EX-99.2 3 unm12312022exhibit992.htm EX-99.2

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Unum Group

Statistical Supplement Fourth 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
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Consolidated U.S. GAAP Results¹
Premium Income			$	2,411.1					$	2,374.6					$	9,623.4					$	9,481.0					$	9,378.1
Adjusted Operating Revenue			$	2,999.1					$	2,987.8					$	12,006.7					$	11,937.1					$	11,963.0
Net Investment Gain (Loss)			6.6						(8.7)						(15.7)						76.7						1,199.1
Revenue			$	3,005.7					$	2,979.1					$	11,991.0					$	12,013.8					$	13,162.1
Net Income			$	279.6					$	159.7					$	1,314.2					$	824.2					$	793.0
Net Income Per Common Share:
Basic			$	1.41					$	0.78					$	6.55					$	4.04					$	3.89
Assuming Dilution			$	1.39					$	0.78					$	6.50					$	4.02					$	3.89
Assets															$	61,434.9					$	70,115.6					$	70,625.8
Stockholders' Equity															$	9,197.5					$	11,416.4					$	10,871.0
Adjusted Operating Return on Equity
Unum US			15.0		%				5.6		%				16.3		%				8.2		%				14.6		%
Unum International			22.4		%				11.0		%				20.3		%				10.4		%				6.5		%
Colonial Life			19.0		%				16.2		%				19.1		%				16.4		%				16.7		%
Core Operating Segments			16.6		%				8.6		%				17.4		%				10.3		%				14.1		%
Consolidated			10.3		%				7.1		%				11.6		%				8.9		%				10.7		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax			$	240.4					$	249.8					$	965.4					$	681.1					$	726.2
Net Realized Capital Gain (Loss), After Tax			2.3						11.1						—						98.4						(79.4)
Net Income			$	242.7					$	260.9					$	965.4					$	779.5					$	646.8
Capital and Surplus															$	3,816.3					$	3,950.3					$	3,875.0
Weighted Average Risk-based Capital Ratio															~ 420%						~ 395%						~ 365%

1 Generally Accepted Accounting Principles

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

1

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Unum Group Capital Metrics

			12/31/2022												12/31/2021												12/31/2020
			(in millions)						per share						(in millions)						per share						(in millions)						per share
Total Stockholders' Equity (Book Value)			$	9,197.5					$	46.51					$	11,416.4					$	56.37					$	10,871.0					$	53.37
Excluding:
Net Unrealized Gain (Loss) on Securities			(2,023.8)						(10.23)						962.2						4.75						1,067.7						5.24
Net Gain (Loss) on Hedges			(9.6)						(0.05)						61.8						0.30						97.8						0.48
Subtotal			11,230.9						56.79						10,392.4						51.32						9,705.5						47.65
Excluding:
Foreign Currency Translation Adjustment			(389.1)						(1.97)						(273.9)						(1.35)						(261.3)						(1.28)
Subtotal			11,620.0						58.76						10,666.3						52.67						9,966.8						48.93
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(334.1)						(1.69)						(396.0)						(1.96)						(530.0)						(2.61)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	11,954.1					$	60.45					$	11,062.3					$	54.63					$	10,496.8					$	51.54
Dividends Paid			$	255.3					$	1.26					$	240.6					$	1.17					$	233.2					$	1.14

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Shares Repurchased (millions)			1.5						1.9						5.7						1.9						—
Cost of Shares Repurchased (millions)1			$	62.6					$	50.0					$	200.1					$	50.0					$	—
Price (UNM closing price on last trading day of period)															$	41.03					$	24.57					$	22.94
Leverage Ratio															23.7		%				25.3		%				26.2		%
Holding Company Cash and Marketable Securities															$	1,571					$	1,515					$	1,512

1 Includes commissions of $0.1 million for the year ended December 31, 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

Positive

Stable

Stable

Financial Strength Rating

Stable

Positive

Stable

Stable

NR = not rated

3

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Unum Group Consolidated Statements of Income

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Revenue
Premium Income			$	2,411.1					$	2,374.6					$	9,623.4					$	9,481.0					$	9,378.1
Net Investment Income			524.4						550.8						2,122.2						2,213.2						2,360.7
Net Investment Gain (Loss)			6.6						(8.7)						(15.7)						76.7						1,199.1
Other Income			63.6						62.4						261.1						242.9						224.2
Total Revenue			3,005.7						2,979.1						11,991.0						12,013.8						13,162.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			1,755.4						1,939.4						6,936.7						7,598.6						8,972.9
Commissions			267.3						260.2						1,086.4						1,038.1						1,057.3
Interest and Debt Expense - Non-recourse Debt			—						—						—						—						3.1
Interest and Debt Expense - All Other Debt			47.2						50.6						188.5						185.0						185.1
Cost Related to Early Retirement of Debt			—						—						4.2						67.3						—
Deferral of Acquisition Costs			(137.8)						(119.2)						(556.9)						(508.1)						(576.2)
Amortization of Deferred Acquisition Costs			141.5						145.3						591.0						586.1						606.1
Other Expenses			571.2						511.1						2,109.7						1,983.8						1,949.8
Total Benefits and Expenses			2,644.8						2,787.4						10,359.6						10,950.8						12,198.1
Income Before Income Tax			360.9						191.7						1,631.4						1,063.0						964.0
Income Tax Expense			81.3						32.0						317.2						238.8						171.0
Net Income			$	279.6					$	159.7					$	1,314.2					$	824.2					$	793.0
Weighted Average Shares Outstanding
Basic			198.8						203.7						200.6						204.2						203.6
Assuming Dilution			200.9						204.2						202.1						204.8						203.8
Actual Number of Shares Outstanding															197.8						202.5						203.7

4

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Unum Group Sales Data for Unum US Segment

			Three Months Ended																		Year Ended
			12/31/2022						12/31/2021						% Change						12/31/2022						12/31/2021						12/31/2020
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	156.1					$	107.3					45.5		%				$	295.3					$	206.6					$	239.7
Group Short-term Disability			101.9						65.8						54.9						184.3						142.7						158.7
Group Life and AD&D			94.9						103.2						(8.0)						232.4						223.8						224.3
Subtotal			352.9						276.3						27.7						712.0						573.1						622.7
Supplemental and Voluntary
Voluntary Benefits			49.9						52.5						(5.0)						238.7						231.2						241.6
Individual Disability			25.9						22.2						16.7						90.8						75.0						71.4
Dental and Vision			41.2						28.8						43.1						73.8						62.4						63.9
Subtotal			117.0						103.5						13.0						403.3						368.6						376.9
Total Sales			$	469.9					$	379.8					23.7						$	1,115.3					$	941.7					$	999.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	229.0					$	184.0					24.5		%				$	457.5					$	371.5					$	377.0
Large Case Market			123.9						92.3						34.2						254.5						201.6						245.7
Subtotal			352.9						276.3						27.7						712.0						573.1						622.7
Supplemental and Voluntary			117.0						103.5						13.0						403.3						368.6						376.9
Total Sales			$	469.9					$	379.8					23.7						$	1,115.3					$	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)			12/31/2022						12/31/2021						% Change						12/31/2022						12/31/2021						12/31/2020
Sales by Product
Unum UK
Group Long-term Disability			$	8.1					$	8.0					1.3		%				$	43.3					$	41.4					$	37.7
Group Life			6.5						8.4						(22.6)						55.5						31.3						20.6
Supplemental			2.6						3.4						(23.5)						17.1						17.0						18.9
Unum Poland			6.4						5.6						14.3						17.8						16.1						13.3
Total Sales			$	23.6					$	25.4					(7.1)						$	133.7					$	105.8					$	90.5
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	9.9					$	11.0					(10.0)		%				$	42.7					$	41.5					$	36.2
Large Case Market			4.7						5.4						(13.0)						56.1						31.2						22.1
Subtotal			14.6						16.4						(11.0)						98.8						72.7						58.3
Supplemental			2.6						3.4						(23.5)						17.1						17.0						18.9
Unum Poland			6.4						5.6						14.3						17.8						16.1						13.3
Total Sales			$	23.6					$	25.4					(7.1)						$	133.7					$	105.8					$	90.5
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability			£	6.9					£	5.9					16.9		%				£	34.5					£	30.0					£	29.5
Group Life			5.7						6.3						(9.5)						45.4						22.8						16.1
Supplemental			2.2						2.4						(8.3)						13.5						12.3						14.9
Total Sales			£	14.8					£	14.6					1.4						£	93.4					£	65.1					£	60.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	8.5					£	8.2					3.7		%				£	34.4					£	30.2					£	28.3
Large Case Market			4.1						4.0						2.5						45.5						22.6						17.3
Subtotal			12.6						12.2						3.3						79.9						52.8						45.6
Supplemental			2.2						2.4						(8.3)						13.5						12.3						14.9
Total Sales			£	14.8					£	14.6					1.4						£	93.4					£	65.1					£	60.5

5. 1

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Unum Group Sales Data for Colonial Life Segment

			Three Months Ended																		Year Ended
			12/31/2022						12/31/2021						% Change						12/31/2022						12/31/2021						12/31/2020
Sales by Product
Accident, Sickness, and Disability			$	100.6					$	101.5					(0.9)		%				$	310.6					$	297.9					$	261.5
Life			41.1						37.8						8.7						121.5						111.0						88.8
Cancer and Critical Illness			28.3						26.9						5.2						76.0						70.9						62.8
Total Sales			$	170.0					$	166.2					2.3						$	508.1					$	479.8					$	413.1
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)			$	107.0					$	106.0					0.9		%				$	332.4					$	313.2					$	266.2
Large Case Market			21.8						25.1						(13.1)						58.1						68.5						57.4
Subtotal			128.8						131.1						(1.8)						390.5						381.7						323.6
Public Sector			41.2						35.1						17.4						117.6						98.1						89.5
Total Sales			$	170.0					$	166.2					2.3						$	508.1					$	479.8					$	413.1

5. 2

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Unum Group Consolidated Balance Sheets

			December 31
			2022						2021
Assets
Investments
Fixed Maturity Securities - at fair value			$	34,840.8					$	43,336.0
Mortgage Loans			2,435.4						2,560.4
Policy Loans			3,601.2						3,662.9
Other Long-term Investments			1,440.1						1,203.0
Short-term Investments			1,394.8						1,388.0
Total Investments			43,712.3						52,150.3
Other Assets
Cash and Bank Deposits			119.2						75.0
Accounts and Premiums Receivable			1,482.1						1,519.9
Reinsurance Recoverable			10,218.6						10,919.3
Accrued Investment Income			615.0						602.7
Deferred Acquisition Costs			2,252.3						2,207.9
Goodwill			347.6						352.2
Property and Equipment			451.7						462.7
Deferred Income Tax			449.8						—
Other Assets			1,786.3						1,825.6
Total Assets			$	61,434.9					$	70,115.6

6

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Unum Group Consolidated Balance Sheets - Continued

			December 31
			2022						2021
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits			$	1,839.8					$	1,907.7
Reserves for Future Policy and Contract Benefits			42,330.2						48,007.5
Unearned Premiums			352.7						347.5
Other Policyholders’ Funds			1,750.4						1,790.9
Income Tax Payable			190.9						159.1
Deferred Income Tax			9.2						458.4
Short-term Debt			2.0						—
Long-term Debt			3,427.8						3,442.2
Other Liabilities			2,334.4						2,585.9
Total Liabilities			52,237.4						58,699.2
Stockholders’ Equity
Common Stock			30.8						30.7
Additional Paid-in Capital			2,441.0						2,408.1
Accumulated Other Comprehensive Income (Loss)			(2,756.6)						354.1
Retained Earnings			12,912.1						11,853.2
Treasury Stock - at cost			(3,429.8)						(3,229.7)
Total Stockholders’ Equity			9,197.5						11,416.4
Total Liabilities and Stockholders’ Equity			$	61,434.9					$	70,115.6

6. 1

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Unum Group Deferred Acquisition Costs by Segment

			Unum US						Unum International						Colonial Life						Consolidated
Balances at December 31, 2019			$	1,223.0					$	26.4					$	1,074.6					$	2,324.0
Capitalization			291.5						12.1						272.6						576.2
Amortization			(341.0)						(7.4)						(257.7)						(606.1)
Adjustment Related to Unrealized Investment Gains and Losses			(4.8)						—						(17.6)						(22.4)
Foreign Currency			—						0.9						—						0.9
Balances 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)
Balances at December 31, 2021			1,096.2						35.4						1,076.3						2,207.9
Capitalization			273.1						12.0						271.8						556.9
Amortization			(294.9)						(7.6)						(288.5)						(591.0)
Adjustment Related to Unrealized Investment Gains and Losses			15.0						—						66.7						81.7
Foreign Currency			—						(3.2)						—						(3.2)
Balances at December 31, 2022			$	1,089.4					$	36.6					$	1,126.3					$	2,252.3

6. 2

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Unum Group Balance Sheets by Segment - December 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			$	7,139.5					$	2,369.9					$	4,516.6					$	14,026.0					$	2,677.2					$	3,126.1					$	22,028.9					$	1,854.1					$	43,712.3
Deferred Acquisition Costs			94.9						63.2						931.3						1,089.4						36.6						1,126.3						—						—						2,252.3
Goodwill			8.9						—						271.1						280.0						39.9						27.7						—						—						347.6
All Other			117.7						350.4						415.2						883.3						401.2						168.8						12,212.3						1,457.1						15,122.7
Total Assets			$	7,361.0					$	2,783.5					$	6,134.2					$	16,278.7					$	3,154.9					$	4,448.9					$	34,241.2					$	3,311.2					$	61,434.9
Liabilities
Reserves and Policyholder Benefits			$	5,596.0					$	1,893.0					$	3,906.7					$	11,395.7					$	2,416.2					$	2,976.3					$	29,484.9					$	—					$	46,273.1
Debt			—						—						—						—						—						—						—						3,429.8						3,429.8
All Other			24.4						94.6						207.2						326.2						70.0						54.8						532.6						1,550.9						2,534.5
Total Liabilities			5,620.4						1,987.6						4,113.9						11,721.9						2,486.2						3,031.1						30,017.5						4,980.7						52,237.4
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity			1,753.1						924.7						2,148.6						4,826.4						756.6						1,559.2						4,998.5						(909.8)						11,230.9
Net Unrealized Gain (Loss) on Securities and Net Gain (Loss) on Hedges			(12.5)						(128.8)						(128.3)						(269.6)						(87.9)						(141.4)						(774.8)						(759.7)						(2,033.4)
Total Allocated Stockholders' Equity			1,740.6						795.9						2,020.3						4,556.8						668.7						1,417.8						4,223.7						(1,669.5)						9,197.5
Total Liabilities and Allocated Stockholders' Equity			$	7,361.0					$	2,783.5					$	6,134.2					$	16,278.7					$	3,154.9					$	4,448.9					$	34,241.2					$	3,311.2					$	61,434.9

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
			12/31/2022						12/31/2021						% Change						12/31/2022						12/31/2021						% Change
Premium Income
Unum US			$	1,581.5					$	1,529.3					3.4		%				$	6,258.3					$	6,078.0					3.0		%
Unum International			178.3						177.5						0.5						718.8						717.0						0.3
Colonial Life			420.4						423.3						(0.7)						1,702.0						1,690.2						0.7
Closed Block			230.9						244.5						(5.6)						944.3						995.8						(5.2)
			2,411.1						2,374.6						1.5						9,623.4						9,481.0						1.5
Net Investment Income
Unum US			166.9						182.1						(8.3)						676.3						721.6						(6.3)
Unum International			47.8						37.9						26.1						170.1						132.7						28.2
Colonial Life			37.3						40.9						(8.8)						152.7						172.0						(11.2)
Closed Block			252.9						282.5						(10.5)						1,070.6						1,159.0						(7.6)
Corporate			19.5						7.4						163.5						52.5						27.9						88.2
			524.4						550.8						(4.8)						2,122.2						2,213.2						(4.1)
Other Income
Unum US			49.5						44.8						10.5						196.3						170.0						15.5
Unum International			0.2						—						—						0.9						0.6						50.0
Colonial Life			0.3						0.2						50.0						1.1						1.0						10.0
Closed Block			12.4						15.3						(19.0)						58.0						65.1						(10.9)
Corporate			1.2						2.1						(42.9)						4.8						6.2						(22.6)
			63.6						62.4						1.9						261.1						242.9						7.5
Total Adjusted Operating Revenue
Unum US			1,797.9						1,756.2						2.4						7,130.9						6,969.6						2.3
Unum International			226.3						215.4						5.1						889.8						850.3						4.6
Colonial Life			458.0						464.4						(1.4)						1,855.8						1,863.2						(0.4)
Closed Block			496.2						542.3						(8.5)						2,072.9						2,219.9						(6.6)
Corporate			20.7						9.5						117.9						57.3						34.1						68.0
			$	2,999.1					$	2,987.8					0.4						$	12,006.7					$	11,937.1					0.6

7

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Unum Group Financial Results by Segment - Continued

			Three Months Ended																		Year Ended
			12/31/2022						12/31/2021						% Change						12/31/2022						12/31/2021						% Change
Benefits and Expenses
Unum US			$	1,569.2					$	1,674.8					(6.3)		%				$	6,005.2					$	6,289.7					(4.5)		%
Unum International			181.3						188.3						(3.7)						762.8						744.6						2.4
Colonial Life			365.0						384.4						(5.0)						1,481.2						1,534.0						(3.4)
Closed Block			471.1						485.3						(2.9)						1,888.8						2,077.2						(9.1)
Corporate			58.2						54.6						6.6						221.6						305.3						(27.4)
			2,644.8						2,787.4						(5.1)						10,359.6						10,950.8						(5.4)
Income (Loss) Before Income Tax Expense (Benefit) and Net Investment Gain (Loss)
Unum US			228.7						81.4						181.0						1,125.7						679.9						65.6
Unum International			45.0						27.1						66.1						127.0						105.7						20.2
Colonial Life			93.0						80.0						16.3						374.6						329.2						13.8
Closed Block			25.1						57.0						(56.0)						184.1						142.7						29.0
Corporate			(37.5)						(45.1)						(16.9)						(164.3)						(271.2)						(39.4)
			354.3						200.4						76.8						1,647.1						986.3						67.0
Income Tax Expense			79.6						33.9						134.8						320.7						222.7						44.0
Income (Loss) Before Net Investment Gain (Loss)			274.7						166.5						65.0						1,326.4						763.6						73.7
Net Investment Gain (Loss) (net of tax expense (benefit) of $1.7; $(1.9); $(3.5); $16.1)			4.9						(6.8)						(172.1)						(12.2)						60.6						(120.1)
Net Income			$	279.6					$	159.7					75.1						$	1,314.2					$	824.2					59.5

7. 1

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Unum Group Quarterly Historical Financial Results by Segment

			12/31/22						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20
Premium Income
Unum US			$	1,581.5					$	1,559.6					$	1,572.3					$	1,544.9					$	1,529.3					$	1,500.8					$	1,522.1					$	1,525.8					$	1,485.1
Unum International			178.3						173.3						179.4						187.8						177.5						181.6						183.5						174.4						165.7
Colonial Life			420.4						423.3						427.6						430.7						423.3						420.8						419.7						426.4						418.8
Closed Block			230.9						235.5						238.0						239.9						244.5						250.5						249.1						251.7						250.3
			2,411.1						2,391.7						2,417.3						2,403.3						2,374.6						2,353.7						2,374.4						2,378.3						2,319.9
Net Investment Income
Unum US			166.9						170.6						167.8						171.0						182.1						176.2						183.6						179.7						173.1
Unum International			47.8						37.0						50.8						34.5						37.9						33.1						35.7						26.0						25.5
Colonial Life			37.3						38.6						38.7						38.1						40.9						51.8						41.6						37.7						37.5
Closed Block			252.9						251.4						291.5						274.8						282.5						284.6						294.7						297.2						356.7
Corporate			19.5						14.0						10.2						8.8						7.4						4.5						7.9						8.1						0.7
			524.4						511.6						559.0						527.2						550.8						550.2						563.5						548.7						593.5
Other Income
Unum US			49.5						49.0						50.7						47.1						44.8						43.5						41.3						40.4						37.4
Unum International			0.2						0.2						0.3						0.2						—						0.4						0.1						0.1						0.1
Colonial Life			0.3						0.3						0.2						0.3						0.2						0.3						0.3						0.2						0.2
Closed Block			12.4						13.1						16.5						16.0						15.3						19.3						12.1						18.4						16.9
Corporate			1.2						0.4						1.0						2.2						2.1						2.4						0.4						1.3						0.6
			63.6						63.0						68.7						65.8						62.4						65.9						54.2						60.4						55.2
Total Adjusted Operating Revenue
Unum US			1,797.9						1,779.2						1,790.8						1,763.0						1,756.2						1,720.5						1,747.0						1,745.9						1,695.6
Unum International			226.3						210.5						230.5						222.5						215.4						215.1						219.3						200.5						191.3
Colonial Life			458.0						462.2						466.5						469.1						464.4						472.9						461.6						464.3						456.5
Closed Block			496.2						500.0						546.0						530.7						542.3						554.4						555.9						567.3						623.9
Corporate			20.7						14.4						11.2						11.0						9.5						6.9						8.3						9.4						1.3
			$	2,999.1					$	2,966.3					$	3,045.0					$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6

8

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Unum Group Quarterly Historical Financial Results by Segment - Continued

			12/31/22						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						6/30/21						3/31/21						12/31/20
Benefits and Expenses
Unum US			$	1,569.2					$	1,349.2					$	1,495.4					$	1,591.4					$	1,674.8					$	1,417.0					$	1,567.7					$	1,630.2					$	1,552.1
Unum International			181.3						180.6						205.6						195.3						188.3						187.7						194.5						174.1						170.6
Colonial Life			365.0						371.8						365.4						379.0						384.4						392.8						365.8						391.0						385.3
Closed Block			471.1						481.1						483.3						453.3						485.3						497.9						464.4						629.6						1,996.8
Corporate			58.2						63.9						48.1						51.4						54.6						64.4						138.0						48.3						44.0
			2,644.8						2,446.6						2,597.8						2,670.4						2,787.4						2,559.8						2,730.4						2,873.2						4,148.8
Income (Loss) Before Income Tax Expense (Benefit) and Net Investment Gain (Loss)
Unum US			228.7						430.0						295.4						171.6						81.4						303.5						179.3						115.7						143.5
Unum International			45.0						29.9						24.9						27.2						27.1						27.4						24.8						26.4						20.7
Colonial Life			93.0						90.4						101.1						90.1						80.0						80.1						95.8						73.3						71.2
Closed Block			25.1						18.9						62.7						77.4						57.0						56.5						91.5						(62.3)						(1,372.9)
Corporate			(37.5)						(49.5)						(36.9)						(40.4)						(45.1)						(57.5)						(129.7)						(38.9)						(42.7)
			354.3						519.7						447.2						325.9						200.4						410.0						261.7						114.2						(1,180.2)
Income Tax Expense (Benefit)			79.6						105.6						73.7						61.8						33.9						81.3						79.4						28.1						(285.2)
Income (Loss) Before Net Investment Gain (Loss)			274.7						414.1						373.5						264.1						166.5						328.7						182.3						86.1						(895.0)
Net Investment Gain (Loss)			6.6						(4.4)						(4.1)						(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9
Tax Expense (Benefit) on Net Investment Gain (Loss)			1.7						(1.0)						(1.0)						(3.2)						(1.9)						—						0.3						17.7						274.5
Net Income			$	279.6					$	410.7					$	370.4					$	253.5					$	159.7					$	328.6					$	182.9					$	153.0					$	135.4
Net Income Per Common Share - Assuming Dilution			$	1.39					$	2.04					$	1.83					$	1.25					$	0.78					$	1.60					$	0.89					$	0.75					$	0.66

8. 1

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Unum Group Financial Results for Unum US Segment

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income			$	1,581.5					$	1,529.3					$	6,258.3					$	6,078.0					$	6,018.9
Net Investment Income			166.9						182.1						676.3						721.6						720.3
Other Income			49.5						44.8						196.3						170.0						154.9
Total			1,797.9						1,756.2						7,130.9						6,969.6						6,894.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			1,029.1						1,163.2						3,941.5						4,338.8						4,138.7
Commissions			155.8						144.4						614.4						583.4						594.9
Deferral of Acquisition Costs			(73.7)						(49.3)						(273.1)						(242.7)						(291.5)
Amortization of Deferred Acquisition Costs			66.9						75.3						294.9						319.0						341.0
Other Expenses			391.1						341.2						1,427.5						1,291.2						1,285.6
Total			1,569.2						1,674.8						6,005.2						6,289.7						6,068.7
Income Before Income Tax and Net Investment Gains and Losses			228.7						81.4						1,125.7						679.9						825.4
Reserve Assumption Updates			—						—						(155.0)						(215.0)						—
Adjusted Operating Income			$	228.7					$	81.4					$	970.7					$	464.9					$	825.4
Operating Ratios (% of Premium Income):
Benefit Ratio1			65.1		%				76.1		%				65.5		%				74.9		%				68.8		%
Other Expense Ratio2			24.0		%				21.7		%				22.1		%				20.7		%				20.8		%
Income Ratio															18.0		%				11.2		%
Adjusted Operating Income Ratio			14.5		%				5.3		%				15.5		%				7.6		%				13.7		%

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

2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

9

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Unum Group Financial Results for Unum US Group Disability

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	492.5					$	460.1					$	1,911.7					$	1,827.8					$	1,828.5
Group Short-term Disability			240.4						222.8						926.3						864.0						799.2
Total Premium Income			732.9						682.9						2,838.0						2,691.8						2,627.7
Net Investment Income			86.5						94.9						349.1						379.6						388.8
Other Income			48.3						44.3						191.8						165.7						147.6
Total			867.7						822.1						3,378.9						3,237.1						3,164.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			469.8						534.9						1,771.1						1,849.2						1,921.9
Commissions			53.3						48.6						211.3						199.8						191.8
Deferral of Acquisition Costs			(15.0)						(12.4)						(53.1)						(49.8)						(49.3)
Amortization of Deferred Acquisition Costs			13.2						12.8						51.8						51.4						53.1
Other Expenses			231.8						204.1						862.3						773.9						756.6
Total			753.1						788.0						2,843.4						2,824.5						2,874.1
Income Before Income Tax and Net Investment Gains and Losses			114.6						34.1						535.5						412.6						290.0
Reserve Assumption Update			—						—						(121.0)						(215.0)						—
Adjusted Operating Income			$	114.6					$	34.1					$	414.5					$	197.6					$	290.0
Operating Ratios (% of Premium Income):
Benefit Ratio1			64.1		%				78.3		%				66.7		%				76.7		%				73.1		%
Other Expense Ratio2			29.7		%				28.1		%				28.5		%				27.1		%				27.3		%
Income Ratio															18.9		%				15.3		%
Adjusted Operating Income Ratio			15.6		%				5.0		%				14.6		%				7.3		%				11.0		%
Persistency:
Group Long-term Disability															90.7		%				89.6		%				90.8		%
Group Short-term Disability															88.9		%				87.4		%				88.7		%

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

2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

9. 1

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

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Life			$	419.2					$	413.1					$	1,669.1					$	1,641.9					$	1,640.5
Accidental Death & Dismemberment			44.0						42.1						173.7						165.1						163.9
Total Premium Income			463.2						455.2						1,842.8						1,807.0						1,804.4
Net Investment Income			25.2						27.9						100.3						104.0						97.2
Other Income			0.4						0.4						1.6						1.7						2.4
Total			488.8						483.5						1,944.7						1,912.7						1,904.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			362.4						447.6						1,415.2						1,728.8						1,470.4
Commissions			36.7						35.6						150.4						144.7						143.2
Deferral of Acquisition Costs			(10.4)						6.3						(37.3)						(21.0)						(36.0)
Amortization of Deferred Acquisition Costs			8.4						9.6						33.2						38.3						39.3
Other Expenses			62.4						56.1						231.1						213.8						205.3
Total			459.5						555.2						1,792.6						2,104.6						1,822.2
Income Before Income Tax and Net Realized Investment Gains and Losses			29.3						(71.7)						152.1						(191.9)						81.8
Reserve Assumption Update			—						—						(34.0)						—						—
Adjusted Operating Income (Loss)			$	29.3					$	(71.7)					$	118.1					$	(191.9)					$	81.8
Operating Ratios (% of Premium Income):
Benefit Ratio1			78.2		%				98.3		%				78.6		%				95.7		%				81.5		%
Other Expense Ratio			13.5		%				12.3		%				12.5		%				11.8		%				11.4		%
Income (Loss) Ratio															8.3		%
Adjusted Operating Income (Loss) Ratio			6.3		%				(15.8)		%				6.4		%				(10.6)		%				4.5		%
Persistency:
Group Life															88.9		%				89.7		%				88.8		%
Accidental Death & Dismemberment															87.9		%				89.1		%				88.2		%
1Excludes the $34.0 million reserve decrease 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												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Voluntary Benefits			$	205.4					$	206.3					$	840.6					$	846.7					$	875.2
Individual Disability			110.8						114.8						461.1						459.8						456.0
Dental and Vision			69.2						70.1						275.8						272.7						255.6
Total Premium Income			385.4						391.2						1,577.5						1,579.2						1,586.8
Net Investment Income			55.2						59.3						226.9						238.0						234.3
Other Income			0.8						0.1						2.9						2.6						4.9
Total			441.4						450.6						1,807.3						1,819.8						1,826.0
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			196.9						180.7						755.2						760.8						746.4
Commissions			65.8						60.2						252.7						238.9						259.9
Deferral of Acquisition Costs			(48.3)						(43.2)						(182.7)						(171.9)						(206.2)
Amortization of Deferred Acquisition Costs			45.3						52.9						209.9						229.3						248.6
Other Expenses			96.9						81.0						334.1						303.5						323.7
Total			356.6						331.6						1,369.2						1,360.6						1,372.4
Adjusted Operating Income			$	84.8					$	119.0					$	438.1					$	459.2					$	453.6
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits			44.9		%				42.9		%				42.1		%				43.2		%				42.2		%
Individual Disability			53.2		%				40.2		%				44.1		%				42.8		%				48.8		%
Dental and Vision			65.9		%				65.6		%				71.6		%				72.6		%				60.6		%
Other Expense Ratio			25.1		%				20.7		%				21.2		%				19.2		%				20.4		%
Adjusted Operating Income Ratio			22.0		%				30.4		%				27.8		%				29.1		%				28.6		%
Persistency:
Voluntary Benefits															75.8		%				75.8		%				72.7		%
Individual Disability															89.5		%				89.7		%				89.5		%
Dental and Vision															79.9		%				86.0		%				85.0		%

9. 3

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Unum Group Financial Results for Unum International Segment

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	89.4					$	98.1					$	376.9					$	401.9					$	364.9
Group Life			37.7						27.9						138.2						112.3						108.5
Supplemental			28.2						28.4						114.0						112.6						99.8
Unum Poland			23.0						23.1						89.7						90.2						79.6
Total Premium Income			178.3						177.5						718.8						717.0						652.8
Net Investment Income			47.8						37.9						170.1						132.7						104.6
Other Income			0.2						—						0.9						0.6						0.5
Total			226.3						215.4						889.8						850.3						757.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			132.0						139.6						564.8						556.2						500.9
Commissions			11.4						13.4						56.3						54.1						49.7
Deferral of Acquisition Costs			(2.7)						(3.2)						(12.0)						(12.8)						(12.1)
Amortization of Deferred Acquisition Costs			1.8						1.9						7.6						8.0						7.4
Other Expenses			38.8						36.6						146.1						139.1						135.4
Total			181.3						188.3						762.8						744.6						681.3
Adjusted Operating Income			$	45.0					$	27.1					$	127.0					$	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)			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	76.2					£	72.7					£	304.6					£	292.0					£	284.2
Group Life			32.0						20.8						112.3						81.7						84.6
Supplemental			23.9						21.0						92.3						81.8						77.7
Total Premium Income			132.1						114.5						509.2						455.5						446.5
Net Investment Income			38.6						26.8						131.9						91.0						76.0
Other Income (Loss)			—						(0.1)						0.1						0.1						0.1
Total			170.7						141.2						641.2						546.6						522.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			100.4						93.2						413.2						362.8						352.5
Commissions			5.8						7.1						31.8						28.7						28.1
Deferral of Acquisition Costs			(0.9)						(1.1)						(4.2)						(4.3)						(4.2)
Amortization of Deferred Acquisition Costs			1.3						1.3						5.0						5.1						5.3
Other Expenses			26.4						22.0						95.6						81.8						86.5
Total			133.0						122.5						541.4						474.1						468.2
Adjusted Operating Income			£	37.7					£	18.7					£	99.8					£	72.5					£	54.4
Weighted Average Pound/Dollar Exchange Rate			1.183						1.353						1.222						1.377						1.287
Operating Ratios (% of Premium Income):
Benefit Ratio			76.0		%				81.4		%				81.1		%				79.6		%				78.9		%
Other Expense Ratio			20.0		%				19.2		%				18.8		%				18.0		%				19.4		%
Adjusted Operating Income Ratio			28.5		%				16.3		%				19.6		%				15.9		%				12.2		%
Persistency:
Group Long-term Disability															85.1		%				89.3		%				88.2		%
Group Life															87.9		%				86.5		%				81.8		%
Supplemental															92.8		%				90.9		%				90.7		%

10. 1

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Unum Group Financial Results for Colonial Life Segment

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	234.9					$	238.2					$	948.9					$	953.3					$	975.1
Life			97.9						97.4						401.1						384.7						376.4
Cancer and Critical Illness			87.6						87.7						352.0						352.2						360.5
Total Premium Income			420.4						423.3						1,702.0						1,690.2						1,712.0
Net Investment Income			37.3						40.9						152.7						172.0						155.7
Other Income			0.3						0.2						1.1						1.0						1.1
Total			458.0						464.4						1,855.8						1,863.2						1,868.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			189.3						222.2						803.1						910.4						906.5
Commissions			82.0						83.2						340.0						320.1						334.3
Deferral of Acquisition Costs			(61.4)						(66.7)						(271.8)						(252.6)						(272.6)
Amortization of Deferred Acquisition Costs			72.8						68.1						288.5						259.1						257.7
Other Expenses			82.3						77.6						321.4						297.0						307.5
Total			365.0						384.4						1,481.2						1,534.0						1,533.4
Adjusted Operating Income			$	93.0					$	80.0					$	374.6					$	329.2					$	335.4
Operating Ratios (% of Premium Income):
Benefit Ratio			45.0		%				52.5		%				47.2		%				53.9		%				52.9		%
Other Expense Ratio			19.6		%				18.3		%				18.9		%				17.6		%				18.0		%
Adjusted Operating Income Ratio			22.1		%				18.9		%				22.0		%				19.5		%				19.6		%
Persistency:
Accident, Sickness, and Disability															73.3		%				75.4		%				74.3		%
Life															84.5		%				85.5		%				83.7		%
Cancer and Critical Illness															82.3		%				82.4		%				81.8		%

11

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Unum Group Financial Results for Closed Block Segment

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Premium Income
Long-term Care			$	174.4					$	175.9					$	697.4					$	704.3					$	666.9
All Other			56.5						68.6						246.9						291.5						327.5
Total Premium Income			230.9						244.5						944.3						995.8						994.4
Net Investment Income			252.9						282.5						1,070.6						1,159.0						1,370.3
Other Income			12.4						15.3						58.0						65.1						66.6
Total			496.2						542.3						2,072.9						2,219.9						2,431.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits			405.0						414.4						1,627.3						1,793.2						3,426.8
Commissions			18.1						19.2						75.7						80.5						78.4
Interest and Debt Expense			—						—						—						—						3.1
Other Expenses			48.0						51.7						185.8						203.5						158.7
Total			471.1						485.3						1,888.8						2,077.2						3,667.0
Income (Loss) Before Income Tax and Net Investment Gains and Losses			25.1						57.0						184.1						142.7						(1,235.7)
Long-term Care Reserve Increase			—						—						—						2.1						151.5
Individual Disability Reserve Increase			—						—						—						6.4						—
Group Pension Reserve Increase			—						—						—						25.1						17.5
Impacts from Closed Block Individual Disability Reinsurance Transaction			—						—						—						139.3						1,305.5
Amortization of the Cost of Reinsurance			15.3						19.7						63.8						79.1						2.6
Adjusted Operating Income			$	40.4					$	76.7					$	247.9					$	394.7					$	241.4
Interest Adjusted Loss Ratio:
Long-term Care1			86.3		%				82.2		%				82.0		%				77.3		%				68.9		%
Operating Ratios (% of Premium Income):
Other Expense Ratio2			14.2		%				13.1		%				12.9		%				11.9		%				13.6		%
Income (Loss) Ratio			10.9		%				23.3		%				19.5		%				14.3		%				(124.3)		%
Adjusted Operating Income Ratio			17.5		%				31.4		%				26.3		%				39.6		%				24.3		%
Persistency:
Long-term Care															95.7		%				95.6		%				94.8		%

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.

2Excludes amortization of the cost of reinsurance from the years ended 2022, 2021, and 2020. Also excludes $6.2 million and $21.0 million of transaction costs from 2021 and 2020, respectively, related to the two phases of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021 and the fourth quarter of 2020.

12

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Unum Group Financial Results for Corporate Segment

			Three Months Ended												Year Ended
			12/31/2022						12/31/2021						12/31/2022						12/31/2021						12/31/2020
Adjusted Operating Revenue
Net Investment Income			$	19.5					$	7.4					$	52.5					$	27.9					$	9.8
Other Income			1.2						2.1						4.8						6.2						1.1
Total			20.7						9.5						57.3						34.1						10.9
Interest, Debt, and Other Expenses			58.2						54.6						221.6						305.3						247.7
Loss Before Income Tax and Net Investment Gains and Losses			(37.5)						(45.1)						(164.3)						(271.2)						(236.8)
Impairment Loss on Internal-Use Software			—						—						—						12.1						—
Costs Related to Early Retirement of Debt			—						—						—						67.3						—
Impairment Loss on ROU Asset			—						—						—						13.9						12.7
Cost Related to Organizational Design Update			—						—						—						—						23.3
Adjusted Operating Loss			$	(37.5)					$	(45.1)					$	(164.3)					$	(177.9)					$	(200.8)

13

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Unum Group Reserves

			December 31, 2022
			Gross																																				Total Reinsurance Ceded
			Policy Reserves												Claim Reserves																														Total Net
									%						Incurred						IBNR						%						Total
Group Disability			$	—					—		%				$	5,003.0					$	747.6					25.2		%				$	5,750.6					$	46.4					$	5,704.2
Group Life and Accidental Death & Dismemberment			54.5						0.2						678.1						260.0						4.1						992.6						7.5						985.1
Individual Disability			435.0						2.0						1,427.8						154.1						6.9						2,016.9						208.8						1,808.1
Voluntary Benefits			1,791.0						8.2						44.8						50.3						0.4						1,886.1						13.2						1,872.9
Dental and Vision			—						—						0.2						10.7						0.1						10.9						0.1						10.8
Unum US Segment			2,280.5						10.4						7,153.9						1,222.7						36.7						10,657.1						276.0						10,381.1
Unum International Segment			206.1						0.9						1,925.4						164.8						9.2						2,296.3						74.2						2,222.1
Colonial Life Segment			2,575.9						11.8						276.5						106.5						1.7						2,958.9						1.3						2,957.6
Long-term Care			11,220.7						51.2						2,477.5						283.0						12.1						13,981.2						5.7						13,975.5
All Other			5,620.7						25.7						9,021.5						201.0						40.3						14,843.2						12,602.8						2,240.4
Closed Block Segment			16,841.4						76.9						11,499.0						484.0						52.4						28,824.4						12,608.5						16,215.9
Subtotal			$	21,903.9					100.0		%				$	20,854.8					$	1,978.0					100.0		%				44,736.7						12,960.0						31,776.7
Adjustment Related to Unrealized Investment Gains and Losses																																	(566.7)						(18.1)						(548.6)
Consolidated																																	$	44,170.0					$	12,941.9					$	31,228.1

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
Long-term Care			10,842.2						50.2						2,300.1						271.7						10.9						13,414.0						7.4						13,406.6
All Other			5,800.8						26.9						9,363.2						237.4						40.4						15,401.4						13,095.5						2,305.9
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

						12/31/2022																		12/31/2022						12/31/2021
Fixed Maturity Securities (Fair Value)																		Selected Statistics
Public						$	22,060.8					63.4		%				Earned Book Yield						4.57		%				4.85		%
Mortgage-Backed/Asset-Backed Securities						573.3						1.6						Average Duration (in years)						7.75						8.35
Private Placements						5,430.9						15.6
High Yield						1,989.8						5.7
Government Securities						1,325.3						3.8
Municipal Securities						3,457.2						9.9
Redeemable Preferred Stocks						3.5						—
Total						$	34,840.8					100.0		%
						Amortized Cost						Fair Value						Private Equity Partnerships						12/31/2022						12/31/2021
Quality Ratings of Fixed Maturity Securities																		Private Credit Partnerships						$	275.0					$	279.4
Aaa						5.2		%				5.3		%				Private Equity Partnerships						485.3						384.6
Aa						11.9						11.4						Real Asset Partnerships						434.0						314.6
A						27.1						27.6						Total						$	1,194.3					$	978.6
Baa						50.1						50.0
Below Baa						5.7						5.7
Total						100.0		%				100.0		%				Non-Current Investments						$	—					$	19.8

15

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Unum Group Investments at December 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						$	2,554.5					$	(212.6)					$	1,975.5					$	245.8					$	579.0					$	33.2
Capital Goods						3,193.6						(224.2)						2,227.7						294.8						965.9						70.6
Communications						2,182.4						(156.6)						1,365.8						236.5						816.6						79.9
Consumer Cyclical						1,402.6						(127.2)						1,146.2						147.3						256.4						20.1
Consumer Non-Cyclical						5,763.3						(537.5)						4,097.5						654.6						1,665.8						117.1
Energy						2,770.0						(72.1)						1,467.1						155.0						1,302.9						82.9
Financial Institutions						3,473.9						(443.7)						3,075.4						464.3						398.5						20.6
Mortgage/Asset-Backed						573.3						(18.8)						386.7						27.0						186.6						8.2
Sovereigns						827.1						(81.0)						337.0						115.9						490.1						34.9
Technology						1,567.5						(177.8)						1,438.5						186.9						129.0						9.1
Transportation						1,620.3						(164.5)						1,269.5						183.1						350.8						18.6
U.S. Government Agencies and Municipalities						3,955.4						(554.4)						2,525.5						661.8						1,429.9						107.4
Public Utilities						4,956.9						(214.0)						2,497.4						355.0						2,459.5						141.0
Total						$	34,840.8					$	(2,984.4)					$	23,809.8					$	3,728.0					$	11,031.0					$	743.6
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						$	2,313.9					$	73.6											$	151.7					$	1.8
91 through 180 days						5,523.4						316.6												312.3						12.6
181 through 270 days						5,377.7						643.0												470.4						39.1
271 days to 1 year						6,010.3						1,446.8												665.0						92.3
Greater than 1 year						2,852.1						1,065.5												133.0						36.7
Total						$	22,077.4					$	3,545.5											$	1,732.4					$	182.5

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 or loss on hedges;

•Leverage ratio, which excludes the unrealized gain or loss on securities and net gain or loss on hedges; and

•Book value per common share 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
						December 31						September 30						June 30						March 31						December 31						September 30						June 30						March 31						December 31
						2022																								2021																								2020
Total Revenue						$	3,005.7					$	2,961.9					$	3,040.9					$	2,982.5					$	2,979.1					$	2,969.7					$	2,993.0					$	3,072.0					$	4,273.5
Excluding:
Net Investment Gain (Loss)						6.6						(4.4)						(4.1)						(13.8)						(8.7)						(0.1)						0.9						84.6						1,304.9
Adjusted Operating Revenue						$	2,999.1					$	2,966.3					$	3,045.0					$	2,996.3					$	2,987.8					$	2,969.8					$	2,992.1					$	2,987.4					$	2,968.6

16.3

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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, 2022
Unum US						$	767.2					$	4,706.9					16.3		%
Unum International						156.7						772.7						20.3		%
Colonial Life						295.7						1,549.1						19.1		%
Core Operating Segments						1,219.6						7,028.7						17.4		%
Closed Block						190.9						4,762.6
Corporate						(156.2)						(979.6)
Total						$	1,254.3					$	10,811.7					11.6		%
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		%

1Excludes unrealized gain (loss) on securities and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 16.5. 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.

16.4

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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
Three Months Ended December 31, 2022
Unum US						$	180.6					$	4,808.7					15.0		%
Unum International						40.4						720.0						22.4		%
Colonial Life						73.4						1,549.3						19.0		%
Core Operating Segments						294.4						7,078.0						16.6		%
Closed Block						29.7						4,832.6
Corporate						(37.4)						(807.5)
Total						$	286.7					$	11,103.1					10.3		%
Three Months Ended December 31, 2021
Unum US						$	64.3					$	4,611.4					5.6		%
Unum International						21.6						783.5						11.0		%
Colonial Life						63.2						1,556.6						16.2		%
Core Operating Segments						149.1						6,951.5						8.6		%
Closed Block						60.0						4,337.7
Corporate						(27.1)						(986.6)
Total						$	182.0					$	10,302.6					7.1		%

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

Average allocated equity is computed as follows:

						12/31/2022						9/30/2022						12/31/2021						9/30/2021						12/31/2020						12/31/2019
Total Stockholders' Equity						$	9,197.5					$	8,659.5					$	11,416.4					$	11,118.2					$	10,871.0					$	9,965.0
Excluding:
Net Unrealized Gain (Loss) on Securities						(2,023.8)						(2,329.3)						962.2						836.0						1,067.7						615.9
Net Gain (Loss) on Hedges						(9.6)						13.5						61.8						69.5						97.8						187.8
Total Adjusted Stockholders' Equity						$	11,230.9					$	10,975.3					$	10,392.4					$	10,212.7					$	9,705.5					$	9,161.3
						Three Months Ended						Twelve Months Ended						Three Months Ended						Twelve Months Ended						Twelve Months Ended
						12/31/2022												12/31/2021												12/31/2020
Average Adjusted Stockholders' Equity						$	11,103.1					$	10,811.7					$	10,302.6					$	10,049.0					$	9,424.0

16.5

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Reconciliation of Non-GAAP Financial Measures - Continued

																		Three Months Ended
																		December 31																		December 31
																		2022															2021
																		(in millions)						per share*																		(in millions)						per share*
Net Income																		$	279.6					$	1.39																	$	159.7					$	0.78
Excluding:
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $1.7; $(1.9))																		4.9						0.02																		(6.8)						(0.03)
Amortization of the Cost of Reinsurance (net of tax benefit of $3.3; $4.2)																		(12.0)						(0.06)																		(15.5)						(0.08)
After-tax Adjusted Operating Income																		$	286.7					$	1.43																	$	182.0					$	0.89
*Assuming Dilution.

16.6

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Reconciliation of Non-GAAP Financial Measures - Continued

						Year Ended December 31
						2022												2021												2020
						(in millions)						per share *						(in millions)						per share *						(in millions)						per share *
Net Income						$	1,314.2					$	6.50					$	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 $(3.5); $1.9; $(20.9))						(12.2)						(0.07)						7.2						0.03						(82.3)						(0.40)
Total Net Investment Gain (Loss)						(12.2)						(0.07)						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 $13.4; $16.8; $0.6)						(50.4)						(0.25)						(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						(50.4)						(0.25)						(172.4)						(0.84)						(996.8)						(4.89)
Net Reserve Change Related to Reserve Assumption Updates (net of tax expense (benefit) of $32.5; $38.1; $(35.5))						122.5						0.61						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						$	1,254.3					$	6.21					$	890.7					$	4.35					$	1,005.4					$	4.93
*Assuming Dilution.

16.7

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Reconciliation of Non-GAAP Financial Measures - Continued

						December 31
						2022						2021						2020
Debt						$	3,429.8					$	3,442.2					$	3,345.7
Including:
Lease Liability						67.9						82.6						105.9
Excluding:
Adjusted Debt and Lease Liability						$	3,497.7					$	3,524.8					$	3,451.6
Total Stockholders' Equity						$	9,197.5					$	11,416.4					$	10,871.0
Excluding:
Net Unrealized Gain (Loss) on Securities and Net Gain (Loss) on Hedges						(2,033.4)						1,024.0						1,165.5
Equity, As Adjusted						11,230.9						10,392.4						9,705.5
Debt, As Adjusted and Lease Liability						3,497.7						3,524.8						3,451.6
Total Adjusted Capital						$	14,728.6					$	13,917.2					$	13,157.1
Leverage Ratio						23.7		%				25.3		%				26.2		%

																		Three Months Ended
																		December 31, 2022						December 31, 2021
																		Premium Income						Premium Income in Local Currency1						Weighted Average Exchange Rate2						Premium Income in Constant Currency
Unum International
Unum UK																		$	155.3					£	114.5					1.176						$	134.7
Unum Poland																		23.0						zł	93.4					0.217						20.2
Total																		178.3																		154.9
Unum US																		1,581.5						$	1,529.3											1,529.3
Colonial Life																		420.4						$	423.3											423.3
Core Operations																		$	2,180.2																	$	2,107.5

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 is calculated using the average foreign currency exchange rates for the most recent period, applied to the comparable prior period.

16.8

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Reconciliation of Non-GAAP Financial Measures - Continued

						Twelve Months Ended
						December 31, 2022						December 31, 2021
Premium Income						$	9,623.4					$	9,481.0
Operating Expenses						$	2,109.7					$	1,983.8
Excluding:
Amortization of the Cost of Reinsurance						(63.8)						(79.1)
Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction						—						(6.2)
Impairment Loss on Internal-Use Software						—						(12.1)
Impairment Loss on ROU Asset						—						(13.9)
Adjusted Operating Expenses						$	2,045.9					$	1,872.5
Operating Expense Ratio						21.9		%				20.9		%
Adjusted Operating Expense Ratio						21.3		%				19.8		%

						Three Months Ended
						December 31, 2022						December 31, 2021
Unum US Premium Income						$	1,581.5					$	1,529.3
Change in Estimate Related to Unearned Premium Reserve						9.3						—
Adjusted Unum US Premium Income						$	1,590.8					$	1,529.3

16.9