
Excluding:
Net Unrealized Gain on Securities						66.1						962.2						678.2						1,067.7						615.9
Net Gain on Hedges						51.4						61.8						77.1						97.8						187.8
Total Adjusted Stockholders' Equity						$	10,505.6					$	10,392.4					$	9,814.8					$	9,705.5					$	9,161.3
						Three Months Ended						Twelve Months Ended						Three Months Ended						Twelve Months Ended
						3/31/2022						12/31/2021						3/31/2021						12/31/2020
Average Adjusted Stockholders' Equity						$	10,449.0					$	10,049.0					$	9,760.4					$	9,424.0

16.6

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Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended March 31
						2022												2021
						(in millions)						per share*						(in millions)						per share*
Net Income						$	253.5					$	1.25					$	153.0					$	0.75
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $14.2)						—						—						53.4						0.26
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(3.2); $3.5)						(10.6)						(0.05)						13.5						0.06
Total Net Investment Gain (Loss)						(10.6)						(0.05)						66.9						0.32
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $—; $29.2)						—						—						(110.1)						(0.53)
Amortization of the Cost of Reinsurance (net of tax benefit of $3.5; $4.2)						(13.2)						(0.06)						(15.8)						(0.08)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction						(13.2)						(0.06)						(125.9)						(0.61)
After-tax Adjusted Operating Income						$	277.3					$	1.36					$	212.0					$	1.04
*Assuming Dilution.

16.7

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Reconciliation of Non-GAAP Financial Measures - Continued

						Year Ended December 31
						2021												2020
						(in millions)						per share *						(in millions)						per share *
Net Income						$	824.2					$	4.02					$	793.0					$	3.89
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $14.2; $273.5)						53.4						0.26						1,028.8						5.05
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $1.9; $(20.9))						7.2						0.03						(82.3)						(0.40)
Total Net Investment Gain						60.6						0.29						946.5						4.65
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $29.2; $274.2)						(110.1)						(0.53)						(1,031.3)						(5.06)
Amortization of the Cost of Reinsurance (net of tax benefit of $16.8; $0.6)						(62.3)						(0.31)						(2.0)						(0.01)
Net Tax Benefits of Reinsurance Transaction						—						—						36.5						0.18
Total Items Related to Closed Block Individual Disability Reinsurance Transaction						(172.4)						(0.84)						(996.8)						(4.89)
Net Reserve Change Related to Reserve Assumption Updates (net of tax expense (benefit) of $38.1; $(35.5))						143.3						0.70						(133.5)						(0.66)
Impairment Loss on Internal-Use Software (net of tax benefit of $2.5; $—)						(9.6)						(0.05)						—						—
Costs Related to Early Retirement of Debt (net of tax benefit of $14.1; $—)						(53.2)						(0.26)						—						—
Impairment Loss on ROU Asset (net of tax benefit of $2.9; $2.7)						(11.0)						(0.05)						(10.0)						(0.05)
Impact of U.K. Tax Rate Increase						(24.2)						(0.12)						—						—
Costs Related to Organizational Design Update (net of tax benefit of $—; $4.7)						—						—						(18.6)						(0.09)
After-tax Adjusted Operating Income						$	890.7					$	4.35					$	1,005.4					$	4.93
*Assuming Dilution.

16.8

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Reconciliation of Non-GAAP Financial Measures - Continued

						March 31												December 31
						2022						2021						2021						2020
Debt						$	3,442.9					$	3,346.8					$	3,442.2					$	3,345.7
Including:
Lease Liability						78.1						99.7						82.6						105.9
Adjusted Debt and Lease Liability						$	3,521.0					$	3,446.5					$	3,524.8					$	3,451.6
Total Stockholders' Equity						$	10,623.1					$	10,570.1					$	11,416.4					$	10,871.0
Excluding:
Net Unrealized Gain on Securities and Net Gain on Hedges						117.5						755.3						1,024.0						1,165.5
Equity, As Adjusted						10,505.6						9,814.8						10,392.4						9,705.5
Debt, As Adjusted and Lease Liability						3,521.0						3,446.5						3,524.8						3,451.6
Total Adjusted Capital						$	14,026.6					$	13,261.3					$	13,917.2					$	13,157.1
Leverage Ratio						25.1		%				26.0		%				25.3		%				26.2		%

16.9