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美國

證券交易委員會

華盛頓特區C. 20549

形式 10-Q

(標記一)

☒ 根據1934年證券交易法第13或15（d）條的季度報告

截至本季度末2024年9月30日

☐ 根據1934年證券交易法第13或15（d）條的過渡報告

從 到

佣金文件編號001-11294

Unum組

（章程中規定的註冊人的確切名稱）

特拉華			62-1598430
(註冊成立或組織的國家或其他司法管轄區)			(國際稅務局僱主身分證號碼)
1噴泉廣場 查塔努加， 田納西州			37402
（主要行政辦公室地址）			(郵政編碼)
(423) 294-1011
(註冊人的電話號碼，包括區號)
不適用
(前姓名、前地址和前財政年度，如果自上次報告以來發生變化)

根據該法第12(B)條登記的證券：

每個班級的標題			交易代碼			註冊的每個交易所的名稱
普通股，面值0.10美元			UNM			紐約證券交易所
6.250% 2058年到期的初級次級票據			安特派			紐約證券交易所

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短時間內)提交了1934年《證券交易法》第13條或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。是的 [X]否[ ]

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。是的 [X]否[ ]

---

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。 請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。

（勾選一項）：

大型加速文件服務器

x

加速文件管理器

☐

非加速文件服務器

¨

規模較小的報告公司。

☐

新興成長型公司

☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易法》第13(A)節提供的任何新的或修訂的財務會計準則。

☐

用複選標記表示登記人是否爲空殼公司(如該法第12b-2條所界定)。是☐ 沒有預設

182,611,898 截至2024年10月28日，註冊人的普通股已發行。

---

 目錄

									頁面
						關於前瞻性陳述的警告性聲明			1
						第一部分-財務信息
項目1.						財務報表（未經審計）：			3
						2024年9月30日和2023年12月31日合併資產負債表			3
						截至2024年和2023年9月30日的三個月和九個月的合併利潤表			5
						截至2024年和2023年9月30日的三個月和九個月的合併全面收益表			6
						截至2024年和2023年9月30日的三個月和九個月合併股東權益表			7
						截至2024年和2023年9月30日止九個月的合併現金流量表			8
						合併財務報表附註			9
						注1 -呈列依據			9
						注2 -會計發展			9
						注3 -金融工具的公允價值			11
						注4 -投資			29
						注5 -衍生金融工具			44
						注6 -累計其他綜合損失			53
						注7 -未來保單福利的責任			55
						注8 -保單持有人帳戶餘額			72
						注9 -遞延收購成本			75
						注10 -分部信息			77
						注11 -員工福利計劃			81
						注12 -股東權益和每股普通股收益			82
						Note 13 -承諾 及或然負債			84
						NOT 14 - 債務和 其他			85
項目2.						管理層對財務狀況和經營成果的探討與分析			87
項目3.						關於市場風險的定量和定性披露			134
項目4.						控制和程序			134
						第二部分--其他資料
項目1.						法律訴訟			135
第1A項。						危險因素			135
項目2.						未登記的股權證券銷售和收益的使用			135
第五項。						其他信息			135
第六項。						陳列品			137
						簽名			138

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目錄表

關於前瞻性陳述的警告性聲明

1995年「私人證券訴訟改革法」(該法)提供了一個「安全港」，鼓勵公司提供前瞻性信息，只要這些陳述被確認爲前瞻性陳述，並伴隨着指出可能導致實際結果與前瞻性陳述中所包含的重大不同的重要因素的有意義的警示陳述。本季度報告中包含的某些信息(包括綜合財務報表和相關說明以及管理層討論和分析中的某些陳述)，或我們在與金融界溝通時所作的任何其他書面或口頭陳述，或在提交給美國證券交易委員會(美國證券交易委員會)的文件中包含的任何其他書面或口頭陳述，均可被視爲該法案定義的前瞻性陳述。前瞻性陳述不是基於歷史信息，而是與我們的前景、未來運營、戰略、財務結果或其他發展有關。前瞻性陳述僅說明截止日期。我們不承擔更新這些聲明的義務，即使這些聲明在我們的網站上提供或以其他方式提供。這些陳述可以直接在本文檔中作出，也可以通過參考我們向美國證券交易委員會提交的其他文件而成爲本文檔的一部分，這種做法稱爲「通過引用合併」。您可以通過在本文中或在本文中包含的文檔中查找諸如「將」、「可能」、「應該」、「可能」、「相信」、「期望」、「預期」、「估計」、「計劃」、「假設」、「打算」、「項目」、「目標」、「目標」或類似的表述，找到許多這樣的陳述。

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目錄表

有關前瞻性陳述的警告聲明-續

這些前瞻性陳述受到許多假設、風險和不確定性的影響，其中許多超出了我們的控制範圍。 我們警告讀者，除了不時提到的其他因素外，以下因素可能會導致實際結果與前瞻性陳述所設想的結果存在重大差異：

•由於失業率和消費者信心、新疾病、流行病或流行病的出現、醫療治療的新趨勢和發展、我們索賠運營流程的有效性以及政府計劃的變化等因素導致的索賠發生率、恢復率、死亡率和發病率以及保單福利抵消的變化，保險準備金負債和索賠支付的波動。

•持續的低利率時期。

•國內外不利的經濟或商業狀況可能導致銷售額、保費或持續性下降，以及不利的索賠活動或我們投資組合的不利回報。

•流行病和其他公共衛生問題對我們的業務、財務狀況、經營業績、流動性和資本資源以及整體業務運營的影響。

•法律法規的變更、解釋或執行。

•網絡安全攻擊或其他安全漏洞導致數據受損或未經授權獲取機密數據。

•如果發生自然災難、網絡安全攻擊或其他事件，我們的業務恢復和事件管理流程無法恢復我們的業務運營。

•投資結果，包括但不限於利率變化、違約、信用利差變化、減損以及市場上缺乏可收購以匹配我們負債的適當投資。

•由於行業整合、市場新進入者或其他因素，來自其他保險公司和金融服務公司的競爭加劇。

•由於預測現金流、經濟環境、交易對手風險、評級下調、資本市場波動、利率變化和/或監管的變化，我們的衍生品對沖計劃無效。

•我們的財務實力和信用評級發生變化。

•我們廣泛產品的實際經驗偏離了我們在定價、承保和保留中使用的假設。

•我們僱用和留住合格員工的能力。

•我們開發數字能力或執行技術系統升級或更換的能力。

•市場上再保險的可用性以及我們的再保險人履行對我們義務的能力。

•能夠產生足夠的內部流動性和/或獲得外部融資。

•由於監管調查、法律訴訟、外部事件和/或內部控制和程序不充分或失敗等因素，我們的聲譽受到損害。

•由於使用和依賴第三方供應商（包括提供基於網絡和雲的應用程序的供應商），導致我們的業務或我們利用數據的能力中斷。

•無形資產、長期資產和遞延所得稅資產的可收回性和/或實現性。

•我們風險管理計劃的有效性。

•意外情況以及訴訟的水平和結果。

•外幣匯率波動。

•我們有能力滿足環境、社會和治理標準以及投資者、監管機構、客戶和其他利益相關者的期望。

有關可能導致實際結果與前瞻性陳述中包含的結果不同的風險和不確定性的進一步討論，請參閱我們截至2023年12月31日年度10-k表格年度報告的第1部分第1A項。

歸因於我們或代表我們行事的任何人的所有後續書面和口頭前瞻性陳述均由本節包含或提及的警示性陳述明確限定。

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表格 的 內容

第一部分-財務信息

項目1.財務報表

綜合資產負債表（未經審計）

Unum集團及其子公司

 

			九月30						12月31日
			2024						2023
			(單位：百萬美元)
資產
投資
固定到期證券-按公允價值（攤銷成本爲美元38,822.6; $38,410.6;信用損失備抵美元2.9; $2.2)			$	37,783.5					$	36,833.9
抵押貸款（扣除信用損失備抵美元16.5; $10.2)			2,238.9						2,318.2
政策性貸款			3,625.6						3,620.2
其他長期投資			1,682.8						1,579.4
短期投資			1,990.8						1,610.7
總投資			47,321.6						45,962.4
其他資產
現金及銀行存款			163.4						146.0
應收賬款和保費（扣除信用損失撥備美元27.1; $29.5)			1,495.7						1,543.7
再保險可收回（扣除信用損失備抵美元1.7; $1.7)			8,637.6						9,108.4
應計投資收益			786.8						633.9
遞延收購成本			2,823.5						2,714.5
商譽			352.0						349.9
財產和設備			495.2						485.3
遞延所得稅			431.9						649.4
其他資產			1,632.8						1,661.7
總資產			$	64,140.5					$	63,255.2

    

 請參閱合併財務報表附註。

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T康滕的能力TS

綜合資產負債表（未經審計）-續

Unum集團及其子公司

			九月30						12月31日
			2024						2023
			(單位：百萬美元)
負債與股東權益
負債
未來的政策優勢			$	39,444.5					$	40,009.4
保單持有人帳戶餘額			5,661.3						5,667.7
未賺取的保費			474.7						380.2
其他保單持有人基金			1,507.7						1,615.7
應付所得稅			137.7						190.0
遞延所得稅			28.5						27.0
長期債務			3,470.4						3,430.4
其他負債			2,464.3						2,283.4
總負債			53,189.1						53,603.8
承諾和或有負債-注13
股東權益
普通股，$0.10標準桿
授權：725,000,000 股份
已發出：195,419,352 和 194,588,625 股份			19.5						19.4
額外實收資本			1,563.3						1,547.8
累計其他綜合損失			(2,729.7)						(3,308.0)
留存收益			12,642.4						11,431.5
國庫券-按成本計算： 10,918,177 和 1,216,528 股份			(544.1)						(39.3)
股東權益總額			10,951.4						9,651.4
總負債和股東權益			$	64,140.5					$	63,255.2

請參閱合併財務報表附註。

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目錄

合併收入報表（未經審計）

Unum集團及其子公司

 

			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
			(in數百萬美元，共享數據除外）
收入
保費收入			$	2,628.8					$	2,525.9					$	7,866.3					$	7,494.3
淨投資收益			527.8						526.0						1,586.4						1,565.9
投資虧損淨值			(12.9)						(31.0)						(24.5)						(30.0)
其他收入			73.3						71.6						222.5						210.6
總收入			3,217.0						3,092.5						9,650.7						9,240.8
福利和費用
保單利益			1,864.6						1,778.6						5,624.2						5,498.6
保單福利-重新測量損失（收益）			(402.7)						168.4						(567.5)						(61.6)
佣金			315.1						289.7						947.8						869.7
利息和債務收件箱			49.2						48.6						148.6						145.6
推遲購置成本			(163.3)						(153.3)						(495.3)						(467.5)
遞延收購成本攤銷			133.8						129.1						387.9						358.7
補償費用			294.2						297.9						895.9						867.3
其他費用			311.5						271.8						903.3						818.6
福利和費用總額			2,402.4						2,830.8						7,844.9						8,029.4
所得稅前收入			814.6						261.7						1,805.8						1,211.4
所得稅支出(福利)
電流			95.6						187.5						315.8						381.7
遞延			73.3						(127.8)						59.6						(123.5)
所得稅總支出			168.9						59.7						375.4						258.2
淨收入			$	645.7					$	202.0					$	1,430.4					$	953.2
每股普通股淨收入
基本			$	3.46					$	1.03					$	7.54					$	4.83
假設稀釋			$	3.46					$	1.02					$	7.52					$	4.81

請參閱合併財務報表附註。

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表格 內容

綜合全面收入報表（未經審計）

Unum集團及其子公司

 

			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
			(單位：百萬美元)
淨收入			$	645.7					$	202.0					$	1,430.4					$	953.2
其他全面收入
證券未實現淨虧損變化（扣除稅款費用（收益）美元327.6; $(313.8); $110.4; $(249.2))			1,232.6						(1,185.8)						427.9						(920.0)
貼現率假設對未來保單福利負債的影響的變化，扣除再保險（扣除稅款費用（福利）美元（329.3); $445.0; $35.6; $368.2)			(1,239.3)						1,688.4						121.4						1,374.6
衍生品淨虧損變化（扣除稅款費用（收益）美元14.1; $(38.9); $(9.0); $(44.7))			55.7						(144.4)						(35.2)						(168.1)
外幣兌換調整的變化（扣除稅款費用（福利）美元—; $(0.7); $1.5; $0.3)			68.5						(55.1)						61.2						7.9
未確認養老金和退休後福利成本的變化（扣除稅款費用（福利）美元（0.3); $1.2; $9.8; $1.1)			(1.0)						3.9						3.0						3.3
其他綜合收入總額			116.5						307.0						578.3						297.7
綜合收益			$	762.2					$	509.0					$	2,008.7					$	1,250.9

請參閱合併財務報表附註。

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目錄

股東權益合併報表（未經審計）

Unum集團及其子公司

     

			截至9月30日的三個月												截至9月30日的九個月
			2024						2023						2024						2023
			(單位：百萬美元)
普通股
期初餘額			$	19.5					$	30.9					$	19.4					$	30.8
普通股活動			—						—						0.1						0.1
期末餘額			19.5						30.9						19.5						30.9
額外實收資本
期初餘額			1,558.8						2,444.9						1,547.8						2,441.0
普通股活動			4.5						9.4						15.5						13.3
期末餘額			1,563.3						2,454.3						1,563.3						2,454.3
累計其他綜合損失
期初餘額			(2,846.2)						(3,457.6)						(3,308.0)						(3,448.3)
其他全面收入			116.5						307.0						578.3						297.7
期末餘額			(2,729.7)						(3,150.6)						(2,729.7)						(3,150.6)
留存收益
期初餘額			12,074.6						13,758.1						11,431.5						13,141.3
淨收入			645.7						202.0						1,430.4						953.2
股東股息（每股普通股：美元0.420; $0.365; $1.150; $1.025)			(77.9)						(71.4)						(219.5)						(205.8)
期末餘額			12,642.4						13,888.7						12,642.4						13,888.7
庫存股
期初餘額			(342.1)						(3,530.4)						(39.3)						(3,429.8)
普通股回購			(202.0)						(74.8)						(504.8)						(175.4)
期末餘額			(544.1)						(3,605.2)						(544.1)						(3,605.2)
期末股東權益總額			$	10,951.4					$	9,618.1					$	10,951.4					$	9,618.1

請參閱合併財務報表附註。

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目錄

現金流量綜合報表（未經審計）

Unum集團及其子公司

 

			截至9月30日的九個月
			2024						2023
			(單位：百萬美元)
經營活動的現金流
淨收入			$	1,430.4					$	953.2
淨利潤與經營活動提供的淨現金的調整
收件箱變化			566.4						455.9
遞延收購成本的變化			(107.4)						(108.8)
保險責任變化			(631.0)						(169.3)
所得稅變化			21.9						(26.9)
其他應計負債的變化			(58.3)						(150.2)
淨投資收益的非現金部分			(327.9)						(262.9)
投資虧損淨值			24.5						30.0
折舊			89.9						80.9
再保險成本攤銷			31.1						33.1
其他，淨額			(12.2)						24.3
經營活動提供的淨現金			1,027.4						859.3
投資活動產生的現金流
出售固定到期證券的收益			356.5						1,013.5
固定到期證券的到期收益			997.2						1,113.9
其他投資的銷售和到期收益			234.8						275.2
購買固定到期證券			(1,550.9)						(2,439.4)
購買其他投資			(218.6)						(227.1)
短期投資淨購買量			(307.9)						(45.2)
投資抵押品淨增加（減少）			189.5						(100.4)
財產和設備淨購買			(93.7)						(89.1)
投資活動使用的淨現金			(393.1)						(498.6)
融資活動產生的現金流
長期債務的發行			391.6						—
償還長期債務			(350.0)						—
普通股的發行			4.8						4.1
普通股回購			(500.0)						(174.2)
支付給股東的股息			(219.3)						(205.7)
保單持有人帳戶存款收益			100.9						109.3
保單持有人帳戶借記付款			(65.5)						(65.2)
收到的與主動人壽波動性保險協議相關的現金			26.7						18.6
其他，淨額			(6.1)						(0.9)
融資活動使用的淨現金			(616.9)						(314.0)
現金和銀行存款淨增加			17.4						46.7
年初現金和銀行存款			146.0						119.2
期末現金和銀行存款			$	163.4					$	165.9

See notes to consolidated financial statements.

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表格的內容

合併財務報表註釋（未經審計）

Unum集團及其子公司

2024年9月30日

注1 -呈列依據

隨附的Unum Group及其子公司（公司）合併財務報表是根據美國中期財務信息公認會計原則（GAAP）以及S-X法規第10條的指示編制的。 因此，它們不包括GAAP完整財務報表所需的所有信息和腳註。 欲了解更多信息，請參閱截至2023年12月31日年度10-k表格年度報告中包含的綜合財務報表和腳註。

我們認爲，所有被認爲公平列報所需的調整（包括正常的經常性應計項目）均已包含。 中期業績不一定表明全年業績。

注2 -會計發展

2023年採用的會計準則更新（ASO）：

ASO 2022-02，金融工具-信用損失（主題326）：問題債務重組和復古披露

此次更新中的修訂取消了問題債務重組確認和計量指南，而是要求實體評估修改是否代表新貸款或現有貸款的延續。 該等修訂還加強了與向遇到財務困難的借款人做出的應收賬款的某些修改相關的披露要求。 此外，本次更新中的修訂要求實體披露應收融資款項和租賃淨投資按起源年份的本期毛額覈銷。

本次更新中的修訂將於2023年1月1日的採納期內前瞻性應用。 此次更新的採用修改了我們的披露，但不會對我們的財務狀況或經營業績產生影響。

ASO 2018-12，金融服務-保險（主題944）：長期合同會計的有針對性改進和相關修訂

這一更新極大地修訂了長期保險合同的會計和披露要求。這些變化包括要求至少每年審查並在必要時更新用於衡量傳統合同和有限支付合同未來政策福利負債的現金流假設，並在收益中確認變化。此外，一個實體必須在每個報告日期更新貼現率假設，使用的收益率應反映在其他全面收益(虧損)(OCI)中確認的變化中的中上等級固定收益工具。這些變化導致取消了對傳統長期保險合同的不利偏離風險和保費不足(或損失確認)測試的規定。此次更新還要求一家實體以公允價值衡量與存款合同相關的所有市場風險收益，並在收益中確認變化，但可歸因於特定工具信用風險變化的部分除外，這將在保監處確認。這一更新還簡化了遞延購置費用的攤銷，要求在相關合同的預期期限內按固定水平攤銷。由於合同意外終止，需要註銷遞延收購成本，但不再接受減值測試。需要大量補充披露，其中包括對某些負債餘額的分類結轉，以及披露有關預期現金流、估計數和假設的定性和定量信息。我們沒有具有市場風險收益的產品。

我們採用了修改後的追溯方法，於2023年1月1日生效，並於2021年1月1日（也稱爲過渡日期）實施變更。 截至過渡日期，我們合併財務報表和隨附腳註中包含的所有歷史報告信息均進行了調整，以反映經修改的ASO 2018-12追溯採用。

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目錄

合併財務報表註釋（未經審計）-續

Unum集團及其子公司

2024年9月30日

注2 -會計發展-續

傑出會計更新：

亞利桑那州立大學2020-04, 參考利率改革（主題848）：促進參考利率改革對財務報告的影響和相關修正

本次增訂中的修正案在有限的時間內提供了可選的指導意見，以減輕核算和確認參考匯率改革對財務報告的影響的潛在負擔。該指南允許在將GAAP應用於合同、套期保值關係和其他交易時，允許各種實際的權宜之計和例外情況，如果滿足某些標準，則受參考利率改革的直接結果或用於貼現、按金或合同價格調整的全市場利率變化影響的其他交易。具體地說，指導意見爲合同修改、公允價值套期保值和現金流量套期保值提供了某些實際的權宜之計，還規定了與套期保值關係關鍵條款變化有關的某些例外情況。該指導意見還允許一次性選舉，出售或轉讓在2020年1月1日之前被歸類爲持有至到期的債務證券，並參考受改革影響的利率。

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

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

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

We will adopt this update effective for the annual period ended December 31, 2024 and for the interim period beginning January 1, 2025 using a retrospective approach. The adoption of this update will not have an impact on our financial position or results of operations, but will expand our disclosures effective for the annual period ended December 31, 2024 and subsequent interim periods.

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

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

The amendments eliminate the historic requirement to disclose information regarding unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the twelve months following the reporting date, as well as the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 2 - Accounting Developments - Continued

requirement to disclose the cumulative temporary differences when a deferred tax liability is not recognized due to certain exceptions under ASC 740.

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

Note 3 - Fair Value of Financial Instruments

Fair Value Measurements for Financial Instruments Carried at Fair Value

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

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

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

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

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

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

Valuation Methodologies of Financial Instruments Measured at Fair Value

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

We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available that can be obtained without undue cost and effort. In some cases, a single valuation technique will be appropriate (for example, when valuing an asset or liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate. If we use multiple valuation techniques to measure fair value, we evaluate and weigh

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

the results, as appropriate, considering the reasonableness of the range indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances.

The selection of the valuation method(s) to apply considers the definition of an exit price and depends on the nature of the asset or liability being valued. For assets and liabilities accounted for at fair value, we generally use valuation techniques consistent with the market approach, and to a lesser extent, the income approach. We believe the market approach provides more observable data than the income approach, considering the type of investments we hold. Our fair value measurements could differ significantly based on the valuation technique and available inputs. When using a pricing service, we obtain the vendor's pricing documentation to ensure we understand their methodologies. We periodically review and approve the selection of our pricing vendors to ensure we are in agreement with their current methodologies. When markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. Our internal investment management professionals, which include portfolio managers and analysts, monitor securities priced by brokers and evaluate their prices for reasonableness based on benchmarking to available primary and secondary market information. In weighing a broker quote as an input to fair value, we place less reliance on quotes that do not reflect the result of market transactions. We also consider the nature of the quote, particularly whether it is a bid or market quote. If prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value. When relevant market data is unavailable, which may be the case during periods of market uncertainty, the income approach can, in suitable circumstances, provide a more appropriate fair value. During 2024, we have applied valuation approaches and techniques on a consistent basis to similar assets and liabilities and consistent with those approaches and techniques used at year end 2023.

Fixed Maturity and Equity Securities

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

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

United States Government and Government Agencies and Authorities

Valuation Method

Principally the market approach

Not applicable

Valuation Techniques / Inputs

Prices obtained from external pricing services

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

States, Municipalities, and Political Subdivisions

Valuation Method

Principally the market approach

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Relevant reports issued by analysts and rating agencies

Audited financial statements

Foreign Governments

Valuation Method

Principally the market approach

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Non-binding broker quotes

Call provisions

Public Utilities

Valuation Method

Principally the market and income approaches

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Change in benchmark reference

Non-binding broker quotes

Analysis of similar bonds, adjusted for comparability

Benchmark yields

Discount for size - illiquidity

Transactional data for new issuances and secondary trades

Volatility of credit

Security cash flows and structures

Lack of marketability

Recent issuance / supply

Audited financial statements

Security and issuer level spreads

Security creditor ratings/maturity/capital structure/optionality

Public covenants

Comparative bond analysis

Relevant reports issued by analysts and rating agencies

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

Mortgage/Asset-Backed Securities

Valuation Method

Principally the market and income approaches

Principally the market approach

Valuation Techniques / Inputs

Prices obtained from external pricing services

Analysis of similar bonds, adjusted for comparability

Non-binding broker quotes

Prices obtained from external pricing services

Security cash flows and structures

Underlying collateral

Prepayment speeds/loan performance/delinquencies

Relevant reports issued by analysts and rating agencies

Audited financial statements

All Other Corporate Bonds

Valuation Method

Principally the market and income approaches

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Change in benchmark reference

Non-binding broker quotes

Discount for size - illiquidity

Benchmark yields

Volatility of credit

Transactional data for new issuances and secondary trades

Lack of marketability

Security cash flows and structures

Prices obtained from external pricing services

Recent issuance / supply

Security and issuer level spreads

Security creditor ratings/maturity/capital structure/optionality

Public covenants

Comparative bond analysis

Relevant reports issued by analysts and rating agencies

Audited financial statements

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Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

Level 2

Level 3

Instrument

Observable Inputs

Unobservable Inputs

Redeemable Preferred Stocks

Valuation Method

Principally the market approach

Principally the market approach

Valuation Techniques / Inputs

Non-binding broker quotes

Financial statement analysis

Benchmark yields

Comparative bond analysis

Call provisions

Relevant reports issued by analysts and rating agencies

Audited financial statements

Perpetual Preferred and Equity Securities

Valuation Method

Principally the market approach

Principally the market and income approaches

Valuation Techniques / Inputs

Prices obtained from external pricing services

Financial statement analysis

Non-binding broker quotes

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

At September 30, 2024, approximately 21.1 percent of our fixed maturity securities were valued using active trades from TRACE pricing or broker market maker prices for which there was current market activity in that specific security (comparable to receiving one binding quote).  The prices obtained were not adjusted, and the assets were classified as Level 1.

The remaining 78.9 percent of our fixed maturity securities were valued based on non-binding quotes or other observable and unobservable inputs, as discussed below:

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

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

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

Derivatives

Fair values for derivatives other than embedded derivatives in modified coinsurance arrangements are based on market quotes or pricing models and represent the net amount of cash we would have paid or received if the contracts had been settled or closed as of the last day of the period. Credit risk related to the counterparty and the Company is considered in determining the fair values of these derivatives. However, since we have collateralization agreements in place with each counterparty which limits our exposure, any credit risk is immaterial. Therefore, we determined that no adjustments for credit risk were required as of September 30, 2024 or December 31, 2023.

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

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

Private Equity Partnerships

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

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

						September 30, 2024
Investment Category						Fair Value						Redemption Term / Redemption Notice						Unfunded Commitments
						(in millions of dollars)												(in millions of dollars)
Private Credit			(a)			$	246.3					Not redeemable						$	126.1
						50.7						Quarterly / 90 days notice						6.2
Total Private Credit						297.0												132.3
Private Equity			(b)			574.8						Not redeemable						417.2
						33.3						Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice						13.2
Total Private Equity						608.1												430.4
Real Assets			(c)			488.8						Not redeemable						242.9
						34.1						Quarterly / 90 days notice						—
Total Real Assets						522.9												242.9
Total Partnerships						$	1,428.0											$	805.6

						December 31, 2023
Investment Category						Fair Value						Redemption Term / Redemption Notice						Unfunded Commitments
						(in millions of dollars)												(in millions of dollars)
Private Credit			(a)			$	239.1					Not redeemable						$	128.2
						44.5						Quarterly / 90 days notice						8.6
Total Private Credit						283.6												136.8
Private Equity			(b)			543.9						Not redeemable						410.6
						28.0						Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice						16.6
Total Private Equity						571.9												427.2
Real Assets			(c)			437.5						Not redeemable						239.1
						33.2						Quarterly / 90 days notice						—
Total Real Assets						470.7												239.1
Total Partnerships						$	1,326.2											$	803.1

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

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Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

America and, to a lesser extent, outside of North America.  As of September 30, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 80 percent in the next 3 years, 12 percent during the period from 3 to 5 years, and 8 percent during the period from 5 to 10 years.

(b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America.  As of September 30, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 36 percent in the next 3 years, 31 percent during the period from 3 to 5 years, and 33 percent during the period from 5 to 10 years.

(c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia.  As of September 30, 2024, the estimated remaining life of the investments that do not allow for redemptions is approximately 38 percent in the next 3 years, 26 percent during period from 3 to 5 years, 34 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

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

			September 30, 2024
			Level 1						Level 2						Level 3						NAV						Total
			(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities			$	—					$	557.4					$	—					$	—					$	557.4
States, Municipalities, and Political Subdivisions			—						3,526.5						—						—						3,526.5
Foreign Governments			—						850.1						—						—						850.1
Public Utilities			602.7						4,982.5						—						—						5,585.2
Mortgage/Asset-Backed Securities			—						799.6						51.0						—						850.6
All Other Corporate Bonds			7,362.2						19,015.8						28.0						—						26,406.0
Redeemable Preferred Stocks			—						7.7						—						—						7.7
Total Fixed Maturity Securities			7,964.9						29,739.6						79.0						—						37,783.5
Other Long-term Investments
Derivatives
Forwards			—						49.5						—						—						49.5
Foreign Currency Interest Rate Swaps			—						56.0						—						—						56.0
Embedded Derivative in Modified Coinsurance Arrangement			—						—						4.6						—						4.6
Total Derivatives			—						105.5						4.6						—						110.1
Perpetual Preferred and Equity Securities			—						0.1						21.7						—						21.8
Private Equity Partnerships			—						—						—						1,428.0						1,428.0
Total Other Long-term Investments			—						105.6						26.3						1,428.0						1,559.9
Total Financial Instrument Assets Carried at Fair Value			$	7,964.9					$	29,845.2					$	105.3					$	1,428.0					$	39,343.4
Liabilities
Other Liabilities
Derivatives
Forwards			$	—					$	95.2					$	—					$	—					$	95.2
Foreign Currency Interest Rate Swaps			—						35.0						—						—						35.0
Total Derivatives			—						130.2						—						—						130.2
Total Financial Instrument Liabilities Carried at Fair Value			$	—					$	130.2					$	—					$	—					$	130.2

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Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Total
			(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities			$	—					$	624.8					$	—					$	—					$	624.8
States, Municipalities, and Political Subdivisions			—						3,678.4						—						—						3,678.4
Foreign Governments			—						890.7						—						—						890.7
Public Utilities			301.3						5,020.3						—						—						5,321.6
Mortgage/Asset-Backed Securities			—						611.2						32.9						—						644.1
All Other Corporate Bonds			3,985.2						21,562.1						123.4						—						25,670.7
Redeemable Preferred Stocks			—						3.6						—						—						3.6
Total Fixed Maturity Securities			4,286.5						32,391.1						156.3						—						36,833.9
Other Long-term Investments
Derivatives
Forwards			—						47.5						—						—						47.5
Foreign Currency Interest Rate Swaps			—						52.4						—						—						52.4
Total Derivatives			—						99.9						—						—						99.9
Perpetual Preferred and Equity Securities			—						10.3						21.6						—						31.9
Private Equity Partnerships			—						—						—						1,326.2						1,326.2
Total Other Long-term Investments			—						110.2						21.6						1,326.2						1,458.0
Total Financial Instrument Assets Carried at Fair Value			$	4,286.5					$	32,501.3					$	177.9					$	1,326.2					$	38,291.9
Liabilities
Other Liabilities
Derivatives
Forwards			$	—					$	78.0					$	—					$	—					$	78.0
Foreign Currency Interest Rate Swaps			—						38.2						—						—						38.2
Embedded Derivative in Modified Coinsurance Arrangement			—						—						1.5						—						1.5
Total Derivatives			—						116.2						1.5						—						117.7
Total Financial Instrument Liabilities Carried at Fair Value			$	—					$	116.2					$	1.5					$	—					$	117.7

20

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

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

			Three Months Ended September 30, 2024
			Fair Value Beginning of Period						Total Realized and Unrealized Investment Gains (Losses) in																								Level 3 Transfers												Fair Value End of Period						Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
									Earnings						OCI						Purchases						Sales/Maturities						Into						Out of												OCI						Earnings
			(in millions of dollars)
Fixed Maturity Securities
Public Utilities			$	—					$	(0.2)					$	0.7					$	—					$	(10.3)					$	9.8					$	—					$	—					$	—					$	—
Mortgage/Asset-Backed Securities			46.5						—						0.2						4.9						(0.7)						0.1						—						51.0						0.2						—
All Other Corporate Bonds			53.3						—						2.0						—						(42.2)						39.1						(24.2)						28.0						2.0						—
Total Fixed Maturity Securities			99.8						(0.2)						2.9						4.9						(53.2)						49.0						(24.2)						79.0						2.2						—
Perpetual Preferred and Equity Securities			21.7						—						—						—						—						—						—						21.7						—						—
Embedded Derivative in Modified Coinsurance Arrangement			5.4						(0.8)						—						—						—						—						—						4.6						—						(0.8)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

			Three Months Ended September 30, 2023
			Fair Value Beginning of Period						Total Realized and Unrealized Investment Gains (Losses) in																								Level 3 Transfers												Fair Value End of Period						Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
									Earnings						OCI						Purchases						Sales/Maturities						Into						Out of												OCI						Earnings
			(in millions of dollars)
Fixed Maturity Securities
Public Utilities			$	—					$	(0.1)					$	0.1					$	—					$	(3.9)					$	3.9					$	—					$	—					$	—					$	—
Mortgage/Asset-Backed Securities			24.1						—						(1.4)						19.0						(1.0)						4.7						(0.2)						45.2						(1.4)						—
All Other Corporate Bonds			128.8						(4.6)						2.0						—						(54.9)						87.5						(50.5)						108.3						2.0						—
Total Fixed Maturity Securities			152.9						(4.7)						0.7						19.0						(59.8)						96.1						(50.7)						153.5						0.6						—
Perpetual Preferred and Equity Securities			17.5						—						—						—						—						—						—						17.5						—						—
Embedded Derivative in Modified Coinsurance Arrangement			(8.4)						9.3						—						—						—						—						—						0.9						—						9.3

22

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

			Nine Months Ended September 30, 2024
			Fair Value Beginning of Year						Total Realized and Unrealized Investment Gains (Losses) in																								Level 3 Transfers												Fair Value End of Period						Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
									Earnings						OCI						Purchases						Sales/Maturities						Into						Out of												OCI						Earnings
			(in millions of dollars)
Fixed Maturity Securities
Public Utilities			$	—					$	(0.2)					$	0.3					$	—					$	(10.3)					$	10.2					$	—					$	—					$	—					$	—
Mortgage/Asset-Backed Securities			32.9						—						0.6						15.5						(1.9)						3.9						—						51.0						0.6						—
All Other Corporate Bonds			123.4						(2.6)						6.9						2.3						(196.4)						189.0						(94.6)						28.0						6.9						(2.6)
Total Fixed Maturity Securities			156.3						(2.8)						7.8						17.8						(208.6)						203.1						(94.6)						79.0						7.5						(2.6)
Perpetual Preferred and Equity Securities			21.6						0.1						—						—						—						—						—						21.7						—						0.1
Embedded Derivative in Modified Coinsurance Arrangement			(1.5)						6.1						—						—						—						—						—						4.6						—						6.1

23

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

			Nine Months Ended September 30, 2023
			Fair Value Beginning of Year						Total Realized and Unrealized Investment Gains (Losses) in																								Level 3 Transfers												Fair Value End of Period			Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
									Earnings						OCI						Purchases						Sales/Maturities						Into						Out of									OCI						Earnings
			(in millions of dollars)
Fixed Maturity Securities
States, Municipalities, and Political Subdivisions			$	0.2					$	—					$	—					$	—					$	—					$	—					$	(0.2)					$	—		$	—					$	—
Public Utilities			—						0.1						(0.1)						—						(7.2)						7.2						—						—			—						—
Mortgage/Asset-Backed Securities			22.0						—						(1.5)						29.9						(2.8)						6.6						(9.0)						45.2			(1.5)						—
All Other Corporate Bonds			158.7						(5.1)						(20.6)						1.5						(229.8)						276.0						(72.4)						108.3			(20.6)						—
Total Fixed Maturity Securities			180.9						(5.0)						(22.2)						31.4						(239.8)						289.8						(81.6)						153.5			(22.1)						—
Perpetual Preferred and Equity Securities			16.2						0.6						—						0.7						—						—						—						17.5			—						0.6
Embedded Derivative in Modified Coinsurance Arrangement			(13.9)						14.8						—						—						—						—						—						0.9			—						14.8

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

24

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

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

September 30, 2024

Fair Value

Valuation Method

Unobservable Input

Range/Weighted Average

(in millions of dollars)

Fixed Maturity Securities

All Other Corporate Bonds - Private

$

16.3

Market Approach

Volatility of Credit Market Convention

(a) (b)

5.00% - 5.00% / 5.00% Priced at Par Value

Perpetual Preferred and Equity Securities

21.7

Market Approach

Market Convention

(b)

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

Embedded Derivative in Modified Coinsurance Arrangement

4.6

Discounted Cash Flows

Projected Liability Cash Flows Weighted Spread of Swap Curve

(c)

Actuarial Assumptions (0.031)%

December 31, 2023

Fair Value

Valuation Method

Unobservable Input

Range/Weighted Average

(in millions of dollars)

Fixed Maturity Securities

All Other Corporate Bonds - Private

$

15.9

Market Approach

Volatility of Credit Market Convention

(a) (b)

5.00% - 5.00% / 5.00% Priced at Par Value

Perpetual Preferred and Equity Securities

21.6

Market Approach

Market Convention

(b)

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

Embedded Derivative in Modified Coinsurance Arrangement

(1.5)

Discounted Cash Flows

Projected Liability Cash Flows Weighted Spread of Swap Curve

(c)

Actuarial Assumptions 0.2%

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

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

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

Other than market convention, the impact of isolated decreases in unobservable inputs will result in a higher estimated fair value, whereas isolated increases in unobservable inputs will result in a lower estimated fair value. The unobservable input for market convention is not sensitive to input movements. The projected liability cash flows used in the fair value measurement of our Level 3 embedded derivative are based on expected claim payments. If claim payments increase, the projected liability cash flows will increase, resulting in a decrease in the fair value of the embedded derivative. Decreases in projected liability cash flows will result in an increase in the fair value of the embedded derivative.

25

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

Fair Value Measurements for Financial Instruments Not Carried at Fair Value

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

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

Policy Loans: Fair values for policy loans, net of reinsurance ceded, are estimated using discounted cash flow analyses and interest rates currently being offered to policyholders with similar policies. Carrying amounts for ceded policy loans, which equal $3,320.4 million and $3,322.5 million as of September 30, 2024 and December 31, 2023, respectively, approximate fair value and are reported on a gross basis in our consolidated balance sheets. A change in interest rates for ceded policy loans will not impact our financial position because the benefits and risks are fully ceded to reinsuring counterparties.

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

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

FHLB Funding Agreements: Funding agreements with the FHLB represent cash advances used for the purpose of investing in fixed maturity securities. Carrying amounts approximate fair value.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

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

			September 30, 2024
			Estimated Fair Value
			Level 1						Level 2						Level 3						Total						Carrying Value
			(in millions of dollars)
Assets
Mortgage Loans			$	—					$	2,041.8					$	—					$	2,041.8					$	2,238.9
Policy Loans			—						—						3,708.6						3,708.6						3,625.6
Other Long-term Investments
Miscellaneous Long-term Investments			—						25.6						0.3						25.9						25.9
Total Financial Instrument Assets Not Carried at Fair Value			$	—					$	2,067.4					$	3,708.9					$	5,776.3					$	5,890.4
Liabilities
Long-term Debt			$	3,347.8					$	44.5					$	—					$	3,392.3					$	3,470.4
Other Liabilities
Unfunded Commitments			—						0.2						—						0.2						0.2
Payable for Collateral on FHLB Funding Agreements			—						299.0						—						299.0						299.0
Total Financial Instrument Liabilities Not Carried at Fair Value			$	3,347.8					$	343.7					$	—					$	3,691.5					$	3,769.6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 3 - Fair Value of Financial Instruments - Continued

			December 31, 2023
			Estimated Fair Value
			Level 1						Level 2						Level 3						Total						Carrying Value
			(in millions of dollars)
Assets
Mortgage Loans			$	—					$	2,070.7					$	—					$	2,070.7					$	2,318.2
Policy Loans			—						—						3,696.3						3,696.3						3,620.2
Other Long-term Investments
Miscellaneous Long-term Investments			—						15.7						0.3						16.0						16.0
Total Financial Instrument Assets Not Carried at Fair Value			$	—					$	2,086.4					$	3,696.6					$	5,783.0					$	5,954.4
Liabilities
Long-term Debt			$	2,629.1					$	598.8					$	—					$	3,227.9					$	3,430.4
Other Liabilities
Unfunded Commitments			—						0.2						—						0.2						0.2
Payable for Collateral on FHLB Funding Agreements			—						64.5						—						64.5						64.5
Total Financial Instrument Liabilities Not Carried at Fair Value			$	2,629.1					$	663.5					$	—					$	3,292.6					$	3,495.1

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments

Fixed Maturity Securities

At September 30, 2024 and December 31, 2023, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:

			September 30, 2024
			Amortized Cost, Gross of ACL1						ACL1						Gross Unrealized Gain						Gross Unrealized Loss						Fair Value
			(in millions of dollars)
United States Government and Government Agencies and Authorities			$	542.5					$	—					$	28.8					$	13.9					$	557.4
States, Municipalities, and Political Subdivisions			3,843.4						—						118.7						435.6						3,526.5
Foreign Governments			964.8						—						22.4						137.1						850.1
Public Utilities			5,561.8						—						272.3						248.9						5,585.2
Mortgage/Asset-Backed Securities			853.8						—						13.2						16.4						850.6
All Other Corporate Bonds			27,048.3						2.9						882.8						1,522.2						26,406.0
Redeemable Preferred Stocks			8.0						—						—						0.3						7.7
Total Fixed Maturity Securities			$	38,822.6					$	2.9					$	1,338.2					$	2,374.4					$	37,783.5

			December 31, 2023
			Amortized Cost, Gross of ACL1						ACL1						Gross Unrealized Gain						Gross Unrealized Loss						Fair Value
			(in millions of dollars)
United States Government and Government Agencies and Authorities			$	618.6					$	—					$	25.3					$	19.1					$	624.8
States, Municipalities, and Political Subdivisions			4,041.3						—						135.3						498.2						3,678.4
Foreign Governments			982.1						—						29.8						121.2						890.7
Public Utilities			5,398.2						—						217.1						293.7						5,321.6
Mortgage/Asset-Backed Securities			658.0						—						10.1						24.0						644.1
All Other Corporate Bonds			26,708.4						2.2						771.8						1,807.3						25,670.7
Redeemable Preferred Stocks			4.0						—						—						0.4						3.6
Total Fixed Maturity Securities			$	38,410.6					$	2.2					$	1,189.4					$	2,763.9					$	36,833.9

1 Allowance for Credit Losses

29

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

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

			September 30, 2024
			Less Than 12 Months												12 Months or Greater
			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
			(in millions of dollars)
United States Government and Government Agencies and Authorities			$	27.4					$	0.3					$	211.4					$	13.6
States, Municipalities, and Political Subdivisions			145.0						2.5						2,061.0						433.1
Foreign Governments			50.5						1.7						320.5						135.4
Public Utilities			243.6						7.4						1,651.5						241.5
Mortgage/Asset-Backed Securities			81.3						0.2						304.3						16.2
All Other Corporate Bonds			1,013.2						9.6						13,185.8						1,512.6
Redeemable Preferred Stocks			—						—						3.7						0.3
Total Fixed Maturity Securities			$	1,561.0					$	21.7					$	17,738.2					$	2,352.7

			December 31, 2023
			Less Than 12 Months												12 Months or Greater
			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
			(in millions of dollars)
United States Government and Government Agencies and Authorities			$	118.8					$	0.7					$	197.3					$	18.4
States, Municipalities, and Political Subdivisions			128.0						4.0						2,035.1						494.2
Foreign Governments			149.9						3.3						312.9						117.9
Public Utilities			373.7						10.4						1,720.6						283.3
Mortgage/Asset-Backed Securities			60.3						2.5						316.7						21.5
All Other Corporate Bonds			1,483.8						26.8						14,215.2						1,780.5
Redeemable Preferred Stocks			—						—						3.6						0.4
Total Fixed Maturity Securities			$	2,314.5					$	47.7					$	18,801.4					$	2,716.2

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

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

			September 30, 2024
			Amortized Cost, Net of ACL1						Unrealized Gain Position												Unrealized Loss Position
									Gross Gain						Fair Value						Gross Loss						Fair Value
			(in millions of dollars)
1 year or less			$	1,289.6					$	2.6					$	342.0					$	5.5					$	944.7
Over 1 year through 5 years			8,125.2						180.7						3,864.2						126.9						4,314.8
Over 5 years through 10 years			8,550.0						387.0						4,462.2						442.7						4,032.1
Over 10 years			20,001.1						754.7						9,350.9						1,782.9						9,622.0
			37,965.9						1,325.0						18,019.3						2,358.0						18,913.6
Mortgage/Asset-Backed Securities			853.8						13.2						465.0						16.4						385.6
Total Fixed Maturity Securities			$	38,819.7					$	1,338.2					$	18,484.3					$	2,374.4					$	19,299.2

			December 31, 2023
			Amortized Cost, Net of ACL1						Unrealized Gain Position												Unrealized Loss Position
									Gross Gain						Fair Value						Gross Loss						Fair Value
			(in millions of dollars)
1 year or less			$	935.0					$	0.9					$	140.8					$	7.5					$	787.6
Over 1 year through 5 years			7,594.4						128.2						2,685.7						179.0						4,857.9
Over 5 years through 10 years			9,430.3						372.1						4,100.0						610.8						5,091.6
Over 10 years			19,790.7						678.1						8,524.4						1,942.6						10,001.8
			37,750.4						1,179.3						15,450.9						2,739.9						20,738.9
Mortgage/Asset-Backed Securities			658.0						10.1						267.1						24.0						377.0
Total Fixed Maturity Securities			$	38,408.4					$	1,189.4					$	15,718.0					$	2,763.9					$	21,115.9

1 Allowance for Credit Losses

The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of September 30, 2024:

															Gross Unrealized Loss
			Fair Value						Gross Unrealized Gain						Amount						Percent of Total Gross Unrealized Loss
			(in millions of dollars)
Investment-Grade			$	36,287.2					$	1,308.2					$	2,308.8					97.2		%
Below-Investment-Grade			1,496.3						30.0						65.6						2.8
Total Fixed Maturity Securities			$	37,783.5					$	1,338.2					$	2,374.4					100.0		%

The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At September 30, 2024, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

As of September 30, 2024, we held 835 individual investment-grade fixed maturity securities and 58 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 795 investment-grade fixed maturity securities and 50 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year.

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

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

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

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

•The significance of the decline in value

•Current and future business prospects and trends of earnings

•The valuation of the security's underlying collateral

•Relevant industry conditions and trends relative to their historical cycles

•Market conditions

•Rating agency and governmental actions

•Bid and offering prices and the level of trading activity

•Adverse changes in estimated cash flows for securitized investments

•Changes in fair value subsequent to the balance sheet date

•Any other key measures for the related security

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the three and nine months ended September 30, 2024.

			Three Months Ended September 30
			2024						2023
			(in millions of dollars)
Balance, beginning of period			$	5.1					$	—
Change in allowance on securities with allowance recorded in previous period			0.2						—
Change in allowance on securities sold during the period			(2.4)						—
Balance, end of period			$	2.9					$	—

			Nine Months Ended September 30
			2024						2023
			(in millions of dollars)
Balance, beginning of period			$	2.2					$	—
Credit losses on securities for which credit losses were not previously recorded			2.9						—
Change in allowance on securities with allowance recorded in previous period			0.2						—
Change in allowance on securities sold during the period			(2.4)						—
Balance, end of period			$	2.9					$	—

At September 30, 2024, we had commitments of $38.0 million to fund private placement fixed maturity securities, the amount of which may or may not be funded. 

Variable Interest Entities

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

As of September 30, 2024, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,428.3 million, comprised of $0.3 million of tax credit partnerships and $1,428.0 million of private equity partnerships. At December 31, 2023, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,326.5 million, comprised of $0.3 million of tax credit partnerships and $1,326.2 million of private equity partnerships.  These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets.

Mortgage Loans

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually.

We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $2,255.4 million and $2,328.4 million at September 30, 2024 and December 31, 2023, respectively. The allowance for expected credit losses was $16.5 million and $10.2 million at September 30, 2024 and December 31, 2023, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $7.0 million and $7.2 million at September 30, 2024 and December 31, 2023, respectively.

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

			September 30, 2024												December 31, 2023
			(in millions of dollars)
			Carrying Amount						Percent of Total						Carrying Amount						Percent of Total
Property Type
Apartment			$	662.9					29.6		%				$	685.8					29.6		%
Industrial			684.2						30.6						706.0						30.5
Office			354.1						15.8						379.9						16.4
Retail			496.1						22.1						503.9						21.7
Other			41.6						1.9						42.6						1.8
Total			$	2,238.9					100.0		%				$	2,318.2					100.0		%
Region
New England			$	53.2					2.4		%				$	55.1					2.4		%
Mid-Atlantic			162.4						7.3						155.1						6.7
East North Central			294.0						13.1						314.4						13.6
West North Central			158.9						7.1						163.5						7.0
South Atlantic			537.1						24.0						553.0						23.8
East South Central			107.8						4.8						110.7						4.8
West South Central			195.5						8.7						200.9						8.7
Mountain			269.5						12.0						282.7						12.2
Pacific			460.5						20.6						482.8						20.8
Total			$	2,238.9					100.0		%				$	2,318.2					100.0		%

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

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

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

•Debt service coverage ratio based on current operating income

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

•Age, condition, and construction quality of property

•Current and historical occupancy of property

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Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

•Lease terms relative to market

•Tenant size and financial strength

•Borrower's financial strength

•Borrower's equity in transaction

•Additional collateral, if any

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

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

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

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

			September 30, 2024												December 31, 2023
			(in millions of dollars)
			Carrying Amount						Percent of Total						Carrying Amount						Percent of Total
Internal Mortgage Rating
AA			$	94.5					4.2		%				$	85.2					3.7		%
A			982.2						43.9						942.5						40.6
BBB			1,064.4						47.5						1,249.5						53.9
BB			97.8						4.4						41.0						1.8
Total			$	2,238.9					100.0		%				$	2,318.2					100.0		%
Loan-to-Value Ratio1
<= 65%			$	1,527.0					68.2		%				$	1,409.9					60.8		%
> 65% <= 75%			481.6						21.5						707.0						30.5
> 75% <= 85%			148.5						6.6						136.5						5.9
> 85%			81.8						3.7						64.8						2.8
Total			$	2,238.9					100.0		%				$	2,318.2					100.0		%

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

There were no gross write-offs for the periods ending September 30, 2024 or December 31, 2023. The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at September 30, 2024 and December 31, 2023, respectively:

			September 30, 2024
			Prior to 2020						2020						2021						2022						2023						2024						Total
			(in millions of dollars)
Internal Mortgage Rating
AA			$	88.1					$	—					$	6.4					$	—					$	—					$	—					$	94.5
A			684.4						92.6						145.0						24.3						38.0						—						984.3
BBB			710.4						63.1						181.1						63.8						29.0						23.1						1,070.5
BB			106.1						—						—						—						—						—						106.1
Total Amortized Cost			1,589.0						155.7						332.5						88.1						67.0						23.1						2,255.4
Allowance for credit losses			(14.1)						(0.5)						(1.1)						(0.3)						(0.4)						(0.1)						(16.5)
Carrying Amount			$	1,574.9					$	155.2					$	331.4					$	87.8					$	66.6					$	23.0					$	2,238.9
Loan-to-Value Ratio1
<=65%			$	1,174.1					$	113.7					$	188.8					$	15.6					$	38.7					$	—					$	1,530.9
>65<=75%			231.2						33.9						94.9						72.5						28.3						23.1						483.9
>75%<=85%			122.6						8.1						20.3						—						—						—						151.0
>85%			61.1						—						28.5						—						—						—						89.6
Total Amortized Cost			1,589.0						155.7						332.5						88.1						67.0						23.1						2,255.4
Allowance for credit losses			(14.1)						(0.5)						(1.1)						(0.3)						(0.4)						(0.1)						(16.5)
Carrying Amount			$	1,574.9					$	155.2					$	331.4					$	87.8					$	66.6					$	23.0					$	2,238.9

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

			December 31, 2023
			Prior to 2019						2019						2020						2021						2022						2023						Total
			(in millions of dollars)
Internal Mortgage Rating
AA			$	74.3					$	11.0					$	—					$	—					$	—					$	—					$	85.3
A			589.0						100.3						94.1						100.1						23.2						38.0						944.7
BBB			618.4						224.8						71.4						248.0						64.4						29.2						1,256.2
BB			42.2						—						—						—						—						—						42.2
Total Amortized Cost			1,323.9						336.1						165.5						348.1						87.6						67.2						2,328.4
Allowance for credit losses			(6.3)						(1.3)						(0.6)						(1.0)						(0.6)						(0.4)						(10.2)
Carrying Amount			$	1,317.6					$	334.8					$	164.9					$	347.1					$	87.0					$	66.8					$	2,318.2
Loan-to-Value Ratio1
<=65%			$	908.3					$	197.7					$	116.4					$	145.2					$	16.2					$	30.0					$	1,413.8
>65<=75%			252.1						138.4						40.8						171.0						71.4						37.2						710.9
>75%<=85%			97.3						—						8.3						31.9						—						—						137.5
>85%			66.2						—						—						—						—						—						66.2
Total Amortized Cost			1,323.9						336.1						165.5						348.1						87.6						67.2						2,328.4
Allowance for credit losses			(6.3)						(1.3)						(0.6)						(1.0)						(0.6)						(0.4)						(10.2)
Carrying Amount			$	1,317.6					$	334.8					$	164.9					$	347.1					$	87.0					$	66.8					$	2,318.2

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

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目錄

合併財務報表註釋（未經審計）-續

Unum集團及其子公司

2024年9月30日

注4 -投資-續

下表按貸款與價值比率列出了預期信用損失撥備的結轉 截至2024年和2023年9月30日的三個月和九個月:

			截至2024年9月30日的三個月
			期初						本期撥備						覈銷						復甦						期末
			(單位：百萬美元)
按揭成數1
<=65%			$	3.7					$	0.3					$	—					$	—					$	4.0
>65<=75%			3.3						(1.1)						—						—						2.2
>75%<=85%			1.7						0.8						—						—						2.5
>85%			3.4						4.4						—						—						7.8
總			$	12.1					$	4.4					$	—					$	—					$	16.5

			截至2023年9月30日的三個月
			期初						本期撥備						覈銷						復甦						期末
			(單位：百萬美元)
按揭成數1
<=65%			$	3.3					$	(0.1)					$	—					$	—					$	3.2
>65<=75%			4.8						(0.4)						—						—						4.4
>75%<=85%			0.9						—						—						—						0.9
>85%			2.1						(0.4)						—						—						1.7
總			$	11.1					$	(0.9)					$	—					$	—					$	10.2

			截至2024年9月30日的九個月
			年初						本期撥備						覈銷						復甦						期末
			(單位：百萬美元)
按揭成數1
<=65%			$	3.8					$	0.2					$	—					$	—					$	4.0
>65<=75%			3.8						(1.6)						—						—						2.2
>75%<=85%			1.2						1.3						—						—						2.5
>85%			1.4						6.4						—						—						7.8
總			$	10.2					$	6.3					$	—					$	—					$	16.5

			截至2023年9月30日的9個月
			年初						本期撥備						覈銷						復甦						期末
			(單位：百萬美元)
按揭成數1
<=65%			$	3.0					$	0.2					$	—					$	—					$	3.2
>65<=75%			4.7						(0.3)						—						—						4.4
>75%<=85%			1.1						(0.2)						—						—						0.9
>85%			0.5						1.2						—						—						1.7
總			$	9.3					$	0.9					$	—					$	—					$	10.2

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

During the three and nine months ended September 30, 2024, all commercial mortgage loans which were previously modified for borrowers experiencing financial difficulties were current. During the three and nine months ended September 30, 2023, we granted an other-than-insignificant payment delay for a commercial mortgage loan with an amortized cost of $14.2 million, which deferred the principal payment for 18 months. This modification represented less than one percent of the commercial mortgage loan portfolio balance. There were no troubled debt restructurings for the three and nine months ended September 30, 2024. At September 30, 2024 and December 31, 2023, we held no mortgage loans that were greater than 90 days past due regarding principal and/or interest payments.

As of September 30, 2024 and December 31, 2023, we had no loan foreclosures.

Other than our allowance for expected credit losses, we had no specifically identified impaired mortgage loans during the three and nine months ended September 30, 2024 or 2023, nor did we recognize any interest income on mortgage loans subsequent to impairment.

At September 30, 2024, we had $28.5 million commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At September 30, 2024, we had $0.1 million of expected credit losses related to unfunded commitments on our consolidated balance sheets. At December 31, 2023, we had no expected credit losses related to unfunded commitments on our consolidated balance sheets.

Investment Real Estate

Our real estate held for the production of income balance was $60.8 million and $64.4 million at September 30, 2024 and December 31, 2023, respectively, and the associated accumulated depreciation was $130.8 million and $127.2 million at September 30, 2024 and December 31, 2023, respectively. We did not recognize any impairments related to our real estate during the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, we recognized a $3.0 million impairment related to certain of our real estate held for investment.

Our held for sale real estate balance was $40.9 million at both September 30, 2024 and December 31, 2023 and the associated accumulated depreciation was $54.2 million at both September 30, 2024 and December 31, 2023. The estimated fair values less costs to sell are above the carrying values of the properties and we expect to close the sales of the properties within the next twelve months.

Transfers of Financial Assets

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

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

As of September 30, 2024, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $57.9 million, for which we received collateral in the form of cash and securities of $25.8 million and $34.4 million, respectively. As of December 31, 2023, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $72.0 million, for which we received collateral in the form of cash and securities of $63.1 million and $12.5 million, respectively. We had no outstanding repurchase agreements at September 30, 2024 or December 31, 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

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

			September 30, 2024						December 31, 2023
			Overnight and Continuous
			(in millions of dollars)
Borrowings
Public Utilities			$	3.7					$	1.8
All Other Corporate Bonds			22.1						61.3
Total Borrowings			25.8						63.1
Gross Amount of Recognized Liability for Securities Lending Transactions			25.8						63.1
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein			$	—					$	—

Certain of our U.S. insurance subsidiaries are members of regional FHLBs. Membership, which requires that we purchase a minimum amount of FHLB common stock on which we receive dividends, provides access to low-cost funding. Advances received from the FHLB are used for the purchase of fixed maturity securities. Additional common stock purchases may be required, based on the amount of funds we borrow from the FHLBs. The carrying value of common stock owned, collateral posted, and advances received are as follows:

						September 30, 2024						December 31, 2023
						(in millions of dollars)
Carrying Value of FHLB Common Stock						$	25.6					$	15.7
Advances from FHLB						299.0						64.5
Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities						$	600.7					$	589.0
Commercial Mortgage Loans						940.6						986.8
Total Carrying Value of Collateral Posted to FHLB						$	1,541.3					$	1,575.8

Offsetting of Financial Instruments

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

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

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Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

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

						September 30, 2024
						Gross Amount																		Gross Amount Not
						of Recognized						Gross Amount						Net Amount						Offset in Balance Sheet
						Financial						Offset in						Presented in						Financial						Cash						Net
						Instruments						Balance Sheet						Balance Sheet						Instruments						Collateral						Amount
						(in millions of dollars)
Financial Assets:
Derivatives						$	105.5					$	—					$	105.5					$	(102.9)					$	(2.3)					$	0.3
Securities Lending						57.9						—						57.9						(32.1)						(25.8)						—
Total						$	163.4					$	—					$	163.4					$	(135.0)					$	(28.1)					$	0.3
Financial Liabilities:
Derivatives						$	130.2					$	—					$	130.2					$	(127.7)					$	—					$	2.5
Securities Lending						25.8						—						25.8						(25.8)						—						—
Total						$	156.0					$	—					$	156.0					$	(153.5)					$	—					$	2.5

						December 31, 2023
						Gross Amount																		Gross Amount Not
						of Recognized						Gross Amount						Net Amount						Offset in Balance Sheet
						Financial						Offset in						Presented in						Financial						Cash						Net
						Instruments						Balance Sheet						Balance Sheet						Instruments						Collateral						Amount
						(in millions of dollars)
Financial Assets:
Derivatives						$	99.9					$	—					$	99.9					$	(91.9)					$	(6.4)					$	1.6
Securities Lending						72.0						—						72.0						(8.9)						(63.1)						—
Total						$	171.9					$	—					$	171.9					$	(100.8)					$	(69.5)					$	1.6
Financial Liabilities:
Derivatives						$	116.2					$	—					$	116.2					$	(109.4)					$	—					$	6.8
Securities Lending						63.1						—						63.1						(63.1)						—						—
Total						$	179.3					$	—					$	179.3					$	(172.5)					$	—					$	6.8

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Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

Net Investment Income

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Fixed Maturity Securities			$	465.4					$	457.9					$	1,388.5					$	1,383.7
Derivatives			8.1						11.6						25.0						34.5
Mortgage Loans			22.0						22.9						66.6						69.8
Policy Loans			5.7						5.4						16.3						15.6
Other Long-term Investments
Perpetual Preferred Securities1			—						0.4						0.3						2.2
Private Equity Partnerships2			19.6						22.6						72.6						56.7
Other			3.4						2.6						8.5						7.1
Short-term Investments			24.0						19.1						65.7						49.4
Gross Investment Income			548.2						542.5						1,643.5						1,619.0
Less Investment Expenses			17.5						13.5						48.3						44.0
Less Investment Income on Participation Fund Account Assets			2.9						3.0						8.8						9.1
Net Investment Income			$	527.8					$	526.0					$	1,586.4					$	1,565.9

1The net unrealized gain (loss) recognized in net investment income for the three months ended September 30, 2024 related to perpetual preferred securities still held at September 30, 2024 was $0.2 million. The net unrealized gain (loss) recognized in net investment income for the nine months ended September 30, 2024 related to perpetual preferred securities still held at September 30, 2024 was de minimis. The net unrealized gain (loss) recognized in net investment income for the three and nine months ended September 30, 2023 related to perpetual preferred securities still held at September 30, 2023 was $(0.4) million and $0.1 million, respectively.

2The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2024 related to private equity partnerships still held at September 30, 2024 was $25.3 million and $87.6 million, respectively, reduced by net management fees and partnership expenses of $(5.7) million and $(15.0) million, respectively. The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2023 related to private equity partnerships still held at September 30, 2023 was $29.7 million and $72.6 million, respectively, reduced by net management fees and partnership expenses of $(7.1) million and $(15.9) million, respectively. See Note 3 for further discussion of private equity partnerships.

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Unum Group and Subsidiaries

September 30, 2024

Note 4 - Investments - Continued

Investment Gain and Loss

Investment gains and losses are as follows:

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales			$	1.1					$	0.4					$	1.1					$	3.7
Gross Losses on Sales			(8.5)						(37.4)						(29.7)						(50.7)
Impairment Loss 1			(1.3)						—						(2.5)						—
Change in Allowance for Credit Losses			(0.2)						—						(3.1)						—
Mortgage Loans and Other Invested Assets
Gross Gains on Sales			0.4						—						9.7						6.0
Gross Losses on Sales			—						(0.9)						—						(1.0)
Impairment Loss			—						(3.0)						—						(3.0)
Change in Allowance for Credit Losses			(4.5)						0.9						(6.4)						(0.9)
Embedded Derivative in Modified Coinsurance Arrangement			(0.8)						9.2						6.1						14.7
All Other Derivatives			(2.2)						2.0						(0.2)						2.0
Foreign Currency Transactions			3.1						(2.2)						0.5						(0.8)
Net Investment Gain (Loss)			$	(12.9)					$	(31.0)					$	(24.5)					$	(30.0)

1Includes write-down of securities that we intend to sell prior to recovery of the amortized cost basis.

Note 5 - Derivative Financial Instruments

Purpose of Derivatives

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

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

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

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

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

counterparty agree to purchase or sell a specific benchmark interest rate fixed maturity bond at a future date at a predetermined price or yield.

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

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

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

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

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

•Total Return Swaps are used to economically hedge a portion of the liability related to our non-qualified defined contribution plan. A total return swap is an agreement in which we pay a floating rate of interest to the counterparty and receive the total return on a portfolio of mutual funds and exchange traded funds. These swaps are cash settled on the last day of every month and the notional is re-established each month based on plan participant actions.

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

Derivative Risks

The basic types of risks associated with derivatives are market risk (that the value of the derivative will be adversely impacted by changes in the market, primarily changes in interest rates, exchange rates, and equity prices) and credit risk (that the counterparty will not perform according to the terms of the contract). The market risk of the derivatives should generally offset the market risk associated with the hedged financial instrument or liability. To help limit the credit exposure of the derivatives, we enter into master netting agreements with our counterparties whereby contracts in a gain position can be offset against contracts in a loss position. We also typically enter into bilateral, cross-collateralization agreements with our counterparties to help limit the credit exposure of the derivatives. These agreements require the counterparty in a loss position to submit acceptable collateral with the other counterparty in the event the net loss position meets or exceeds an agreed upon amount. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. At September 30, 2024 and December 31, 2023, we had $0.3 million and $1.6 million credit exposure on derivatives, respectively. The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.

						September 30, 2024						December 31, 2023
						(in millions of dollars)
Carrying Value of Collateral Received from Counterparties
Cash						$	3.4					$	11.1
Fixed Maturity Securities						30.9						26.3
						$	34.3					$	37.4
Carrying Value of Collateral Posted to Counterparties
Cash						$	—					$	—
Fixed Maturity Securities						50.6						39.8
						$	50.6					$	39.8

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

All of our derivative instruments contain provisions that require us to maintain specified issuer credit ratings and financial strength ratings. Should our ratings fall below these specified levels, we would be in violation of the provisions, and our derivatives counterparties could terminate our contracts and request immediate payment. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position was $130.2 million and $116.2 million at September 30, 2024 and December 31, 2023, respectively.

Cash Flow Hedges

As of September 30, 2024 and December 31, 2023, we had $142.5 million and $149.5 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities.

As of September 30, 2024 and December 31, 2023, we had $2,523.0 million and $1,905.0 million, respectively, notional amount of forward benchmark interest rate locks to hedge the anticipated purchase or associated future coupons of fixed maturity securities.

As of September 30, 2024, we expect to amortize approximately $9.2 million of net deferred gains on derivative instruments during the next twelve months. This amount will be reclassified from AOCI into earnings and reported on the same income statement line item as the hedged item. The income statement line items that will be affected by this amortization are net investment income and interest and debt expense. Additional amounts that may be reclassified from AOCI into earnings to offset the earnings impact of foreign currency translation of hedged items are not estimable.

As of September 30, 2024, we are hedging the variability of future cash flows associated with forecasted transactions through the year 2064.

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

Fair Value Hedges

As of September 30, 2024 and December 31, 2023, we had $693.2 million and $642.5 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency interest rate swaps to hedge fixed income foreign currency-denominated securities.

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

			Carrying Amount of Hedged Assets												Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
			September 30, 2024						December 31, 2023						September 30, 2024						December 31, 2023
			(in millions of dollars)
Fixed maturity securities:
Receive fixed functional currency interest, pay fixed foreign currency interest			$	592.9					$	529.2					$	(0.5)					$	(6.1)

For the three and nine months ended September 30, 2024, $8.2 million and $9.5 million, respectively, of the derivative instruments' gain (loss) related to cross-currency basis spread and forward points was excluded from the assessment of hedge effectiveness. For the three and nine months ended September 30, 2023, $(19.4) million and $(26.6) million, respectively, of the derivative instruments' gain (loss) related to cross-currency basis spread and forward points was excluded from the assessment of hedge effectiveness. There were no instances wherein we discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

Derivatives not Designated as Hedging Instruments

As of September 30, 2024 and December 31, 2023, we held $125.9 million and $132.0 million, respectively, notional amount of receive fixed, pay fixed, foreign currency interest rate swaps. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss.

As of September 30, 2024 and December 31, 2023, we held $54.6 million and $52.5 million, respectively, notional amount of foreign currency forwards to mitigate the foreign currency risk associated with specific securities owned. These derivatives are not designated as hedges, and as such, changes in fair value related to these derivatives are reported in earnings as a component of net investment gain or loss.

As of September 30, 2024 and December 31, 2023, we held $126.3 million and $102.2 million, respectively, notional amount of total return swaps to mitigate the volatility associated with changes in the fair value of the underlying notional assets in our non-qualified defined contribution plan. This derivative is an economic hedge not designated as a hedging instrument, and changes in fair value are reported as a component of other expenses in our income statement.

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

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

Locations and Amounts of Derivative Financial Instruments

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

			September 30, 2024
									Derivative Assets						Derivative Liabilities
			Notional Amount						Fair Value						Fair Value
			(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks			$	2,523.0					$	47.4					$	94.7
Foreign Currency Interest Rate Swaps			142.5						14.9						3.0
Total Cash Flow Hedges			2,665.5						62.3						97.7
Fair Value Hedges
Foreign Currency Interest Rate Swaps			693.2						41.1						15.7
Total Designated as Hedging Instruments			$	3,358.7					$	103.4					$	113.4
Not Designated as Hedging Instruments
Foreign Currency Forwards			$	54.6					$	2.1					$	0.5
Foreign Currency Interest Rate Swaps			125.9						—						16.3
Total Return Swaps			126.3						—						—
Embedded Derivative in Modified Coinsurance Arrangement			—						4.6						—
Total Not Designated as Hedging Instruments			$	306.8					$	6.7					$	16.8
Total Derivatives			$	3,665.5					$	110.1					$	130.2

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

			December 31, 2023
									Derivative Assets						Derivative Liabilities
			Notional Amount						Fair Value						Fair Value
			(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks			$	1,905.0					$	44.5					$	77.8
Foreign Currency Interest Rate Swaps			149.5						14.2						4.5
Total Cash Flow Hedges			2,054.5						58.7						82.3
Fair Value Hedges
Foreign Currency Interest Rate Swaps			642.5						38.2						16.7
Total Designated as Hedging Instruments			$	2,697.0					$	96.9					$	99.0
Not Designated as Hedging Instruments
Foreign Currency Forwards			$	52.5					$	3.0					$	0.2
Foreign Currency Interest Rate Swaps			132.0						—						17.0
Total Return Swaps			102.2						—						—
Embedded Derivative in Modified Coinsurance Arrangement			—						—						1.5
Total Not Designated as Hedging Instruments			$	286.7					$	3.0					$	18.7
Total Derivatives			$	2,983.7					$	99.9					$	117.7

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

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

			Three Months Ended September 30
			2024																		2023
			Net Investment Income						Net Investment Gain (Loss)						Interest and Debt Expense						Net Investment Income						Net Investment Gain (Loss)						Interest and Debt Expense
			(in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded			$	527.8					$	(12.9)					$	49.2					$	526.0					$	(31.0)					$	48.6
Gain (Loss) on Cash Flow Hedging Relationships
Interest Rate Swaps:
Hedged Items			21.1						—						0.7						49.7						—						0.7
Derivatives Designated as Hedging Instruments			3.7						—						—						8.3						—						—
Foreign Exchange Contracts:
Hedged Items			2.3						(0.7)						—						2.3						(0.1)						—
Derivatives Designated as Hedging Instruments			0.9						0.7						—						0.4						—						—
Forward Benchmark Interest Rate Locks:
Hedged Items			10.7						—						—						3.9						—						—
Derivatives Designated as Hedging Instruments			(0.3)						—						—						(0.1)						—						—
Gain (Loss) on Fair Value Hedging Relationships
Foreign Exchange Contracts:
Hedged Items			4.9						25.2						—						3.9						(15.2)						—
Derivatives Designated as Hedging Instruments			4.2						(25.2)						—						3.1						15.2						—

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

			Nine Months Ended September 30
			2024																		2023
			Net Investment Income						Net Investment Gain (Loss)						Interest and Debt Expense						Net Investment Income						Net Investment Gain (Loss)						Interest and Debt Expense
			(in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded			$	1,586.4					$	(24.5)					$	148.6					$	1,565.9					$	(30.0)					$	145.6
Gain (Loss) on Cash Flow Hedging Relationships
Interest Rate Swaps:
Hedged Items			91.3						—						2.2						148.2						0.8						2.2
Derivatives Designated as Hedging Instruments			14.5						—						—						27.7						—						—
Foreign Exchange Contracts:
Hedged Items			6.5						(0.4)						—						7.3						(0.1)						—
Derivatives Designated as Hedging Instruments			0.5						0.5						—						0.6						0.1						—
Forward Benchmark Interest Rate Locks:
Hedged Items			29.6						—						—						7.7						—						—
Derivatives Designated as Hedging Instruments			(0.7)						—						—						(0.1)						—						—
Gain (Loss) on Fair Value Hedging Relationships
Foreign Exchange Contracts:
Hedged Items			13.4						5.6						—						10.3						(8.7)						—
Derivatives Designated as Hedging Instruments			11.5						(5.6)						—						6.7						8.7						—

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives
Forwards			$	66.0					$	(158.9)					$	(39.6)					$	(159.7)
Foreign Exchange Contracts			(1.2)						3.4						2.6						0.7
Total			$	64.8					$	(155.5)					$	(37.0)					$	(159.0)

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Unum Group and Subsidiaries

September 30, 2024

Note 5 - Derivative Financial Instruments - Continued

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Net Investment Gain (Loss)
Foreign Exchange Contracts			$	(2.2)					$	2.0					$	(0.2)					$	2.0
Embedded Derivative in Modified Coinsurance Arrangement			(0.8)						9.2						6.1						14.7
Total			$	(3.0)					$	11.2					$	5.9					$	16.7
Other Expenses
(Gain) Loss on Total Return Swaps			$	(5.4)					$	4.1					$	(14.1)					$	(4.7)

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Unum Group and Subsidiaries

September 30, 2024

Note 6 - Accumulated Other Comprehensive Loss

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

			Net Unrealized Loss on Securities						Effect of Change in Discount Rate Assumptions on the LFPB1						Net Loss on Derivatives						Foreign Currency Translation Adjustment						Unrecognized Pension and Postretirement Benefit Costs						Total
			(in millions of dollars)
Balance at June 30, 2024			$	(2,723.8)					$	712.3					$	(164.6)					$	(328.4)					$	(341.7)					$	(2,846.2)
Other Comprehensive Income (Loss) Before Reclassifications			1,225.8						(1,239.3)						58.8						68.5						(4.2)						109.6
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss			6.8						—						(3.1)						—						3.2						6.9
Net Other Comprehensive Income (Loss)			1,232.6						(1,239.3)						55.7						68.5						(1.0)						116.5
Balance at September 30, 2024			$	(1,491.2)					$	(527.0)					$	(108.9)					$	(259.9)					$	(342.7)					$	(2,729.7)
Balance at June 30, 2023			$	(2,762.6)					$	0.1					$	(33.3)					$	(327.1)					$	(334.7)					$	(3,457.6)
Other Comprehensive Income (Loss) Before Reclassifications			(1,215.1)						1,688.4						(137.9)						(55.1)						2.5						282.8
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss			29.3						—						(6.5)						—						1.4						24.2
Net Other Comprehensive Income (Loss)			(1,185.8)						1,688.4						(144.4)						(55.1)						3.9						307.0
Balance at September 30, 2023			$	(3,948.4)					$	1,688.5					$	(177.7)					$	(382.2)					$	(330.8)					$	(3,150.6)
Balance at December 31, 2023			$	(1,919.1)					$	(648.4)					$	(73.7)					$	(321.1)					$	(345.7)					$	(3,308.0)
Other Comprehensive Income (Loss) Before Reclassifications			401.1						121.4						(24.3)						61.2						(6.6)						552.8
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss			26.8						—						(10.9)						—						9.6						25.5
Net Other Comprehensive Income (Loss)			427.9						121.4						(35.2)						61.2						3.0						578.3
Balance at September 30, 2024			$	(1,491.2)					$	(527.0)					$	(108.9)					$	(259.9)					$	(342.7)					$	(2,729.7)
Balance at December 31, 2022			$	(3,028.4)					$	313.9					$	(9.6)					$	(390.1)					$	(334.1)					$	(3,448.3)
Other Comprehensive Income (Loss) Before Reclassifications			(957.2)						1,374.6						(146.4)						7.9						(0.9)						278.0
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss			37.2						—						(21.7)						—						4.2						19.7
Net Other Comprehensive Income (Loss)			(920.0)						1,374.6						(168.1)						7.9						3.3						297.7
Balance at September 30, 2023			$	(3,948.4)					$	1,688.5					$	(177.7)					$	(382.2)					$	(330.8)					$	(3,150.6)
1Liability for Future Policy Benefits

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 6 - Accumulated Other Comprehensive Loss - Continued

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

						Three Months Ended September 30												Nine Months Ended September 30
						2024						2023						2024						2023
						(in millions of dollars)
Net Unrealized Loss on Securities
Net Investment Loss on Fixed Maturity Securities
Net Loss on Sales						$	(7.4)					$	(37.0)					$	(28.6)					$	(47.0)
Impairment Loss						(1.3)						—						(2.5)						—
Change in Allowance for Credit Losses						(0.2)						—						(3.1)						—
						(8.9)						(37.0)						(34.2)						(47.0)
Income Tax Benefit						(2.1)						(7.7)						(7.4)						(9.8)
Total						$	(6.8)					$	(29.3)					$	(26.8)					$	(37.2)
Net Loss on Derivatives
Net Investment Income
Gain on Interest Rate Swaps and Forwards						$	3.4					$	8.3					$	13.8					$	27.6
Loss on Foreign Currency Interest Rate Swaps						—						(0.1)						(0.1)						(0.2)
Net Investment Gain
Gain on Foreign Currency Interest Rate Swaps						0.6						—						0.1						0.1
						4.0						8.2						13.8						27.5
Income Tax Expense						0.9						1.7						2.9						5.8
Total						$	3.1					$	6.5					$	10.9					$	21.7
Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss						$	(4.2)					$	(1.8)					$	(12.4)					$	(5.4)
Amortization of Prior Service Credit						0.1						—						0.2						0.1
						(4.1)						(1.8)						(12.2)						(5.3)
Income Tax Benefit						(0.9)						(0.4)						(2.6)						(1.1)
Total						$	(3.2)					$	(1.4)					$	(9.6)					$	(4.2)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits

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

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

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

The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate. The weighted average current discount rate was 4.8 percent at September 30, 2024 and December 31, 2023. The weighted average current discount rate was 5.6 percent at September 30, 2023 compared to 5.0 percent at December 31, 2022, with the increase due primarily to an increase in U.S. Treasury rates.

During the third quarter of 2024, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net decrease to the liability. The decrease to the liability for future policy benefits was driven primarily by assumption updates in our Closed Block long-term care product line, Unum US group disability product line, Unum US individual disability product line, and the Colonial Life segment. The Closed Block long-term care assumption updates were primarily driven by an increase to expected premium rate increase approvals within our existing premium rate increase program, partially offset by lower than expected persistency on group policies. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends, while the Unum US individual disability product line assumption updates were primarily driven by favorable claim incidence trends. The Colonial Life segment assumption updates were driven by improved claim cost assumptions.

During the third quarter of 2023, we completed our annual cash flow assumption review and updated certain of our assumptions used to develop the liability for future policy benefits which resulted in a net increase to the liability. The increase to the liability for future policy benefits was driven primarily by assumption updates in our Closed Block long-term care product line, partially offset by assumption updates in the Unum US group disability product line and in the Colonial Life segment. The long-term care assumption updates were primarily driven by lower expectations for active policy lapse and mortality assumptions, partially offset by an increase to expected premium rate increase approvals within our existing premium rate increase program. The Unum US group disability product line assumption updates were primarily related to claim resolution assumptions driven by favorable claim recovery trends, while the Colonial Life segment assumption updates were driven by improved claim cost assumptions and increases in policyholder lapse rates.

Actual variance from expected experience during the first nine months of 2024 and 2023 was due primarily to the Unum US group disability, Closed Block long-term care, and the Unum US group life and accidental death and dismemberment product lines. During the first nine months of 2024 and 2023, the variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. During the first nine months of 2024 and 2023, the variance in the Closed Block long-term care product line was driven primarily by higher than expected claim incidence. Also impacting the variance for the first nine months of 2024 was lower than expected policy terminations, partially offset by higher than expected claim resolutions. During the first nine months of 2024 and 2023, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected new claim incidence. Also contributing to the comparison for the first nine months of 2024 was higher than expected claim resolutions driven by recoveries. The variance for the first nine months of 2023 is also impacted by our Unum US individual disability product line which was driven primarily by lower than expected new claim incidence.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

For the nine months ended September 30, 2024 and 2023, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. The cohorts for which net premiums exceeded the gross premiums within the Closed Block segment resulted in a $70.8 million increase to income before income tax for the nine months ended September 30, 2024 and resulted in a $215.5 million reduction to income before income tax for the nine months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment had an immaterial impact to income before income tax. The impact to income for capped cohorts includes the impact of assumption updates. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the nine months ended September 30, 2024 or 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

																											Consolidated
																											September 30
																											2024						2023
																											(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year																											$	14,417.8					$	12,426.2
Beginning balance at original discount rate																											14,243.2						12,695.3
Effect of changes in cash flow assumptions																											73.0						1,499.2
Effect of actual variances from expected experience																											(151.9)						(121.8)
Adjusted beginning of year balance																											14,164.3						14,072.7
Issuances																											856.7						861.2
Interest accretion																											481.8						430.8
Net premiums collected																											(1,222.6)						(1,164.9)
Foreign currency																											7.3						(0.1)
Ending balance at original discount rate																											14,287.5						14,199.7
Effect of change in discount rate assumptions																											319.0						(709.0)
Balance, end of period																											$	14,606.5					$	13,490.7
Present Value of Expected Future Policy Benefits
Balance, beginning of year																											$	52,423.6					$	48,929.4
Beginning balance at original discount rate																											51,305.7						49,689.0
Effect of changes in cash flow assumptions																											(248.5)						1,702.0
Effect of actual variances from expected experience																											(355.6)						(356.4)
Adjusted beginning of year balance																											50,701.6						51,034.6
Issuances1																											2,506.9						2,547.0
Interest accretion																											1,707.3						1,670.3
Benefit payments																											(4,078.4)						(4,106.1)
Foreign currency																											121.0						19.6
Ending balance at original discount rate																											50,958.4						51,165.4
Effect of change in discount rate assumptions																											1,204.1						(3,111.7)
Balance, end of period																											$	52,162.5					$	48,053.7
Net liability for future policy benefits																											$	37,556.0					$	34,563.0
Other2																											1,655.7						1,703.3
Total liability for future policy benefits																											39,211.7						36,266.3
Less: Reinsurance recoverable related to future policy benefits																											7,455.9						7,449.0
Net liability for future policy benefits, after reinsurance recoverable																											$	31,755.8					$	28,817.3
1Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals.
2Other primarily relates to our Closed Block - All Other product line.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

						Consolidated
						Nine Months Ended September 30
						2024						2023
						(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments						$	7,568.4					$	7,278.4
Interest accretion						$	1,225.5					$	1,239.5

																								Consolidated
																								September 30
																								2024						2023
																								(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments																								$	104,039.1					$	105,306.1
Expected future gross premiums																								$	39,394.1					$	38,581.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums																								$	25,941.4					$	25,435.2
Weighted average interest rate:
Interest accretion rate																								4.9		%				4.8		%
Current discount rate																								4.8		%				5.6		%
Weighted average duration of the liability																								11.5 years						11.5 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

Unum US Segment

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

			September 30, 2024
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year			$	—					$	—					$	1,134.7					$	1,296.7					$	2,431.4
Beginning balance at original discount rate			—						—						1,192.5						1,294.4						2,486.9
Effect of changes in cash flow assumptions			—						—						41.5						(100.2)						(58.7)
Effect of actual variances from expected experience			—						—						(72.1)						(5.3)						(77.4)
Adjusted beginning of year balance			—						—						1,161.9						1,188.9						2,350.8
Issuances1			—						—						295.0						119.2						414.2
Interest accretion			—						—						29.9						39.8						69.7
Net premiums collected			—						—						(144.9)						(138.7)						(283.6)
Ending balance at original discount rate			—						—						1,341.9						1,209.2						2,551.1
Effect of change in discount rate assumptions			—						—						(41.7)						16.7						(25.0)
Balance, end of period			$	—					$	—					$	1,300.2					$	1,225.9					$	2,526.1
Present Value of Expected Future Policy Benefits
Balance, beginning of year			$	5,147.4					$	922.0					$	2,334.5					$	3,348.6					$	11,752.5
Beginning balance at original discount rate			5,277.1						936.5						2,422.0						3,313.9						11,949.5
Effect of changes in cash flow assumptions			(76.4)						(17.0)						51.6						(155.4)						(197.2)
Effect of actual variances from expected experience			(152.4)						(49.7)						(81.1)						(18.9)						(302.1)
Adjusted beginning of year balance			5,048.3						869.8						2,392.5						3,139.6						11,450.2
Issuances1			893.7						333.3						315.1						127.1						1,669.2
Interest accretion			121.7						14.3						73.2						113.3						322.5
Benefit payments			(1,109.7)						(357.8)						(170.3)						(207.2)						(1,845.0)
Ending balance at original discount rate			4,954.0						859.6						2,610.5						3,172.8						11,596.9
Effect of change in discount rate assumptions			(43.4)						(6.3)						(91.7)						65.8						(75.6)
Balance, end of period			$	4,910.6					$	853.3					$	2,518.8					$	3,238.6					$	11,521.3
Net liability for future policy benefits			$	4,910.6					$	853.3					$	1,218.6					$	2,012.7					$	8,995.2
Other			0.1						0.8						2.7						28.1						31.7
Total liability for future policy benefits			4,910.7						854.1						1,221.3						2,040.8						9,026.9
Less: Reinsurance recoverable related to future policy benefits			26.8						5.7						13.7						154.6						200.8
Net liability for future policy benefits, after reinsurance recoverable			$	4,883.9					$	848.4					$	1,207.6					$	1,886.2					$	8,826.1
1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

			September 30, 2023
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year			$	—					$	—					$	868.2					$	1,202.9					$	2,071.1
Beginning balance at original discount rate			—						—						937.9						1,228.1						2,166.0
Effect of changes in cash flow assumptions			—						—						180.7						5.0						185.7
Effect of actual variances from expected experience			—						—						(98.2)						(13.6)						(111.8)
Adjusted beginning of year balance			—						—						1,020.4						1,219.5						2,239.9
Issuances1			—						—						258.6						164.0						422.6
Interest accretion			—						—						21.4						36.3						57.7
Net premiums collected			—						—						(124.2)						(131.7)						(255.9)
Ending balance at original discount rate			—						—						1,176.2						1,288.1						2,464.3
Effect of change in discount rate assumptions			—						—						(119.4)						(62.2)						(181.6)
Balance, end of period			$	—					$	—					$	1,056.8					$	1,225.9					$	2,282.7
Present Value of Expected Future Policy Benefits
Balance, beginning of year			$	5,533.3					$	972.6					$	1,999.5					$	3,192.8					$	11,698.2
Beginning balance at original discount rate			5,793.1						998.5						2,141.2						3,244.5						12,177.3
Effect of changes in cash flow assumptions			(100.2)						—						170.1						7.9						77.8
Effect of actual variances from expected experience			(187.8)						(28.2)						(109.6)						(42.3)						(367.9)
Adjusted beginning of year balance			5,505.1						970.3						2,201.7						3,210.1						11,887.2
Issuances1			907.1						356.1						270.4						173.8						1,707.4
Interest accretion			137.6						15.8						64.3						123.2						340.9
Benefit payments			(1,186.8)						(402.1)						(143.9)						(203.5)						(1,936.3)
Ending balance at original discount rate			5,363.0						940.1						2,392.5						3,303.6						11,999.2
Effect of change in discount rate assumptions			(310.1)						(35.6)						(280.7)						(190.0)						(816.4)
Balance, end of period			$	5,052.9					$	904.5					$	2,111.8					$	3,113.6					$	11,182.8
Net liability for future policy benefits			$	5,052.9					$	904.5					$	1,055.0					$	1,887.7					$	8,900.1
Other			0.5						1.0						2.4						26.0						29.9
Total liability for future policy benefits			5,053.4						905.5						1,057.4						1,913.7						8,930.0
Less: Reinsurance recoverable related to future policy benefits			32.8						6.2						13.2						148.1						200.3
Net liability for future policy benefits, after reinsurance recoverable			$	5,020.6					$	899.3					$	1,044.2					$	1,765.6					$	8,729.7
1Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

			Nine Months Ended September 30, 2024
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments			$	2,294.8					$	1,496.3					$	621.3					$	494.2					$	4,906.6
Interest accretion			$	121.7					$	14.3					$	43.3					$	73.5					$	252.8

			Nine Months Ended September 30, 2023
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments			$	2,210.4					$	1,403.2					$	592.1					$	474.2					$	4,679.9
Interest accretion			$	137.6					$	15.8					$	42.9					$	86.9					$	283.2

			September 30, 2024
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments			$	6,001.5					$	977.0					$	5,579.6					$	5,082.2					$	17,640.3
Expected future gross premiums			$	—					$	—					$	5,822.4					$	5,817.0					$	11,639.4
Amount of discounted (at interest accretion rate):
Expected future gross premiums			$	—					$	—					$	3,854.6					$	4,180.2					$	8,034.8
Weighted average interest rate:
Interest accretion rate			4.1		%				2.3		%				5.0		%				5.1		%				4.3		%
Current discount rate			4.3		%				2.4		%				4.9		%				4.6		%				4.3		%
Weighted average duration of the liability			4.2 years						2.5 years						18.5 years						9.4 years						7.1 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

			September 30, 2023
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Total Unum US
			(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments			$	6,474.2					$	1,069.2					$	5,107.4					$	5,292.7					$	17,943.5
Expected future gross premiums			$	—					$	—					$	5,317.5					$	5,701.8					$	11,019.3
Amount of discounted (at interest accretion rate):
Expected future gross premiums			$	—					$	—					$	3,663.8					$	4,099.5					$	7,763.3
Weighted average interest rate:
Interest accretion rate			4.0		%				2.3		%				5.0		%				5.1		%				4.2%
Current discount rate			5.4		%				3.1		%				5.7		%				5.7		%				5.3%
Weighted average duration of the liability			4.3 years						2.7 years						18.2 years						9.6 years						6.9 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

Unum International Segment

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

															September 30
															2024															2023
															(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year															$	270.3														$	197.1
Beginning balance at original discount rate															298.4															246.8
Effect of changes in cash flow assumptions															(5.9)															(5.1)
Effect of actual variances from expected experience															15.1															12.2
Adjusted beginning of year balance															307.6															253.9
Issuances1															25.3															16.9
Interest accretion															8.7															6.9
Net premiums collected															(21.2)															(16.9)
Foreign currency															7.3															(0.1)
Ending balance at original discount rate															327.7															260.7
Effect of change in discount rate assumptions															(27.9)															(37.6)
Balance, end of period															$	299.8														$	223.1
Present Value of Expected Future Policy Benefits
Balance, beginning of year															$	2,527.4														$	2,231.4
Beginning balance at original discount rate															2,687.1															2,495.5
Effect of changes in cash flow assumptions															0.1															17.7
Effect of actual variances from expected experience															(13.4)															(9.2)
Adjusted beginning of year balance															2,673.8															2,504.0
Issuances1															300.3															277.3
Interest accretion															51.3															47.7
Benefit payments															(326.4)															(307.5)
Foreign currency															121.0															19.6
Ending balance at original discount rate															2,820.0															2,541.1
Effect of change in discount rate assumptions															(214.9)															(297.1)
Balance, end of period															$	2,605.1														$	2,244.0
Net liability for future policy benefits															$	2,305.3														$	2,020.9
Other															43.1															30.3
Total liability for future policy benefits															2,348.4															2,051.2
Less: Reinsurance recoverable related to future policy benefits															78.0															69.4
Net liability for future policy benefits, after reinsurance recoverable															$	2,270.4														$	1,981.8
1Issuances for Unum International primarily represent new claim incurrals.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

									Nine Months Ended September 30
									2024						2023
									(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments									$	710.2					$	667.7
Interest accretion									$	42.6					$	40.8

															September 30
															2024						2023
															(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments															$	4,536.2					$	4,012.8
Expected future gross premiums															$	1,335.6					$	1,035.7
Amount of discounted (at interest accretion rate):
Expected future gross premiums															$	854.1					$	676.8
Weighted average interest rate:
Interest accretion rate															4.1		%				4.0		%
Current discount rate															4.9		%				5.4		%
Weighted average duration of the liability															8.9 years						8.6 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

Colonial Life Segment

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

			September 30
			2024						2023
			(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year			$	3,592.6					$	3,745.4
Beginning balance at original discount rate			3,754.3						4,046.4
Effect of changes in cash flow assumptions			(7.9)						(322.7)
Effect of actual variances from expected experience			(57.0)						(77.1)
Adjusted beginning of year balance			3,689.4						3,646.6
Issuances			417.2						421.7
Interest accretion			101.4						94.3
Net premiums collected			(455.5)						(454.0)
Ending balance at original discount rate			3,752.5						3,708.6
Effect of change in discount rate assumptions			(105.6)						(348.7)
Balance, end of period			$	3,646.9					$	3,359.9
Present Value of Expected Future Policy Benefits
Balance, beginning of year			$	5,566.0					$	5,581.1
Beginning balance at original discount rate			5,925.2						6,163.9
Effect of changes in cash flow assumptions			(52.7)						(402.9)
Effect of actual variances from expected experience			(84.2)						(90.1)
Adjusted beginning of year balance			5,788.3						5,670.9
Issuances			455.1						461.1
Interest accretion			172.2						161.0
Benefit payments			(458.4)						(462.1)
Ending balance at original discount rate			5,957.2						5,830.9
Effect of change in discount rate assumptions			(303.5)						(731.9)
Balance, end of period			$	5,653.7					$	5,099.0
Net liability for future policy benefits			$	2,006.8					$	1,739.1
Other			25.1						24.3
Total liability for future policy benefits			2,031.9						1,763.4
Less: Reinsurance recoverable related to future policy benefits			1.5						0.9
Net liability for future policy benefits, after reinsurance recoverable			$	2,030.4					$	1,762.5

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

			Nine Months Ended September 30
			2024						2023
			(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments			$	1,286.4					$	1,240.3
Interest accretion			$	70.8					$	66.7

			September 30
			2024						2023
			(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments			$	10,242.2					$	9,568.2
Expected future gross premiums			$	12,450.4					$	11,847.5
Amount of discounted (at interest accretion rate):
Expected future gross premiums			$	8,948.9					$	8,684.1
Weighted average interest rate:
Interest accretion rate			4.4		%				4.3		%
Current discount rate			4.8		%				5.7		%
Weighted average duration of the liability			17.3 years						16.9 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

Closed Block Segment

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

			September 30, 2024
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year			$	8,123.5					$	—					$	8,123.5
Beginning balance at original discount rate			7,703.6						—						7,703.6
Effect of changes in cash flow assumptions			145.5						—						145.5
Effect of actual variances from expected experience			(32.6)						—						(32.6)
Adjusted beginning of year balance			7,816.5						—						7,816.5
Interest accretion			302.0						—						302.0
Net premiums collected			(462.3)						—						(462.3)
Ending balance at original discount rate			7,656.2						—						7,656.2
Effect of change in discount rate assumptions			477.5						—						477.5
Balance, end of period			$	8,133.7					$	—					$	8,133.7
Present Value of Expected Future Policy Benefits
Balance, beginning of year			$	24,697.7					$	7,880.0					$	32,577.7
Beginning balance at original discount rate			22,649.3						8,094.6						30,743.9
Effect of changes in cash flow assumptions			(4.1)						5.4						1.3
Effect of actual variances from expected experience			38.9						5.2						44.1
Adjusted beginning of year balance			22,684.1						8,105.2						30,789.3
Issuances1			—						82.3						82.3
Interest accretion			899.7						261.6						1,161.3
Benefit payments			(710.0)						(738.6)						(1,448.6)
Ending balance at original discount rate			22,873.8						7,710.5						30,584.3
Effect of change in discount rate assumptions			1,927.3						(129.2)						1,798.1
Balance, end of period			$	24,801.1					$	7,581.3					$	32,382.4
Net liability for future policy benefits			$	16,667.4					$	7,581.3					$	24,248.7
Other2			(0.7)						1,556.5						1,555.8
Total liability for future policy benefits			16,666.7						9,137.8						25,804.5
Less: Reinsurance recoverable related to future policy benefits			4.2						7,171.4						7,175.6
Net liability for future policy benefits, after reinsurance recoverable			$	16,662.5					$	1,966.4					$	18,628.9
1Issuances for Closed Block - All Other represents new claim incurrals.
2Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

			September 30, 2023
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars)
Present Value of Expected Net Premiums
Balance, beginning of year			$	6,412.6					$	—					$	6,412.6
Beginning balance at original discount rate			6,236.1						—						6,236.1
Effect of changes in cash flow assumptions			1,641.3						—						1,641.3
Effect of actual variances from expected experience			54.9						—						54.9
Adjusted beginning of year balance			7,932.3						—						7,932.3
Interest accretion			271.9						—						271.9
Net premiums collected			(438.1)						—						(438.1)
Ending balance at original discount rate			7,766.1						—						7,766.1
Effect of change in discount rate assumptions			(141.1)						—						(141.1)
Balance, end of period			$	7,625.0					$	—					$	7,625.0
Present Value of Expected Future Policy Benefits
Balance, beginning of year			$	21,199.9					$	8,218.8					$	29,418.7
Beginning balance at original discount rate			20,221.6						8,630.7						28,852.3
Effect of changes in cash flow assumptions			2,009.4						—						2,009.4
Effect of actual variances from expected experience			106.7						4.1						110.8
Adjusted beginning of year balance			22,337.7						8,634.8						30,972.5
Issuances1			—						101.2						101.2
Interest accretion			850.7						270.0						1,120.7
Benefit payments			(624.2)						(776.0)						(1,400.2)
Ending balance at original discount rate			22,564.2						8,230.0						30,794.2
Effect of change in discount rate assumptions			(579.3)						(687.0)						(1,266.3)
Balance, end of period			$	21,984.9					$	7,543.0					$	29,527.9
Net liability for future policy benefits			$	14,359.9					$	7,543.0					$	21,902.9
Other2			12.8						1,606.0						1,618.8
Total liability for future policy benefits			14,372.7						9,149.0						23,521.7
Less: Reinsurance recoverable related to future policy benefits			4.6						7,173.7						7,178.3
Net liability for future policy benefits, after reinsurance recoverable			$	14,368.1					$	1,975.3					$	16,343.4
1Issuances for Closed Block - All Other represents new claim incurrals.
2Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

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

			Nine Months Ended September 30, 2024
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments			$	521.6					$	143.6					$	665.2
Interest accretion			$	597.7					$	261.6					$	859.3

			Nine Months Ended September 30, 2023
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars)
Amount recognized in the statement of income:
Gross premiums or assessments			$	521.2					$	169.3					$	690.5
Interest accretion			$	578.8					$	270.0					$	848.8

			September 30, 2024
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments			$	60,339.0					$	11,281.4					$	71,620.4
Expected future gross premiums			$	13,968.7					$	—					$	13,968.7
Amount of discounted (at interest accretion rate):
Expected future gross premiums			$	8,103.6					$	—					$	8,103.6
Weighted average interest rate:
Interest accretion rate			5.6		%				4.6		%				5.2		%
Current discount rate			5.0		%				4.7		%				4.9		%
Weighted average duration of the liability			15.9 years						7.2 years						13.0 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

			September 30, 2023
			Long-term Care						All Other						Total Closed Block
			(in millions of dollars, except weighted average data)
Amount of undiscounted:
Expected future benefit payments			$	61,672.0					$	12,109.6					$	73,781.6
Expected future gross premiums			$	14,678.9					$	—					$	14,678.9
Amount of discounted (at interest accretion rate):
Expected future gross premiums			$	8,311.0					$	—					$	8,311.0
Weighted average interest rate:
Interest accretion rate			5.6		%				4.6		%				5.2%
Current discount rate			5.8		%				5.7		%				5.8%
Weighted average duration of the liability			16.6 years						7.3 years						13.3 years

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 7 - Liability for Future Policy Benefits - Continued

Reconciliation

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

			September 30
			2024						2023
			(in millions of dollars)
Liability for future policy benefits
Unum US1			$	9,026.9					$	8,930.0
Unum International			2,348.4						2,051.2
Colonial Life			2,031.9						1,763.4
Closed Block1			25,804.5						23,521.7
Other products1			232.8						236.1
Total liability for future policy benefits			$	39,444.5					$	36,502.4

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 8 - Policyholders' Account Balances

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

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

			September 30, 2024
			Unum US - Voluntary Benefits						Colonial Life						Closed Block - All Other						Total
			(in millions of dollars, except weighted average data)
Balance, beginning of year			$	578.6					$	852.9					$	4,082.7					$	5,514.2
Premiums received			40.7						60.2						23.3						124.2
Policy charges1			(42.9)						(54.2)						(73.7)						(170.8)
Surrenders and withdrawals			(24.3)						(30.4)						(9.8)						(64.5)
Benefit payments			(4.8)						(6.0)						(157.1)						(167.9)
Interest credited			15.7						25.6						220.1						261.4
Other			7.6						0.2						0.8						8.6
Balance, end of period			570.6						848.3						4,086.3						5,505.2
Reserves in excess of account balance			104.4						14.5						37.2						156.1
Total policyholders' account balances			675.0						862.8						4,123.5						5,661.3
Less: Reinsurance recoverable related to policyholders' account balances			0.8						—						4,123.5						4,124.3
Net policyholders' account balances, after reinsurance recoverable			$	674.2					$	862.8					$	—					$	1,537.0
Weighted average crediting rate			3.7%						4.1%						7.4%						6.5%
Net amount at risk2			$	4,210.4					$	8,325.0					$	1,698.7					$	14,234.1
Cash surrender value			$	560.4					$	817.1					$	4,062.7					$	5,440.2
1Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 8 - Policyholders' Account Balances - Continued

			September 30, 2023
			Unum US - Voluntary Benefits						Colonial Life						Closed Block - All Other						Total
			(in millions of dollars, except weighted average data)
Balance, beginning of year			$	586.8					$	852.4					$	4,159.4					$	5,598.6
Premiums received			44.9						64.4						25.2						134.5
Policy charges1			(45.8)						(56.3)						(78.9)						(181.0)
Surrenders and withdrawals			(23.6)						(28.5)						(12.1)						(64.2)
Benefit payments			(7.5)						(5.6)						(191.0)						(204.1)
Interest credited			17.0						25.7						239.0						281.7
Other			6.7						(0.2)						24.3						30.8
Balance, end of period			578.5						851.9						4,165.9						5,596.3
Reserves in excess of account balance			99.2						16.6						32.4						148.2
Total policyholders' account balances			677.7						868.5						4,198.3						5,744.5
Less: Reinsurance recoverable related to policyholders' account balances			1.0						—						4,198.3						4,199.3
Net policyholders' account balances, after reinsurance recoverable			$	676.7					$	868.5					$	—					$	1,545.2
Weighted average crediting rate			4.0%						4.1%						8.0%						6.9%
Net amount at risk2			$	4,600.0					$	8,901.6					$	1,807.1					$	15,308.7
Cash surrender value			$	568.9					$	810.1					$	4,033.4					$	5,412.4
1Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 8 - Policyholders' Account Balances - Continued

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

						September 30, 2024
Range of Guaranteed Minimum Crediting Rate						At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater than 150 Basis Points Above						Total
						(in millions of dollars)
						Unum US - Voluntary Benefits
3.00% - 3.99%						$	89.8					$	—					$	—					$	—					$	89.8
4.00% - 4.99%						220.2						193.6						35.8						—						449.6
5.00% - 6.00%						31.2						—						—						—						31.2
						341.2						193.6						35.8						—						570.6
						Colonial Life
4.00% - 5.00%						842.0						6.3						—						—						848.3
						Closed Block - All Other
3.00% - 5.99%						415.9						1,117.1						27.7						—						1,560.7
6.00% - 8.99%						1.3						25.6						—						—						26.9
9.00% - 11.99%						—						2,299.3						—						—						2,299.3
12.00% - 15.00%						—						199.4						—						—						199.4
						417.2						3,641.4						27.7						—						4,086.3
Total						$	1,600.4					$	3,841.3					$	63.5					$	—					$	5,505.2

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 8 - Policyholders' Account Balances - Continued

						September 30, 2023
Range of Guaranteed Minimum Crediting Rate						At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater than 150 Basis Points Above						Total
						(in millions of dollars)
						Unum US - Voluntary Benefits
3.00% - 3.99%						$	91.6					$	—					$	—					$	—					$	91.6
4.00% - 4.99%						265.4						188.5						—						—						453.9
5.00% - 6.00%						33.0						—						—						—						33.0
						390.0						188.5						—						—						578.5
						Colonial Life
4.00% - 5.00%						845.8						6.1						—						—						851.9
						Closed Block - All Other
3.00% - 5.99%						431.3						1,181.2						27.1						—						1,639.6
6.00% - 8.99%						2.1						28.5						—						—						30.6
9.00% - 11.99%						398.4						1,914.7						—						—						2,313.1
12.00% - 15.00%						—						182.6						—						—						182.6
						831.8						3,307.0						27.1						—						4,165.9
Total						$	2,067.6					$	3,501.6					$	27.1					$	—					$	5,596.3

Note 9 - Deferred Acquisition Costs

During the third quarters of 2024 and 2023, we updated our policyholder lapse and mortality assumptions used to develop the future amortization for DAC for the Unum US voluntary benefits product line and the Colonial Life segment. These assumption updates were consistent with the related assumption updates for the liability for future policy benefits.

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

			September 30, 2024
			Unum US						Unum International						Colonial Life						Total
			(in millions of dollars)
Balance, beginning of year			$	1,232.2					$	46.9					$	1,435.4					$	2,714.5
Capitalization			247.4						13.2						234.7						495.3
Amortization expense			(216.7)						(7.3)						(163.9)						(387.9)
Foreign currency			—						1.6						—						1.6
Balance, end of period			$	1,262.9					$	54.4					$	1,506.2					$	2,823.5

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 9 - Deferred Acquisition Costs - Continued

			September 30, 2023
			Unum US						Unum International						Colonial Life						Total
			(in millions of dollars)
Balance, beginning of year			$	1,185.1					$	37.0					$	1,337.9					$	2,560.0
Capitalization			230.6						10.8						226.1						467.5
Amortization expense			(199.2)						(6.1)						(153.4)						(358.7)
Foreign currency			—						(0.1)						—						(0.1)
Balance, end of period			$	1,216.5					$	41.6					$	1,410.6					$	2,668.7

			September 30, 2024
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Dental and Vision						Total Unum US
			(in millions of dollars)
Balance, beginning of year			$	63.6					$	48.9					$	610.6					$	497.8					$	11.3					$	1,232.2
Capitalization			48.1						31.0						93.2						63.9						11.2						247.4
Amortization expense			(46.8)						(26.7)						(88.4)						(45.3)						(9.5)						(216.7)
Balance, end of period			$	64.9					$	53.2					$	615.4					$	516.4					$	13.0					$	1,262.9

			September 30, 2023
			Group Disability						Group Life and AD&D						Voluntary Benefits						Individual Disability						Dental and Vision						Total Unum US
			(in millions of dollars)
Balance, beginning of year			$	61.0					$	49.3					$	601.0					$	464.4					$	9.4					$	1,185.1
Capitalization			44.7						28.9						85.2						62.6						9.2						230.6
Amortization expense			(42.1)						(29.5)						(79.5)						(40.2)						(7.9)						(199.2)
Balance, end of period			$	63.6					$	48.7					$	606.7					$	486.8					$	10.7					$	1,216.5

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 10 - Segment Information

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

Segment information is shown below.

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability			$	522.1					$	518.5					$	1,560.3					$	1,539.3
Group Short-term Disability			271.3						256.5						810.7						753.0
Group Life and Accidental Death & Dismemberment
Group Life			447.8						423.0						1,337.9						1,254.3
Accidental Death & Dismemberment			47.1						44.1						139.3						131.2
Supplemental and Voluntary
Voluntary Benefits			219.3						209.5						665.1						637.4
Individual Disability			140.4						136.7						424.6						386.7
Dental and Vision			75.5						69.4						223.9						206.8
			1,723.5						1,657.7						5,161.8						4,908.7
Unum International
Unum UK
Group Long-term Disability			106.6						101.1						312.4						297.5
Group Life			58.8						44.2						156.3						124.5
Supplemental			41.4						34.6						125.1						99.9
Unum Poland			39.8						30.7						113.3						85.2
			246.6						210.6						707.1						607.1
Colonial Life
Accident, Sickness, and Disability			240.6						236.7						725.5						708.0
Life			113.1						106.2						342.6						318.1
Cancer and Critical Illness			88.2						88.3						266.9						265.2
			441.9						431.2						1,335.0						1,291.3
Closed Block
Long-term Care			173.7						172.1						521.5						521.2
All Other			43.1						54.3						140.9						166.0
			216.8						226.4						662.4						687.2
Total Premium Income			$	2,628.8					$	2,525.9					$	7,866.3					$	7,494.3

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 10 - Segment Information - Continued

			Unum US						Unum International						Colonial Life						Closed Block						Corporate						Total
			(in millions of dollars)
Three Months Ended September 30, 2024
Premium Income			$	1,723.5					$	246.6					$	441.9					$	216.8					$	—					$	2,628.8
Net Investment Income			161.0						30.4						39.6						284.3						12.5						527.8
Other Income			60.1						0.4						0.4						12.4						—						73.3
Adjusted Operating Revenue			$	1,944.6					$	277.4					$	481.9					$	513.5					$	12.5					$	3,229.9
Adjusted Operating Income (Loss)			$	363.3					$	40.3					$	113.4					$	34.2					$	(49.4)					$	501.8
Three Months Ended September 30, 2023
Premium Income			$	1,657.7					$	210.6					$	431.2					$	226.4					$	—					$	2,525.9
Net Investment Income			166.2						27.3						39.3						274.9						18.3						526.0
Other Income			58.0						0.5						0.3						12.8						—						71.6
Adjusted Operating Revenue			$	1,881.9					$	238.4					$	470.8					$	514.1					$	18.3					$	3,123.5
Adjusted Operating Income (Loss)			$	357.8					$	36.8					$	102.9					$	34.2					$	(41.5)					$	490.2

			Unum US						Unum International						Colonial Life						Closed Block						Corporate						Total
			(in millions of dollars)
Nine Months Ended September 30, 2024
Premium Income			$	5,161.8					$	707.1					$	1,335.0					$	662.4					$	—					$	7,866.3
Net Investment Income			476.1						94.5						119.4						851.6						44.8						1,586.4
Other Income			178.9						1.2						3.6						37.7						1.1						222.5
Adjusted Operating Revenue			$	5,816.8					$	802.8					$	1,458.0					$	1,551.7					$	45.9					$	9,675.2
Adjusted Operating Income (Loss)			$	1,106.0					$	120.2					$	344.0					$	110.1					$	(140.8)					$	1,539.5
Nine Months Ended September 30, 2023
Premium Income			$	4,908.7					$	607.1					$	1,291.3					$	687.2					$	—					$	7,494.3
Net Investment Income			481.5						104.0						114.6						796.0						69.8						1,565.9
Other Income			166.1						1.0						0.9						40.1						2.5						210.6
Adjusted Operating Revenue			$	5,556.3					$	712.1					$	1,406.8					$	1,523.3					$	72.3					$	9,270.8
Adjusted Operating Income (Loss)			$	1,013.4					$	118.7					$	312.3					$	143.6					$	(109.9)					$	1,478.1

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 10 - Segment Information - Continued

			September 30						December 31
			2024						2023
			(in millions of dollars)
Assets
Unum US			$	15,365.4					$	15,561.1
Unum International			3,569.4						3,372.9
Colonial Life			4,994.2						4,830.4
Closed Block			35,527.4						35,272.8
Corporate			4,684.1						4,218.0
Total Assets			$	64,140.5					$	63,255.2

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, the amortization of the cost of reinsurance, the impact of non-contemporaneous reinsurance, and reserve assumption updates as well as certain other items as specified in the reconciliations below. We believe adjusted operating revenue and adjusted operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, net income, or net loss. 

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

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

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items 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.

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Unum Group and Subsidiaries

September 30, 2024

Note 10 - Segment Information - Continued

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Total Revenue			$	3,217.0					$	3,092.5					$	9,650.7					$	9,240.8
Excluding:
Net Investment Loss			(12.9)						(31.0)						(24.5)						(30.0)
Adjusted Operating Revenue			$	3,229.9					$	3,123.5					$	9,675.2					$	9,270.8
Income Before Income Tax			$	814.6					$	261.7					$	1,805.8					$	1,211.4
Excluding:
Net Investment Loss			(12.9)						(31.0)						(24.5)						(30.0)
Amortization of the Cost of Reinsurance			(10.4)						(11.1)						(31.1)						(33.1)
Non-Contemporaneous Reinsurance			(6.0)						(9.2)						(20.2)						(26.4)
Reserve Assumption Updates			357.4						(177.2)						357.4						(177.2)
Loss on Legal Settlement			(15.3)						—						(15.3)						—
Adjusted Operating Income			$	501.8					$	490.2					$	1,539.5					$	1,478.1

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 11 - Employee Benefit Plans

Defined Benefit Pension and Other Postretirement Benefit (OPEB) Plans

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

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

			Three Months Ended September 30
			Pension Benefits
			U.S. Plans												U.K. Plan												OPEB
			2024						2023						2024						2023						2024						2023
			(in millions of dollars)
Service Cost			$	2.3					$	2.3					$	—					$	—					$	—					$	—
Interest Cost			20.7						22.0						1.9						1.9						1.0						1.1
Expected Return on Plan Assets			(22.8)						(23.0)						(2.1)						(2.1)						(0.1)						(0.2)
Amortization of:
Net Actuarial (Gain) Loss			3.7						3.8						0.7						0.6						(0.2)						(2.6)
Prior Service Credit			—						—						—						—						(0.1)						—
Total Net Periodic Benefit Cost (Credit)			$	3.9					$	5.1					$	0.5					$	0.4					$	0.6					$	(1.7)

			Nine Months Ended September 30
			Pension Benefits
			U.S. Plans												U.K. Plan												OPEB
			2024						2023						2024						2023						2024						2023
			(in millions of dollars)
Service Cost			$	6.9					$	6.9					$	—					$	—					$	—					$	—
Interest Cost			62.1						66.0						5.7						5.7						3.0						3.4
Expected Return on Plan Assets			(68.4)						(69.1)						(6.3)						(6.3)						(0.3)						(0.4)
Amortization of:
Net Actuarial (Gain) Loss			11.0						11.4						2.2						1.9						(0.8)						(7.9)
Prior Service Credit			—						—						—						—						(0.2)						(0.1)
Total Net Periodic Benefit Cost (Credit)			$	11.6					$	15.2					$	1.6					$	1.3					$	1.7					$	(5.0)

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

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Unum Group and Subsidiaries

September 30, 2024

Note 12 - Stockholders' Equity and Earnings Per Common Share

Earnings Per Common Share

Net income per common share is determined as follows:

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars, except share data)
Numerator
Net Income			$	645.7					$	202.0					$	1,430.4					$	953.2
Denominator (000s)
Weighted Average Common Shares - Basic			186,400.7						196,083.2						189,665.1						197,289.5
Dilution for Assumed Exercises of Nonvested Stock Awards			481.7						1,048.6						544.6						1,005.6
Weighted Average Common Shares - Assuming Dilution			186,882.4						197,131.8						190,209.7						198,295.1
Net Income Per Common Share
Basic			$	3.46					$	1.03					$	7.54					$	4.83
Assuming Dilution			$	3.46					$	1.02					$	7.52					$	4.81

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. In computing earnings per share assuming dilution, we include potential common shares that are dilutive (those that reduce earnings per share). We use the treasury stock method to account for the effect of nonvested stock success units and nonvested restricted stock units on the computation of diluted earnings per share. Under this method, the potential common shares from nonvested stock success units and nonvested restricted stock units will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the grant price of the nonvested stock success units and nonvested restricted stock units. The outstanding nonvested stock success units and nonvested restricted stock units have grant prices ranging from $18.78 to $52.40. Potential common shares not included in the computation of diluted earnings per share because the impact would be antidilutive were zero and 0.2 million for the three and nine months ended September 30, 2024, respectively. There were a de minimis amount and 0.4 million potential common shares that were antidilutive for the three and nine months ended September 30, 2023, respectively.

Common Stock

As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price.

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Unum Group and Subsidiaries

September 30, 2024

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

Our board of directors has authorized the following repurchase programs:

			July 2024 Authorization						October 2023 Authorization1						December 2022 Authorization2
			(in millions)
Effective Date			August 1, 2024						January 1, 2024						January 1, 2023
Expiration Date			None						July 31, 2024						December 31, 2023
Authorized Repurchase Amount			$	1,000.0					$	500.0					$	250.0
Cost of Shares Repurchased Under Repurchase Program			35.8						464.2						250.0
Unused and Expired			—						35.8						—
Remaining Repurchase Amount at September 30, 2024			$	964.2					$	—					$	—

1Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date.

2In February 2023, the December 2022 program was modified to increase the authorized repurchase amount from $200.0 million to $250.0 million.

In August 2022, the Inflation Reduction Act was signed into law in the U.S. and imposes a one percent excise tax on corporate stock repurchases effective January 1, 2023. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period.

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions)
Shares Repurchased			3.7						1.5						9.7						3.9
Cost of Shares Repurchased1			$	202.0					$	74.8					$	504.8					$	175.4

1Includes a de minimis amount of commissions for the three and nine months ended September 30, 2024 and a de minimis amount and $0.1 million of commissions for the three and nine months ended September 30, 2023, respectively. Also includes $2.0 million and $4.8 million of excise tax for the three and nine months ended September 30, 2024, respectively, and $0.7 million and $1.2 million of excise tax for the three and nine months ended September 30, 2023, respectively.

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

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Unum Group and Subsidiaries

September 30, 2024

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

adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs are as follows:

Prepayment Date						Prepayment Amount						Initial Share Delivery						Forward Contract Settlement Date						Shares Delivered to Settle Forward Contract
(in millions)
October 2024						$150.0						1.9						December 2024						Not yet settled
July 2024						$150.0						2.2						September 2024						0.6
April 2024						$125.0						1.7						June 2024						0.7
January 2024						$100.0						1.6						March 2024						0.5
July 2023						$50.0						0.8						September 2023						0.2

Preferred Stock

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

Note 13 - Commitments and Contingent Liabilities

Commitments

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

Contingent Liabilities

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

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

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

Claim Handling Matters

We and our insurance subsidiaries, in the ordinary course of our business, are engaged in claim litigation where disputes arise as a result of a denial or termination of benefits. Most typically these lawsuits are filed on behalf of a single claimant or policyholder, and in some of these individual actions punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims. For our general claim litigation, we maintain reserves based on experience to satisfy judgments and settlements in the normal course. We expect that the ultimate liability, if any, with respect to general claim litigation, after consideration of the reserves maintained, will not be material to our consolidated financial condition. Nevertheless, given the

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Unum Group and Subsidiaries

September 30, 2024

Note 13 - Commitments and Contingent Liabilities - Continued

inherent unpredictability of litigation, it is possible that an adverse outcome in certain claim litigation involving punitive damages could, from time to time, have a material adverse effect on our consolidated results of operations in a period, depending on the results of operations for the particular period.

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

Note 14 - Debt and Other

Debt

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

Allowance for Expected Credit Losses on Premiums Receivable

At September 30, 2024, June 30, 2024, and December 31, 2023, the allowance for expected credit losses on premiums receivable was $27.1 million, $26.8 million, and $29.5 million, respectively, on gross premiums receivable of $630.4 million, $659.8 million, and $612.4 million, respectively. The allowance for expected credit losses was generally consistent at September 30, 2024 compared to June 30, 2024. The decrease of $2.4 million during the nine months ended September 30, 2024 was driven primarily by improvements in the age of gross premiums receivable.

At September 30, 2023, June 30, 2023, and December 31, 2022, the allowance for expected credit losses on premiums receivable was $29.7 million, $28.7 million, and $32.5 million, respectively, on gross premiums receivable of $626.6 million $660.3 million, and $557.6 million, respectively. The increase in the allowance of $1.0 million during the three months ended September 30, 2023, was driven primarily by the increase in gross premiums receivable. The decrease of $2.8 million during the nine months ended September 30, 2023, was driven primarily by improvements in the age of gross premiums receivable.

Loss on Legal Settlement

During the third quarter of 2024, we incurred a loss of $15.3 million within our Corporate segment for the settlement of an employment-related matter. $4.9 million of the loss is recorded within compensation expense and $10.4 million of the loss is recorded within other expenses within the consolidated statements of income.

P-Caps Trust

During November 2021, we entered into a 20-year facility agreement with a Delaware statutory trust (the P-Caps Trust), in connection with the sale by the P-Caps Trust of $400.0 million of pre-capitalized trust securities (P-Caps) in a Rule 144A private placement. The P-Caps Trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the Trust Assets). The facility agreement gave us the right to issue and require the P-Caps Trust to purchase, on one or more occasions, up to $400.0 million of our 4.046% senior notes due 2041 (the 2041 Senior Notes) in exchange for the Trust Assets. Under the facility agreement, we agreed to pay a semi-annual facility fee to the P-Caps Trust at a rate of 2.225% per year on the unexercised portion of the maximum amount of 2041 senior notes that we could issue and sell to the P-Caps Trust and to reimburse the P-Caps Trust for its expenses.

In October 2024, we exercised our issuance right in full under the facility agreement and issued $400.0 million of the 2041 Senior Notes to the P-Caps Trust in exchange for the Trust Assets, thereby triggering our recognition of the 2041 Senior Notes on our consolidated balance sheets. The Trust Assets had a fair value of $273.5 million when the 2041 Senior Notes were issued. We directed the trustee of the P-Caps Trust to dissolve the P-Caps Trust and to deliver the 2041 Senior Notes to the beneficial holders of the P-Caps pro rata in respect of each P-Cap. The 2041 Senior Notes are callable at or above par and rank

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued

Unum Group and Subsidiaries

September 30, 2024

Note 14 - Debt and Other - Continued

equally in the right of payment with all of our other unsecured and unsubordinated debt. The net proceeds from the issuance of the 2041 Senior Notes and subsequent sale of the Trust Assets are expected to be used for future share repurchases.

We have an additional five-year, £75 million senior standby letter of credit facility pursuant to which a standby letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration in December 2028. In connection with and as security for the senior standby letter of credit facility, we granted to the issuer of the standby letter of credit the right to exercise, if an event of default occurred and was continuing, the issuance right under the facility agreement with the P-Caps Trust, up to a maximum of $200.0 million. In October 2024, prior to our exercise of the issuance right under the facility agreement, the assigned issuance right was forfeited in its entirety.

For further information see "Liquidity and Capital Resources - Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity" in Part I, Item 2.

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

TABLE OF CONTENTS

			Page
Executive Summary			88
Reconciliation of Non-GAAP and Other Financial Measures			93
Critical Accounting Estimates			95
Accounting Developments			95
Consolidated Operating Results			96
Segment Results			98
Unum US Segment			98
Unum International Segment			108
Colonial Life Segment			114
Closed Block Segment			117
Corporate Segment			120
Investments			121
Liquidity and Capital Resources			128

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Executive Summary

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

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

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

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

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

This discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto in Part I, Item 1 contained in this Form 10-Q and with the "Cautionary Statement Regarding Forward-Looking Statements" included below the Table of Contents, as well as the discussion, analysis, and consolidated financial statements and notes thereto in Part I, Items 1 and 1A, and Part II, Items 7, 7A, and 8 of our annual report on Form 10-K for the year ended December 31, 2023.

Operating Performance and Capital Management

For the third quarter of 2024, we reported net income of $645.7 million, or $3.46 per diluted common share, compared to net income of $202.0 million, or $1.02 per diluted common share, in the third quarter of 2023. For the first nine months of 2024, we reported net income of $1,430.4 million, or $7.52 per diluted common share, compared to net income of $953.2 million, or $4.81 per diluted common share in the same period of 2023.

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

•A net investment loss of $12.9 million before tax and $9.8 million after tax, or $0.05 per diluted common share;

•Amortization of the cost of reinsurance of $10.4 million before tax and $8.2 million after tax, or $0.04 per diluted common share;

•Non-contemporaneous reinsurance of $6.0 million before tax and $4.8 million after tax, or $0.03 per diluted common share;

•A net reserve decrease related to assumption updates of $357.4 million before tax and $282.6 million after tax, or $1.51 per diluted common share; and

•A loss resulting from a legal settlement of $15.3 million before tax and $12.1 million after tax, or $0.06 per diluted common share.

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

•A net investment loss of $24.5 million before tax and $18.8 million after tax, or $0.10 per diluted common share;

•Amortization of the cost of reinsurance of $31.1 million before tax and $24.6 million after tax, or $0.13 per diluted common share;

•Non-contemporaneous reinsurance of $20.2 million before tax and $16.0 million after tax, or $0.08 per diluted common share;

•A net reserve decrease related to assumption updates of $357.4 million before tax and $282.6 million after tax, or $1.48 per diluted common share; and

•A loss resulting from a legal settlement of $15.3 million before tax and $12.1 million after tax, or $0.06 per diluted common share.

Included in our results for the third quarter of 2023 are:

•A net investment loss of $31.0 million before tax and $24.4 million after tax, or $0.13 per diluted common share;

•Amortization of the cost of reinsurance of $11.1 million before tax and $8.7 million after tax, or $0.04 per diluted common share;

•Non-contemporaneous reinsurance of $9.2 million before tax and $7.3 million after tax, or $0.04 per diluted common share; and

•A net reserve increase related to assumption updates of $177.2 million before tax and $139.3 million after tax, or $0.71 per diluted common share.

Included in our results for the first nine months of 2023 are:

•A net investment loss of $30.0 million before tax and $23.6 million after tax, or $0.12 per diluted common share;

•Amortization of the cost of reinsurance $33.1 million before tax and $26.1 million after tax, or $0.13 per diluted common share;

•Non-contemporaneous reinsurance of $26.4 million before tax and $20.9 million after tax, or $0.11 per diluted common share; and

•A net reserve increase related to assumption updates of $177.2 million before tax and $139.3 million after tax, or $0.70 per diluted common share.

Excluding these items, after-tax adjusted operating income for the third quarter of 2024 was $398.0 million, or $2.13 per diluted common share compared to $381.7 million, or $1.94 per diluted common share, for the same period of 2023. After-tax adjusted operating income was $1,219.3 million, or $6.41 per diluted common share, in the first nine months of 2024, compared to $1,163.1 million, or $5.87 per diluted common share, in the first nine months of 2023. See "Reconciliation of Non-GAAP and Other Financial Measures" contained herein in this Item 2 for a reconciliation of these items.

Our Unum US segment reported income before income tax and net investment gains and losses of $506.9 million and $1,249.6 million in the third quarter and first nine months of 2024, respectively, compared to $486.6 million and $1,142.2 million in the same periods of 2023, which includes the reserve assumption updates that occurred during the third quarters of 2024 and 2023. Excluding these items, our Unum US segment reported adjusted operating income of $363.3 million and $1,106.0 million in the third quarter and first nine months of 2024, respectively, compared to $357.8 million and $1,013.4 million in the same periods of 2023, due to favorable benefits experience primarily in our group life product line as well as an increase in premium income, partially offset by higher commissions. Also impacting the comparison for the third quarter of 2024 compared to the same period of 2023 was unfavorable benefits experience in our group disability product line. The benefit ratio, excluding the reserve assumption updates, for our Unum US segment was 58.5 percent and 57.8 percent in the third quarter and first nine months of 2024, respectively, compared to 59.1 percent and 59.9 percent in third quarter and first nine months of 2023, respectively. Unum US sales decreased 9.7 percent and 2.7 percent in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023.

Our Unum International segment reported income before income tax and net investment gains and losses of $32.8 million and $112.7 million in the third quarter and first nine months of 2024, respectively, compared to $18.9 million and $100.8 million in the same periods of 2023, which includes the reserve assumption updates during the third quarters of 2024 and 2023. Excluding these items, our Unum International segment reported adjusted operating income of $40.3 million and $120.2 million in the third quarter and first nine months of 2024, compared to $36.8 million and $118.7 million in the same periods of 2023. Our Unum UK line of business reported adjusted operating income, which excludes the reserve assumption updates, of £29.5 million in the third quarter of 2024 compared to £28.4 million in the same period of 2023, primarily due to higher premium

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income as well as higher net investment income, partially offset by unfavorable benefits experience. Our Unum UK line of business reported adjusted operating income of £90.2 million in the first nine months of 2024, compared to £93.7 million in the same period of 2023, primarily due to lower net investment income and higher operating expenses, partially offset by higher premium income. The benefit ratio for our Unum UK line of business, excluding the reserve assumption updates, was 69.5 percent and 69.0 percent in the third quarter and first nine months of 2024, respectively, compared to 67.4 percent and 69.4 percent in the same periods of 2023. Unum International sales, as measured in U.S. dollars, increased 26.5 percent and 8.4 percent in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023. Unum UK sales, as measured in local currency, increased 26.9 percent and 6.9 percent in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023.

Our Colonial Life segment reported income before income tax and net investment gains and losses of $159.4 million and $390.0 million in the third quarter and first nine months of 2024, respectively, compared to $183.6 million and $393.0 million in the same periods of 2023, which includes the reserve assumption updates during the third quarters of 2024 and 2023. Excluding these items, our Colonial Life segment reported adjusted operating income of $113.4 million and $344.0 million in the third quarter and first nine months of 2024, compared to $102.9 million and $312.3 million in the same periods of 2023, primarily due to higher premium income and favorable benefits experience, partially offset by higher commissions. Also impacting the comparison for the first nine months of 2024 is higher amortization of deferred acquisition costs. The benefit ratio, excluding the reserve assumption updates, for Colonial Life was 47.6 percent and 48.0 percent in the third quarter and first nine months of 2024, respectively, compared to 49.1 percent and 50.2 percent in the same periods of 2023. Colonial Life sales decreased 0.3 percent and 0.9 percent in the third quarter and first nine months of 2024, respectively, compared to the same periods of 2023.

Our Closed Block segment reported income before income tax and net investment gains and losses of $193.1 million and $234.1 million in the third quarter and first nine months of 2024, respectively, compared to a loss before income tax and net investment gains and losses of $354.9 million and $284.7 million in the same periods of 2023, all of which include the amortization of the cost of reinsurance and the impact of non-contemporaneous reinsurance related to the Closed Block individual disability reinsurance transaction, as well as the reserve assumption updates during the third quarters of 2024 and 2023. Excluding these items, our Closed Block segment reported adjusted operating income of $34.2 million in the third quarter of 2024, consistent with the same period of 2023, due primarily to an increase in net investment income, offset by lower premium income. Our Closed Block segment reported adjusting operating income of $110.1 million in the first nine months of 2024, compared to $143.6 million in the same period of 2023, due primarily to higher benefits in the long-term care product line and lower premium income, partially offset by an increase in net investment income. The net premium ratio for long-term care increased to 94.5 percent at September 30, 2024 from 93.4 percent at September 30, 2023.

A rising interest rate environment could positively impact our yields on new investments, but could also increase unrealized losses in our current holdings. Alternatively, a declining interest rate environment could negatively impact our yields on new investments, but could also reduce unrealized losses in our current holdings. As of September 30, 2024, we do not hold any securities with a decline in fair value below amortized cost which we intend to sell nor any securities for which it is more likely than not that we will be required to sell before recovery in amortized cost. The net unrealized loss on our fixed maturity securities was $1.0 billion at September 30, 2024, compared to $1.6 billion at December 31, 2023, with the decrease due primarily to a decrease in U.S. Treasury rates. The earned book yield on our investment portfolio was 4.41 percent for the first nine months of 2024 compared to a yield of 4.45 percent for full year 2023.

Additionally, a rising interest rate environment could result in reserve decreases while a declining interest rate environment could result in reserve increases, specific to our liability for future policy benefits, as the reserve discount rate assumptions used in the calculation of our liability are updated at each reporting date using a yield that is reflective of an upper-medium grade fixed income instrument, which is generally equivalent to a single-A interest rate matched to the duration of certain of our insurance liabilities. The discount rate assumptions on the liability for future policy benefits, net of reinsurance, as of September 30, 2024, were generally consistent with those as of December 31, 2023.

We believe our capital and financial positions are strong. At September 30, 2024, the risk-based capital (RBC) ratio for our traditional U.S. insurance subsidiaries, calculated on a weighted average basis using the NAIC Company Action Level formula, was approximately 470 percent, which is above our long-term expectation. We repurchased 9.7 million shares and 3.9 million shares of Unum Group common stock under our share repurchase program, during the first nine months of 2024 and 2023, respectively, at a cost of $504.8 million and $175.4 million, respectively, including commissions and excise tax. Our weighted average common shares outstanding, assuming dilution, equaled 186.9 million and 197.1 million for the third quarters of 2024 and 2023, respectively, and 190.2 million and 198.3 million for the first nine months of 2024 and 2023, respectively. As of September 30, 2024, Unum Group and our intermediate holding companies had available holding company liquidity of

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$1,393.0 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset backed securities. See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

2024 and 2023 Reserve Assumption Updates

During the third quarters of 2024 and 2023, we completed our annual cash flow assumption review which resulted in the following impacts to net income as a result of updating certain assumptions related to the liability for future policy benefits:

						Three and Nine Months Ended September 30
						(in millions of dollars)
						2024									2023
Unum US
Group Disability						$	90.0								$	121.0
Group Life and Accidental Death and Dismemberment						13.0									—
Voluntary Benefits						(12.2)									10.4
Individual Disability						52.8									(2.6)
Total Unum US						143.6									128.8
Unum International						(7.5)									(17.9)
Colonial Life						46.0									80.7
Closed Block
Long-term Care						174.1									(368.1)
Closed Block - All Other						1.2									(0.7)
Total Closed Block						175.3									(368.8)
Cash Flow Assumption Update Impacts to Income Before Income Tax						$	357.4								$	(177.2)
Cash Flow Assumption Update Impacts to Net Income						$	282.6								$	(139.3)

2024 Significant Cash Flow Assumption Updates:

The cash flow assumption updates in our Unum US group long-term disability product line reduced our liability for future policy benefits by $90.0 million, due primarily to claim resolution assumptions driven by favorable claim recovery trends.

The cash flow assumption updates in our Unum US individual disability product line reduced our liability for future policy benefits by $52.8 million, due primarily to favorable claim incidence trends.

The cash flow assumption updates in our Colonial Life segment reduced our liability for future policy benefits by $46.0 million, due primarily to improved claim cost assumptions.

The cash flow assumption updates in our Closed Block segment were primarily driven by the long-term care product line which reduced our liability for future policy benefits by $174.1 million, due primarily to an increase to expected premium rate increase approvals within our existing premium rate increase program, partially offset by lower than expected persistency on group policies.

2023 Significant Cash Flow Assumption Updates:

The cash flow assumption updates in our Unum US group long-term disability product line reduced our liability for future policy benefits by $121.0 million, due primarily to sustained improvement in claim recovery trends.

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The cash flow assumption updates in our Colonial Life segment reduced our liability for future policy benefits by $80.7 million, due primarily to improvement in certain of our claim cost assumptions and increased policyholder lapse rates.

The cash flow assumption updates in our Closed Block segment were primarily driven by the long-term care product line which increased our liability for future policy benefits by $368.1 million, due primarily to lower expectations for active policy lapse and mortality assumptions, partially offset by an increase to expected premium rate increase approvals within our existing premium rate increase program.

Loss on Legal Settlement

During the third quarter of 2024, we incurred a loss of $15.3 million before tax, or $12.1 million after tax, within our Corporate segment for the settlement of an employment-related matter. $4.9 million of the loss is recorded within compensation expense and $10.4 million of the loss is recorded within other expenses in the consolidated statements of income.

Inflation Reduction Act

In August 2022, the Inflation Reduction Act (IRA) was signed into law in the U.S. and includes certain corporate tax provisions effective January 1, 2023. The IRA imposes a new 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income (AFSI) on corporations that have average AFSI over $1.0 billion in any prior three-year period. Our company is an applicable corporation, but we have not recorded any CAMT for the third quarter or first nine months of 2024 and 2023. We do not expect that any CAMT incurred would impact earnings since it would be offset with a credit toward regular income tax in subsequent years. The IRA also imposes a one percent excise tax on the fair market value of corporate stock repurchases after December 31, 2022. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases, reduced by the fair value of any shares issued during the period. We have recorded $2.0 million and $0.7 million of excise tax in stockholders' equity, as part of the cost basis of treasury stock, for the third quarter of 2024 and 2023, respectively, and $4.8 million and $1.2 million for the first nine months of 2024 and 2023, respectively.

U.K. Tax Law Change

In June 2021, the Finance Act 2021 was enacted, resulting in a U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023.

Global Minimum Tax

The Organization for Economic Co-operation and Development (OECD) has established model rules to ensure a minimum level of tax of 15 percent (Pillar Two) for multinational companies. Several jurisdictions, including the United Kingdom and Ireland, have adopted Pillar Two beginning on or after December 31, 2023. We have not recorded Pillar Two taxes as of September 30, 2024, and we do not expect material impacts in 2024. We will continue to monitor legislative developments and refine our estimates as necessary.

Consolidated Company Outlook

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

In 2023, we experienced increased earnings driven by the underlying strength of our business and expect positive operating trends in our core businesses to continue in 2024. The products and services we provide deliver significant value to employers, employees and their families, and we believe this will help drive sales and premium growth in 2024.

A rising interest rate environment could continue to positively impact our yields on new investments, but could also continue to create unrealized losses in our current holdings. A declining interest rate environment could negatively impact our yields on new investments but could also reduce unrealized losses in our current holdings. We also may continue to experience further volatility in miscellaneous investment income primarily related to changes in partnership net asset values as well as bond calls.

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

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

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

Reconciliation of Non-GAAP and Other Financial Measures

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

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

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

We exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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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.

See "Executive Summary" contained herein in Item 2 and Notes 7 and 14 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion regarding the items specified in the reconciliations below.

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

			Three Months Ended September 30
			2024												2023
			(in millions)						per share *						(in millions)						per share *
Net Income			$	645.7					$	3.46					$	202.0					$	1.02
Excluding:
Net Investment Loss (net of tax benefit of $3.1; $6.6)			(9.8)						(0.05)						(24.4)						(0.13)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.2; $2.4)			(8.2)						(0.04)						(8.7)						(0.04)
Non-Contemporaneous Reinsurance (net of tax benefit of $1.2; $1.9)			(4.8)						(0.03)						(7.3)						(0.04)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9))			282.6						1.51						(139.3)						(0.71)
Loss on Legal Settlement (net of tax benefit of $3.2; $—)			(12.1)						(0.06)						—						—
After-tax Adjusted Operating Income			$	398.0					$	2.13					$	381.7					$	1.94
*Assuming Dilution

			Nine Months Ended September 30
			2024												2023
			(in millions)						per share *						(in millions)						per share *
Net Income			$	1,430.4					$	7.52					$	953.2					$	4.81
Excluding:
Net Investment Loss (net of tax benefit of $5.7; $6.4)			(18.8)						(0.10)						(23.6)						(0.12)
Amortization of the Cost of Reinsurance (net of tax benefit of $6.5; $7.0)			(24.6)						(0.13)						(26.1)						(0.13)
Non-Contemporaneous Reinsurance (net of tax benefit of $4.2; $5.5)			(16.0)						(0.08)						(20.9)						(0.11)
Reserve Assumption Updates (net of tax expense (benefit) of $74.8; $(37.9))			282.6						1.48						(139.3)						(0.70)
Loss on Legal Settlement (net of tax benefit of $3.2; $—)			(12.1)						(0.06)						—						—
After-tax Adjusted Operating Income			$	1,219.3					$	6.41					$	1,163.1					$	5.87
* Assuming Dilution

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

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

			Three Months Ended September 30												Nine Months Ended September 30
			2024						2023						2024						2023
			(in millions of dollars)
Total Revenue			$	3,217.0					$	3,092.5					$	9,650.7					$	9,240.8
Excluding:
Net Investment Loss			(12.9)						(31.0)						(24.5)						(30.0)
Adjusted Operating Revenue			$	3,229.9					$	3,123.5					$	9,675.2					$	9,270.8
Income Before Income Tax			$	814.6					$	261.7					$	1,805.8					$	1,211.4
Excluding:
Net Investment Loss			(12.9)						(31.0)						(24.5)						(30.0)
Amortization of the Cost of Reinsurance			(10.4)						(11.1)						(31.1)						(33.1)
Non-Contemporaneous Reinsurance			(6.0)						(9.2)						(20.2)						(26.4)
Reserve Assumption Updates			357.4						(177.2)						357.4						(177.2)
Loss on Legal Settlement			(15.3)						—						(15.3)						—
Adjusted Operating Income			$	501.8					$	490.2					$	1,539.5					$	1,478.1

Critical Accounting Estimates

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

The accounting estimates deemed to be most critical to our financial position and results of operations are those related to the liability for future policy benefits, fair value of investments, pension and postretirement benefit plans, income taxes, and contingent liabilities. There have been no significant changes in our critical accounting estimates during the nine months ended September 30, 2024.

For additional information, refer to our significant accounting policies in Note 1 of the "Notes to Consolidated Financial Statements" in Part II, Item 8, and "Critical Accounting Estimates" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2023.

Accounting Developments

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

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Consolidated Operating Results

(in millions of dollars)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Revenue
Premium Income			$	2,628.8					4.1		%				$	2,525.9					$	7,866.3					5.0		%				$	7,494.3
Net Investment Income			527.8						0.3						526.0						1,586.4						1.3						1,565.9
Net Investment Loss			(12.9)						(58.4)						(31.0)						(24.5)						(18.3)						(30.0)
Other Income			73.3						2.4						71.6						222.5						5.7						210.6
Total Revenue			3,217.0						4.0						3,092.5						9,650.7						4.4						9,240.8
Benefits and Expenses
Policy Benefits			1,864.6						4.8						1,778.6						5,624.2						2.3						5,498.6
Policy Benefits - Remeasurement Loss (Gain)			(402.7)						N.M.						168.4						(567.5)						N.M.						(61.6)
Commissions			315.1						8.8						289.7						947.8						9.0						869.7
Interest and Debt Expense			49.2						1.2						48.6						148.6						2.1						145.6
Deferral of Acquisition Costs			(163.3)						6.5						(153.3)						(495.3)						5.9						(467.5)
Amortization of Deferred Acquisition Costs			133.8						3.6						129.1						387.9						8.1						358.7
Compensation Expense			294.2						(1.2)						297.9						895.9						3.3						867.3
Other Expenses			311.5						14.6						271.8						903.3						10.3						818.6
Total Benefits and Expenses			2,402.4						(15.1)						2,830.8						7,844.9						(2.3)						8,029.4
Income Before Income Tax			814.6						N.M.						261.7						1,805.8						49.1						1,211.4
Income Tax Expense			168.9						182.9						59.7						375.4						45.4						258.2
Net Income			$	645.7					N.M.						$	202.0					$	1,430.4					50.1						$	953.2
N.M. = not a meaningful percentage

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

The weighted average pound/dollar exchange rate for our Unum UK line of business was 1.312 and 1.281 for the three months ended September 30, 2024 and 2023, and 1.278 and 1.243 for the nine months ended September 30, 2024 and 2023, respectively. If the 2023 results for our U.K. operations had been translated at the weighted average exchange rates of 2024, our adjusted operating revenue would have been higher by approximately $7 million and $16 million, respectively, in the third quarter and first nine months of 2023 and our adjusted operating income would have been higher by approximately $2 million and $3 million, respectively, for the third quarter and first nine months of 2023. However, it is important to distinguish between translating and converting foreign currency. Except for a limited number of transactions, we do not actually convert pounds into dollars. As a result, we view foreign currency translation as a financial reporting item and not a reflection of operations or profitability in the U.K.

Premium income increased in each of our principal operating segments in the third quarter and first nine months of 2024 compared to the same periods of 2023, primarily due to favorable persistency and higher prior period sales. Premium income continues to decline, as expected, in our Closed Block segment.

Net investment income in the third quarter of 2024 was generally consistent compared to the same period of 2023 due primarily to an increase in the level of invested assets, partially offset by lower yield on invested assets and lower investment income from inflation index-linked bonds held by Unum UK. Net investment income was slightly higher in the first nine months of

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2024 compared to the same period of 2023 due primarily to an increase in the level of invested assets and higher miscellaneous investment income, primarily related to larger increases in the net asset value (NAV) on our private equity partnerships, partially offset by lower investment income from inflation index-linked bonds held by Unum UK.

Our investment gains and losses on fixed maturity securities include net losses on sales of $7.4 million and $37.0 million in the third quarter of 2024 and 2023, respectively, and $28.6 million and $47.0 million in the first nine months of 2024 and 2023, respectively. Credit and impairment losses on fixed maturity securities were $1.5 million and $5.6 million during the third quarter and first nine months of 2024, respectively. We did not recognize any credit or impairment losses on fixed maturity securities during the third quarter or first nine months of 2023. Also included in net investment gains and losses were changes in the fair value of an embedded derivative in a modified coinsurance arrangement, which resulted in an investment loss of $0.8 million in the third quarter of 2024 and an investment gain of $9.2 million in the third quarter of 2023, respectively, and investment gains of $6.1 million and $14.7 million in the first nine months of 2024 and 2023, respectively. The changes in the embedded derivative are primarily driven by movements in credit spreads in the overall investment market. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information on investment gains and losses.

Other income is primarily comprised of fee-based service products in the Unum US segment, which include leave management services and administrative services only business, and the underlying results and associated net investment income of certain assumed blocks of reinsured business in the Closed Block segment.

Overall benefits experience was favorable in the third quarter and first nine months of 2024 relative to the same periods of 2023. The consolidated benefit ratio, which includes the remeasurement gain or loss, was 55.6 percent and 64.3 percent in the third quarter and first nine months of 2024, respectively, compared to 77.1 percent and 72.5 percent for the same prior year periods. Excluding the impact of the reserve assumption updates and non-contemporaneous reinsurance, the consolidated benefit ratio was 69.0 percent and 68.6 percent in the third quarter and first nine months of 2024, respectively, compared to 69.7 percent and 69.8 percent for the same prior year periods. The underlying benefits experience for each of our operating business segments is discussed more fully in "Segment Results" as follows.

Commissions and the deferral of acquisition costs were higher during the third quarter and first nine months of 2024 compared to the same periods of 2023 driven primarily by higher prior period sales in our principal operating segments. The increase in the amortization of deferred acquisition costs in the third quarter and first nine months of 2024 compared to the same periods of 2023 is due primarily to growth in the level of the deferred asset in our Unum US supplemental and voluntary and Unum US group disability product lines. Also impacting the increase in the amortization of deferred acquisition costs for the first nine months of 2024 compared to the same period of 2023 is growth in the level of the deferred asset in our Colonial Life Segment.

Other expenses and compensation expense, on a combined basis, increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to a loss from a legal settlement, an increase in operational investments in our business, and growth in our fee-based service products. Also impacting the comparison for the first nine months of 2024 compared to the same period of 2023 were increases in employee-related costs.

Our effective income tax rates for the third quarter and first nine months of 2024 were 20.7 percent and 20.8 percent of income before income tax, respectively, compared to 22.8 percent and 21.3 percent for the same prior year periods. Our effective income tax rates were generally consistent with the U.S. statutory rate of 21 percent in effect for the third quarter of 2024 and for the first nine months of 2023 and 2024. Our effective income tax rate differed from the U.S. statutory rate of 21 percentage for the third quarter of 2023 primarily due to interest on uncertain tax positions.

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Consolidated Sales Results

 

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

(in millions)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Unum US			$	154.3					(9.7)		%				$	170.9					$	741.6					(2.7)		%				$	762.1
Unum International			$	38.2					26.5		%				$	30.2					$	148.1					8.4		%				$	136.6
Colonial Life			$	120.9					(0.3)		%				$	121.3					$	346.8					(0.9)		%				$	350.1

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

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

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

Segment Results

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

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

Unum US Segment

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

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Unum US Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income			$	1,723.5					4.0		%				$	1,657.7					$	5,161.8					5.2		%				$	4,908.7
Net Investment Income			161.0						(3.1)						166.2						476.1						(1.1)						481.5
Other Income			60.1						3.6						58.0						178.9						7.7						166.1
Total			1,944.6						3.3						1,881.9						5,816.8						4.7						5,556.3
Benefits and Expenses
Policy Benefits			1,046.0						5.2						994.3						3,207.2						0.4						3,195.6
Policy Benefits - Remeasurement Gain			(181.9)						26.3						(144.0)						(367.2)						(4.1)						(383.0)
Commissions			182.6						11.1						164.3						551.9						11.8						493.7
Deferral of Acquisition Costs			(81.6)						9.5						(74.5)						(247.4)						7.3						(230.6)
Amortization of Deferred Acquisition Costs			75.7						8.1						70.0						216.7						8.8						199.2
Other Expenses			396.9						3.0						385.2						1,206.0						5.9						1,139.2
Total			1,437.7						3.0						1,395.3						4,567.2						3.5						4,414.1
Income Before Income Tax and Net Investment Gains and Losses			506.9						4.2						486.6						1,249.6						9.4						1,142.2
Reserve Assumption Updates			(143.6)						11.5						(128.8)						(143.6)						11.5						(128.8)
Adjusted Operating Income			$	363.3					1.5						$	357.8					$	1,106.0					9.1						$	1,013.4
Operating Ratios (% of Premium Income):
Benefit Ratio1			58.5		%										59.1		%				57.8		%										59.9		%
Other Expense Ratio2			22.3		%										22.5		%				22.6		%										22.5		%
Income Ratio			29.4		%										29.4		%				24.2		%										23.3		%
Adjusted Operating Income Ratio			21.1		%										21.6		%				21.4		%										20.6		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services.

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Unum US Group Disability Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			$	522.1					0.7		%				$	518.5					$	1,560.3					1.4		%				$	1,539.3
Group Short-term Disability			271.3						5.8						256.5						810.7						7.7						753.0
Total Premium Income			793.4						2.4						775.0						2,371.0						3.4						2,292.3
Net Investment Income			78.7						(6.5)						84.2						234.8						(4.7)						246.4
Other Income			58.6						13.3						51.7						174.8						10.6						158.1
Total			930.7						2.2						910.9						2,780.6						3.1						2,696.8
Benefits and Expenses
Policy Benefits			500.4						6.1						471.5						1,541.7						0.1						1,539.9
Policy Benefits - Remeasurement Gain			(121.4)						(17.2)						(146.7)						(242.4)						(21.7)						(309.5)
Commissions			60.0						4.9						57.2						184.1						6.7						172.6
Deferral of Acquisition Costs			(15.4)						7.7						(14.3)						(48.1)						7.6						(44.7)
Amortization of Deferred Acquisition Costs			18.2						12.3						16.2						46.8						11.2						42.1
Other Expenses			242.2						2.7						235.9						733.8						4.9						699.8
Total			684.0						10.4						619.8						2,215.9						5.5						2,100.2
Income Before Income Tax and Net Investment Gains and Losses			246.7						(15.3)						291.1						564.7						(5.3)						596.6
Reserve Assumption Updates			(90.0)						(25.6)						(121.0)						(90.0)						(25.6)						(121.0)
Adjusted Operating Income			$	156.7					(7.9)						$	170.1					$	474.7					(0.2)						$	475.6
Operating Ratios (% of Premium Income):
Benefit Ratio1			59.1		%										57.5		%				58.6		%										59.0		%
Other Expense Ratio2			28.4		%										28.5		%				28.8		%										28.6		%
Income Ratio			31.1		%										37.6		%				23.8		%										26.0		%
Adjusted Operating Income Ratio			19.8		%										21.9		%				20.0		%										20.7		%
Persistency:
Group Long-term Disability																					93.5		%										90.8		%
Group Short-term Disability																					91.9		%										89.1		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
2Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services.

Premium income was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 driven primarily by favorable persistency and prior period sales. Net investment income was lower in the third quarter and first nine months of 2024 relative to the same periods of 2023 due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. Other income increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to growth in our fee-based service products.

The benefit ratio, excluding the impacts of the reserve assumption updates, was unfavorable in the third quarter of 2024 compared to the same period of 2023 due to higher incidence in our long-term disability and short-term disability product lines

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and higher average claim size in the long-term disability product line, partially offset by favorable recoveries in the long-term disability product line. The benefit ratio, excluding the impacts of the reserve assumption updates, was favorable during the first nine months of 2024 compared to the same period of 2023 due to favorable recoveries, partially offset by higher average claim size, in our long-term disability product line. Also impacting the third quarter and the first nine months of 2024 compared to the same periods of 2023 was favorable stop loss experience.

Commissions and the deferral of acquisition costs were higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to higher prior period sales. The amortization of deferred acquisition costs was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 primarily due to growth in the level of the deferred asset. The other expense ratio, which includes other income that is primarily related to fee-based service products, was generally consistent in the third quarter and the first nine months of 2024 related to the same periods of 2023.

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Unum US Group Life and Accidental Death and Dismemberment Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Group Life			$	447.8					5.9		%				$	423.0					$	1,337.9					6.7		%				$	1,254.3
Accidental Death & Dismemberment			47.1						6.8						44.1						139.3						6.2						131.2
Total Premium Income			494.9						6.0						467.1						1,477.2						6.6						1,385.5
Net Investment Income			22.1						(6.8)						23.7						66.6						(2.3)						68.2
Other Income			0.3						50.0						0.2						1.4						100.0						0.7
Total			517.3						5.4						491.0						1,545.2						6.2						1,454.4
Benefits and Expenses
Policy Benefits			333.7						(3.4)						345.5						1,027.9						(2.1)						1,050.1
Policy Benefits - Remeasurement Gain			(24.9)						N.M.						(2.9)						(62.8)						121.9						(28.3)
Commissions			42.1						8.5						38.8						126.5						8.3						116.8
Deferral of Acquisition Costs			(10.0)						11.1						(9.0)						(31.0)						7.3						(28.9)
Amortization of Deferred Acquisition Costs			9.6						(5.9)						10.2						26.7						(9.5)						29.5
Other Expenses			59.8						6.0						56.4						183.0						6.7						171.5
Total			410.3						(6.5)						439.0						1,270.3						(3.1)						1,310.7
Income Before Income Tax and Net Investment Gains and Losses			107.0						105.8						52.0						274.9						91.3						143.7
Reserve Assumption Update			(13.0)						(100.0)						—						(13.0)						(100.0)						—
Adjusted Operating Income			$	94.0					80.8						$	52.0					$	261.9					82.3						$	143.7
Operating Ratios (% of Premium Income):
Benefit Ratio1			65.0		%										73.3		%				66.2		%										73.7		%
Other Expense Ratio			12.1		%										12.1		%				12.4		%										12.4		%
Income Ratio			21.6		%																18.6		%
Adjusted Operating Income Ratio			19.0		%										11.1		%				17.7		%										10.4		%
Persistency:
Group Life																					92.0		%										89.3		%
Accidental Death & Dismemberment																					91.2		%										88.2		%
1Excludes the reserve assumption update that occurred during the third quarter of 2024.
N.M. = not a meaningful percentage

Premium income increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to favorable persistency and prior period sales. Net investment income was lower in the third quarter and first nine months of 2024 relative to the same periods of 2023 due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets.

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The benefit ratio, excluding the impacts of the reserve assumption update, was favorable in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to favorable incidence in our group life product line.

Commissions and the deferral of acquisition costs were higher in the third quarter and first nine months of 2024 compared to the same period of 2023 due to higher prior period sales. The amortization of deferred acquisition costs was lower in the third quarter and the first nine months of 2024 compared to the same periods of 2023 due primarily to favorable overall persistency. The other expense ratio was consistent in the third quarter and first nine months of 2024 compared to the same periods of 2023.

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Unum US Supplemental and Voluntary Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Voluntary Benefits			$	219.3					4.7		%				$	209.5					$	665.1					4.3		%				$	637.4
Individual Disability			140.4						2.7						136.7						424.6						9.8						386.7
Dental and Vision			75.5						8.8						69.4						223.9						8.3						206.8
Total Premium Income			435.2						4.7						415.6						1,313.6						6.7						1,230.9
Net Investment Income			60.2						3.3						58.3						174.7						4.7						166.9
Other Income			1.2						(80.3)						6.1						2.7						(63.0)						7.3
Total			496.6						3.5						480.0						1,491.0						6.1						1,405.1
Benefits and Expenses
Policy Benefits			211.9						19.5						177.3						637.6						5.3						605.6
Policy Benefits - Remeasurement Loss (Gain)			(35.6)						N.M.						5.6						(62.0)						37.2						(45.2)
Commissions			80.5						17.9						68.3						241.3						18.1						204.3
Deferral of Acquisition Costs			(56.2)						9.8						(51.2)						(168.3)						7.2						(157.0)
Amortization of Deferred Acquisition Costs			47.9						9.9						43.6						143.2						12.2						127.6
Other Expenses			94.9						2.2						92.9						289.2						8.0						267.9
Total			343.4						2.1						336.5						1,081.0						7.8						1,003.2
Income Before Income Tax and Net Realized Investment Gains and Losses			153.2						6.8						143.5						410.0						2.0						401.9
Reserve Assumption Updates - Voluntary Benefits			12.2						N.M.						(10.4)						12.2						N.M.						(10.4)
Reserve Assumption Updates - Individual Disability			(52.8)						N.M.						2.6						(52.8)						N.M.						2.6
Adjusted Operating Income			$	112.6					(17.0)						$	135.7					$	369.4					(6.3)						$	394.1
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits1			45.8		%										39.1		%				41.6		%										38.1		%
Individual Disability1			42.8		%										45.4		%				41.0		%										44.3		%
Dental and Vision			74.6		%										67.4		%				74.1		%										74.6		%
Other Expense Ratio			21.8		%										22.4		%				22.0		%										21.8		%
Income Ratio			35.2		%										34.5		%				31.2		%										32.7		%
Adjusted Operating Income Ratio			25.9		%										32.7		%				28.1		%										32.0		%
Persistency:
Voluntary Benefits																					76.4		%										75.5		%
Individual Disability																					89.0		%										89.3		%
Dental and Vision																					81.4		%										76.2		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
N.M. = not a meaningful percentage

Premium income was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023, due to favorable persistency in the voluntary benefits and dental and vision product lines and higher prior period sales in the voluntary

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benefits and individual disability product lines. Also impacting the comparison for the first nine months of 2024 compared to the same period of 2023 was the continued impacts from the partial recapture of a previously ceded block of business in the individual disability product line. Net investment income increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 primarily due to an increase in the yield on invested assets. Other income decreased in the third quarter and first nine months of 2024 compared to the same period of 2023, due primarily to a prior year net gain on the partial recapture of a previously ceded block of business in the individual disability product line.

The benefit ratio, excluding the impacts of the reserve assumption updates, for voluntary benefits was unfavorable in the third quarter of 2024 compared to the same period of 2023 due to unfavorable experience in the critical illness and life product lines. The benefit ratio, excluding the impacts of the reserve assumption updates, for voluntary benefits was unfavorable in the first nine months of 2024 compared to the same period of 2023 due to less favorable experience in the critical illness, hospital indemnity, and accident product lines. The benefit ratio, excluding the impacts of the reserve assumption updates, for the individual disability product line was favorable in the third quarter and the first nine months of 2024 compared to the same periods of 2023 due primarily to favorable recoveries, partially offset by higher claim size. The benefit ratio for the dental and vision product line was unfavorable in the third quarter of 2024 compared to the same period of 2023 due primarily to higher claims incidence and higher average claim size. The benefit ratio for the dental and vision product line was generally consistent in the first nine months of 2024 compared to the same period of 2023.

Commissions and deferral of acquisition costs were higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to higher prior period sales in the voluntary benefits product line. Also impacting the comparison for the first nine months of 2024 compared to 2023 was higher prior period sales in the individual disability product line. The amortization of deferred acquisition costs was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to increased lapses in certain older product offerings in the voluntary benefits product line and growth in the level of the deferred assets in all product lines. The other expense ratio was favorable in the third quarter of 2024 compared to the same period of 2023 due to our focus on expense management and operating efficiencies. The other expense ratio was generally consistent in the first nine months of 2024 compared to the same period of 2023.

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Sales

(in millions of dollars)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability			$	24.4					(33.3)		%				$	36.6					$	143.8					(7.9)		%				$	156.1
Group Short-term Disability			15.9						(47.9)						30.5						94.1						(19.6)						117.1
Group Life and AD&D			26.5						5.2						25.2						151.2						(1.1)						152.9
Subtotal			66.8						(27.6)						92.3						389.1						(8.7)						426.1
Supplemental and Voluntary
Voluntary Benefits			45.6						16.9						39.0						233.0						9.6						212.5
Individual Disability			29.4						14.8						25.6						76.1						(6.0)						81.0
Dental and Vision			12.5						(10.7)						14.0						43.4						2.1						42.5
Subtotal			87.5						11.3						78.6						352.5						4.9						336.0
Total Sales			$	154.3					(9.7)						$	170.9					$	741.6					(2.7)						$	762.1
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)			$	52.1					(20.8)		%				$	65.8					$	247.1					(3.1)		%				$	255.1
Large Case Market			14.7						(44.5)						26.5						142.0						(17.0)						171.0
Subtotal			66.8						(27.6)						92.3						389.1						(8.7)						426.1
Supplemental and Voluntary			87.5						11.3						78.6						352.5						4.9						336.0
Total Sales			$	154.3					(9.7)						$	170.9					$	741.6					(2.7)						$	762.1

Group sales decreased during the third quarter of 2024 compared to the same period of 2023 due to lower sales to new and existing customers in both the large case market, which we define as employee groups with greater than 2,000 employees, and the core market. Group sales decreased during the first nine months of 2024 compared to the same period of 2023 due to lower sales to new customers in the large case market and existing customers in both the large case and core markets, partially offset by higher sales to new customers in the core market. The sales mix in the group market sector for the first nine months of 2024 was approximately 64 percent core market and 36 percent large case market.

Voluntary benefits sales increased during the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to higher sales to new customers in the large case market and higher sales to new and existing customers in the core market. Also impacting the comparison of the third quarter of 2024 to the same period of 2023 was higher sales to existing customers in the large case market. Individual disability sales, which are primarily concentrated in the multi-life market, increased in the third quarter of 2024 compared to the same period of 2023 due to higher sales to existing and new customers. Individual disability sales decreased during the first nine months of 2024 compared to the same period of 2023 primarily due to lower sales to new customers, partially offset by higher sales to existing customers. Dental and vision sales decreased during the third quarter of 2024 compared to the same period of 2023 due primarily to lower sales to new customers. Dental and vision sales increased during the first nine months of 2024 compared to the same period of 2023 due primarily to higher sales to new customers.

Segment Outlook

We remain committed to offering consumers a broad set of financial protection benefit products at the worksite. During 2024, we will continue to invest in a unique customer experience defined by simplicity, empathy, and deep industry expertise through the increased utilization of digital capabilities and technology to enhance enrollment, underwriting, the client administration experience, and claims processing. In addition, we will focus on strategically driven sales by enhancing the connectivity, alignment, and support for brokers and technology partners. With respect to smaller employers, we will continue to provide a

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comprehensive set of consumer-focused products, enhance our distribution model, and utilize our digital tools to bring industry leading enrollment capabilities and a fully integrated customer experience. Our differentiated offerings and market leading leave management services provide substantial growth opportunities, particularly with larger employers, and stronger persistency in our core products. We believe our active client management, integrated customer experience across our product lines, and strong risk management, will enable us to continue to grow our market over the long-term.

We expect strong adjusted operating income in 2024 with continued premium growth and claim experience in line with 2023. We expect premium growth to be driven by improved persistency in most lines as well as continued strong sales momentum. We expect the group disability market to remain competitive which may impact our pricing and renewal premium levels. We expect favorable group disability claim experience to continue in 2024, driven by strong operational performance. We also expect group life and voluntary benefits claim experience to be mostly stable. We expect a stable operating expense ratio as our investments in our people and capabilities are offset by efficiencies gained from our strategic initiatives.

A rising interest rate environment could continue to positively impact our yields on new investments but could also continue to create further unrealized losses in our current holdings. A declining interest rate environment could negatively impact yields on new investments but could also reduce unrealized losses in our current holdings. Our net investment income may continue to be impacted by volatility in miscellaneous investment income.

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

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

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Unum International Segment

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

Operating Results

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

(in millions of dollars)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability			$	106.6					5.4		%				$	101.1					$	312.4					5.0		%				$	297.5
Group Life			58.8						33.0						44.2						156.3						25.5						124.5
Supplemental			41.4						19.7						34.6						125.1						25.2						99.9
Unum Poland			39.8						29.6						30.7						113.3						33.0						85.2
Total Premium Income			246.6						17.1						210.6						707.1						16.5						607.1
Net Investment Income			30.4						11.4						27.3						94.5						(9.1)						104.0
Other Income			0.4						(20.0)						0.5						1.2						20.0						1.0
Total			277.4						16.4						238.4						802.8						12.7						712.1
Benefits and Expenses
Policy Benefits			192.7						19.8						160.9						511.9						16.3						440.1
Policy Benefits - Remeasurement Gain			(17.4)						N.M.						(2.4)						(24.5)						N.M.						(6.8)
Commissions			21.7						18.6						18.3						61.7						14.7						53.8
Deferral of Acquisition Costs			(4.6)						21.1						(3.8)						(13.2)						22.2						(10.8)
Amortization of Deferred Acquisition Costs			2.5						4.2						2.4						7.3						19.7						6.1
Other Expenses			49.7						12.7						44.1						146.9						14.0						128.9
Total			244.6						11.4						219.5						690.1						12.9						611.3
Income Before Income Tax and Net Investment Gains and Losses			32.8						73.5						18.9						112.7						11.8						100.8
Reserve Assumption Updates			7.5						(58.1)						17.9						7.5						(58.1)						17.9
Adjusted Operating Income			$	40.3					9.5						$	36.8					$	120.2					1.3						$	118.7
N.M. = not a meaningful percentage

Foreign Currency Translation

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

 

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

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Unum UK Operating Results

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

(in millions of pounds, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Group Long-term Disability			£	82.0					2.8		%				£	79.8					£	244.6					2.4		%				£	238.9
Group Life			45.1						29.2						34.9						122.2						22.2						100.0
Supplemental			31.8						15.6						27.5						97.9						21.9						80.3
Total Premium Income			158.9						11.7						142.2						464.7						10.9						419.2
Net Investment Income			21.2						8.7						19.5						67.5						(13.1)						77.7
Other Income			0.1						100.0						—						0.2						100.0						0.1
Total			180.2						11.4						161.7						532.4						7.1						497.0
Benefits and Expenses
Policy Benefits			130.2						14.7						113.5						346.8						10.9						312.6
Policy Benefits - Remeasurement Gain			(13.4)						N.M.						(1.4)						(19.7)						N.M.						(5.3)
Commissions			9.9						6.5						9.3						29.0						2.5						28.3
Deferral of Acquisition Costs			(0.8)						(11.1)						(0.9)						(2.8)						(6.7)						(3.0)
Amortization of Deferred Acquisition Costs			1.2						(7.7)						1.3						4.0						5.3						3.8
Other Expenses			30.0						7.9						27.8						91.3						9.7						83.2
Total			157.1						5.0						149.6						448.6						6.9						419.6
Income Before Income Tax and Net Investment Gains and Losses			23.1						90.9						12.1						83.8						8.3						77.4
Reserve Assumption Updates			6.4						(60.7)						16.3						6.4						(60.7)						16.3
Adjusted Operating Income			£	29.5					3.9						£	28.4					£	90.2					(3.7)						£	93.7
Weighted Average Pound/Dollar Exchange Rate			1.312												1.281						1.278												1.243
Operating Ratios (% of Premium Income):
Benefit Ratio1			69.5		%										67.4		%				69.0		%										69.4		%
Other Expense Ratio			18.9		%										19.5		%				19.6		%										19.8		%
Income Ratio			14.5		%										8.5		%				18.0		%										18.5		%
Adjusted Operating Income Ratio			18.6		%										20.0		%				19.4		%										22.4		%
Persistency:
Group Long-term Disability																					92.3		%										92.4		%
Group Life																					88.6		%										83.6		%
Supplemental																					90.4		%										91.0		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
N.M. = not a meaningful percentage

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Premium income was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 primarily due to in-force block growth.

Net investment income was higher in the third quarter of 2024 compared to the same period of 2023 primarily due to higher yield on invested assets, partially offset by lower investment income from inflation-index linked bonds. Net investment income was lower in the first nine months of 2024 compared to the same period of 2023 primarily due to lower investment income from inflation index-linked bonds, partially offset by increases in the yield on invested assets. Our investments in inflation index-linked bonds support the claim liabilities associated with certain group policies that provide for inflation-linked increases in policy benefits. The change in net investment income attributable to these index-linked bonds is partially offset by a change in policy benefits related to the inflation index-linked group long-term disability and group life policies.

The benefit ratio, excluding the impacts of reserve assumption updates, was unfavorable in the third quarter of 2024 compared to the same period of 2023 due primarily to higher incidence in the group long-term disability and group life product lines, partially offset by favorable incidence in the supplemental product line and favorable recoveries in the group long-term disability product line. The benefit ratio, excluding the impacts of reserve assumption updates, was favorable in the first nine months of 2024 compared to the same period of 2023 due primarily to favorable incidence in the supplemental product line and favorable recoveries in the group long-term disability product line, partially offset by higher incidence in the group long-term disability and group life product lines.

Commissions were higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 primarily due to in-force block growth.

The deferral of acquisition costs and the amortization of deferred acquisition costs were generally consistent in the third quarter and first nine months of 2024 compared to the same periods of 2023. The other expense ratio was lower in the third quarter of 2024 compared to the same period of 2023 due primarily to our focus on operating efficiencies, and was generally consistent in the first nine months of 2024 compared to the same period of 2023.

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Sales

(in millions of dollars and pounds)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Unum International Sales by Product
Unum UK
Group Long-term Disability			$	8.4					(5.6)		%				$	8.9					$	40.3					3.3		%				$	39.0
Group Life			17.0						61.9						10.5						53.1						6.6						49.8
Supplemental			4.8						26.3						3.8						30.1						25.4						24.0
Unum Poland			8.0						14.3						7.0						24.6						3.4						23.8
Total Sales			$	38.2					26.5						$	30.2					$	148.1					8.4						$	136.6
Unum International Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)			$	10.0					(15.3)		%				$	11.8					$	30.7					(23.8)		%				$	40.3
Large Case Market			15.4						102.6						7.6						62.7						29.3						48.5
Subtotal			25.4						30.9						19.4						93.4						5.2						88.8
Supplemental			4.8						26.3						3.8						30.1						25.4						24.0
Unum Poland			8.0						14.3						7.0						24.6						3.4						23.8
Total Sales			$	38.2					26.5						$	30.2					$	148.1					8.4						$	136.6
Unum UK Sales by Product
Group Long-term Disability			£	6.4					(8.6)		%				£	7.0					£	31.7					1.3		%				£	31.3
Group Life			12.9						55.4						8.3						41.5						3.5						40.1
Supplemental			3.8						31.0						2.9						23.8						23.3						19.3
Total Sales			£	23.1					26.9						£	18.2					£	97.0					6.9						£	90.7
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)			£	7.7					(18.1)		%				£	9.4					£	24.1					(25.8)		%				£	32.5
Large Case Market			11.6						96.6						5.9						49.1						26.2						38.9
Subtotal			19.3						26.1						15.3						73.2						2.5						71.4
Supplemental			3.8						31.0						2.9						23.8						23.3						19.3
Total Sales			£	23.1					26.9						£	18.2					£	97.0					6.9						£	90.7

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

Group long-term disability sales decreased in the third quarter of 2024 compared to the same period of 2023, driven primarily by lower sales to new customers in the core market, which we define as employee groups with less than 500 employees, partially offset by higher sales to new customers in the large case market. Group long-term disability sales were higher in the first nine months of 2024 compared to the same period of 2023 driven by higher sales to new and existing customers in the large case market, partially offset by lower sales to new and existing customers in the core market.

Group life sales increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to higher sales to new and existing customers in the large case market. Partially offsetting the increase in group life sales for the first nine months of 2024 compared to the same period of 2023 is lower sales to new and existing customers in the core market.

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Supplemental sales increased in the third quarter and first nine months of 2024 compared to the same period of 2023 due to higher sales in our dental product line. Also impacting the supplemental sales comparison for the first nine months of 2024 compared to the same period of 2023 is lower sales in our group critical illness product line.

Segment Outlook

We are committed to driving growth in the Unum International segment and will build on the capabilities that we believe will generate growth and profitability in our businesses over the long term. In 2024, we will focus on scaling our business and broadening our product portfolio. For our Unum UK line of business, achieving growth remains a priority, and we will continue to focus on delivering a best in class health and wellbeing service to improve retention of our key customers and drive growth across our product offerings. We will also accelerate premium growth by focusing on both the broker experience and customer engagement, while maintaining our disciplined approach to pricing. Within our Unum Poland line of business, we will drive growth by expanding our distribution and the direct to employer channel. We will also continue to invest in digital capabilities, technology, and product enhancements which we believe will drive sustainable growth over the long term.

In 2024, we expect sales and premium growth to continue, alongside stable claim experience. We recognize that 2023 earnings benefited from inflation linked income, which we expect will continue to decrease in 2024 and could pressure earnings growth. We may see impacts to net investment income and fluctuations in our benefit ratio as inflation continues to moderate. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly.

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Colonial Life Segment

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

Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability			$	240.6					1.6		%				$	236.7					$	725.5					2.5		%				$	708.0
Life			113.1						6.5						106.2						342.6						7.7						318.1
Cancer and Critical Illness			88.2						(0.1)						88.3						266.9						0.6						265.2
Total Premium Income			441.9						2.5						431.2						1,335.0						3.4						1,291.3
Net Investment Income			39.6						0.8						39.3						119.4						4.2						114.6
Other Income			0.4						33.3						0.3						3.6						N.M.						0.9
Total			481.9						2.4						470.8						1,458.0						3.6						1,406.8
Benefits and Expenses
Policy Benefits			218.1						(0.4)						218.9						667.7						1.2						660.0
Policy Benefits - Remeasurement Gain			(53.9)						(38.5)						(87.7)						(73.0)						(21.6)						(93.1)
Commissions			93.0						4.7						88.8						282.2						5.8						266.7
Deferral of Acquisition Costs			(77.1)						2.8						(75.0)						(234.7)						3.8						(226.1)
Amortization of Deferred Acquisition Costs			55.6						(1.9)						56.7						163.9						6.8						153.4
Other Expenses			86.8						1.5						85.5						261.9						3.6						252.9
Total			322.5						12.3						287.2						1,068.0						5.3						1,013.8
Income Before Income Tax and Net Investment Gains and Losses			159.4						(13.2)						183.6						390.0						(0.8)						393.0
Reserve Assumption Updates			(46.0)						(43.0)						(80.7)						(46.0)						(43.0)						(80.7)
Adjusted Operating Income			$	113.4					10.2						$	102.9					$	344.0					10.2						$	312.3
Operating Ratios (% of Premium Income):
Benefit Ratio1			47.6		%										49.1		%				48.0		%										50.2		%
Other Expense Ratio			19.6		%										19.8		%				19.6		%										19.6		%
Income Ratio			36.1		%										42.6		%				29.2		%										30.4		%
Adjusted Operating Income Ratio			25.7		%										23.9		%				25.8		%										24.2		%
Persistency:
Accident, Sickness, and Disability																					73.3		%										73.1		%
Life																					84.3		%										84.7		%
Cancer and Critical Illness																					81.8		%										82.2		%
1Excludes the reserve assumption updates that occurred during the third quarters of 2024 and 2023.
N.M. = not a meaningful percentage

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Premium income in the third quarter and first nine months of 2024 was favorable compared to the same periods of 2023 due to higher prior period sales and generally stable persistency. Net investment income was generally consistent in the third quarter of 2024 relative to the same period of 2023. Net investment income increased during the first nine months of 2024 relative to the same period of 2023 due primarily to an increase in the yield on invested assets.

The benefit ratio, excluding the impacts of the reserve assumption updates, was favorable in the third quarter and first nine months of 2024 relative to the same periods of 2023 primarily due to favorable benefit experience in the cancer and critical illness and life product lines. Also impacting the comparison for the first nine months of 2024 compared to 2023 was favorable benefit experience in the accident, sickness, and disability product line.

Commissions and the deferral of acquisition costs were higher in the third quarter and first nine months of 2024 relative to the same periods of 2023 due to higher sales in prior periods. The amortization of deferred acquisition costs was generally consistent in the third quarter of 2024 relative to the same period of 2023. The amortization of deferred acquisition costs was higher during the first nine months of 2024 relative to the same period of 2023 primarily due to growth in the level of the deferred asset. The other expense ratio was generally consistent in the third quarter and first nine months of 2024 relative to the same periods of 2023.

Sales

(in millions of dollars)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Sales by Product
Accident, Sickness, and Disability			$	74.7					2.2		%				$	73.1					$	215.1					0.3		%				$	214.5
Life			28.5						(4.7)						29.9						83.1						(3.7)						86.3
Cancer and Critical Illness			17.7						(3.3)						18.3						48.6						(1.4)						49.3
Total Sales			$	120.9					(0.3)						$	121.3					$	346.8					(0.9)						$	350.1
Sales by Market Sector
Commercial Sector
Core Market (< 1,000 employees)			$	69.9					(9.5)		%				$	77.2					$	220.4					(4.8)		%				$	231.6
Large Case Market			16.0						52.4						10.5						37.3						15.5						32.3
Subtotal			85.9						(2.1)						87.7						257.7						(2.3)						263.9
Public Sector			35.0						4.2						33.6						89.1						3.4						86.2
Total Sales			$	120.9					(0.3)						$	121.3					$	346.8					(0.9)						$	350.1

Commercial sector sales decreased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to lower sales to new and existing customers in the core market, which we define as accounts with less than 1,000 employees, partially offset by higher sales to new customers in the large case market. Public sector sales increased in the third quarter and first nine months of 2024 compared to the same periods of 2023 due to higher sales to new customers.

Segment Outlook

We remain committed to providing employees and their families with simple, modern, and personal benefit solutions. During 2024, we will continue to utilize our strong distribution system of independent agents, benefit counselors and broker partnerships. We will also continue to invest in solutions and digital capabilities to expand our reach and effectiveness, driving growth and improving productivity while enhancing the customer experience. In 2024, we will continue to bring an enhanced engagement and enrollment platform to market, enabling deeper connections with employees through the enrollment process as well as maintaining stronger relationships throughout the customer lifecycle. We believe our distribution system, customer service capabilities, digital and virtual tools, and ability to serve all market sizes position us well for future growth.

In 2024, we expect strong growth in adjusted operating income for the full year with premium growth increasing from the prior year. We expect improved claim experience in 2024 but could continue to experience some level of claims volatility. While we believe our underlying profitability will remain strong, current economic conditions and increasing competition in the

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voluntary workplace market are risks to achievement of our business plans. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly.

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Closed Block Segment

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

Operating Results

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

(in millions of dollars, except ratios)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Premium Income
Long-term Care			$	173.7					0.9		%				$	172.1					$	521.5					0.1		%				$	521.2
All Other			43.1						(20.6)						54.3						140.9						(15.1)						166.0
Total Premium Income			216.8						(4.2)						226.4						662.4						(3.6)						687.2
Net Investment Income			284.3						3.4						274.9						851.6						7.0						796.0
Other Income			12.4						(3.1)						12.8						37.7						(6.0)						40.1
Total			513.5						(0.1)						514.1						1,551.7						1.9						1,523.3
Benefits and Expenses
Policy Benefits			407.8						0.8						404.4						1,237.4						2.9						1,202.8
Policy Benefits - Remeasurement Loss (Gain)			(149.5)						(137.1)						402.5						(102.8)						(124.4)						421.3
Commissions			17.8						(2.7)						18.3						52.0						(6.3)						55.5
Other Expenses			44.3						1.1						43.8						131.0						2.0						128.4
Total			320.4						(63.1)						869.0						1,317.6						(27.1)						1,808.0
Income (Loss) Before Income Tax and Net Investment Gains and Losses			193.1						154.4						(354.9)						234.1						182.2						(284.7)
Amortization of the Cost of Reinsurance			10.4						(6.3)						11.1						31.1						(6.0)						33.1
Non-Contemporaneous Reinsurance			6.0						(34.8)						9.2						20.2						(23.5)						26.4
Reserve Assumption Updates - Long-term Care			(174.1)						(147.3)						368.1						(174.1)						(147.3)						368.1
Reserve Assumption Updates - All Other			(1.2)						N.M.						0.7						(1.2)						N.M.						0.7
Adjusted Operating Income			$	34.2					—						$	34.2					$	110.1					(23.3)						$	143.6
Long-term Care Net Premium Ratio																					94.5		%										93.4		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1			15.6		%										14.4		%				15.1		%										13.9		%
Income Ratio			89.1		%										(156.8)		%				35.3		%										(41.4)		%
Adjusted Operating Income Ratio			15.8		%										15.1		%				16.6		%										20.9		%
Long-term Care Persistency																					95.2		%										95.5		%
1Excludes amortization of the cost of reinsurance.
N.M. = not a meaningful percentage

Premium income for the long-term care product line in the third quarter and first nine months of 2024 was generally consistent with the same periods of 2023. Premium income for our all other product line continues to decline as expected due to policyholder lapses.

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Net investment income was higher during the third quarter and first nine months of 2024 relative to the same periods of 2023 primarily due to an increase in the level of invested assets. Also impacting the comparison for the first nine months of 2024 relative to the same period of 2023 was higher miscellaneous investment income, primarily related to larger increases in the NAV on our private equity partnerships.

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

Policy benefits including remeasurement loss (gain), excluding the impacts of the reserve assumption updates and non-contemporaneous reinsurance, were generally consistent during the third quarter of 2024 relative to the same period of 2023. Policy benefits including remeasurement loss (gain), excluding the impacts of the reserve assumption updates and non-contemporaneous reinsurance, were unfavorable in the first nine months of 2024 relative to the same period of 2023 driven primarily by the increase in the current period benefit expense resulting from the higher net premium ratio and the impact of capped cohorts in the long-term care product line. The net premium ratio for long-term care increased to 94.5 percent at September 30, 2024 from 93.4 percent at September 30, 2023 due primarily to policyholder terminations and the assumption updates in the third quarter of 2024.

The other expense ratio, excluding the amortization of the cost of reinsurance, was higher in the third quarter and first nine months of 2024 compared to the same periods of 2023 due primarily to an increase in operational investments in our business and a decline in expense allowances related to the ceded block of individual disability business. Also contributing to the higher other expense ratio, excluding the amortization of the cost of reinsurance, in the first nine months of 2024 compared to the same period of 2023 was an increase in employee-related costs.

Individual Disability Reinsurance Transaction

As shown in the chart above, we exclude from income before income tax and net investment gains and losses, the amortization of the cost of reinsurance and the impact of non-contemporaneous reinsurance related to the Closed Block individual disability reinsurance transaction, where we ceded a significant portion of this business. The cost of reinsurance continues to be amortized over a period of approximately 22 years, on a declining trajectory generally consistent with the expected run-off pattern of the ceded reserves. As a result of the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. The decrease in the effects of non-contemporaneous reinsurance treatment in the third quarter and first nine months of 2024 compared to the same periods of 2023 is due to expected run out of the ceded block which resulted in a smaller net change in reserves in the third quarter and first nine months of 2024 compared to the same periods of 2023.

Segment Outlook

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

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movements up or down in future periods as conditions change. We continuously monitor key indicators to assess our risks and adjust our business plans, including utilization of derivative financial instruments to manage interest rate risk.

Profitability of our long-tailed products is affected by claims experience related to mortality and morbidity, resolutions, investment returns, premium rate increases, and persistency. The net premium ratio represents the ratio of future expected benefits and related expenses to future expected gross premiums using the original discount rate. The long-term care benefits experience may continue to have quarterly volatility, particularly in the near term as our claim block matures and as we continue the implementation of premium rate increases. Claim resolution rates which reflect the probability that a disability or long-term care claim will close due to recovery or death of the insureds, are very sensitive to operational and external factors and can be volatile. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the life of the block of business and will vary from actual experience in any one period. It is possible that variability in any of our reserve assumptions, including, but not limited to, mortality, morbidity, resolutions, premium rate increases, benefit change elections, and persistency, could result in a material impact to our reserves.

As a result of the execution of the reinsurance transaction related to our Closed Block individual disability line of business, we have fully ceded a significant portion of this business. We expect that earnings will continue to be impacted by the amortization of the cost of reinsurance and the impacts of non-contemporaneous reinsurance, but we anticipate these impacts will decline over time with the run-off pattern of the reserves.

For further discussion of ASU 2018-12, see Note 2 of the “Notes to the Consolidated Financial Statements” contained herein in Item 1.

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Corporate Segment

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

Operating Results

(in millions of dollars)
			Three Months Ended September 30																		Nine Months Ended September 30
			2024						% Change						2023						2024						% Change						2023
Adjusted Operating Revenue
Net Investment Income			$	12.5					(31.7)		%				$	18.3					$	44.8					(35.8)		%				$	69.8
Other Income			—						—						—						1.1						(56.0)						2.5
Total			12.5						(31.7)						18.3						45.9						(36.5)						72.3
Interest, Debt, and Other Expenses			77.2						29.1						59.8						202.0						10.9						182.2
Loss Before Income Tax and Net Investment Gains and Losses			(64.7)						55.9						(41.5)						(156.1)						42.0						(109.9)
Loss on Legal Settlement			15.3						100.0						—						15.3						100.0						—
Adjusted Operating Loss			$	(49.4)					19.0						$	(41.5)					$	(140.8)					28.1						$	(109.9)

Adjusted operating loss, excluding the loss on legal settlement, increased in the third quarter and first nine months of 2024 relative to the same periods of 2023 due primarily to decreased net investment income, which was driven by increased allocations to our lines of business. See "Executive Summary" contained herein this Item 2 and Note 14 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion on the loss on legal settlement.

Segment Outlook

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

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Investments

Overview

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

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

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

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Fixed Maturity Securities

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

Fixed Maturity Securities - By Industry Classification

As of September 30, 2024

(in millions of dollars)
Classification						Fair Value						Net Unrealized Gain (Loss)						Fair Value with Gross Unrealized Loss						Gross Unrealized Loss						Fair Value with Gross Unrealized Gain						Gross Unrealized Gain
Basic Industry						$	2,611.1					$	(46.8)					$	1,395.2					$	120.9					$	1,215.9					$	74.1
Capital Goods						3,410.9						(18.5)						1,592.6						151.1						1,818.3						132.6
Communications						2,295.2						(20.8)						998.9						148.6						1,296.3						127.8
Consumer Cyclical						1,482.7						(55.0)						861.6						95.4						621.1						40.4
Consumer Non-Cyclical						6,703.8						(199.5)						3,578.6						428.7						3,125.2						229.2
Energy						2,644.8						76.9						955.3						72.0						1,689.5						148.9
Financial Institutions						4,012.2						(223.5)						2,757.8						285.8						1,254.4						62.3
Mortgage/Asset-Backed						850.6						(3.2)						385.6						16.4						465.0						13.2
Sovereigns						850.1						(114.7)						371.0						137.1						479.1						22.4
Technology						1,533.7						(81.4)						1,063.7						102.3						470.0						20.9
Transportation						1,719.3						(71.1)						999.0						117.7						720.3						46.6
U.S. Government Agencies and Municipalities						4,083.9						(302.0)						2,444.8						449.5						1,639.1						147.5
Public Utilities						5,585.2						23.4						1,895.1						248.9						3,690.1						272.3
Total						$	37,783.5					$	(1,036.2)					$	19,299.2					$	2,374.4					$	18,484.3					$	1,338.2

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The following two tables show the length of time our investment-grade and below-investment-grade fixed maturity securities portfolios had been in a gross unrealized loss position as of September 30, 2024 and at the end of the prior four quarters. The relationships of the current fair value to amortized cost are not necessarily indicative of the fair value to amortized cost relationships for the securities throughout the entire time that the securities have been in an unrealized loss position nor are they necessarily indicative of the relationships after September 30, 2024. The decrease in the net unrealized loss on fixed maturity securities during the third quarter of 2024 was due primarily to a decrease in U.S. Treasury rates.

Unrealized Loss on Investment-Grade Fixed Maturity Securities

Length of Time in Unrealized Loss Position

(in millions of dollars)
									2024																		2023
									September 30									June 30						March 31						December 31						September 30
Fair Value < 100% >= 70% of Amortized Cost
<= 90 days									$	11.8								$	31.4					$	48.0					$	8.3					$	242.2
> 90 <= 180 days									1.2									74.6						8.3						3.5						152.4
> 180 <= 270 days									5.1									28.6						4.5						16.4						79.2
> 270 days <= 1 year									3.3									6.4						22.3						18.9						5.5
> 1 year <= 2 years									24.9									286.2						518.7						1,536.4						2,307.7
> 2 years <= 3 years									1,708.4									2,019.4						1,721.0						675.6						195.4
> 3 years									202.0									60.8						63.7						22.4						6.8
Sub-total									1,956.7									2,507.4						2,386.5						2,281.5						2,989.2
Fair Value < 70% >= 40% of Amortized Cost
<= 90 days									—									0.1						—						—						—
> 270 days <= 1 year									—									—						—						—						34.9
> 1 year <= 2 years									28.4									33.3						34.1						99.5						1,180.0
> 2 years <= 3 years									232.8									597.2						439.5						232.3						157.5
> 3 years									62.3									61.8						56.9						22.0						15.7
Sub-total									323.5									692.4						530.5						353.8						1,388.1
Fair Value <= 40% of Amortized Cost
> 1 year <= 2 years									—									—						23.3						22.3						26.7
> 2 years <= 3 years									28.6									27.2						2.8						2.7						—
Sub-total									28.6									27.2						26.1						25.0						26.7
Total									$	2,308.8								$	3,227.0					$	2,943.1					$	2,660.3					$	4,404.0

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Unrealized Loss on Below-Investment-Grade Fixed Maturity Securities

Length of Time in Unrealized Loss Position

(in millions of dollars)
									2024																		2023
									September 30						June 30						March 31						December 31						September 30
Fair Value < 100% >= 70% of Amortized Cost
<= 90 days									$	0.3					$	0.4					$	0.2					$	0.3					$	3.7
> 90 <= 180 days									—						0.7						0.8						—						2.4
> 180 <= 270 days									—						0.9						—						0.2						1.4
> 270 days <= 1 year									—						—						0.2						0.1						—
> 1 year <= 2 years									—						0.9						7.2						51.6						106.7
> 2 years <= 3 years									38.6						51.7						45.6						7.3						3.9
> 3 years									11.7						—						0.1						0.1						2.7
Sub-total									50.6						54.6						54.1						59.6						120.8
Fair Value < 70% >= 40% of Amortized Cost
> 1 year <= 2 years									—						—						13.9						26.4						27.7
> 2 years <= 3 years									14.7						25.6						13.5						—						—
> 3 years									—						12.3						12.5						12.9						15.1
Sub-total									14.7						37.9						39.9						39.3						42.8
Fair Value <= 40% of Amortized Cost
> 1 year <= 2 years									—						0.1						0.1						4.5						10.5
> 3 years									0.3						0.2						0.2						0.2						0.2
Sub-total									0.3						0.3						0.3						4.7						10.7
Total									$	65.6					$	92.8					$	94.3					$	103.6					$	174.3

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As of September 30, 2024, we held 23 investment-grade fixed maturity securities with a gross unrealized loss of $10.0 million or greater as shown in the chart below.

Gross Unrealized Losses $10 Million or Greater on Investment-Grade Fixed Maturity Securities
As of September 30, 2024
(in millions of dollars)
Classification						Fair Value						Gross Unrealized Loss						Numbers of Issuers
Basic Industry						$	46.6					$	(11.0)					1
Capital Goods						45.4						(11.2)						1
Communications						312.0						(65.9)						5
Consumer Cyclical						78.6						(18.4)						1
Consumer Non-Cyclical						76.2						(17.6)						1
Financial Institutions						208.9						(35.8)						3
Sovereigns						325.2						(122.8)						2
Transportation						109.6						(34.7)						3
U.S. Government Agencies and Municipalities						35.9						(10.3)						1
Public Utilities						275.2						(66.0)						5
Total						$	1,513.6					$	(393.7)					23

At September 30, 2024, we held one below investment-grade fixed maturity security with a gross unrealized loss greater than $10.0 million. The security is a utilities company and had a fair value of $34.2 million and a gross unrealized loss of $11.2 million.

Unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At September 30, 2024, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to higher interest rates, credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses.

We had no individual net investment losses of $10.0 million or greater from credit losses or sales of fixed maturity securities during the first nine months of 2024 or 2023.

As of September 30, 2024, the amortized cost net of allowance for credit losses and fair value of our below-investment-grade fixed maturity securities was $1,531.9 million and $1,496.3 million, respectively, and our below-investment-grade fixed maturity securities as a percentage of our total investment portfolio decreased to 3.2 percent at September 30, 2024 from 3.3 percent at December 31, 2023 on a fair value basis. Below-investment-grade securities are inherently riskier than investment-grade securities since the risk of default by the issuer, by definition and as exhibited by bond rating, is higher. Also, the secondary market for certain below-investment-grade issues can be highly illiquid. Additional downgrades may occur, but we do not anticipate any liquidity problems resulting from our investments in below-investment-grade securities, nor do we expect these investments to adversely affect our ability to hold our other investments to maturity.

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Fixed Maturity Securities - Foreign Exposure

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

Mortgage Loans

The carrying value of our mortgage loan portfolio was $2,238.9 million and $2,318.2 million at September 30, 2024 and December 31, 2023, respectively. Our investments in mortgage loans are carried at amortized cost less an allowance for expected credit losses which was $16.5 million and $10.2 million at September 30, 2024 and December 31, 2023, respectively. Our mortgage loan portfolio is comprised entirely of commercial mortgage loans. Our mortgage loan portfolio is well diversified geographically and among property types.

Due to conservative underwriting, the incidence of non-performing mortgage loans and foreclosure activity continues to be low. Other than our allowance for expected credit losses, we held no specifically identified impaired mortgage loans at September 30, 2024 or December 31, 2023. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our mortgage loan portfolio and the allowance for expected credit losses.

Private Equity Partnerships

The carrying value of our investments in private equity partnerships was $1,428.0 million and $1,326.2 million at September 30, 2024 and December 31, 2023, respectively. These partnerships are passive in nature and represent funds that are primarily invested in private credit, private equity, and real assets. The carrying value of the partnerships is based on our share of the partnership's NAV and changes in the carrying value are recorded as a component of net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. We recorded net investment income totaling $19.6 million and $72.6 million for the partnerships in the third quarter and first nine months of 2024, respectively. The majority of our investments in partnerships are not redeemable. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments. We had $805.6 million of commitments for additional investments in the partnerships at September 30, 2024 which may or may not be funded. See Note 3 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our private equity partnerships.

Derivative Financial Instruments

We use derivative financial instruments primarily to manage interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, and total return swaps. During the first nine months of 2024, we entered into $806 million of notional forward U.S. Treasury interest rate locks in our long-term care product line to manage our reinvestment risk. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. Our credit exposure was $0.3 million at September 30, 2024. At September 30, 2024, the carrying value of fixed maturity securities and cash collateral received from our counterparties was $30.9 million and $3.4 million, respectively. The carrying value of fixed maturity securities posted as collateral to our counterparties was $50.6 million at September 30, 2024. There was no cash posted as collateral to our counterparties at September 30, 2024. We believe that our credit risk is mitigated by our use of multiple counterparties, all of which have an investment-grade credit rating, and by our use of cross-collateralization agreements. See Note 5 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our derivatives.

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Our exposure to non-current investments, defined as invested assets which are delinquent as to interest and/or principal payments, totaled $3.8 million on a fair value basis at September 30, 2024. We had no exposure to non-current investments at December 31, 2023.

For further information see "Investments" in Part I, Item 1 and "Critical Accounting Estimates" and "Investments" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2023, and Notes 3, 4, and 5 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

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Liquidity and Capital Resources

Overview

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

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

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

The liquidity requirements of the holding company Unum Group include common stock dividends, interest and debt service, and ongoing investments in our businesses.  Unum Group's liquidity requirements are met by assets held by Unum Group and our intermediate holding companies, dividends from primarily our insurance subsidiaries, and issuance of common stock, debt, or other capital securities and borrowings from our existing credit facility, as needed. As of September 30, 2024, Unum Group and our intermediate holding companies had available holding company liquidity of $1,393.0 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset backed securities.  No significant restrictions exist on our ability to use or access funds in any of our U.S. or foreign intermediate holding companies. Dividends repatriated from our foreign subsidiaries are eligible for 100 percent exemption from U.S. income tax but may be subject to withholding tax and/or tax on foreign currency gain or loss.

As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. During the nine months ended September 30, 2024, we repurchased 9.7 million shares at a cost of $500.0 million excluding commissions and excise tax.

Our board of directors has authorized the following repurchase programs:

			July 2024 Authorization						October 2023 Authorization1
			(in millions)
Effective Date			August 1, 2024						January 1, 2024
Expiration Date			None						July 31, 2024
Authorized Repurchase Amount			$	1,000.0					$	500.0
Cost of Shares Repurchased Under Repurchase Program			35.8						464.2
Unused and Expired			—						35.8
Remaining Repurchase Amount at September 30, 2024			$	964.2					$	—

1Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date.

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

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Cash Available from Subsidiaries

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

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

In connection with a financial examination of Unum America, which closed at the end of the second quarter of 2020, the Maine Bureau of Insurance (MBOI) concluded that Unum America’s long-term care statutory reserves were deficient by $2,100 million as of December 31, 2018, the financial statement date of the examination period. The amount reserves are deficient may increase or decrease over time based on changes in assumed reinvestment rates, policyholder inventories, premium rate increase activity, and the underlying growth in the locked in statutory reserve basis as well as updates to other long term actuarial assumptions. The MBOI granted permission to Unum America on May 1, 2020, to phase in the additional statutory reserves over seven years beginning with year-end 2020 and ending with year-end 2026. The calculation of the premium deficiency reserve (PDR) reflects specific assumptions set by the MBOI and results in significant margin above Unum America’s best estimate assumptions. As of December 31, 2023, the PDR calculated under the basis resulting from the MBOI examination was $1,604 million, which has been fully recognized. Our long-term care reserves and financial results reported under generally accepted accounting principles were not affected by the MBOI’s examination conclusion.

Unum America cedes blocks of long-term care business to Fairwind Insurance Company (Fairwind), which is an affiliated captive reinsurance subsidiary domiciled in the United States. The ability of Fairwind to pay dividends to Unum Group will depend on its satisfaction of applicable regulatory requirements and on the performance of the business reinsured by Fairwind. Fairwind did not pay dividends in 2023 nor do we anticipate that Fairwind will pay dividends in 2024. Unum Group did not make any capital contributions to Fairwind during the first nine months of 2024, nor do we expect to make capital contributions for the remainder of the year.

The ability of Unum Group and certain of its intermediate holding company subsidiaries to continue to receive dividends from their insurance subsidiaries also depends on additional factors such as RBC ratios and capital adequacy and/or solvency requirements, funding growth objectives at an affiliate level, and maintaining appropriate capital adequacy ratios to support desired ratings. The RBC ratios for our U.S. insurance subsidiaries at September 30, 2024 are in line with our expectations and are significantly above the level that would require state regulatory action.

Unum Group and/or certain of its intermediate holding company subsidiaries may also receive dividends from our U.K. subsidiaries, the payment of which may be subject to applicable insurance company regulations and capital guidance in the U.K. Unum Limited is subject to the requirements of Solvency II, a European Union (EU) directive that is part of retained UK law pursuant to the European Union (Withdrawal) Act 2018, which prescribes capital requirements and risk management standards for the European insurance industry. Our U.K. holding company is also subject to the Solvency II requirements relevant to insurance holding companies while, together with certain of its subsidiaries including Unum Limited, the group (the Unum UK Solvency II Group) is subject to group supervision under Solvency II. The Unum UK Solvency II Group received approval from the U.K. Prudential Regulation Authority (PRA) to use its own internal model for calculating regulatory capital and also received approval for certain associated regulatory permissions including transitional relief as the Solvency II capital regime continues to be implemented. In connection with the U.K.’s exit from the EU, the U.K. government is reviewing the regulatory framework of financial services companies. Certain changes have already been finalized, which have improved the solvency position of our U.K. business at September 30, 2024. Additionally, the remaining pending proposals may lead to future changes in the solvency position of our U.K. business.

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

During 2024, we intend to maintain a level of capital in our insurance subsidiaries above the applicable capital adequacy requirements and minimum solvency margins.

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

Funding for Employee Benefit Plans

During the nine months ended September 30, 2024, we made contributions of $59.6 million and £3.8 million to our U.S. and U.K. defined contribution plans, respectively, and expect to make additional contributions of approximately $18 million and £1 million during the remainder of 2024. We had no regulatory contribution requirements for our U.S. and U.K. qualified defined benefit pension plans and made no voluntary contributions during the nine months ended September 30, 2024. We do not expect to have regulatory contribution requirements for our U.S. and U.K. qualified defined benefit pension plans during the remainder of 2024, but we reserve the right to make voluntary contributions during the remainder of 2024. We have met all minimum pension funding requirements set forth by the Employee Retirement Income Security Act. We have estimated our future funding requirements under the Pension Protection Act of 2006 and under applicable U.K. law and do not believe that any future funding requirements will cause a material adverse effect on our liquidity. See Note 11 of the "Notes to Consolidated Financial Statements" of our annual report on Form 10-K for the year ended December 31, 2023 for further discussion.

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

Our long-term debt balance at September 30, 2024 was $3,470.4 million, net of deferred debt issuance costs of $32.3 million, and is comprised of our unsecured senior notes, unsecured medium-term notes, and junior subordinated debt securities.

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

During November 2021, we entered into a 20-year facility agreement with a Delaware statutory trust (the P-Caps Trust), in connection with the sale by the P-Caps Trust of $400.0 million of pre-capitalized trust securities (P-Caps) in a Rule 144A private placement. The P-Caps Trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the Trust Assets). The facility agreement gave us the right to issue and require the P-Caps Trust to purchase, on one or more occasions, up to $400.0 million of our 4.046% senior notes due 2041 (the 2041 Senior Notes) in exchange for the Trust Assets. Under the facility agreement, we agreed to pay a semi-annual facility fee to the P-Caps Trust at a rate of 2.225% per year on the unexercised portion of the maximum amount of 2041 senior notes that we could issue and sell to the P-Caps Trust and to reimburse the P-Caps Trust for its expenses.

In October 2024, we exercised our issuance right in full under the facility agreement and issued $400.0 million of the 2041 Senior Notes to the P-Caps Trust in exchange for the Trust Assets, thereby triggering our recognition of the 2041 Senior Notes on our consolidated balance sheets. The Trust Assets had a fair value of $273.5 million when the 2041 Senior Notes were issued. We directed the trustee of the P-Caps Trust to dissolve the P-Caps Trust and to deliver the 2041 Senior Notes to the beneficial holders of the P-Caps pro rata in respect of each P-Cap. The 2041 Senior Notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt. The net proceeds from the issuance of the 2041 Senior Notes and subsequent sale of the Trust Assets are expected to be used for future share repurchases. See Note 14 of the "Notes to Consolidated Financial Statements" contained herein in Item 1.

We have a five-year $500 million senior unsecured revolving credit facility with a syndicate of lenders which is currently scheduled to expire in April 2027. We may request that the lenders’ aggregate commitments of $500.0 million under the facility be increased by up to an additional $200.0 million. Certain of our traditional U.S. life insurance subsidiaries may also borrow under the credit facility, subject to an unconditional guarantee by Unum Group. At September 30, 2024, there were no borrowed amounts outstanding under the revolving credit facility and letters of credit totaling $0.4 million had been issued.

We have a five-year £75 million senior unsecured standby letter of credit facility with a different syndicate of lenders, pursuant to which a syndicated letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75 million until its scheduled expiration in July 2026. We have an additional five-year, £75 million senior standby letter of credit facility pursuant to which a standby letter of credit was issued in favor of Unum Limited

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(as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration in December 2028. In connection with and as security for the senior standby letter of credit facility, we granted to the issuer of the standby letter of credit the right to exercise, if an event of default occurred and was continuing, the issuance right under the facility agreement with the P-Caps Trust, up to a maximum of $200.0 million. In October 2024, prior to our exercise of the issuance right under the facility agreement, the assigned issuance right was forfeited in its entirety.

At September 30, 2024, no amounts have been borrowed under the standby credit facilities or letters of credit.

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

See "Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity" and Note 10 of the "Notes to Consolidated Financial Statements" contained in Part II, Items 7 and 8, respectively, of our annual report on Form 10-K for the year ended December 31, 2023 for further discussion.

Shelf Registration

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

Commitments

As of September 30, 2024, we had commitments of $38.0 million to fund investments in private placement fixed maturity securities and $805.6 million to fund private equity partnerships. In addition, we had $28.5 million of commercial mortgage loan commitments.

With respect to our commitments and off-balance sheet arrangements, see the discussion under "Cash Requirements" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2023. During the first nine months of 2024, there were no substantive changes in our commitments, contractual obligations, or other off-balance sheet arrangements other than the changes noted herein.

Transfers of Financial Assets

Our investment policy permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements, which increases our investment income with minimal risk. We account for all of our securities lending agreements and repurchase agreements as secured borrowings. As of September 30, 2024, we held $25.8 million of cash collateral from securities lending agreements. The average cash collateral balance during the first nine months of 2024 was $46.2 million, and the maximum amount outstanding at any month end was $133.0 million. As of September 30, 2024, we held $34.4 million of off-balance sheet securities lending agreements which were collateralized by securities that we were neither permitted to sell nor control. The average balance of these off-balance sheet transactions during the first nine months of 2024 was $27.9 million, and the maximum amount outstanding at any month end was $38.6 million.

To manage our cash position more efficiently, we may enter into securities repurchase agreements with unaffiliated financial institutions. We generally use securities repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. We had no securities repurchase agreements outstanding at September 30, 2024, nor did we utilize any securities repurchase agreements during the first nine months of 2024. Our use of securities repurchase agreements and securities lending agreements can fluctuate during any given period and will depend on our liquidity position, the availability of long-term investments that meet our purchasing criteria, and our general business needs.

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Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As of September 30, 2024, we owned $25.6 million of FHLB common stock and had outstanding advances of $299.0 million from the regional FHLBs which were used for the purpose of investing in fixed maturity securities. As of September 30, 2024, we have additional borrowing capacity of approximately $642.1 million from the FHLBs.

See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information.

Consolidated Cash Flows

(in millions of dollars)
						Nine Months Ended September 30
						2024						2023
Net Cash Provided by Operating Activities						$	1,027.4					$	859.3
Net Cash Used by Investing Activities						(393.1)						(498.6)
Net Cash Used by Financing Activities						(616.9)						(314.0)
Net Increase in Cash and Bank Deposits						$	17.4					$	46.7

Operating Cash Flows

Operating cash flows are primarily attributable to the receipt of premium and investment income, offset by payments of claims, commissions, expenses, and income taxes. Premium income growth is dependent not only on new sales, but on policy renewals and growth of existing business, renewal price increases, and persistency. Investment income growth is dependent on the growth in the underlying assets supporting our insurance liabilities and capital and on the earned yield. The level of commissions and operating expenses is attributable to the level of sales and the first year acquisition expenses associated with new business as well as the maintenance of existing business. The level of paid claims is affected partially by the growth and aging of the block of business and also by the general economy, as previously discussed in the operating results by segment.

Investing Cash Flows

Investing cash inflows consist primarily of the proceeds from the sales and maturities of investments. Investing cash outflows consist primarily of payments for purchases of investments. Our investment strategy is to match the cash flows and durations of our assets with the cash flows and durations of our liabilities to meet the funding requirements of our business. When market opportunities arise, we may sell selected securities and reinvest the proceeds to improve the yield and credit quality of our portfolio. We may at times also sell selected securities and reinvest the proceeds to improve the duration matching of our assets and liabilities and/or re-balance our portfolio. As a result, sales before maturity may vary from period to period. The sale and purchase of short-term investments is influenced by proceeds received from FHLB funding advances, issuance of debt, our securities lending program, and by the amount of cash which is at times held in short-term investments to facilitate the availability of cash to fund the purchase of appropriate long-term investments, repay maturing debt, and/or to fund our capital deployment program.

During the third quarter of 2023, we sold over $700.0 million of shorter duration bonds in our long-term care portfolio and reinvested the proceeds in higher quality, higher yielding, and longer duration bonds that better match our liability cash flows. As a result of this activity, both sales and purchases of fixed maturity securities were lower in the first nine months of 2024 compared to the same period of 2023.

See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information.

Financing Cash Flows

Financing cash flows consist primarily of borrowings and repayments of debt, dividends paid to stockholders, repurchases of common stock, and policyholders' account deposits and withdrawals.

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Cash used to repurchase shares of Unum Group's common stock during the first nine months of 2024 and 2023 was $500.0 million and $174.2 million, respectively. In connection with the repurchases made during the first nine months of 2024 and 2023, we recognized $4.8 million and $1.2 million, respectively, of excise tax which has not been settled as of September 30, 2024. During the first nine months of 2024 and 2023, we paid dividends of $219.3 million and $205.7 million, respectively, to holders of Unum Group's common stock.

Also included in financing cash flows during the first nine months of 2024 and 2023 was $26.7 million and $18.6 million, respectively, of cash received related to the active life cohort volatility agreement with Commonwealth as a result of the Closed Block individual disability reinsurance transaction.

In June 2024, we issued $400.0 million of 6.000% senior notes due 2054 and received proceeds of $391.6 million. A portion of the net proceeds of the offering were used to repay the outstanding indebtedness under our senior unsecured delayed draw term loan facility, resulting in a cash outflow of $350.0 million.

Ratings

AM Best, Fitch Ratings (Fitch), Moody's Investors Service (Moody's), and Standard & Poor's Rating Services (S&P) are among the third parties that assign issuer credit ratings to Unum Group and financial strength ratings to our insurance subsidiaries. Issuer credit ratings reflect an agency's opinion of the overall financial capacity of a company to meet its senior debt obligations. Financial strength ratings are specific to each individual insurance subsidiary and reflect each rating agency's view of the overall financial strength (capital levels, earnings, growth, investments, business mix, operating performance, and market position) of the insuring entity and its ability to meet its obligations to policyholders. Both the issuer credit ratings and financial strength ratings incorporate quantitative and qualitative analyses by rating agencies and are routinely reviewed and updated on an ongoing basis.

We compete based in part on the financial strength ratings provided by rating agencies. A downgrade of our financial strength ratings can be expected to adversely affect us and could potentially, among other things, adversely affect our relationships with distributors of our products and services and retention of our sales force, negatively impact persistency and new sales, particularly large case group sales and individual sales, and generally adversely affect our ability to compete. A downgrade in the issuer credit rating assigned to Unum Group can be expected to adversely affect our cost of capital or our ability to raise additional capital.

The table below reflects the outlook as well as the senior unsecured debt ratings for Unum Group and the financial strength ratings for each of our traditional insurance subsidiaries as of the date of this filing.

AM Best

Fitch

Moody's

S&P

Outlooks

Stable

Positive

Stable

Stable

Senior Unsecured Debt Ratings

bbb+

BBB

Baa2

BBB

Financial Strength Ratings

Provident Life and Accident Insurance Company

A

A

A2

A

Unum Life Insurance Company of America

A

A

A2

A

First Unum Life Insurance Company

A

A

A2

A

Colonial Life & Accident Insurance Company

A

A

A2

A

The Paul Revere Life Insurance Company

A

A

A2

A

Unum Insurance Company

A

A

A2

NR

Provident Life and Casualty Insurance Company

A

A

NR

NR

Starmount Life Insurance Company

A

NR

NR

NR

Unum Limited

NR

NR

NR

A-

NR = not rated

We maintain an ongoing dialogue with the four rating agencies that evaluate us in order to inform them of progress we are making regarding our strategic objectives and financial plans as well as other pertinent issues. A significant component of our

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communications involves our annual review meeting with each of the four agencies. We hold other meetings throughout the year regarding our business, including, but not limited to, quarterly updates.

In May 2024, Moody's upgraded its senior unsecured debt ratings to Baa2 from Baa3 and also upgraded its financial strength ratings of our rated domestic insurance subsidiaries to A2 from A3. The ratings upgrade reflects strong capital levels, a reduction in asset risk, increasing profitability in the core business, and an improved long-term care position.

In September 2024, Fitch revised its outlook to positive from stable. The revision reflects strong capital and liquidity positions, sustained levels of improved profitability, and actions taken to mitigate risk in long-term care.

There have been no other changes in the rating agencies' outlooks or ratings during 2024 prior to the date of this filing.

Agency ratings are not directed toward the holders of our securities and are not recommendations to buy, sell, or hold our securities. Each rating is subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be regarded as an independent assessment, not conditional on any other rating. Given the dynamic nature of the ratings process, changes by these or other rating agencies may or may not occur in the near-term. We have ongoing dialogue with the rating agencies concerning our insurance risk profile, our financial flexibility, our operating performance, and the quality of our investment portfolios. The rating agencies provide specific criteria and, depending on our performance relative to the criteria, will determine future negative or positive rating agency actions.

See our annual report on Form 10-K for the year ended December 31, 2023 for further information regarding our debt, issuer credit ratings and financial strength ratings and the risks associated with rating changes.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to various market risk exposures including interest rate risk and foreign exchange rate risk. With respect to our exposure to market risk, see the discussion under "Investments" in Item 2 of this Form 10-Q and in Part II, Item 7A of our annual report on Form 10-K for the year ended December 31, 2023. During the first nine months of 2024, there was no substantive change to our market risk or the management of this risk.

ITEM 4. CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. We evaluated those controls based on the 2013 Internal Control - Integrated Framework from the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, these officers concluded that our disclosure controls and procedures were effective as of September 30, 2024.

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended, during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to Part I, Item 1, Note 13 of the "Notes to Consolidated Financial Statements" for information on legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in our annual report on Form 10-K for the year ended December 31, 2023.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information about our share repurchase activity for the third quarter of 2024.

			(a) Total Number of Shares Purchased (3)						(b) Average Price Paid per Share (1) (3)						(c) Total Number of Shares Purchased as Part of Publicly Announced Program (2) (3)						(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) (2) (3)
July 1 - July 31, 2024			2,467,603						$	53.53					2,467,603						$	—
August 1 - August 31, 2024			302,023						54.39						302,023						983,573,062
September 1 - September 30, 2024			943,599						54.55						943,599						964,160,418
Total			3,713,225												3,713,225

(1) Excludes the cost of commissions and excise tax.

(2) In October 2023, our board of directors authorized the repurchase of up to $500.0 million of Unum Group's outstanding common stock beginning January 1, 2024. In July 2024, our board of directors authorized the repurchase of up to $1,000.0 million of Unum Group's outstanding common stock beginning on August 1, 2024. The repurchase program authorized in July 2024 replaced the October 2023 authorization and has no scheduled termination date. On July 31, 2024, the remaining unused authorized repurchase amount under the October 2023 authorization expired.

(3) In July 2024, we entered into an accelerated share repurchase agreement. As part of this transaction, we paid $150.0 million to a financial counterparty, which resulted in an immediate, corresponding reduction to the remaining authorized repurchase amount, and received an initial delivery of 2,197,265 shares of our common stock, which represented approximately 75 percent of the total delivery under the agreement. The final price adjustment settlement, along with the delivery of the remaining shares, occurred in September 2024, resulting in the delivery of 597,276 additional shares. In total, we repurchased 2,794,541 shares pursuant to the July 2024 accelerated share repurchase agreement. The remaining shares repurchased during the third quarter of 2024 were purchased in open market transactions.

ITEM 5. OTHER INFORMATION

Securities trading plans

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

P-Caps Trust

On November 17, 2021, the Company raised $400.0 million of contingent liquidity through the issuance and sale by Hill City Funding Trust, a Delaware statutory trust (the P-Caps Trust), of 400,000 of pre-capitalized trust securities redeemable August 15, 2041 (the P-Caps) for an aggregate purchase price of $400.0 million in a private placement pursuant to Rule 144A under the Securities Act of 1933, as amended. In connection with the issuance and sale of the P-Caps, the Company entered into a facility agreement with the P-Caps Trust and The Bank of New York Mellon Trust Company, N.A., as notes trustee, pursuant to which the Company had the right to issue to the P-Caps Trust, and to require the P-Caps Trust to purchase from the Company, on one or more occasions, up to an aggregate principal amount at any one time outstanding of $400.0 million of the Company’s

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4.046% Senior Notes due August 15, 2041 (the 2041 Senior Notes), in exchange for all or a portion of the portfolio of principal and interest strips of U.S. Treasury Securities held by the P-Caps Trust (the Trust Assets) corresponding to the amount of the issuance right being exercised at that time.

On October 24, 2024, the Company exercised in full its issuance right under the facility agreement, following which the Company: (i) issued $400.0 million principal amount of the 2041 Senior Notes to the P-Caps Trust on October 28, 2024 in exchange for the Trust Assets; and (ii) directed the trustee of the P-Caps Trust to dissolve the P-Caps Trust in accordance with its declaration of trust and deliver the 2041 Senior Notes to the beneficial holders of the P-Caps pro rata in respect of each P-Cap.

In connection with the dissolution of the P-Caps Trust, the beneficial holders of the P-Caps will receive the 2041 Senior Notes through the facilities of The Depository Trust Company.

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ITEM 6. EXHIBITS

Index to Exhibits
(31.1)						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(31.2)						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32.1)						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
(104)						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Unum Group
			(Registrant)
Date: October 30, 2024			By:			/s/ Steven A. Zabel
						Steven A. Zabel
						Executive Vice President, Chief Financial Officer
Date: October 30, 2024			By:			/s/ Walter L. Rice, Jr.
						Walter L. Rice, Jr.
						Senior Vice President, Chief Accounting Officer

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