EX-99.2 3 unm09302022exhibit992.htm EX-99.2

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Unum Group

Statistical Supplement Third 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 16.2 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												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Consolidated U.S. GAAP Results¹
Premium Income			$	2,391.7					$	2,353.7					$	7,212.3					$	7,106.4					$	9,481.0					$	9,378.1
Adjusted Operating Revenue			$	2,966.3					$	2,969.8					$	9,007.6					$	8,949.3					$	11,937.1					$	11,963.0
Net Investment Gain (Loss)			(4.4)						(0.1)						(22.3)						85.4						76.7						1,199.1
Revenue			$	2,961.9					$	2,969.7					$	8,985.3					$	9,034.7					$	12,013.8					$	13,162.1
Net Income			$	410.7					$	328.6					$	1,034.6					$	664.5					$	824.2					$	793.0
Net Income Per Common Share:
Basic			$	2.05					$	1.61					$	5.14					$	3.25					$	4.04					$	3.89
Assuming Dilution			$	2.04					$	1.60					$	5.11					$	3.24					$	4.02					$	3.89
Assets															$	60,866.7					$	70,597.9					$	70,115.6					$	70,625.8
Stockholders' Equity															$	8,659.5					$	11,118.2					$	11,416.4					$	10,871.0
Adjusted Operating Return on Equity
Unum US			18.6		%				6.2		%				16.7		%				8.9		%				8.2		%				14.6		%
Unum International			24.7		%				11.8		%				21.1		%				10.4		%				10.4		%				6.5		%
Colonial Life			18.1		%				16.1		%				19.3		%				16.4		%				16.4		%				16.7		%
Core Operating Segments			19.1		%				9.1		%				17.7		%				10.8		%				10.3		%				14.1		%
Consolidated			11.2		%				8.3		%				12.1		%				9.5		%				8.9		%				10.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax			$	243.2					$	117.1					$	725.0					$	431.3					$	681.1					$	726.2
Net Realized Capital Gain (Loss), After Tax			(0.1)						68.9						(2.3)						87.3						98.4						(79.4)
Net Income			$	243.1					$	186.0					$	722.7					$	518.6					$	779.5					$	646.8
Capital and Surplus															$	4,136.9					$	3,830.9					$	3,950.3					$	3,875.0
Weighted Average Risk-based Capital Ratio															~ 415%						~ 380%						~ 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

			9/30/2022												9/30/2021												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)			$	8,659.5					$	43.49					$	11,118.2					$	54.39					$	11,416.4					$	56.37					$	10,871.0					$	53.37
Excluding:
Net Unrealized Gain (Loss) on Securities			(2,329.3)						(11.70)						836.0						4.09						962.2						4.75						1,067.7						5.24
Net Gain on Hedges			13.5						0.07						69.5						0.34						61.8						0.30						97.8						0.48
Subtotal			10,975.3						55.12						10,212.7						49.96						10,392.4						51.32						9,705.5						47.65
Excluding:
Foreign Currency Translation Adjustment			(438.0)						(2.20)						(275.2)						(1.35)						(273.9)						(1.35)						(261.3)						(1.28)
Subtotal			11,413.3						57.32						10,487.9						51.31						10,666.3						52.67						9,966.8						48.93
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(380.9)						(1.91)						(516.4)						(2.53)						(396.0)						(1.96)						(530.0)						(2.61)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	11,794.2					$	59.23					$	11,004.3					$	53.84					$	11,062.3					$	54.63					$	10,496.8					$	51.54
Dividends Paid			$	189.5					$	0.93					$	179.3					$	0.87					$	240.6					$	1.17					$	233.2					$	1.14

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Shares Repurchased (millions)			1.2						—						4.2						—						1.9						—
Cost of Shares Repurchased (millions)1			$	42.6					$	—					$	137.5					$	—					$	50.0					$	—
Price (UNM closing price on last trading day of period)															$	38.80					$	25.06					$	24.57					$	22.94
Leverage Ratio															24.2		%				25.7		%				25.3		%				26.2		%
Holding Company Liquidity															$	1,079					$	1,638					$	1,515					$	1,512

1Includes a de minimis amount and $0.1 million of commissions for the three and nine months ended September 30, 2022.

2

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Unum Group Ratings

AM Best

Fitch

Moody's

S&P

Issuer Credit Ratings

bbb

BBB-

Baa3

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A

A-

A3

A

Provident Life and Casualty Insurance Company

A

A-

NR

NR

Unum Life Insurance Company of America

A

A-

A3

A

First Unum Life Insurance Company

A

A-

A3

A

Colonial Life & Accident Insurance Company

A

A-

A3

A

The Paul Revere Life Insurance Company

A

A-

A3

A

Starmount Life Insurance Company

A

NR

NR

NR

Unum Insurance Company

A

A-

A3

NR

Unum Limited

NR

NR

NR

A-

Outlooks

Issuer Credit Rating

Positive

Stable

Stable

Stable

Financial Strength Rating

Stable

Stable

Stable

Stable

NR = not rated

3

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Unum Group Consolidated Statements of Income

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Revenue
Premium Income			$	2,391.7					$	2,353.7					$	7,212.3					$	7,106.4					$	9,481.0					$	9,378.1
Net Investment Income			511.6						550.2						1,597.8						1,662.4						2,213.2						2,360.7
Net Investment Gain (Loss)			(4.4)						(0.1)						(22.3)						85.4						76.7						1,199.1
Other Income			63.0						65.9						197.5						180.5						242.9						224.2
Total Revenue			2,961.9						2,969.7						8,985.3						9,034.7						12,013.8						13,162.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			1,579.3						1,753.9						5,181.3						5,659.2						7,598.6						8,972.9
Commissions			271.5						258.3						819.1						777.9						1,038.1						1,057.3
Interest and Debt Expense - Non-recourse Debt			—						—						—						—						—						3.1
Interest and Debt Expense - All Other Debt			47.0						44.7						141.3						134.4						185.0						185.1
Cost Related to Early Retirement of Debt			4.2						—						4.2						67.3						67.3						—
Deferral of Acquisition Costs			(139.4)						(128.6)						(419.1)						(388.9)						(508.1)						(576.2)
Amortization of Deferred Acquisition Costs			150.8						138.4						449.5						440.8						586.1						606.1
Other Expenses			533.2						493.1						1,538.5						1,472.7						1,983.8						1,949.8
Total Benefits and Expenses			2,446.6						2,559.8						7,714.8						8,163.4						10,950.8						12,198.1
Income Before Income Tax			515.3						409.9						1,270.5						871.3						1,063.0						964.0
Income Tax			104.6						81.3						235.9						206.8						238.8						171.0
Net Income			$	410.7					$	328.6					$	1,034.6					$	664.5					$	824.2					$	793.0
Weighted Average Shares Outstanding
Basic			200.0						204.6						201.3						204.4						204.2						203.6
Assuming Dilution			201.7						205.1						202.5						205.1						204.8						203.8
Actual Number of Shares Outstanding															199.1						204.4						202.5						203.7

4

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Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
			9/30/2022						9/30/2021						% Change						9/30/2022						9/30/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	35.4					$	26.2					35.1		%				$	139.2					$	99.3					40.2		%				$	206.6					$	239.7
Group Short-term Disability			18.3						21.6						(15.3)						82.4						76.9						7.2						142.7						158.7
Group Life and AD&D			26.9						26.6						1.1						137.5						120.6						14.0						223.8						224.3
Subtotal			80.6						74.4						8.3						359.1						296.8						21.0						573.1						622.7
Supplemental and Voluntary
Voluntary Benefits			40.5						34.0						19.1						188.8						178.7						5.7						231.2						241.6
Individual Disability			25.9						20.9						23.9						64.9						52.8						22.9						75.0						71.4
Dental and Vision			10.5						12.6						(16.7)						32.6						33.6						(3.0)						62.4						63.9
Subtotal			76.9						67.5						13.9						286.3						265.1						8.0						368.6						376.9
Total Sales			$	157.5					$	141.9					11.0						$	645.4					$	561.9					14.9						$	941.7					$	999.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	58.7					$	45.9					27.9		%				$	228.5					$	187.5					21.9		%				$	371.5					$	377.0
Large Case Market			21.9						28.5						(23.2)						130.6						109.3						19.5						201.6						245.7
Subtotal			80.6						74.4						8.3						359.1						296.8						21.0						573.1						622.7
Supplemental and Voluntary			76.9						67.5						13.9						286.3						265.1						8.0						368.6						376.9
Total Sales			$	157.5					$	141.9					11.0						$	645.4					$	561.9					14.9						$	941.7					$	999.6

5

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Unum Group Sales Data for Unum International Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
(in millions of dollars)			9/30/2022						9/30/2021						% Change						9/30/2022						9/30/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Unum UK
Group Long-term Disability			$	6.4					$	10.1					(36.6)		%				$	35.2					$	33.4					5.4		%				$	41.4					$	37.7
Group Life			28.1						6.8						N.M.						49.0						22.9						114.0						31.3						20.6
Supplemental			2.2						3.7						(40.5)						14.5						13.6						6.6						17.0						18.9
Unum Poland			3.4						3.5						(2.9)						11.4						10.5						8.6						16.1						13.3
Total Sales			$	40.1					$	24.1					66.4						$	110.1					$	80.4					36.9						$	105.8					$	90.5
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	9.3					$	9.3					—		%				$	32.8					$	30.5					7.5		%				$	41.5					$	36.2
Large Case Market			25.2						7.6						N.M.						51.4						25.8						99.2						31.2						22.1
Subtotal			34.5						16.9						104.1						84.2						56.3						49.6						72.7						58.3
Supplemental			2.2						3.7						(40.5)						14.5						13.6						6.6						17.0						18.9
Unum Poland			3.4						3.5						(2.9)						11.4						10.5						8.6						16.1						13.3
Total Sales			$	40.1					$	24.1					66.4						$	110.1					$	80.4					36.9						$	105.8					$	90.5
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	5.5					£	7.4					(25.7)		%				£	27.6					£	24.1					14.5		%				£	30.0					£	29.5
Group Life			23.5						4.9						N.M.						39.7						16.5						140.6						22.8						16.1
Supplemental			1.9						2.7						(29.6)						11.3						9.9						14.1						12.3						14.9
Total Sales			£	30.9					£	15.0					106.0						£	78.6					£	50.5					55.6						£	65.1					£	60.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	7.9					£	6.7					17.9		%				£	25.9					£	22.0					17.7		%				£	30.2					£	28.3
Large Case Market			21.1						5.6						N.M.						41.4						18.6						122.6						22.6						17.3
Subtotal			29.0						12.3						135.8						67.3						40.6						65.8						52.8						45.6
Supplemental			1.9						2.7						(29.6)						11.3						9.9						14.1						12.3						14.9
Total Sales			£	30.9					£	15.0					106.0						£	78.6					£	50.5					55.6						£	65.1					£	60.5

5. 1

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Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Nine Months Ended																		Year Ended
			9/30/2022						9/30/2021						% Change						9/30/2022						9/30/2021						% Change						12/31/2021						12/31/2020
Sales by Product
Accident, Sickness, and Disability			$	71.4					$	69.8					2.3		%				$	210.0					$	196.4					6.9		%				$	297.9					$	261.5
Life			27.9						26.4						5.7						80.4						73.2						9.8						111.0						88.8
Cancer and Critical Illness			16.6						16.1						3.1						47.7						44.0						8.4						70.9						62.8
Total Sales			$	115.9					$	112.3					3.2						$	338.1					$	313.6					7.8						$	479.8					$	413.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)			$	73.4					$	72.3					1.5		%				$	225.4					$	207.2					8.8		%				$	313.2					$	266.2
Large Case Market			10.7						14.3						(25.2)						36.3						43.4						(16.4)						68.5						57.4
Subtotal			84.1						86.6						(2.9)						261.7						250.6						4.4						381.7						323.6
Public Sector			31.8						25.7						23.7						76.4						63.0						21.3						98.1						89.5
Total Sales			$	115.9					$	112.3					3.2						$	338.1					$	313.6					7.8						$	479.8					$	413.1

5. 2

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Unum Group Consolidated Balance Sheets

			September 30						December 31
			2022						2021
Assets
Investments
Fixed Maturity Securities			$	34,148.2					$	43,336.0
Mortgage Loans			2,476.4						2,560.4
Policy Loans			3,640.8						3,662.9
Other Long-term Investments			1,430.4						1,203.0
Short-term Investments			1,183.2						1,388.0
Total Investments			42,879.0						52,150.3
Other Assets
Cash and Bank Deposits			143.3						75.0
Accounts and Premiums Receivable			1,475.4						1,519.9
Reinsurance Recoverable			10,289.7						10,919.3
Accrued Investment Income			717.2						602.7
Deferred Acquisition Costs			2,254.6						2,207.9
Goodwill			344.4						352.2
Property and Equipment			442.4						462.7
Deferred Income Tax			523.1						—
Other Assets			1,797.6						1,825.6
Total Assets			$	60,866.7					$	70,115.6

6

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Unum Group Consolidated Balance Sheets - Continued

			September 30						December 31
			2022						2021
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits			$	1,771.4					$	1,907.7
Reserves for Future Policy and Contract Benefits			42,108.7						48,007.5
Unearned Premiums			394.0						347.5
Other Policyholders’ Funds			1,756.0						1,790.9
Income Tax Payable			212.2						159.1
Deferred Income Tax			6.5						458.4
Long-term Debt			3,429.2						3,442.2
Other Liabilities			2,529.2						2,585.9
Total Liabilities			52,207.2						58,699.2
Stockholders’ Equity
Common Stock			30.8						30.7
Additional Paid-in Capital			2,432.3						2,408.1
Accumulated Other Comprehensive Income (Loss)			(3,134.7)						354.1
Retained Earnings			12,698.3						11,853.2
Treasury Stock			(3,367.2)						(3,229.7)
Total Stockholders’ Equity			8,659.5						11,416.4
Total Liabilities and Stockholders’ Equity			$	60,866.7					$	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			199.4						9.3						210.4						419.1
Amortization			(228.0)						(5.8)						(215.7)						(449.5)
Adjustment Related to Unrealized Investment Gains and Losses			15.4						—						68.5						83.9
Foreign Currency			—						(6.8)						—						(6.8)
Balance at September 30, 2022			$	1,083.0					$	32.1					$	1,139.5					$	2,254.6

6. 2

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Unum Group Balance Sheets by Segment - September 30, 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			$	7,129.9					$	2,356.5					$	4,500.0					$	13,986.4					$	2,518.6					$	3,110.3					$	21,679.3					$	1,584.4					$	42,879.0
Deferred Acquisition Costs			93.2						61.3						928.5						1,083.0						32.1						1,139.5						—						—						2,254.6
Goodwill			8.9						—						271.1						280.0						36.7						27.7						—						—						344.4
All Other			144.4						310.4						378.8						833.6						323.1						135.0						12,197.5						1,899.5						15,388.7
Total Assets			$	7,376.4					$	2,728.2					$	6,078.4					$	16,183.0					$	2,910.5					$	4,412.5					$	33,876.8					$	3,483.9					$	60,866.7
Liabilities
Reserves and Policyholder Benefits			$	5,599.9					$	1,862.7					$	3,857.1					$	11,319.7					$	2,213.8					$	2,963.1					$	29,533.5					$	—					$	46,030.1
Debt			—						—						—						—						—						—						—						3,429.2						3,429.2
All Other			39.2						92.2						215.8						347.2						104.2						58.1						605.6						1,632.8						2,747.9
Total Liabilities			5,639.1						1,954.9						4,072.9						11,666.9						2,318.0						3,021.2						30,139.1						5,062.0						52,207.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,742.1						909.2						2,139.5						4,790.8						683.3						1,539.3						4,666.8						(704.9)						10,975.3
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges			(4.8)						(135.9)						(134.0)						(274.7)						(90.8)						(148.0)						(929.1)						(873.2)						(2,315.8)
Total Allocated Stockholders' Equity			1,737.3						773.3						2,005.5						4,516.1						592.5						1,391.3						3,737.7						(1,578.1)						8,659.5
Total Liabilities and Allocated Stockholders' Equity			$	7,376.4					$	2,728.2					$	6,078.4					$	16,183.0					$	2,910.5					$	4,412.5					$	33,876.8					$	3,483.9					$	60,866.7

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 and 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																		Nine Months Ended
			9/30/2022						9/30/2021						% Change						9/30/2022						9/30/2021						% Change
Premium Income
Unum US			$	1,559.6					$	1,500.8					3.9		%				$	4,676.8					$	4,548.7					2.8		%
Unum International			173.3						181.6						(4.6)						540.5						539.5						0.2
Colonial Life			423.3						420.8						0.6						1,281.6						1,266.9						1.2
Closed Block			235.5						250.5						(6.0)						713.4						751.3						(5.0)
			2,391.7						2,353.7						1.6						7,212.3						7,106.4						1.5
Net Investment Income
Unum US			170.6						176.2						(3.2)						509.4						539.5						(5.6)
Unum International			37.0						33.1						11.8						122.3						94.8						29.0
Colonial Life			38.6						51.8						(25.5)						115.4						131.1						(12.0)
Closed Block			251.4						284.6						(11.7)						817.7						876.5						(6.7)
Corporate			14.0						4.5						N.M.						33.0						20.5						61.0
			511.6						550.2						(7.0)						1,597.8						1,662.4						(3.9)
Other Income
Unum US			49.0						43.5						12.6						146.8						125.2						17.3
Unum International			0.2						0.4						(50.0)						0.7						0.6						16.7
Colonial Life			0.3						0.3						—						0.8						0.8						—
Closed Block			13.1						19.3						(32.1)						45.6						49.8						(8.4)
Corporate			0.4						2.4						(83.3)						3.6						4.1						(12.2)
			63.0						65.9						(4.4)						197.5						180.5						9.4
Total Adjusted Operating Revenue
Unum US			1,779.2						1,720.5						3.4						5,333.0						5,213.4						2.3
Unum International			210.5						215.1						(2.1)						663.5						634.9						4.5
Colonial Life			462.2						472.9						(2.3)						1,397.8						1,398.8						(0.1)
Closed Block			500.0						554.4						(9.8)						1,576.7						1,677.6						(6.0)
Corporate			14.4						6.9						108.7						36.6						24.6						48.8
			$	2,966.3					$	2,969.8					(0.1)						$	9,007.6					$	8,949.3					0.7

7

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Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Nine Months Ended
			9/30/2022						9/30/2021						% Change						9/30/2022						9/30/2021						% Change
Benefits and Expenses
Unum US			$	1,349.2					$	1,417.0					(4.8)		%				$	4,436.0					$	4,614.9					(3.9)		%
Unum International			180.6						187.7						(3.8)						581.5						556.3						4.5
Colonial Life			371.8						392.8						(5.3)						1,116.2						1,149.6						(2.9)
Closed Block			481.1						497.9						(3.4)						1,417.7						1,591.9						(10.9)
Corporate			63.9						64.4						(0.8)						163.4						250.7						(34.8)
			2,446.6						2,559.8						(4.4)						7,714.8						8,163.4						(5.5)
Income (Loss) Before Income Tax and Net Investment Gain (Loss)
Unum US			430.0						303.5						41.7						897.0						598.5						49.9
Unum International			29.9						27.4						9.1						82.0						78.6						4.3
Colonial Life			90.4						80.1						12.9						281.6						249.2						13.0
Closed Block			18.9						56.5						(66.5)						159.0						85.7						85.5
Corporate			(49.5)						(57.5)						13.9						(126.8)						(226.1)						43.9
			519.7						410.0						26.8						1,292.8						785.9						64.5
Income Tax			105.6						81.3						29.9						241.1						188.8						27.7
Income Before Net Investment Gain (Loss)			414.1						328.7						26.0						1,051.7						597.1						76.1
Net Investment Gain (Loss) (net of tax expense (benefit) of $(1.0); $—; $(5.2); $18.0)			(3.4)						(0.1)						N.M.						(17.1)						67.4						(125.4)
Net Income			$	410.7					$	328.6					25.0						$	1,034.6					$	664.5					55.7

7. 1

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Unum Group Quarterly Historical Financial Results by Segment

			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20						9/30/20
Premium Income
Unum US			$	1,559.6					$	1,572.3					$	1,544.9					$	1,529.3					$	1,500.8					$	1,522.1					$	1,525.8					$	1,485.1					$	1,483.4
Unum International			173.3						179.4						187.8						177.5						181.6						183.5						174.4						165.7						165.4
Colonial Life			423.3						427.6						430.7						423.3						420.8						419.7						426.4						418.8						419.9
Closed Block			235.5						238.0						239.9						244.5						250.5						249.1						251.7						250.3						249.4
			2,391.7						2,417.3						2,403.3						2,374.6						2,353.7						2,374.4						2,378.3						2,319.9						2,318.1
Net Investment Income
Unum US			170.6						167.8						171.0						182.1						176.2						183.6						179.7						173.1						190.7
Unum International			37.0						50.8						34.5						37.9						33.1						35.7						26.0						25.5						26.3
Colonial Life			38.6						38.7						38.1						40.9						51.8						41.6						37.7						37.5						43.7
Closed Block			251.4						291.5						274.8						282.5						284.6						294.7						297.2						356.7						351.2
Corporate			14.0						10.2						8.8						7.4						4.5						7.9						8.1						0.7						1.3
			511.6						559.0						527.2						550.8						550.2						563.5						548.7						593.5						613.2
Other Income
Unum US			49.0						50.7						47.1						44.8						43.5						41.3						40.4						37.4						42.0
Unum International			0.2						0.3						0.2						—						0.4						0.1						0.1						0.1						0.2
Colonial Life			0.3						0.2						0.3						0.2						0.3						0.3						0.2						0.2						0.3
Closed Block			13.1						16.5						16.0						15.3						19.3						12.1						18.4						16.9						17.8
Corporate			0.4						1.0						2.2						2.1						2.4						0.4						1.3						0.6						0.3
			63.0						68.7						65.8						62.4						65.9						54.2						60.4						55.2						60.6
Total Adjusted Operating Revenue
Unum US			1,779.2						1,790.8						1,763.0						1,756.2						1,720.5						1,747.0						1,745.9						1,695.6						1,716.1
Unum International			210.5						230.5						222.5						215.4						215.1						219.3						200.5						191.3						191.9
Colonial Life			462.2						466.5						469.1						464.4						472.9						461.6						464.3						456.5						463.9
Closed Block			500.0						546.0						530.7						542.3						554.4						555.9						567.3						623.9						618.4
Corporate			14.4						11.2						11.0						9.5						6.9						8.3						9.4						1.3						1.6
			$	2,966.3					$	3,045.0					$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6					$	2,991.9

8

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Unum Group Quarterly Historical Financial Results by Segment - Continued

			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20						9/30/20
Benefits and Expenses
Unum US			$	1,349.2					$	1,495.4					$	1,591.4					$	1,674.8					$	1,417.0					$	1,567.7					$	1,630.2					$	1,552.1					$	1,527.9
Unum International			180.6						205.6						195.3						188.3						187.7						194.5						174.1						170.6						170.5
Colonial Life			371.8						365.4						379.0						384.4						392.8						365.8						391.0						385.3						371.7
Closed Block			481.1						483.3						453.3						485.3						497.9						464.4						629.6						1,996.8						547.6
Corporate			63.9						48.1						51.4						54.6						64.4						138.0						48.3						44.0						79.0
			2,446.6						2,597.8						2,670.4						2,787.4						2,559.8						2,730.4						2,873.2						4,148.8						2,696.7
Income (Loss) Before Income Tax Expense (Benefit) and Net Investment Gain (Loss)
Unum US			430.0						295.4						171.6						81.4						303.5						179.3						115.7						143.5						188.2
Unum International			29.9						24.9						27.2						27.1						27.4						24.8						26.4						20.7						21.4
Colonial Life			90.4						101.1						90.1						80.0						80.1						95.8						73.3						71.2						92.2
Closed Block			18.9						62.7						77.4						57.0						56.5						91.5						(62.3)						(1,372.9)						70.8
Corporate			(49.5)						(36.9)						(40.4)						(45.1)						(57.5)						(129.7)						(38.9)						(42.7)						(77.4)
			519.7						447.2						325.9						200.4						410.0						261.7						114.2						(1,180.2)						295.2
Income Tax Expense (Benefit)			105.6						73.7						61.8						33.9						81.3						79.4						28.1						(285.2)						67.9
Income (Loss) Before Net Investment Gain (Loss)			414.1						373.5						264.1						166.5						328.7						182.3						86.1						(895.0)						227.3
Net Investment Gain (Loss)			(4.4)						(4.1)						(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9						4.4
Tax Expense (Benefit) on Net Investment Gain (Loss)			(1.0)						(1.0)						(3.2)						(1.9)						—						0.3						17.7						274.5						0.6
Net Income			$	410.7					$	370.4					$	253.5					$	159.7					$	328.6					$	182.9					$	153.0					$	135.4					$	231.1
Net Income Per Common Share - Assuming Dilution			$	2.04					$	1.83					$	1.25					$	0.78					$	1.60					$	0.89					$	0.75					$	0.66					$	1.13

8. 1

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Unum Group Financial Results for Unum US Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income			$	1,559.6					$	1,500.8					$	4,676.8					$	4,548.7					$	6,078.0					$	6,018.9
Net Investment Income			170.6						176.2						509.4						539.5						721.6						720.3
Other Income			49.0						43.5						146.8						125.2						170.0						154.9
Total			1,779.2						1,720.5						5,333.0						5,213.4						6,969.6						6,894.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			834.1						950.2						2,912.4						3,175.6						4,338.8						4,138.7
Commissions			151.3						143.5						458.6						439.0						583.4						594.9
Deferral of Acquisition Costs			(66.2)						(61.1)						(199.4)						(193.4)						(242.7)						(291.5)
Amortization of Deferred Acquisition Costs			75.3						71.1						228.0						243.7						319.0						341.0
Other Expenses			354.7						313.3						1,036.4						950.0						1,291.2						1,285.6
Total			1,349.2						1,417.0						4,436.0						4,614.9						6,289.7						6,068.7
Income Before Income Tax and Net Investment Gains and Losses			430.0						303.5						897.0						598.5						679.9						825.4
Reserve Assumption Updates			(155.0)						(215.0)						(155.0)						(215.0)						(215.0)						—
Adjusted Operating Income			$	275.0					$	88.5					$	742.0					$	383.5					$	464.9					$	825.4
Operating Ratios (% of Premium Income):
Benefit Ratio1			63.4		%				77.6		%				65.6		%				74.5		%				74.9		%				68.8		%
Other Expense Ratio			22.7		%				20.9		%				22.2		%				20.9		%				21.2		%				21.4		%
Adjusted Operating Income Ratio			17.6		%				5.9		%				15.9		%				8.4		%				7.6		%				13.7		%

1Excludes the $155.0 million and $215.0 million reserve decreases during the third quarters and first nine months of 2022 and 2021, respectively, related to the assumption updates that occurred during each of the third quarters of 2022 and 2021.

9

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Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	480.9					$	451.4					$	1,419.2					$	1,367.7					$	1,827.8					$	1,828.5
Group Short-term Disability			232.2						212.4						685.9						641.2						864.0						799.2
Total Premium Income			713.1						663.8						2,105.1						2,008.9						2,691.8						2,627.7
Net Investment Income			84.8						93.3						262.6						284.7						379.6						388.8
Other Income			48.4						42.1						143.5						121.4						165.7						147.6
Total			846.3						799.2						2,511.2						2,415.0						3,237.1						3,164.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			326.0						308.6						1,301.3						1,314.3						1,849.2						1,921.9
Commissions			52.1						49.1						158.0						151.2						199.8						191.8
Deferral of Acquisition Costs			(12.9)						(12.3)						(38.1)						(37.4)						(49.8)						(49.3)
Amortization of Deferred Acquisition Costs			13.1						12.9						38.6						38.6						51.4						53.1
Other Expenses			217.2						186.4						630.5						569.8						773.9						756.6
Total			595.5						544.7						2,090.3						2,036.5						2,824.5						2,874.1
Income Before Income Tax and Net Investment Gains and Losses			250.8						254.5						420.9						378.5						412.6						290.0
Reserve Assumption Updates			(121.0)						(215.0)						(121.0)						(215.0)						(215.0)						—
Adjusted Operating Income			$	129.8					$	39.5					$	299.9					$	163.5					$	197.6					$	290.0
Operating Ratios (% of Premium Income):
Benefit Ratio1			62.7		%				78.9		%				67.6		%				76.1		%				76.7		%				73.1		%
Other Expense Ratio			30.5		%				28.1		%				30.0		%				28.4		%				28.8		%				28.8		%
Adjusted Operating Income Ratio			18.2		%				6.0		%				14.2		%				8.1		%				7.3		%				11.0		%
Persistency:
Group Long-term Disability															90.7		%				89.8		%				89.6		%				90.8		%
Group Short-term Disability															89.2		%				87.1		%				87.4		%				88.7		%

1Excludes the $121.0 million and $215.0 million reserve decreases during the third quarters and first nine months of 2022 and 2021, respectively, related to the assumption updates that occurred during each of the third quarters of 2022 and 2021.

9. 1

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

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Life			$	417.7					$	404.2					$	1,249.9					$	1,228.8					$	1,641.9					$	1,640.5
Accidental Death & Dismemberment			43.8						39.6						129.7						123.0						165.1						163.9
Total Premium Income			461.5						443.8						1,379.6						1,351.8						1,807.0						1,804.4
Net Investment Income			25.3						24.3						75.1						76.1						104.0						97.2
Other Income			0.4						0.5						1.2						1.3						1.7						2.4
Total			487.2						468.6						1,455.9						1,429.2						1,912.7						1,904.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			325.8						446.6						1,052.8						1,281.2						1,728.8						1,470.4
Commissions			38.8						36.4						113.7						109.1						144.7						143.2
Deferral of Acquisition Costs			(9.0)						(8.9)						(26.9)						(27.3)						(21.0)						(36.0)
Amortization of Deferred Acquisition Costs			8.3						9.5						24.8						28.7						38.3						39.3
Other Expenses			58.4						52.1						168.7						157.7						213.8						205.3
Total			422.3						535.7						1,333.1						1,549.4						2,104.6						1,822.2
Income (Loss) Before Income Tax and Net Investment Gains and Losses			64.9						(67.1)						122.8						(120.2)						(191.9)						81.8
Reserve Assumption Update			(34.0)						—						(34.0)						—						—						—
Adjusted Operating Income (Loss)			$	30.9					$	(67.1)					$	88.8					$	(120.2)					$	(191.9)					$	81.8
Operating Ratios (% of Premium Income):
Benefit Ratio1			78.0		%				100.6		%				78.8		%				94.8		%				95.7		%				81.5		%
Other Expense Ratio			12.7		%				11.7		%				12.2		%				11.7		%				11.8		%				11.4		%
Adjusted Operating Income (Loss) Ratio			6.7		%				(15.1)		%				6.4		%				(8.9)		%				(10.6)		%				4.5		%
Persistency:
Group Life															89.2		%				89.9		%				89.7		%				88.8		%
Accidental Death & Dismemberment															88.1		%				89.3		%				89.1		%				88.2		%

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

9. 2

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Unum Group Financial Results for Unum US Supplemental and Voluntary

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Voluntary Benefits			$	199.0					$	209.6					$	635.2					$	640.4					$	846.7					$	875.2
Individual Disability			118.9						115.7						350.3						345.0						459.8						456.0
Dental and Vision			67.1						67.9						206.6						202.6						272.7						255.6
Total Premium Income			385.0						393.2						1,192.1						1,188.0						1,579.2						1,586.8
Net Investment Income			60.5						58.6						171.7						178.7						238.0						234.3
Other Income			0.2						0.9						2.1						2.5						2.6						4.9
Total			445.7						452.7						1,365.9						1,369.2						1,819.8						1,826.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			182.3						195.0						558.3						580.1						760.8						746.4
Commissions			60.4						58.0						186.9						178.7						238.9						259.9
Deferral of Acquisition Costs			(44.3)						(39.9)						(134.4)						(128.7)						(171.9)						(206.2)
Amortization of Deferred Acquisition Costs			53.9						48.7						164.6						176.4						229.3						248.6
Other Expenses			79.1						74.8						237.2						222.5						303.5						323.7
Total			331.4						336.6						1,012.6						1,029.0						1,360.6						1,372.4
Adjusted Operating Income			$	114.3					$	116.1					$	353.3					$	340.2					$	459.2					$	453.6
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits			42.6		%				46.6		%				41.2		%				43.3		%				43.2		%				42.2		%
Individual Disability			40.0		%				40.1		%				41.3		%				43.6		%				42.8		%				48.8		%
Dental and Vision			74.5		%				75.0		%				73.6		%				75.1		%				72.6		%				60.6		%
Other Expense Ratio			20.5		%				19.0		%				19.9		%				18.7		%				19.2		%				20.4		%
Adjusted Operating Income Ratio			29.7		%				29.5		%				29.6		%				28.6		%				29.1		%				28.6		%
Persistency:
Voluntary Benefits															75.1		%				75.4		%				75.8		%				72.7		%
Individual Disability															89.2		%				88.4		%				89.7		%				89.5		%
Dental and Vision															81.4		%				86.3		%				86.0		%				85.0		%

9. 3

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Unum Group Financial Results for Unum International Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	89.8					$	101.6					$	287.5					$	303.8					$	401.9					$	364.9
Group Life			35.0						29.1						100.5						84.4						112.3						108.5
Supplemental			27.4						28.3						85.8						84.2						112.6						99.8
Unum Poland			21.1						22.6						66.7						67.1						90.2						79.6
Total Premium Income			173.3						181.6						540.5						539.5						717.0						652.8
Net Investment Income			37.0						33.1						122.3						94.8						132.7						104.6
Other Income			0.2						0.4						0.7						0.6						0.6						0.5
Total			210.5						215.1						663.5						634.9						850.3						757.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			131.1						139.6						432.8						416.6						556.2						500.9
Commissions			15.0						13.9						44.9						40.7						54.1						49.7
Deferral of Acquisition Costs			(2.9)						(3.3)						(9.3)						(9.6)						(12.8)						(12.1)
Amortization of Deferred Acquisition Costs			1.2						2.0						5.8						6.1						8.0						7.4
Other Expenses			36.2						35.5						107.3						102.5						139.1						135.4
Total			180.6						187.7						581.5						556.3						744.6						681.3
Adjusted Operating Income			$	29.9					$	27.4					$	82.0					$	78.6					$	105.7					$	76.6

10

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Unum Group Financial Results for Unum UK

			Three Months Ended												Nine Months Ended												Year Ended
(in millions of pounds, except exchange rate)			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	76.2					£	73.7					£	228.4					£	219.3					£	292.0					£	284.2
Group Life			29.8						21.1						80.3						60.9						81.7						84.6
Supplemental			23.4						20.6						68.4						60.8						81.8						77.7
Total Premium Income			129.4						115.4						377.1						341.0						455.5						446.5
Net Investment Income			29.9						22.5						93.3						64.2						91.0						76.0
Other Income			—						0.2						0.1						0.2						0.1						0.1
Total			159.3						138.1						470.5						405.4						546.6						522.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			101.7						91.4						312.8						269.6						362.8						352.5
Commissions			9.1						7.5						26.0						21.6						28.7						28.1
Deferral of Acquisition Costs			(1.0)						(1.2)						(3.3)						(3.2)						(4.3)						(4.2)
Amortization of Deferred Acquisition Costs			0.6						1.2						3.7						3.8						5.1						5.3
Other Expenses			25.3						20.8						69.2						59.8						81.8						86.5
Total			135.7						119.7						408.4						351.6						474.1						468.2
Adjusted Operating Income			£	23.6					£	18.4					£	62.1					£	53.8					£	72.5					£	54.4
Weighted Average Pound/Dollar Exchange Rate			1.169						1.380						1.246						1.385						1.377						1.287
Operating Ratios (% of Premium Income):
Benefit Ratio			78.6		%				79.2		%				82.9		%				79.1		%				79.6		%				78.9		%
Other Expense Ratio			19.6		%				18.0		%				18.4		%				17.5		%				18.0		%				19.4		%
Adjusted Operating Income Ratio			18.2		%				15.9		%				16.5		%				15.8		%				15.9		%				12.2		%
Persistency:
Group Long-term Disability															84.9		%				88.9		%				89.3		%				88.2		%
Group Life															88.2		%				86.0		%				86.5		%				81.8		%
Supplemental															92.3		%				89.9		%				90.9		%				90.7		%

10. 1

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Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	236.1					$	238.0					$	714.0					$	715.1					$	953.3					$	975.1
Life			100.2						94.6						303.2						287.3						384.7						376.4
Cancer and Critical Illness			87.0						88.2						264.4						264.5						352.2						360.5
Total Premium Income			423.3						420.8						1,281.6						1,266.9						1,690.2						1,712.0
Net Investment Income			38.6						51.8						115.4						131.1						172.0						155.7
Other Income			0.3						0.3						0.8						0.8						1.0						1.1
Total			462.2						472.9						1,397.8						1,398.8						1,863.2						1,868.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			198.0						235.2						613.8						688.2						910.4						906.5
Commissions			86.0						80.5						258.0						236.9						320.1						334.3
Deferral of Acquisition Costs			(70.3)						(64.2)						(210.4)						(185.9)						(252.6)						(272.6)
Amortization of Deferred Acquisition Costs			74.3						65.3						215.7						191.0						259.1						257.7
Other Expenses			83.8						76.0						239.1						219.4						297.0						307.5
Total			371.8						392.8						1,116.2						1,149.6						1,534.0						1,533.4
Adjusted Operating Income			$	90.4					$	80.1					$	281.6					$	249.2					$	329.2					$	335.4
Operating Ratios (% of Premium Income):
Benefit Ratio			46.8		%				55.9		%				47.9		%				54.3		%				53.9		%				52.9		%
Other Expense Ratio			19.8		%				18.1		%				18.7		%				17.3		%				17.6		%				18.0		%
Adjusted Operating Income Ratio			21.4		%				19.0		%				22.0		%				19.7		%				19.5		%				19.6		%
Persistency:
Accident, Sickness, and Disability															73.8		%				75.6		%				75.4		%				74.3		%
Life															85.1		%				84.9		%				85.5		%				83.7		%
Cancer and Critical Illness															82.3		%				82.1		%				82.4		%				81.8		%

11

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Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Long-term Care			$	174.5					$	176.1					$	523.0					$	528.4					$	704.3					$	666.9
Individual Disability			59.5						72.3						185.3						216.8						284.0						319.6
All Other			1.5						2.1						5.1						6.1						7.5						7.9
Total Premium Income			235.5						250.5						713.4						751.3						995.8						994.4
Net Investment Income			251.4						284.6						817.7						876.5						1,159.0						1,370.3
Other Income			13.1						19.3						45.6						49.8						65.1						66.6
Total			500.0						554.4						1,576.7						1,677.6						2,219.9						2,431.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			416.1						428.9						1,222.3						1,378.8						1,793.2						3,426.8
Commissions			19.2						20.4						57.6						61.3						80.5						78.4
Interest and Debt Expense			—						—						—						—						—						3.1
Other Expenses			45.8						48.6						137.8						151.8						203.5						158.7
Total			481.1						497.9						1,417.7						1,591.9						2,077.2						3,667.0
Income (Loss) Before Income Tax and Net Investment Gain and Losses			18.9						56.5						159.0						85.7						142.7						(1,235.7)
Long-term Care Reserve Assumption Update			—						2.1						—						2.1						2.1						151.5
Individual Disability Reserve Assumption Update			—						6.4						—						6.4						6.4						—
Group Pension Reserve Assumption Update			—						25.1						—						25.1						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			15.2						19.7						48.5						59.4						79.1						2.6
Adjusted Operating Income			$	34.1					$	109.8					$	207.5					$	318.0					$	394.7					$	241.4
Interest Adjusted Loss Ratios:
Long-term Care1			85.7		%				74.8		%				80.6		%				75.7		%				77.3		%				68.9		%
Individual Disability2			77.5		%				58.2		%				78.6		%				65.6		%				67.9		%				85.1		%
Operating Ratios (% of Premium Income):
Other Expense Ratio3			13.0		%				11.5		%				12.5		%				11.5		%				11.9		%				13.6		%
Income (Loss) Ratio			8.0		%				22.6		%				22.3		%				11.4		%				14.3		%				(124.3)		%
Adjusted Operating Income Ratio			14.5		%				43.8		%				29.1		%				42.3		%				39.6		%				24.3		%
Persistency:
Long-term Care															95.4		%				95.5		%				95.6		%				94.8		%
Individual Disability															86.4		%				86.5		%				86.4		%				88.0		%

12

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1Excludes the $2.1 million reserve increase from the third quarter and first nine months of 2021 related to the 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 the rolling twelve months ended September 30, 2022 and September 30, 2021 was 81.0 percent and 71.8 percent, respectively.

2The interest-adjusted loss ratio for the nine months ended September 30, 2021 and the twelve months ended December 31 2021 excludes the $133.1 million reserve recognition related to the second phase of the reinsurance transaction that occurred during the first quarter of 2021. Also excluded from the third quarter and first nine months of 2021 is $6.4 million related to reserve assumption updates that occurred during the third quarter of 2021. 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.

3Excludes $15.2 million, $19.7 million, $48.5 million, $59.4 million, $79.1 million, and $2.6 million of amortization of the cost of reinsurance during the third quarter of 2022, third quarter of 2021, nine months ended September 30, 2022, nine months ended September 30, 2021, 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 nine months ended September 30, 2021 and twelve months ended December 31, 2021.

12.1

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Unum Group Financial Results for Corporate Segment

			Three Months Ended												Nine Months Ended												Year Ended
			9/30/2022						9/30/2021						9/30/2022						9/30/2021						12/31/2021						12/31/2020
Adjusted Operating Revenue
Net Investment Income			$	14.0					$	4.5					$	33.0					$	20.5					$	27.9					$	9.8
Other Income			0.4						2.4						3.6						4.1						6.2						1.1
Total			14.4						6.9						36.6						24.6						34.1						10.9
Interest, Debt, and Other Expenses			63.9						64.4						163.4						250.7						305.3						247.7
Loss Before Income Tax and Net Investment Gains and Losses			(49.5)						(57.5)						(126.8)						(226.1)						(271.2)						(236.8)
Impairment Loss on Internal-Use Software			—						12.1						—						12.1						12.1						—
Cost Related to Early Retirement of Debt			—						—						—						67.3						67.3						—
Impairment Loss on ROU Asset			—						—						—						13.9						13.9						12.7
Costs Related to Organizational Design Update			—						—						—						—						—						23.3
Adjusted Operating Loss			$	(49.5)					$	(45.4)					$	(126.8)					$	(132.8)					$	(177.9)					$	(200.8)

13

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Unum Group Reserves

			September 30, 2022
			Gross																																				Total Reinsurance Ceded
			Policy Reserves												Claim Reserves																														Total Net
									%						Incurred						IBNR						%						Total
Group Disability			$	—					—		%				$	5,059.1					$	759.3					25.5		%				$	5,818.4					$	46.9					$	5,771.5
Group Life and Accidental Death & Dismemberment			54.9						0.3						668.0						239.8						4.0						962.7						5.9						956.8
Individual Disability			439.0						2.0						1,416.5						150.7						6.9						2,006.2						205.2						1,801.0
Voluntary Benefits			1,775.6						8.1						42.6						49.2						0.4						1,867.4						23.0						1,844.4
Dental and Vision			—						—						0.2						11.9						0.1						12.1						0.1						12.0
Unum US Segment			2,269.5						10.4						7,186.4						1,210.9						36.9						10,666.8						281.1						10,385.7
Unum International Segment			179.0						0.8						1,801.7						126.8						8.4						2,107.5						69.4						2,038.1
Colonial Life Segment			2,548.1						11.7						291.7						110.8						1.7						2,950.6						1.4						2,949.2
Individual Disability			116.8						0.5						9,006.6						109.5						40.0						9,232.9						7,890.5						1,342.4
Long-term Care			11,129.2						51.0						2,430.0						278.8						11.9						13,838.0						5.3						13,832.7
Other			5,602.4						25.6						144.8						101.4						1.1						5,848.6						4,924.3						924.3
Closed Block Segment			16,848.4						77.1						11,581.4						489.7						53.0						28,919.5						12,820.1						16,099.4
Subtotal			$	21,845.0					100.0		%				$	20,861.2					$	1,938.2					100.0		%				44,644.4						13,172.0						31,472.4
Adjustment Related to Unrealized Investment Gains and Losses																																	(764.3)						(24.7)						(739.6)
Consolidated																																	$	43,880.1					$	13,147.3					$	30,732.8

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

---

Unum Group Investments

						9/30/2022																		9/30/2022						12/31/2021
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	21,310.9					62.4		%				Earned Book Yield						4.59		%				4.85		%
Mortgage-Backed/Asset-Backed Securities						530.3						1.6						Average Duration (in years)						7.70						8.35
Private Placements						5,379.3						15.8
High Yield						2,013.3						5.9
Government Securities						1,275.4						3.7
Municipal Securities						3,635.5						10.6
Redeemable Preferred Stocks						3.5						—
Total						$	34,148.2					100.0		%
						Amortized Cost						Fair Value
Quality Ratings of Fixed Maturity Securities																		Private Equity Partnerships						9/30/2022						12/31/2021
Aaa						5.0		%				5.1		%				Private Credit Partnerships						$	275.4					$	279.4
Aa						11.9						11.5						Private Equity Partnerships						446.9						384.6
A						26.8						27.4						Real Asset Partnerships						402.3						314.6
Baa						50.4						50.1						Total						$	1,124.6					$	978.6
Below Baa						5.9						5.9
Total						100.0		%				100.0		%
																		Non-Current Investments						$	13.2					$	19.8

15

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Unum Group Investments at September 30, 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						$	2,528.8					$	(267.4)					$	2,030.1					$	294.3					$	498.7					$	26.9
Capital Goods						3,192.3						(296.2)						2,306.7						356.3						885.6						60.1
Communications						2,134.2						(193.6)						1,452.3						262.2						681.9						68.6
Consumer Cyclical						1,350.3						(148.1)						1,093.9						164.5						256.4						16.4
Consumer Non-Cyclical						5,448.3						(590.1)						3,953.3						683.1						1,495.0						93.0
Energy						2,736.3						(131.2)						1,583.0						194.2						1,153.3						63.0
Financial Institutions						3,305.3						(527.4)						3,013.4						541.3						291.9						13.9
Mortgage/Asset-Backed						530.3						(24.7)						399.6						32.1						130.7						7.4
Sovereigns						809.1						(63.5)						263.8						99.8						545.3						36.3
Technology						1,554.8						(217.0)						1,428.6						223.7						126.2						6.7
Transportation						1,545.8						(198.2)						1,233.4						214.2						312.4						16.0
U.S. Government Agencies and Municipalities						4,101.8						(651.3)						2,665.0						754.8						1,436.8						103.5
Public Utilities						4,910.9						(259.9)						2,744.6						386.6						2,166.3						126.7
Total						$	34,148.2					$	(3,568.6)					$	24,167.7					$	4,207.1					$	9,980.5					$	638.5
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						$	8,489.4					$	523.7																	$	518.9					$	27.1
91 through 180 days						6,065.1						901.3																		522.7						58.5
181 through 270 days						5,364.2						1,509.6																		604.0						108.8
271 days to 1 year						1,499.7						646.0																		63.9						15.2
Greater than 1 year						980.0						392.9																		59.8						24.0
Total						$	22,398.4					$	3,973.5																	$	1,769.3					$	233.6

15.1

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Appendix to Statistical Supplement

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in reserve reductions of $121.0 million and $34.0 million before tax, or $95.6 million and $26.9 million after tax, in our Unum US group long-term disability and group life product lines, respectively.

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.

16

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Appendix to Statistical Supplement - Continued

•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.

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

•Book value per common share, which is calculated excluding accumulated other comprehensive income (loss) (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
						September 30						June 30						March 31						December 31						September 30						June 30						March 31						December 31						September 30
						2022																		2021																								2020
Total Revenue						$	2,961.9					$	3,040.9					$	2,982.5					$	2,979.1					$	2,969.7					$	2,993.0					$	3,072.0					$	4,273.5					$	2,996.3
Excluding:
Net Investment Gain (Loss)						(4.4)						(4.1)						(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9						4.4
Adjusted Operating Revenue						$	2,966.3					$	3,045.0					$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6					$	2,991.9

16.3

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Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2022
Unum US						$	217.4					$	4,678.5					18.6		%
Unum International						43.4						704.2						24.7		%
Colonial Life						71.3						1,572.4						18.1		%
Core Operating Segments						332.1						6,955.1						19.1		%
Closed Block						25.3						4,585.6
Corporate						(53.7)						(691.2)
Total						$	303.7					$	10,849.5					11.2		%
Three Months Ended September 30, 2021
Unum US						$	70.2					$	4,527.8					6.2		%
Unum International						23.7						803.9						11.8		%
Colonial Life						63.2						1,570.3						16.1		%
Core Operating Segments						157.1						6,902.0						9.1		%
Closed Block						25.8						4,114.0
Corporate						27.6						(930.3)
Total						$	210.5					$	10,085.7					8.3		%

1 Excludes net unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7.

16.4

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Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity2						Annualized Adjusted Operating Return on Equity
Nine Months Ended September 30, 2022
Unum US						$	586.6					$	4,689.3					16.7		%
Unum International						116.3						736.0						21.1		%
Colonial Life						222.3						1,539.2						19.3		%
Core Operating Segments						925.2						6,964.5						17.7		%
Closed Block						161.2						4,596.7
Corporate						(118.8)						(877.3)
Total						$	967.6					$	10,683.9					12.1		%
Nine Months Ended September 30, 2021
Unum US						$	303.5					$	4,523.9					8.9		%
Unum International						62.5						801.0						10.4		%
Colonial Life						196.7						1,597.9						16.4		%
Core Operating Segments						562.7						6,922.8						10.8		%
Closed Block						188.6						4,019.5
Corporate						(42.6)						(983.1)
Total						$	708.7					$	9,959.2					9.5		%

2 Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7.

16.5

---

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity3						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		%

3 Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.7. 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.

16.6

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Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

						9/30/2022						6/30/2022						12/31/2021						9/30/2021						6/30/2021						12/31/2020						12/31/2019
Total Stockholders' Equity						$	8,659.5					$	9,705.1					$	11,416.4					$	11,118.2					$	10,947.5					$	10,871.0					$	9,965.0
Excluding:
Net Unrealized Gain (Loss) on Securities						(2,329.3)						(1,064.9)						962.2						836.0						911.4						1,067.7						615.9
Net Gain on Hedges						13.5						46.4						61.8						69.5						77.5						97.8						187.8
Total Adjusted Stockholders' Equity						$	10,975.3					$	10,723.6					$	10,392.4					$	10,212.7					$	9,958.6					$	9,705.5					$	9,161.3
						Three Months Ended						Nine Months Ended						Twelve Months Ended						Three Months Ended						Nine Months Ended						Twelve Months Ended
						9/30/2022												12/31/2021						9/30/2021												12/31/2020
Average Adjusted Stockholders' Equity						$	10,849.5					$	10,683.9					$	10,049.0					$	10,085.7					$	9,959.2					$	9,424.0

16.7

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Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended September 30																								Nine Months Ended September 30
						2022												2021												2022												2021
						(in millions)						per share*						(in millions)						per share*						(in millions)						per share*						(in millions)						per share*
Net Income						$	410.7					$	2.04					$	328.6					$	1.60					$	1,034.6					$	5.11					$	664.5					$	3.24
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) (net of tax expense (benefit) of $(1.0); $—; $(5.2); $3.8)						(3.4)						(0.02)						(0.1)						—						(17.1)						(0.09)						14.0						0.07
Total Net Investment Gain (Loss)						(3.4)						(0.02)						(0.1)						—						(17.1)						(0.09)						67.4						0.33
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 $3.1; $4.2; $10.1; $12.6 )						(12.1)						(0.06)						(15.5)						(0.08)						(38.4)						(0.19)						(46.8)						(0.24)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction						(12.1)						(0.06)						(15.5)						(0.08)						(38.4)						(0.19)						(156.9)						(0.77)
Net Reserve Decrease Related to Reserve Assumption Updates (net of tax expense of $32.5; $38.1; $32.5; $38.1 )						122.5						0.61						143.3						0.70						122.5						0.61						143.3						0.70
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5; $—; $2.5 )						—						—						(9.6)						(0.05)						—						—						(9.6)						(0.05)
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $—; $—; $14.1)						—						—						—						—						—						—						(53.2)						(0.26)
Impairment Loss on ROU Asset (net of tax benefit of $—; $—; $—; $2.9)						—						—						—						—						—						—						(11.0)						(0.05)
Impact of U.K. Tax Rate Increase						—						—												—						—						—						(24.2)						(0.12)
After-tax Adjusted Operating Income						$	303.7					$	1.51					$	210.5					$	1.03					$	967.6					$	4.78					$	708.7					$	3.46

*Assuming Dilution.

16.8

---

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)						—						—
Cost Related to Early Retirement of Debt (net of tax benefit of $14.1; $—)						(53.2)						(0.26)						—						—
Impairment Loss on ROU Asset (net of tax benefit of $2.9; $2.7)						(11.0)						(0.05)						(10.0)						(0.05)
Impact of U.K. Tax Rate Increase						(24.2)						(0.12)						—						—
Costs Related to Organizational Design Update (net of tax benefit of $—; $4.7)						—						—						(18.6)						(0.09)
After-tax Adjusted Operating Income						$	890.7					$	4.35					$	1,005.4					$	4.93

*Assuming Dilution.

16.9

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Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income						Average Allocated Equity						Annualized Adjusted Operating Return on Equity
Three Months Ended September 30, 2022
Unum US Supplemental and Voluntary						$	90.2					$	2,096.4					17.2		%

16.10

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Reconciliation of Non-GAAP Financial Measures - Continued

															Three Months Ended
															September 30, 2022									September 30, 2021
																		Premium Income						Premium Income, local currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK																		$	152.2					£	115.4					1.176						$	135.7
Unum Poland																		21.1						zł	87.3					0.212						18.5
Total																		173.3																		154.2
Unum US																		1,559.6						$	1,500.8											1,500.8
Colonial Life																		423.3						$	420.8											420.8
Core Operations																		$	2,156.2																	$	2,075.8

															Three Months Ended
															June 30, 2022									June 30, 2021
																		Premium Income						Premium Income, local currency1						Weighted Average Exchange Rate3						Premium Income in Constant Currency
Unum International
Unum UK																		$	157.0					£	115.1					1.256						$	144.6
Unum Poland																		22.4						zł	84.6					0.230						19.5
Total																		179.4																		164.1
Unum US																		1,572.3						$	1,522.1											1,522.1
Colonial Life																		427.6						$	419.7											419.7
Core Operations																		$	2,179.3																	$	2,105.9

1Premium income shown in millions of pounds for Unum UK, millions of zlotys for Unum Poland, and U.S. dollars for Unum US and Colonial Life.

2Exchange rate calculated using the premium income in U.S. dollars for the three months ended September 30, 2022 divided by premium income in local currency for the three months ended September 30, 2022.

3Exchange rate calculated using the premium income in U.S. dollars for the three months ended June 30, 2022 divided by premium income in local currency for the three months ended June 30, 2022.

16.11

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Reconciliation of Non-GAAP Financial Measures - Continued

						September 30												December 31
						2022						2021						2021						2020
Debt						$	3,429.2					$	3,441.4					$	3,442.2					$	3,345.7
Including:
Lease Liability						69.8						87.3						82.6						105.9
Adjusted Debt and Lease Liability						$	3,499.0					$	3,528.7					$	3,524.8					$	3,451.6
Total Stockholders' Equity						$	8,659.5					$	11,118.2					$	11,416.4					$	10,871.0
Excluding:
Net Unrealized Gain on Securities and Net Gain on Hedges						(2,315.8)						905.5						1,024.0						1,165.5
Equity, As Adjusted						10,975.3						10,212.7						10,392.4						9,705.5
Debt, As Adjusted and Lease Liability						3,499.0						3,528.7						3,524.8						3,451.6
Total Adjusted Capital						$	14,474.3					$	13,741.4					$	13,917.2					$	13,157.1
Leverage Ratio						24.2		%				25.7		%				25.3		%				26.2		%

16.12