8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2018
UNUM GROUP
(Exact name of registrant as specified in its charter)
Delaware	001-11294	62-1598430
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1 Fountain Square

Chattanooga, Tennessee 37402

(Address of principal executive offices) (Zip Code)

(423) 294-1011

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On January 31, 2018, Unum Group issued a news release reporting its results for the fourth quarter of 2017, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Also on January 31, 2018, Unum Group posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the fourth quarter of 2017. A copy of the Statistical Supplement is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of Unum Group's filings under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.	The following exhibits are furnished (but not filed) with this report:
99.1	News release of Unum Group dated January 31, 2018, concerning earnings for the fourth quarter of 2017.
99.2	Statistical Supplement of Unum Group for the fourth quarter of 2017.

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 hereunto duly authorized.

	Unum Group
	(Registrant)
Date: January 31, 2018	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel
			and Corporate Secretary

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	News release of Unum Group dated January 31, 2018, concerning earnings for the fourth quarter of 2017.
99.2	Statistical Supplement of Unum Group for the fourth quarter of 2017.

EX-99.1

	Exhibit 99.1
	1 Fountain Square
	Chattanooga, TN 37402
	www.unum.com

	FOR IMMEDIATE RELEASE
news	Contacts
	INVESTORS	Tom White	423 294 8996
		Matt Barnett	423 294 7498
	MEDIA	Jim Sabourin	423 294 6300

Unum Group Reports Fourth Quarter 2017 Results

CHATTANOOGA, Tenn.(January 31, 2018) - Unum Group (NYSE: UNM) today reported net income of $266.9 million ($1.19 per diluted common share) for the fourth quarter of 2017, compared to net income of $248.0 million ($1.07 per diluted common share) for the fourth quarter of 2016.

Included in net income for the fourth quarter of 2017 are impacts related to the U.S. tax reform bill enacted on December 22, 2017. The revaluation of our net deferred tax liabilities at the newly enacted rate of 21 percent resulted in a tax benefit of $97.9 million ($0.44 per diluted common share), and the one-time tax on undistributed and previously untaxed foreign earnings and profits resulted in a tax expense of $66.4 million ($0.30 per diluted common share).

In addition, net income for the fourth quarter of 2017 includes a net loss of $25.4 million ($0.11 per diluted common share) related to the settlement of a third party review conducted on behalf of a number of state treasurers concerning unclaimed death benefits. The amount recognized reflects our estimate of the liability expected to be paid as we execute on the terms of the settlement.

Net after-tax realized investment gains on the Company’s investment portfolio were $7.2 million ($0.03 per diluted common share) in the fourth quarter of 2017, compared to $18.3 million ($0.08 per diluted common share) in the fourth quarter of 2016.

After-tax adjusted operating income, which excludes net after-tax realized investment gains and losses, the impacts from tax legislation, and reserves established for unclaimed death benefits, was $253.6 million ($1.13 per diluted common share) in the fourth quarter of 2017, compared to $229.7 million ($0.99 per diluted common share) in the fourth quarter of 2016.

“Our fourth quarter results were again strong, capping a very successful year for the company that surpassed our expectations,” said Richard P. McKenney, president and chief executive officer.  “We’re pleased with our outstanding operating performance and the growth potential we have in front of us. As we move into 2018, we are focused on executing our business strategy to deliver growth, consistent performance, and shareholder value.”

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES.

RESULTS BY SEGMENT

We measure and analyze our segment performance on the basis of "adjusted operating income" or "adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of net realized 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 income before income tax or net income.  Effective December 31, 2017, we changed the naming convention of "operating income" or "operating loss" to "adjusted operating income" or "adjusted operating loss." The definition of these labels remains unchanged.

Unum US Segment

Unum US reported adjusted operating income of $237.6 million in the fourth quarter of 2017, a decrease of 1.0 percent from $240.1 million in the fourth quarter of 2016. Excluding the before-tax unclaimed death benefits reserve increase of $26.6 million for the group life and accidental death and dismemberment and supplemental and voluntary product lines, adjusted operating income was $264.2 million, an increase of 10.0 percent from the fourth quarter of 2016. Premium income for the segment increased 3.0 percent to $1,364.5 million in the fourth quarter of 2017, compared to premium income of $1,325.2 million in the fourth quarter of 2016. Net investment income for the segment declined 2.0 percent to $202.1 million in the fourth quarter of 2017, compared to $206.3 million in the fourth quarter of 2016.

Within the Unum US operating segment, the group disability line of business reported a 3.1 percent decline in adjusted operating income to $86.7 million in the fourth quarter of 2017, compared to $89.5 million in the fourth quarter of 2016. Premium income in group disability increased 2.2 percent to $604.8 million in the fourth quarter of 2017, compared to $591.9 million in the fourth quarter of 2016, primarily due to sales growth, partially offset by a decline in persistency. Net investment income declined by 4.7 percent to $113.2 million in the fourth quarter of 2017, compared to $118.8 million in the fourth quarter of 2016, due to a decrease in the level of invested assets and a decline in portfolio yield. The benefit ratio for the fourth quarter of 2017 was 76.3 percent, compared to 77.7 percent in the fourth quarter of 2016, reflecting continued favorable incidence trends in our group long-term disability product line. Group long-term disability sales were $126.2 million in the fourth quarter of 2017, an increase of 17.2 percent from $107.7 million in the fourth quarter of 2016. Group short-term disability sales were $97.5 million in the fourth quarter of 2017, an increase of 57.8 percent from $61.8 million in the fourth quarter of 2016. Persistency in the group long-term disability line of business was 89.9 percent for full year 2017, compared to 91.0 percent for full year 2016. Persistency in the group short-term disability line of business was 86.6 percent for full year 2017, compared to 87.7 percent for full year 2016.

The group life and accidental death and dismemberment line of business reported adjusted operating income of $38.5 million in the fourth quarter of 2017, a decrease of 31.4 percent from $56.1 million in the fourth quarter of 2016. Excluding the before-tax unclaimed death benefits reserve increase of $18.5 million, adjusted operating income was $57.0 million, an increase of 1.6 percent from the fourth quarter of 2016. Premium income for this line of business increased 2.8 percent to $402.8 million in the fourth quarter of 2017,

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 2

compared to $391.9 million in the fourth quarter of 2016, primarily due to sales growth, partially offset by a decline in persistency. Net investment income declined 2.5 percent to $27.2 million in the fourth quarter of 2017, compared to $27.9 million in the fourth quarter of 2016, primarily due to a decline in yield and a decline in the level of invested assets supporting this line of business. The benefit ratio in the fourth quarter of 2017 was 75.9 percent. Excluding the unclaimed death benefits reserve increase, the benefit ratio for the fourth quarter of 2017 was 71.3 percent, compared to 71.5 percent in the fourth quarter of 2016, reflecting lower incidence in the group life product line. Sales of group life and accidental death and dismemberment products increased 25.1 percent in the fourth quarter of 2017 to $178.7 million, compared to $142.9 million in the fourth quarter of 2016. Persistency in the group life line of business was 88.0 percent for full year 2017, compared to 90.7 percent for full year 2016.

The supplemental and voluntary line of business reported an increase of 18.9 percent in adjusted operating income to $112.4 million in the fourth quarter of 2017, compared to $94.5 million in the fourth quarter of 2016. Excluding the before-tax unclaimed death benefits reserve increase of $8.1 million for the voluntary life product line, adjusted operating income was $120.5 million, an increase of 27.5 percent from the fourth quarter of 2016. Included in adjusted operating income for the fourth quarter of 2017 is a reserve release of $19.5 million resulting from our annual review of reserve adequacy, which reflects the recognition of updated morbidity assumptions in our disabled life reserves. Premium income for supplemental and voluntary increased 4.5 percent to $356.9 million in the fourth quarter of 2017, compared to $341.4 million in the fourth quarter of 2016. This increase was primarily driven by growth in the voluntary benefits and dental and vision product lines, offsetting a decline in premium income in the individual disability line. Net investment income increased 3.5 percent to $61.7 million in the fourth quarter of 2017, compared to $59.6 million in the fourth quarter of 2016, due to an increase in the level of invested assets and miscellaneous income, partially offset by a decline in yield. The benefit ratio for the individual disability product line was 34.4 percent for the fourth quarter of 2017, compared to 54.7 percent for the fourth quarter of 2016. Excluding the impact of the reserve release, the benefit ratio for the fourth quarter of 2017 was 53.5 percent. The benefit ratio for voluntary benefits was 48.7 percent in the fourth quarter of 2017. Excluding the unclaimed death benefits reserve increase, the benefit ratio for voluntary benefits was 44.8 percent in the fourth quarter of 2017, compared to 44.6 percent in the fourth quarter of 2016, primarily driven by stable claims experience. The benefit ratio for dental and vision was 64.6 percent for the fourth quarter of 2017, compared to 65.9 percent for the fourth quarter of 2016, primarily driven by favorable claims experience. Relative to the fourth quarter of 2016, sales in the individual disability line of business increased 1.7 percent in the fourth quarter of 2017 to $17.7 million. Sales in the voluntary benefits line of business increased 11.9 percent in the fourth quarter of 2017 to $50.8 million. Sales in the dental and vision line totaled $24.8 million for the fourth quarter of 2017, an increase of 148.0 percent compared to the fourth quarter of 2016. Persistency in the individual disability product line was 91.0 percent for full year 2017, compared to 91.1 percent for full year 2016. Persistency in the voluntary benefits product line was 77.5 percent for full year 2017, compared to 76.9 percent for full year 2016. Persistency in the dental and vision product line was 85.4 percent for full year 2017 compared to 84.6 percent for 2016.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 3

Unum UK Segment

Unum UK reported adjusted operating income of $29.7 million in the fourth quarter of 2017, a decline of 0.7 percent from $29.9 million in the fourth quarter of 2016. In local currency, adjusted operating income declined by 7.1 percent to £22.4 million in the fourth quarter of 2017, compared to £24.1 million in the fourth quarter of 2016.

Premium income increased by 9.4 percent to $133.4 million in the fourth quarter of 2017, compared to $121.9 million in the fourth quarter of 2016. In local currency, premium income was £100.5 million in the fourth quarter of 2017, an increase of 2.3 percent from £98.2 million in the fourth quarter of 2016, primarily driven by growth in the in-force block, resulting from prior period sales which offset a decline in persistency. Net investment income was $31.9 million in the fourth quarter of 2017, an increase of 10.8 percent from $28.8 million in the fourth quarter of 2016. In local currency, net investment income was £24.1 million in the fourth quarter of 2017, compared to £23.2 million in the fourth quarter of 2016, primarily due to higher income from inflation index-linked bonds which support the claim reserves associated with certain group policies that provide inflation-linked increases in benefits and growth in the level of invested assets, partially offset by a decline in yield on fixed-rate bonds. The benefit ratio in the fourth quarter of 2017 was 75.8 percent, compared to 67.6 percent in the fourth quarter of 2016, reflecting higher claim incidence in the group long-term disability product line and the impact from inflation-linked increases in benefits. Also contributing to the less favorable benefits experience was a reduction of 80 basis points in the discount rate implemented in the first quarter of 2017 across several of our products.

Sales increased by 3.4 percent to $24.5 million in the fourth quarter of 2017, compared to $23.7 million in the fourth quarter of 2016. In local currency, sales for the fourth quarter of 2017 declined by 3.7 percent to £18.4 million compared to £19.1 million in the fourth quarter of 2016. Persistency in the group long-term disability line of business was 87.4 percent for full year 2017, compared to 89.5 percent for full year 2016. Persistency in the group life line of business was 84.1 percent for full year 2017, compared to 81.3 percent for full year 2016. Persistency in the supplemental line of business was 91.0 percent for full year 2017 compared to 89.9 percent for full year 2016.

Colonial Life Segment

Colonial Life reported a 16.5 percent decline in adjusted operating income to $66.7 million in the fourth quarter of 2017, compared to $79.9 million in the fourth quarter of 2016. Excluding the before-tax unclaimed death benefits reserve increase of $12.4 million for the life product line, adjusted operating income was $79.1 million, a decrease of 1.0 percent from the fourth quarter of 2016.

Premium income for the fourth quarter of 2017 increased 6.0 percent to $382.1 million, compared to $360.4 million in the fourth quarter of 2016, driven by sales growth in recent quarters. Net investment income totaled $37.1 million in the fourth quarter of 2017, compared to $35.8 million in the fourth quarter of 2016, primarily driven by an increase in the level of invested assets which was partially offset by a decline in portfolio yield. The benefit ratio in the fourth quarter of 2017 was 54.8 percent. Excluding the unclaimed death benefits

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 4

reserve increase, the benefit ratio in the fourth quarter of 2017 was 51.6 percent, compared to 51.4 percent in the fourth quarter of 2016, reflecting less favorable benefits experience in the life product line, partially offset by favorable experience in the cancer and critical illness and accident, sickness, and disability lines of business.

Sales increased 10.4 percent to $199.8 million in the fourth quarter of 2017 from $181.0 million in the fourth quarter of 2016, driven by increased sales in the core and large case commercial market segments. Persistency in Colonial Life was 78.9 percent for full year 2017 and 79.3 percent for full year 2016.

Closed Block Segment

The Closed Block segment reported adjusted operating income of $33.1 million in the fourth quarter of 2017, compared to $34.6 million in the fourth quarter of 2016.

Premium income for this segment declined 4.6 percent in the fourth quarter of 2017 compared to the fourth quarter of 2016, primarily due to expected policy terminations and maturities for the individual disability line of business which was partially offset by a slight increase in premium income for the long-term care line of business resulting from premium rate increases on certain in-force policies. Net investment income declined 0.6 percent to $341.5 million in the fourth quarter of 2017, compared to $343.6 million in the fourth quarter of 2016, primarily driven by a decline in portfolio yield and lower miscellaneous income, which was partially offset by an increase in the level of invested assets. The interest adjusted loss ratio for the individual disability line of business declined to 81.2 percent in the fourth quarter of 2017, compared to 84.7 percent in the fourth quarter of 2016, due to favorable new claim incidence and a lower average size of new claim submissions. The interest adjusted loss ratio for the long-term care line of business was 93.1 percent in the fourth quarter of 2017 compared to 89.1 percent in the fourth quarter of 2016, primarily due to unfavorable policy terminations related to mortality experience.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $33.2 million for the fourth quarter of 2017, compared to an adjusted operating loss of $41.7 million in the fourth quarter of 2016. The improvement was primarily driven by lower operating expenses and higher net investment income.

The Company previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for the Company's pension and other postretirement benefit plans, from the results of the Corporate segment. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in the Corporate segment and amounts for prior periods have been adjusted to conform to current year reporting.

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 224.8 million for the fourth quarter of 2017, compared to 232.5 million for the fourth quarter of 2016. Shares outstanding totaled 222.5 million at

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 5

December 31, 2017. During the fourth quarter of 2017, the Company repurchased approximately 1.9 million shares at a cost of approximately $100 million.

Capital Management

At December 31, 2017, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 390 percent and cash and marketable securities in the holding companies equaled $864 million.

Book Value

Book value per common share as of December 31, 2017 was $43.02, compared to $39.02 at December 31, 2016.

Outlook

Reflecting the beneficial impact of tax reform, the Company's expectation for after-tax adjusted operating income growth per share for full-year 2018 is revised to be within the range of 17 percent to 23 percent, compared to the original expectation of within a range of four percent to seven percent established in December 2017 prior to the passage of tax reform legislation.

NON-GAAP 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 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 net realized investment gains and losses and certain other items as specified in the reconciliations in the Financial Highlights section below. We believe adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.

Effective December 31, 2017, to more clearly differentiate between the GAAP and non-GAAP financial measures, we changed the naming convention for our non-GAAP financial measures from “operating” to “adjusted operating” measures, which includes a change from "after-tax operating income" to "after-tax adjusted operating income." The definition of this label remains unchanged.

Realized 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 realized investment gains or losses.  Although we may experience realized investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.

We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans. Effective January 1, 2017, the amortization of prior period

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 6

actuarial gains or losses is now included in "after-tax adjusted operating income" in the Financial Highlights section below. Amounts for periods prior to January 1, 2017 have been adjusted to conform to current year reporting. 

We have also excluded the impacts from tax legislation and reserves established for unclaimed death benefits and 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.

Information reconciling the Company’s outlook on after-tax adjusted operating income growth per share to the comparable GAAP financial measure is not provided. The only amounts excluded from after-tax adjusted operating income are those described in the preceding paragraphs. The Company is unable to predict with reasonable certainty realized investment gains and losses, which are affected by overall market conditions and also by factors such as an economic or political change in the country of the issuer, a regulatory change pertaining to the issuer’s industry, a significant improvement or deterioration in the cash flows of the issuer, unforeseen accounting irregularities or fraud committed by an issuer, movement in credit spreads, ratings upgrades or downgrades, a change in the issuer’s marketplace or business prospects, or any other event that significantly affects the issuers of the fixed maturity securities which the Company holds in its investment portfolio.

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Thursday, February 1, at 11:00 a.m. (Eastern Time) to discuss the results of operations for the fourth quarter. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information.

The dial-in number for the conference call is (800) 239-9838for U.S. and Canada (pass code 6809278). For international, the dial-in number is (323) 794-2551 (pass code 6809278). A live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the “Investors” section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. The Company will maintain a replay of the call on its website through Thursday, February 8. A replay of the call will also be available by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International) - pass code 6809278, PIN 1945.

    In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the fourth quarter of 2017 is available on the “Investors” section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum (www.unum.com) is one of the leading providers of employee benefits products and services and the largest provider of disability insurance products in the United States and the United Kingdom.

SAFE HARBOR STATEMENT

Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 7

These forward-looking statements, including statements about anticipated growth in after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) sustained periods of low interest rates; (2) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in government programs; (3) unfavorable economic or business conditions, both domestic and foreign; (4) legislative, regulatory, or tax changes, both domestic and foreign, including the effect of potential legislation and increased regulation in the current political environment; (5) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (6) a cyber attack or other security breach could result in the unauthorized acquisition of confidential data; (7) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cyber attack, or other event; (8) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (9) execution risk related to our technology needs; (10) changes in our financial strength and credit ratings; (11) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (12) actual experience that deviates from our assumptions used in pricing, underwriting, and reserving; (13) actual persistency and/or sales growth that is higher or lower than projected; (14) changes in demand for our products due to, among other factors, changes in societal attitudes, the rate of unemployment, consumer confidence, and/or legislative and regulatory changes, including healthcare reform; (15) effectiveness of our risk management program; (16) contingencies and the level and results of litigation; (17) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (18) ineffectiveness of our derivatives hedging programs due to changes in the economic environment, counterparty risk, ratings downgrades, capital market volatility, changes in interest rates, and/or regulation; (19) changes in accounting standards, practices, or policies; (20) fluctuation in foreign currency exchange rates; (21) ability to generate sufficient internal liquidity and/or obtain external financing; (22) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; and (23) terrorism, both within the U.S. and abroad, ongoing military actions, and heightened security measures in response to these types of threats.

For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2016 and, to the extent applicable, our subsequent quarterly reports on Form 10-Q. The forward-looking statements in this news release are being made as of the date of this news release, and the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise.

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 8

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
	Three Months Ended December 31						Year Ended December 31
	2017			2016			2017			2016
Revenue
Premium Income	$	2,158.4		$	2,099.2		$	8,597.1		$	8,357.7
Net Investment Income	619.8			617.9			2,451.7			2,459.0
Net Realized Investment Gain	11.4			28.4			40.3			24.2
Other Income	49.6			51.0			197.7			205.6
Total Revenue	2,839.2			2,796.5			11,286.8			11,046.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,789.1			1,735.9			7,055.7			6,941.8
Commissions	266.9			255.0			1,060.8			1,026.7
Interest and Debt Expense	40.1			39.8			159.9			166.0
Deferral of Acquisition Costs	(157.9		)	(145.4		)	(628.0		)	(592.4		)
Amortization of Deferred Acquisition Costs	123.6			115.8			527.1			493.0
Other Expenses	432.1			424.2			1,707.3			1,663.7
Total Benefits and Expenses	2,493.9			2,425.3			9,882.8			9,698.8
Income Before Income Tax	345.3			371.2			1,404.0			1,347.7
Income Tax	78.4			123.2			409.8			416.3
Net Income	$	266.9		$	248.0		$	994.2		$	931.4
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	1.19		$	1.07		$	4.39		$	3.96
Assuming Dilution	$	1.19		$	1.07		$	4.37		$	3.95
Weighted Average Common Shares - Basic (000s)	223,872.5			231,518.6			226,492.4			235,445.7
Weighted Average Common Shares - Assuming Dilution (000s)	224,828.6			232,454.1			227,335.2			235,979.2
Outstanding Shares - (000s)							222,547.1			229,822.9

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 9

Reconciliation of Non-GAAP Financial Measures

($ in millions, except share data)
	Three Months Ended December 31
	2017						2016
				per share*					per share*
Net Income	$	266.9		$	1.19		$	248.0	$	1.07
Excluding:
Net Realized Investment Gain (net of tax expense of $4.2; $10.1)	7.2			0.03			18.3		0.08
Unclaimed Death Benefits Reserve Increase (net of tax benefit of $13.6; $-)	(25.4		)	(0.11		)	—		—
Net Tax Benefit from Enactment of U.S. Tax Reform Bill	31.5			0.14			—		—
After-tax Adjusted Operating Income	$	253.6		$	1.13		$	229.7	$	0.99
	Year Ended December 31
	2017						2016
				per share*					per share*
Net Income	$	994.2		$	4.37		$	931.4	$	3.95
Excluding:
Net Realized Investment Gain (net of tax expense of $15.0; $8.4)	25.3			0.11			15.8		0.07
Loss from Guaranty Fund Assessment (net of tax benefit of $7.2; $-)	(13.4		)	(0.06		)	—		—
Unclaimed Death Benefits Reserve Increase (net of tax benefit of $13.6; $-)	(25.4		)	(0.11		)	—		—
Net Tax Benefit from Enactment of U.S. Tax Reform Bill	31.5			0.14			—		—
After-tax Adjusted Operating Income	$	976.2		$	4.29		$	915.6	$	3.88
* Assuming Dilution

	Unum US
	Group Life and Accidental					Unum US
	Death & Dismemberment					Voluntary Benefits
				Benefit Ratio					Benefit Ratio
Three Months Ended December 31, 2017
Premium Income	$	402.8				$	210.2
Benefits and Change in Reserves for Future Benefits	305.7			75.9	%	102.3			48.7	%
Unclaimed Death Benefits Reserve Increase	(18.5		)			(8.1		)
Benefits and Change in Reserves for Future Benefits, Excluding Reserve Adjustments	287.2			71.3	%	94.2			44.8	%

	Colonial Life
				Benefit Ratio
Three Months Ended December 31, 2017
Premium Income	$	382.1
Benefits and Change in Reserves for Future Benefits	209.4			54.8	%
Unclaimed Death Benefits Reserve Increase	(12.4		)
Benefits and Change in Reserves for Future Benefits, Excluding Reserve Adjustment	197.0			51.6	%

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 10

	Unum US
	Individual Disability
			Benefit Ratio
Three Months Ended December 31, 2017
Premium Income	$	102.1
Benefits and Change in Reserves for Future Benefits	35.1		34.4	%
Reserve Release	19.5
Benefits and Change in Reserves for Future Benefits, Excluding Reserve Release	54.6		53.5	%

	December 31
	2017						2016
				per share						per share
Total Stockholders' Equity (Book Value)	$	9,574.9		$	43.02		$	8,968.0		$	39.02
Excluding:
Net Unrealized Gain on Securities	607.8			2.73			440.6			1.92
Net Gain on Cash Flow Hedges	282.3			1.27			327.5			1.42
Subtotal	8,684.8			39.02			8,199.9			35.68
Excluding:
Foreign Currency Translation Adjustment	(254.5		)	(1.15		)	(354.0		)	(1.54		)
Subtotal	8,939.3			40.17			8,553.9			37.22
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(508.1		)	(2.28		)	(465.1		)	(2.02		)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	9,447.4		$	42.45		$	9,019.0		$	39.24

UNUM IS A REGISTERED TRADEMARK AND MARKETING BRAND OF UNUM GROUP AND ITS INSURING SUBSIDIARIES. 11

EX-99.2

Unum Group

Statistical Supplement Fourth Quarter 2017

TABLE OF CONTENTS

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

Interim Results are Unaudited

	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment
Unum US	9
Unum UK	10
Colonial Life	11
Closed Block	12
Corporate	13
Reserves	14
Investments	15
Appendix to Statistical Supplement	16
Effective December 31, 2017, to more clearly differentiate between the GAAP and non-GAAP financial measures, we changed the naming convention for our non-GAAP financial measures from “operating” measures to “adjusted operating” measures, which includes a change from "operating revenue" to "adjusted operating revenue", "after-tax operating income" to "after-tax adjusted operating income", and "operating return on equity" to "adjusted operating return on equity". The definition of these labels remains unchanged.
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.1 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended		Year Ended
	12/31/2017	12/31/2016	12/31/2017	12/31/2016	12/31/2015
Consolidated U.S. GAAP Results¹

Premium Income	$	2,158.4		$	2,099.2		$	8,597.1		$	8,357.7		$	8,082.4
Adjusted Operating Revenue	$	2,827.8		$	2,768.1		$	11,246.5		$	11,022.3		$	10,775.1
Net Realized Investment Gain (Loss)	11.4			28.4			40.3			24.2			(43.8		)
Revenue	$	2,839.2		$	2,796.5		$	11,286.8		$	11,046.5		$	10,731.3
Net Income	$	266.9		$	248.0		$	994.2		$	931.4		$	867.1
Net Income Per Common Share:
Basic	$	1.19		$	1.07		$	4.39		$	3.96		$	3.51
Assuming Dilution	$	1.19		$	1.07		$	4.37		$	3.95		$	3.50
Assets							$	64,013.1		$	61,941.5		$	60,563.6
Stockholders' Equity							$	9,574.9		$	8,968.0		$	8,663.9
Adjusted Operating Return on Equity2
Unum US	16.8		%	15.4		%	15.9		%	15.0		%	13.3		%
Unum UK	15.5		%	15.1		%	15.2		%	18.6		%	18.0		%
Colonial Life	15.4		%	17.1		%	16.2		%	17.4		%	16.6		%
Core Operating Segments	16.3		%	15.7		%	15.9		%	15.9		%	14.5		%
Consolidated	11.7		%	11.2		%	11.6		%	11.2		%	11.2		%

Traditional U.S. Life Insurance Companies' Statutory Results3
Net Gain from Operations, After Tax	$	219.9		$	260.6		$	812.4		$	884.6		$	689.2
Net Realized Investment Loss, After Tax	(7.5		)	(8.1		)	(5.0		)	(29.5		)	(35.5		)
Net Income	$	212.4		$	252.5		$	807.4		$	855.1		$	653.7
Capital and Surplus							$	3,448.3		$	3,626.9		$	3,470.3
Weighted Average Risk-based Capital Ratio							~390%			~ 400%			~ 400%

¹ Generally Accepted Accounting Principles

² We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment.  Amounts for periods prior to January 1, 2017 have been adjusted to conform to current year reporting. See page 13.

³ Our traditional U.S. life insurance companies are Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company, Provident Life and Casualty Insurance Company, First Unum Life Insurance Company, Unum Insurance Company, and Starmount Life Insurance Company.

1

Unum Group Capital Metrics

	12/31/2017						12/31/2016						12/31/2015
	(in millions)			per share			(in millions)			per share			(in millions)			per share
Total Stockholders' Equity (Book Value)	$	9,574.9		$	43.02		$	8,968.0		$	39.02		$	8,663.9		$	35.96
Excluding:
Net Unrealized Gain on Securities	607.8			2.73			440.6			1.92			204.3			0.84
Net Gain on Cash Flow Hedges	282.3			1.27			327.5			1.42			378.0			1.57
Subtotal	8,684.8			39.02			8,199.9			35.68			8,081.6			33.55
Excluding:
Foreign Currency Translation Adjustment	(254.5		)	(1.15		)	(354.0		)	(1.54		)	(173.6		)	(0.72		)
Subtotal	8,939.3			40.17			8,553.9			37.22			8,255.2			34.27
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(508.1		)	(2.28		)	(465.1		)	(2.02		)	(392.6		)	(1.63		)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	9,447.4		$	42.45		$	9,019.0		$	39.24		$	8,647.8		$	35.90
Dividends Paid	$	196.0		$	0.86		$	182.6		$	0.77		$	174.2		$	0.70

	Three Months Ended				Year Ended
	12/31/2017		12/31/2016		12/31/2017			12/31/2016			12/31/2015
Shares Repurchased (millions)	1.9		2.5		8.2			11.9			12.3
Cost of Shares Repurchased (millions)(1)	$	100.1	$	103.0	$	400.4		$	403.3		$	426.7
Price (UNM closing price on last trading day of period)					$	54.89		$	43.93		$	33.29
Leverage Ratio					26.1		%	27.2		%	25.5		%
Holding Company Cash and Marketable Securities					$	864		$	594		$	475

⁽¹⁾ Includes commissions of $0.3 million, $0.2 million, and $0.3 million for the years ended December 31, 2017, 2016, and 2015, respectively, $0.1 million for the three months ended December 31, 2017, and a de minimis amount for the three months ended December 31, 2016.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Outlook	Stable	Stable	Stable	Stable
Issuer Credit 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
Colonial Life & Accident Insurance Company	A	A	A2	A
The Paul Revere Life Insurance Company	A	A	A2	A
Starmount Life Insurance Company	A-	NR	NR	NR
Unum Insurance Company	A-	A	A2	NR
Unum Limited	NR	NR	NR	A-

NR = not rated

3

Unum Group Consolidated Statements of Income

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Revenue
Premium Income	$	2,158.4		$	2,099.2		$	8,597.1		$	8,357.7		$	8,082.4
Net Investment Income	619.8			617.9			2,451.7			2,459.0			2,481.2
Net Realized Investment Gain (Loss)	11.4			28.4			40.3			24.2			(43.8		)
Other Income	49.6			51.0			197.7			205.6			211.5
Total Revenue	2,839.2			2,796.5			11,286.8			11,046.5			10,731.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,789.1			1,735.9			7,055.7			6,941.8			6,782.8
Commissions	266.9			255.0			1,060.8			1,026.7			996.3
Interest and Debt Expense - Non-recourse Debt	1.6			1.8			6.7			6.9			6.6
Interest and Debt Expense - All Other Debt	38.5			38.0			153.2			159.1			146.2
Deferral of Acquisition Costs	(157.9		)	(145.4		)	(628.0		)	(592.4		)	(569.7		)
Amortization of Deferred Acquisition Costs	123.6			115.8			527.1			493.0			482.3
Other Expenses	432.1			424.2			1,707.3			1,663.7			1,648.5
Total Benefits and Expenses	2,493.9			2,425.3			9,882.8			9,698.8			9,493.0
Income Before Income Tax	345.3			371.2			1,404.0			1,347.7			1,238.3
Income Tax	78.4			123.2			409.8			416.3			371.2
Net Income	$	266.9		$	248.0		$	994.2		$	931.4		$	867.1
Weighted Average Shares Outstanding
Basic	223.9			231.5			226.5			235.4			247.0
Assuming Dilution	224.8			232.4			227.3			236.0			247.9
Actual Number of Shares Outstanding							222.5			229.8			240.9

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Year Ended
	12/31/2017		12/31/2016		% Change		12/31/2017		12/31/2016		12/31/2015
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	126.2	$	107.7	17.2	%	$	240.8	$	217.8	$	239.7
Group Short-term Disability	97.5		61.8		57.8		162.5		114.6		119.7
Group Life and AD&D	178.7		142.9		25.1		310.5		270.1		250.1
Subtotal	402.4		312.4		28.8		713.8		602.5		609.5
Supplemental and Voluntary
Individual Disability	17.7		17.4		1.7		67.9		65.1		67.5
Voluntary Benefits	50.8		45.4		11.9		292.5		261.7		262.6
Dental and Vision	24.8		10.0		148.0		54.8		14.5		—
Subtotal	93.3		72.8		28.2		415.2		341.3		330.1
Total Sales	$	495.7	$	385.2	28.7		$	1,129.0	$	943.8	$	939.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	204.8	$	181.7	12.7	%	$	416.9	$	378.1	$	405.4
Large Case Market	197.6		130.7		51.2		296.9		224.4		204.1
Subtotal	402.4		312.4		28.8		713.8		602.5		609.5
Supplemental and Voluntary	93.3		72.8		28.2		415.2		341.3		330.1
Total Sales	$	495.7	$	385.2	28.7		$	1,129.0	$	943.8	$	939.6

5

Unum Group Sales Data for Unum UK Segment

	Three Months Ended						Year Ended
(in millions of dollars)	12/31/2017		12/31/2016		% Change		12/31/2017		12/31/2016		12/31/2015
Sales by Product
Group Long-term Disability	$	15.6	$	13.8	13.0	%	$	47.1	$	50.2	$	53.4
Group Life	6.7		7.6		(11.8	)	24.4		23.8		25.7
Supplemental	2.2		2.3		(4.3	)	14.4		10.5		5.0
Total Sales	$	24.5	$	23.7	3.4		$	85.9	$	84.5	$	84.1
Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	8.8	$	11.4	(22.8	)%	$	30.4	$	42.0	$	44.3
Large Case Market	13.5		10.0		35.0		41.1		32.0		34.8
Subtotal	22.3		21.4		4.2		71.5		74.0		79.1
Supplemental	2.2		2.3		(4.3	)	14.4		10.5		5.0
Total Sales	$	24.5	$	23.7	3.4		$	85.9	$	84.5	$	84.1
(in millions of pounds)
Sales by Product
Group Long-term Disability	£	11.7	£	11.1	5.4	%	£	36.6	£	37.2	£	35.0
Group Life	5.0		6.1		(18.0	)	18.9		17.8		16.8
Supplemental	1.7		1.9		(10.5	)	11.3		7.7		3.3
Total Sales	£	18.4	£	19.1	(3.7	)	£	66.8	£	62.7	£	55.1
Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	6.6	£	9.1	(27.5	)%	£	23.6	£	31.2	£	29.0
Large Case Market	10.1		8.1		24.7		31.9		23.8		22.8
Subtotal	16.7		17.2		(2.9	)	55.5		55.0		51.8
Supplemental	1.7		1.9		(10.5	)	11.3		7.7		3.3
Total Sales	£	18.4	£	19.1	(3.7	)	£	66.8	£	62.7	£	55.1

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Year Ended
	12/31/2017		12/31/2016		% Change		12/31/2017		12/31/2016		12/31/2015
Sales by Product
Accident, Sickness, and Disability	$	121.6	$	115.2	5.6	%	$	323.2	$	310.6	$	276.1
Life	39.3		34.4		14.2		107.7		94.0		85.6
Cancer and Critical Illness	38.9		31.4		23.9		88.8		79.0		76.8
Total Sales	$	199.8	$	181.0	10.4		$	519.7	$	483.6	$	438.5
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	120.4	$	108.0	11.5	%	$	340.9	$	309.0	$	290.8
Large Case Market	36.5		26.9		35.7		63.2		59.8		54.2
Subtotal	156.9		134.9		16.3		404.1		368.8		345.0
Public Sector	42.9		46.1		(6.9	)	115.6		114.8		93.5
Total Sales	$	199.8	$	181.0	10.4		$	519.7	$	483.6	$	438.5

5. 2

Unum Group Consolidated Balance Sheets

	December 31
	2017			2016
Assets
Investments
Fixed Maturity Securities	$	45,457.8		$	44,217.3
Mortgage Loans	2,213.2			2,038.9
Policy Loans	3,571.1			3,463.2
Other Long-term Investments	646.8			631.5
Short-term Investments	1,155.1			780.0
Total Investments	53,044.0			51,130.9
Other Assets
Cash and Bank Deposits	77.4			100.4
Accounts and Premiums Receivable	1,665.7			1,610.8
Reinsurance Recoverable	4,879.2			4,858.9
Accrued Investment Income	690.1			693.3
Deferred Acquisition Costs	2,184.6			2,094.2
Goodwill	338.6			335.1
Property and Equipment	504.8			500.6
Other Assets	628.7			617.3
Total Assets	$	64,013.1		$	61,941.5
Liabilities
Policy and Contract Benefits	$	1,605.2		$	1,507.9
Reserves for Future Policy and Contract Benefits	45,601.6			44,245.9
Unearned Premiums	373.1			363.7
Other Policyholders’ Funds	1,595.0			1,623.8
Income Tax Payable	2.9			20.6
Deferred Income Tax	199.0			130.3
Short-term Debt	199.9			—
Long-term Debt - Non-recourse	196.0			255.0
Long-term Debt - All Other	2,542.4			2,744.4
Payables for Collateral on Investments	396.2			406.0
Other Liabilities	1,726.9			1,675.9
Total Liabilities	54,438.2			52,973.5
Stockholders’ Equity
Common Stock	30.5			30.4
Additional Paid-in Capital	2,303.3			2,272.8
Accumulated Other Comprehensive Income (Loss)	127.5			(51.0		)
Retained Earnings	9,542.2			8,744.0
Treasury Stock	(2,428.6		)	(2,028.2		)
Total Stockholders’ Equity	9,574.9			8,968.0
Total Liabilities and Stockholders’ Equity	$	64,013.1		$	61,941.5

6

Unum Group Deferred Acquisition Costs by Segment

	Unum US			Unum UK			Colonial Life			Consolidated
Balances at December 31, 2014	$	1,096.5		$	30.4		$	774.4		$	1,901.3
Capitalization	307.3			9.6			252.8			569.7
Amortization	(272.3		)	(11.3		)	(198.7		)	(482.3		)
Adjustment Related to Unrealized Investment Gains and Losses	4.9			—			16.5			21.4
Foreign Currency	—			(1.6		)	—			(1.6		)
Balances at December 31, 2015	1,136.4			27.1			845.0			2,008.5
Capitalization	314.1			8.2			270.1			592.4
Amortization	(275.2		)	(9.7		)	(208.1		)	(493.0		)
Adjustment Related to Unrealized Investment Gains and Losses	1.2			—			(10.7		)	(9.5		)
Foreign Currency	—			(4.2		)	—			(4.2		)
Balances at December 31, 2016	1,176.5			21.4			896.3			2,094.2
Capitalization	325.5			7.0			295.5			628.0
Amortization	(293.6		)	(9.1		)	(224.4		)	(527.1		)
Adjustment Related to Unrealized Investment Gains and Losses	(3.0		)	—			(9.5		)	(12.5		)
Foreign Currency	—			2.0			—			2.0
Balances at December 31, 2017	$	1,205.4		$	21.3		$	957.9		$	2,184.6

6. 1

Unum Group Balance Sheets by Segment - December 31, 2017

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum UK		Colonial Life		Closed Block		Corporate			Consolidated
Assets
Investments	$	8,630.4	$	2,315.2	$	4,645.5	$	15,591.1	$	3,075.6	$	2,939.9	$	29,027.5	$	2,409.9		$	53,044.0
Deferred Acquisition Costs	96.7		77.7		1,031.0		1,205.4		21.3		957.9		—		—			2,184.6
Goodwill	—		—		271.1		271.1		39.8		27.7		—		—			338.6
All Other	364.2		174.6		502.7		1,041.5		291.4		258.6		6,023.7		830.7			8,445.9
Total Assets	$	9,091.3	$	2,567.5	$	6,450.3	$	18,109.1	$	3,428.1	$	4,184.1	$	35,051.2	$	3,240.6		$	64,013.1
Liabilities
Reserves and Policyholder Benefits	$	7,426.5	$	1,742.2	$	4,035.6	$	13,204.3	$	2,627.7	$	2,478.3	$	30,864.6	$	—		$	49,174.9
Debt	—		—		—		—		—		—		196.0		2,742.3			2,938.3
All Other	146.1		29.7		366.9		542.7		86.9		207.7		69.2		1,418.5			2,325.0
Total Liabilities	7,572.6		1,771.9		4,402.5		13,747.0		2,714.6		2,686.0		31,129.8		4,160.8			54,438.2
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,501.1		775.3		1,915.9		4,192.3		643.2		1,389.2		3,406.3		(946.2		)	8,684.8
Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	17.6		20.3		131.9		169.8		70.3		108.9		515.1		26.0			890.1
Total Allocated Stockholders' Equity	1,518.7		795.6		2,047.8		4,362.1		713.5		1,498.1		3,921.4		(920.2		)	9,574.9
Total Liabilities and Allocated Stockholders' Equity	$	9,091.3	$	2,567.5	$	6,450.3	$	18,109.1	$	3,428.1	$	4,184.1	$	35,051.2	$	3,240.6		$	64,013.1

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

6. 2

Unum Group Balance Sheets by Segment - December 31, 2016

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum UK		Colonial Life		Closed Block			Corporate			Consolidated
Assets
Investments	$	8,763.7	$	2,327.1	$	4,488.9	$	15,579.7	$	2,856.9	$	2,787.4	$	27,894.5		$	2,012.4		$	51,130.9
Deferred Acquisition Costs	89.8		73.4		1,013.3		1,176.5		21.4		896.3		—			—			2,094.2
Goodwill	—		—		271.1		271.1		36.3		27.7		—			—			335.1
All Other	445.4		144.0		419.9		1,009.3		186.8		211.8		5,839.8			1,133.6			8,381.3
Total Assets	$	9,298.9	$	2,544.5	$	6,193.2	$	18,036.6	$	3,101.4	$	3,923.2	$	33,734.3		$	3,146.0		$	61,941.5
Liabilities
Reserves and Policyholder Benefits	$	7,495.6	$	1,690.4	$	3,872.2	$	13,058.2	$	2,365.4	$	2,341.7	$	29,976.0		$	—		$	47,741.3
Debt	—		—		—		—		—		—		255.0			2,744.4			2,999.4
All Other	272.7		58.1		429.5		760.3		72.0		270.8		(105.5		)	1,235.2			2,232.8
Total Liabilities	7,768.3		1,748.5		4,301.7		13,818.5		2,437.4		2,612.5		30,125.5			3,979.6			52,973.5
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,511.1		766.9		1,790.2		4,068.2		571.3		1,227.0		3,173.9			(840.5		)	8,199.9
Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	19.5		29.1		101.3		149.9		92.7		83.7		434.9			6.9			768.1
Total Allocated Stockholders' Equity	1,530.6		796.0		1,891.5		4,218.1		664.0		1,310.7		3,608.8			(833.6		)	8,968.0
Total Liabilities and Allocated Stockholders' Equity	$	9,298.9	$	2,544.5	$	6,193.2	$	18,036.6	$	3,101.4	$	3,923.2	$	33,734.3		$	3,146.0		$	61,941.5

6. 3

Unum Group Financial Results by Segment

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses and certain other items as specified in the following pages. 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. Effective December 31, 2017, we changed the naming convention of "operating revenue" to "adjusted operating revenue" and "operating income" to "adjusted operating income" or "adjusted operating loss." The definition of these labels remains unchanged.  We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment as a component of "benefits and expenses" and the tax thereon is reported in "income tax" in the following charts.  Amounts for periods prior to January 1, 2017 have been adjusted to conform to current year reporting.

	Three Months Ended						Year Ended
	12/31/2017		12/31/2016		% Change		12/31/2017		12/31/2016		% Change
Premium Income
Unum US	$	1,364.5	$	1,325.2	3.0	%	$	5,443.5	$	5,240.9	3.9
Unum UK	133.4		121.9		9.4		513.0		529.3		(3.1	)
Colonial Life	382.1		360.4		6.0		1,511.4		1,417.1		6.7
Closed Block	278.4		291.7		(4.6	)	1,129.2		1,170.4		(3.5	)
	2,158.4		2,099.2		2.8		8,597.1		8,357.7		2.9
Net Investment Income
Unum US	202.1		206.3		(2.0	)	811.2		828.7		(2.1	)
Unum UK	31.9		28.8		10.8		120.2		118.1		1.8
Colonial Life	37.1		35.8		3.6		144.9		141.5		2.4
Closed Block	341.5		343.6		(0.6	)	1,354.0		1,352.2		0.1
Corporate	7.2		3.4		111.8		21.4		18.5		15.7
	619.8		617.9		0.3		2,451.7		2,459.0		(0.3	)
Other Income
Unum US	27.9		27.7		0.7		113.2		113.3		(0.1	)
Unum UK	0.1		—		—		0.7		0.2		N.M.
Colonial Life	0.3		0.2		50.0		1.1		1.2		(8.3	)
Closed Block	19.9		20.7		(3.9	)	79.8		86.0		(7.2	)
Corporate	1.4		2.4		(41.7	)	2.9		4.9		(40.8	)
	49.6		51.0		(2.7	)	197.7		205.6		(3.8	)
Total Adjusted Operating Revenue
Unum US	1,594.5		1,559.2		2.3		6,367.9		6,182.9		3.0
Unum UK	165.4		150.7		9.8		633.9		647.6		(2.1	)
Colonial Life	419.5		396.4		5.8		1,657.4		1,559.8		6.3
Closed Block	639.8		656.0		(2.5	)	2,563.0		2,608.6		(1.7	)
Corporate	8.6		5.8		48.3		24.3		23.4		3.8
	$	2,827.8	$	2,768.1	2.2		$	11,246.5	$	11,022.3	2.0

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended								Year Ended
	12/31/2017			12/31/2016			% Change		12/31/2017			12/31/2016			% Change
Benefits and Expenses
Unum US	$	1,356.9		$	1,319.1		2.9	%	$	5,385.0		$	5,268.7		2.2	%
Unum UK	135.7			120.8			12.3		522.2			519.0			0.6
Colonial Life	352.8			316.5			11.5		1,344.8			1,245.6			8.0
Closed Block	606.7			621.4			(2.4	)	2,439.1			2,479.1			(1.6	)
Corporate	41.8			47.5			(12.0	)	191.7			186.4			2.8
	2,493.9			2,425.3			2.8		9,882.8			9,698.8			1.9
Income (Loss) Before Income Tax and Net Realized Investment Gain
Unum US	237.6			240.1			(1.0	)	982.9			914.2			7.5
Unum UK	29.7			29.9			(0.7	)	111.7			128.6			(13.1	)
Colonial Life	66.7			79.9			(16.5	)	312.6			314.2			(0.5	)
Closed Block	33.1			34.6			(4.3	)	123.9			129.5			(4.3	)
Corporate	(33.2		)	(41.7		)	(20.4	)	(167.4		)	(163.0		)	2.7
	333.9			342.8			(2.6	)	1,363.7			1,323.5			3.0
Income Tax	74.2			113.1			(34.4	)	394.8			407.9			(3.2	)
Income Before Net Realized Investment Gain	259.7			229.7			13.1		968.9			915.6			5.8
Net Realized Investment Gain (net of tax expense of $4.2; $10.1; $15.0; $8.4)	7.2			18.3			(60.7	)	25.3			15.8			60.1
Net Income	$	266.9		$	248.0		7.6		$	994.2		$	931.4		6.7

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	12/31/17		9/30/17		6/30/17		3/31/17		12/31/16		9/30/16		6/30/16		3/31/16		12/31/15
Premium Income
Unum US	$	1,364.5	$	1,360.9	$	1,357.7	$	1,360.4	$	1,325.2	$	1,315.0	$	1,299.4	$	1,301.3	$	1,251.6
Unum UK	133.4		131.5		126.8		121.3		121.9		127.3		140.8		139.3		150.4
Colonial Life	382.1		378.7		376.3		374.3		360.4		354.1		351.4		351.2		337.4
Closed Block	278.4		282.5		281.4		286.9		291.7		293.0		290.0		295.7		298.4
	2,158.4		2,153.6		2,142.2		2,142.9		2,099.2		2,089.4		2,081.6		2,087.5		2,037.8
Net Investment Income
Unum US	202.1		201.0		205.6		202.5		206.3		207.3		207.7		207.4		220.3
Unum UK	31.9		28.5		33.2		26.6		28.8		28.5		34.0		26.8		34.8
Colonial Life	37.1		36.0		36.7		35.1		35.8		36.1		35.6		34.0		35.6
Closed Block	341.5		337.2		340.0		335.3		343.6		334.1		341.1		333.4		340.4
Corporate	7.2		6.3		5.0		2.9		3.4		5.4		4.9		4.8		5.3
	619.8		609.0		620.5		602.4		617.9		611.4		623.3		606.4		636.4
Other Income
Unum US	27.9		26.5		30.1		28.7		27.7		28.7		27.9		29.0		28.8
Unum UK	0.1		0.6		—		—		—		—		0.2		—		—
Colonial Life	0.3		0.3		0.2		0.3		0.2		0.4		0.3		0.3		—
Closed Block	19.9		18.9		20.2		20.8		20.7		21.5		21.4		22.4		21.8
Corporate	1.4		0.4		0.7		0.4		2.4		0.9		1.3		0.3		0.3
	49.6		46.7		51.2		50.2		51.0		51.5		51.1		52.0		50.9
Total Adjusted Operating Revenue
Unum US	1,594.5		1,588.4		1,593.4		1,591.6		1,559.2		1,551.0		1,535.0		1,537.7		1,500.7
Unum UK	165.4		160.6		160.0		147.9		150.7		155.8		175.0		166.1		185.2
Colonial Life	419.5		415.0		413.2		409.7		396.4		390.6		387.3		385.5		373.0
Closed Block	639.8		638.6		641.6		643.0		656.0		648.6		652.5		651.5		660.6
Corporate	8.6		6.7		5.7		3.3		5.8		6.3		6.2		5.1		5.6
	$	2,827.8	$	2,809.3	$	2,813.9	$	2,795.5	$	2,768.1	$	2,752.3	$	2,756.0	$	2,745.9	$	2,725.1

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	12/31/17			9/30/17			6/30/17			3/31/17			12/31/16			9/30/16			6/30/16			3/31/16			12/31/15
Benefits and Expenses
Unum US	$	1,356.9		$	1,330.0		$	1,345.6		$	1,352.5		$	1,319.1		$	1,320.0		$	1,307.8		$	1,321.8		$	1,286.5
Unum UK	135.7			134.1			131.1			121.3			120.8			127.6			138.1			132.5			148.2
Colonial Life	352.8			333.3			331.4			327.3			316.5			311.6			309.4			308.1			295.4
Closed Block	606.7			612.0			609.0			611.4			621.4			620.0			619.9			617.8			632.5
Corporate	41.8			42.9			43.3			63.7			47.5			52.0			45.9			41.0			43.2
	2,493.9			2,452.3			2,460.4			2,476.2			2,425.3			2,431.2			2,421.1			2,421.2			2,405.8
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses
Unum US	237.6			258.4			247.8			239.1			240.1			231.0			227.2			215.9			214.2
Unum UK	29.7			26.5			28.9			26.6			29.9			28.2			36.9			33.6			37.0
Colonial Life	66.7			81.7			81.8			82.4			79.9			79.0			77.9			77.4			77.6
Closed Block	33.1			26.6			32.6			31.6			34.6			28.6			32.6			33.7			28.1
Corporate	(33.2		)	(36.2		)	(37.6		)	(60.4		)	(41.7		)	(45.7		)	(39.7		)	(35.9		)	(37.6		)
	333.9			357.0			353.5			319.3			342.8			321.1			334.9			324.7			319.3
Income Tax	74.2			110.9			113.1			96.6			113.1			92.4			101.9			100.5			90.7
Income Before Net Realized Investment Gain (Loss)	259.7			246.1			240.4			222.7			229.7			228.7			233.0			224.2			228.6
Net Realized Investment Gain (Loss)	11.4			9.8			8.1			11.0			28.4			11.0			5.3			(20.5		)	(2.7		)
Tax Expense (Benefit) on Net Realized Investment Gain (Loss)	4.2			3.6			3.4			3.8			10.1			3.7			1.5			(6.9		)	(0.2		)
Net Income	$	266.9		$	252.3		$	245.1		$	229.9		$	248.0		$	236.0		$	236.8		$	210.6		$	226.1
Net Income Per Common Share - Assuming Dilution	$	1.19		$	1.12		$	1.07		$	1.00		$	1.07		$	1.01		$	1.00		$	0.88		$	0.93

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income	$	1,364.5		$	1,325.2		$	5,443.5		$	5,240.9		$	4,960.0
Net Investment Income	202.1			206.3			811.2			828.7			865.3
Other Income	27.9			27.7			113.2			113.3			119.2
Total	1,594.5			1,559.2			6,367.9			6,182.9			5,944.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	933.6			911.6			3,693.4			3,624.3			3,476.7
Commissions	148.8			140.6			590.8			580.4			562.2
Deferral of Acquisition Costs	(81.5		)	(74.3		)	(325.5		)	(314.1		)	(307.3		)
Amortization of Deferred Acquisition Costs	65.3			61.2			293.6			275.2			272.3
Other Expenses	290.7			280.0			1,132.7			1,102.9			1,090.6
Total	1,356.9			1,319.1			5,385.0			5,268.7			5,094.5
Income Before Income Tax and Net Realized Investment Gains and Losses	237.6			240.1			982.9			914.2			850.0
Unclaimed Death Benefits (UDB) Reserve Increase	26.6			—			26.6			—			—
Adjusted Operating Income	$	264.2		$	240.1		$	1,009.5		$	914.2		$	850.0
Operating Ratios (% of Premium Income):
Benefit Ratio	68.4		%	68.8		%	67.8		%	69.2		%	70.1		%
Benefit Ratio Excluding UDB Reserve Increase	66.5		%				67.4		%
Other Expense Ratio	21.3		%	21.1		%	20.8		%	21.0		%	22.0		%
Income Ratio	17.4		%	18.1		%	18.1		%	17.4		%	17.1		%
Adjusted Operating Income Ratio	19.4		%				18.5		%

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	442.3		$	435.0		$	1,749.6		$	1,726.6		$	1,644.7
Group Short-term Disability	162.5			156.9			639.8			626.1			607.4
Total Premium Income	604.8			591.9			2,389.4			2,352.7			2,252.1
Net Investment Income	113.2			118.8			460.5			479.5			496.5
Other Income	24.9			22.9			98.3			91.1			92.9
Total	742.9			733.6			2,948.2			2,923.3			2,841.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	461.7			459.8			1,828.5			1,863.8			1,834.0
Commissions	44.8			43.9			181.9			178.2			172.2
Deferral of Acquisition Costs	(11.1		)	(11.1		)	(46.9		)	(46.4		)	(43.2		)
Amortization of Deferred Acquisition Costs	10.0			8.9			39.9			35.9			33.7
Other Expenses	150.8			142.6			587.0			572.1			572.4
Total	656.2			644.1			2,590.4			2,603.6			2,569.1
Adjusted Operating Income	$	86.7		$	89.5		$	357.8		$	319.7		$	272.4
Operating Ratios (% of Premium Income):
Benefit Ratio	76.3		%	77.7		%	76.5		%	79.2		%	81.4		%
Other Expense Ratio	24.9		%	24.1		%	24.6		%	24.3		%	25.4		%
Adjusted Operating Income Ratio	14.3		%	15.1		%	15.0		%	13.6		%	12.1		%
Persistency:
Group Long-term Disability							89.9		%	91.0		%	92.1		%
Group Short-term Disability							86.6		%	87.7		%	88.1		%

9. 1

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

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Group Life	$	365.8		$	356.4		$	1,467.5		$	1,410.0		$	1,347.4
Accidental Death & Dismemberment	37.0			35.5			147.5			140.3			131.7
Total Premium Income	402.8			391.9			1,615.0			1,550.3			1,479.1
Net Investment Income	27.2			27.9			109.9			113.4			135.1
Other Income	1.2			1.2			4.8			4.5			2.1
Total	431.2			421.0			1,729.7			1,668.2			1,616.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	305.7			280.1			1,169.8			1,112.6			1,061.6
Commissions	33.3			32.0			131.3			126.8			121.2
Deferral of Acquisition Costs	(8.6		)	(8.3		)	(36.2		)	(35.7		)	(33.3		)
Amortization of Deferred Acquisition Costs	8.0			7.2			31.9			29.2			26.2
Other Expenses	54.3			53.9			217.4			213.5			215.7
Total	392.7			364.9			1,514.2			1,446.4			1,391.4
Income Before Income Tax and Net Realized Investment Gains and Losses	38.5			56.1			215.5			221.8			224.9
UDB Reserve Increase	18.5			—			18.5			—			—
Adjusted Operating Income	$	57.0		$	56.1		$	234.0		$	221.8		$	224.9
Operating Ratios (% of Premium Income):
Benefit Ratio	75.9		%	71.5		%	72.4		%	71.8		%	71.8		%
Benefit Ratio Excluding UDB Reserve Increase	71.3		%				71.3		%
Other Expense Ratio	13.5		%	13.8		%	13.5		%	13.8		%	14.6		%
Income Ratio	9.6		%	14.3		%	13.3		%	14.3		%	15.2		%
Adjusted Operating Income Ratio	14.2		%				14.5		%
Persistency:
Group Life							88.0		%	90.7		%	89.2		%
Accidental Death & Dismemberment							87.2		%	90.3		%	89.8		%

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Individual Disability	$	102.1		$	105.9		$	420.2		$	480.3		$	478.9
Voluntary Benefits	210.2			194.4			849.4			796.5			749.9
Dental and Vision	44.6			41.1			169.5			61.1			—
Total Premium Income	356.9			341.4			1,439.1			1,337.9			1,228.8
Net Investment Income	61.7			59.6			240.8			235.8			233.7
Other Income	1.8			3.6			10.1			17.7			24.2
Total	420.4			404.6			1,690.0			1,591.4			1,486.7
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	166.2			171.7			695.1			647.9			581.1
Commissions	70.7			64.7			277.6			275.4			268.8
Deferral of Acquisition Costs	(61.8		)	(54.9		)	(242.4		)	(232.0		)	(230.8		)
Amortization of Deferred Acquisition Costs	47.3			45.1			221.8			210.1			212.4
Other Expenses	85.6			83.5			328.3			317.3			302.5
Total	308.0			310.1			1,280.4			1,218.7			1,134.0
Income Before Income Tax and Net Realized Investment Gains and Losses	112.4			94.5			409.6			372.7			352.7
UDB Reserve Increase	8.1			—			8.1			—			—
Adjusted Operating Income	$	120.5		$	94.5		$	417.7		$	372.7		$	352.7
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability	34.4		%	54.7		%	47.2		%	52.9		%	51.8		%
Voluntary Benefits	48.7		%	44.6		%	44.6		%	44.3		%	44.4		%
Voluntary Benefits Excluding UDB Reserve Increase	44.8		%				43.6		%
Dental and Vision	64.6		%	65.9		%	69.6		%	66.6		%	—		%
Other Expense Ratio	24.0		%	24.5		%	22.8		%	23.7		%	24.6		%
Income Ratio	31.5		%	27.7		%	28.5		%	27.9		%	28.7		%
Adjusted Operating Income Ratio	33.8		%				29.0		%
Persistency:
Individual Disability							91.0		%	91.1		%	90.3		%
Voluntary Benefits							77.5		%	76.9		%	75.9		%
Dental and Vision							85.4		%	84.6		%	—		%

9. 3

Unum Group Financial Results for Unum UK Segment

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	88.7		$	81.1		$	340.3		$	355.2		$	397.4
Group Life	26.2			24.8			103.1			105.7			121.5
Supplemental	18.5			16.0			69.6			68.4			57.3
Total Premium Income	133.4			121.9			513.0			529.3			576.2
Net Investment Income	31.9			28.8			120.2			118.1			124.9
Other Income	0.1			—			0.7			0.2			—
Total	165.4			150.7			633.9			647.6			701.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	101.0			82.6			381.9			367.4			394.8
Commissions	8.5			11.0			35.5			38.9			41.8
Deferral of Acquisition Costs	(1.6		)	(2.1		)	(7.0		)	(8.2		)	(9.6		)
Amortization of Deferred Acquisition Costs	2.3			2.3			9.1			9.7			11.3
Other Expenses	25.5			27.0			102.7			111.2			122.2
Total	135.7			120.8			522.2			519.0			560.5
Adjusted Operating Income	$	29.7		$	29.9		$	111.7		$	128.6		$	140.6

10

Unum Group Financial Results for Unum UK Segment - Continued

	Three Months Ended						Year Ended
(in millions of pounds, except exchange rate)	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	66.9		£	65.3		£	264.0		£	262.0		£	259.9
Group Life	19.8			20.0			80.0			78.0			79.5
Supplemental	13.8			12.9			53.9			50.5			37.5
Total Premium Income	100.5			98.2			397.9			390.5			376.9
Net Investment Income	24.1			23.2			93.3			87.3			81.6
Other Income	—			—			0.5			0.1			—
Total	124.6			121.4			491.7			477.9			458.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	76.2			66.4			296.2			270.9			258.1
Commissions	6.5			8.9			27.6			28.9			27.4
Deferral of Acquisition Costs	(1.2		)	(1.7		)	(5.4		)	(6.1		)	(6.3		)
Amortization of Deferred Acquisition Costs	1.7			1.9			7.0			7.2			7.4
Other Expenses	19.0			21.8			79.7			82.2			79.9
Total	102.2			97.3			405.1			383.1			366.5
Adjusted Operating Income	£	22.4		£	24.1		£	86.6		£	94.8		£	92.0
Weighted Average Pound/Dollar Exchange Rate	1.326			1.241			1.290			1.357			1.528
Operating Ratios (% of Premium Income):
Benefit Ratio	75.8		%	67.6		%	74.4		%	69.4		%	68.5		%
Other Expense Ratio	18.9		%	22.2		%	20.0		%	21.0		%	21.2		%
Adjusted Operating Income Ratio	22.3		%	24.5		%	21.8		%	24.3		%	24.4		%
Persistency:
Group Long-term Disability							87.4		%	89.5		%	89.2		%
Group Life							84.1		%	81.3		%	80.0		%
Supplemental							91.0		%	89.9		%	87.7		%

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	222.7		$	210.8		$	884.2		$	830.0		$	789.0
Life	76.6			70.4			300.4			273.8			252.4
Cancer and Critical Illness	82.8			79.2			326.8			313.3			297.2
Total Premium Income	382.1			360.4			1,511.4			1,417.1			1,338.6
Net Investment Income	37.1			35.8			144.9			141.5			145.4
Other Income	0.3			0.2			1.1			1.2			0.1
Total	419.5			396.4			1,657.4			1,559.8			1,484.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	209.4			185.2			788.6			726.4			683.0
Commissions	87.7			80.3			344.5			313.6			293.5
Deferral of Acquisition Costs	(74.8		)	(69.0		)	(295.5		)	(270.1		)	(252.8		)
Amortization of Deferred Acquisition Costs	56.0			52.3			224.4			208.1			198.7
Other Expenses	74.5			67.7			282.8			267.6			252.6
Total	352.8			316.5			1,344.8			1,245.6			1,175.0
Income Before Income Tax and Net Realized Investment Gains and Losses	66.7			79.9			312.6			314.2			309.1
UDB Reserve Increase	12.4			—			12.4			—			—
Adjusted Operating Income	$	79.1		$	79.9		$	325.0		$	314.2		$	309.1
Operating Ratios (% of Premium Income):
Benefit Ratio	54.8		%	51.4		%	52.2		%	51.3		%	51.0		%
Benefit Ratio Excluding UDB Reserve Increase	51.6		%				51.4		%
Other Expense Ratio	19.5		%	18.8		%	18.7		%	18.9		%	18.9		%
Income Ratio	17.5		%	22.2		%	20.7		%	22.2		%	23.1		%
Adjusted Operating Income Ratio	20.7		%				21.5		%
Persistency:
Accident, Sickness, and Disability							75.1		%	75.6		%	74.8		%
Life							84.4		%	85.0		%	84.9		%
Cancer and Critical Illness							82.7		%	82.9		%	81.2		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Premium Income
Individual Disability	$	114.1		$	127.9		$	471.8		$	521.9		$	572.4
Long-term Care	162.3			161.9			648.7			643.9			633.5
All Other	2.0			1.9			8.7			4.6			1.7
Total Premium Income	278.4			291.7			1,129.2			1,170.4			1,207.6
Net Investment Income	341.5			343.6			1,354.0			1,352.2			1,320.0
Other Income	19.9			20.7			79.8			86.0			89.3
Total	639.8			656.0			2,563.0			2,608.6			2,616.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	545.1			556.5			2,191.8			2,223.7			2,228.3
Commissions	21.9			23.1			90.0			93.8			98.8
Interest and Debt Expense	1.6			1.8			6.7			6.9			6.6
Other Expenses	38.1			40.0			150.6			154.7			164.1
Total	606.7			621.4			2,439.1			2,479.1			2,497.8
Adjusted Operating Income	$	33.1		$	34.6		$	123.9		$	129.5		$	119.1
Interest Adjusted Loss Ratios:
Individual Disability	81.2		%	84.7		%	82.4		%	83.6		%	82.8		%
Long-term Care	93.1		%	89.1		%	91.1		%	91.1		%	87.6		%
Operating Ratios (% of Premium Income):
Other Expense Ratio	13.7		%	13.7		%	13.3		%	13.2		%	13.6		%
Adjusted Operating Income Ratio	11.9		%	11.9		%	11.0		%	11.1		%	9.9		%
Persistency:
Individual Disability							89.6		%	90.9		%	90.9		%
Long-term Care							95.9		%	94.8		%	95.7		%

12

Unum Group Financial Results for Corporate Segment

	Three Months Ended						Year Ended
	12/31/2017			12/31/2016			12/31/2017			12/31/2016			12/31/2015
Adjusted Operating Revenue
Net Investment Income	$	7.2		$	3.4		$	21.4		$	18.5		$	25.6
Other Income	1.4			2.4			2.9			4.9			2.9
Total	8.6			5.8			24.3			23.4			28.5
Interest and Other Expenses*	41.8			47.5			191.7			186.4			165.2
Loss Before Income Tax and Net Investment Realized Gains and Losses	(33.2		)	(41.7		)	(167.4		)	(163.0		)	(136.7		)
Loss from Guaranty Fund Assessment	—			—			20.6			—			—
Adjusted Operating Loss	$	(33.2	)	$	(41.7	)	$	(146.8	)	$	(163.0	)	$	(136.7	)

* We previously excluded the amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pension and other postretirement benefit plans, from the results of our Corporate segment. Effective January 1, 2017, the amortization of prior period actuarial gains or losses is now reported in our Corporate segment as a component of "interest and other expenses" in the above chart. Amounts for periods prior to January 1, 2017 have been adjusted to conform to current year reporting.

13

Unum Group Reserves

	December 31, 2017
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	6,047.0	$	624.2	28.7	%	$	6,671.2	$	73.8	$	6,597.4
Group Life and Accidental Death & Dismemberment	54.9		0.3		735.5		208.0		4.1		998.4		5.2		993.2
Individual Disability	533.4		2.8		1,318.0		137.6		6.3		1,989.0		207.5		1,781.5
Voluntary Benefits	1,566.7		8.3		46.7		61.0		0.5		1,674.4		27.3		1,647.1
Dental and Vision	—		—		0.7		11.3		0.1		12.0		0.3		11.7
Unum US Segment	2,155.0		11.4	%	8,147.9		1,042.1		39.7	%	11,345.0		314.1		11,030.9
Unum UK Segment	18.1		0.1		1,918.3		108.3		8.7		2,044.7		87.0		1,957.7
Colonial Life Segment	1,989.4		10.5		288.3		137.2		1.8		2,414.9		8.5		2,406.4
Individual Disability	418.5		2.2		9,407.4		219.1		41.5		10,045.0		1,619.8		8,425.2
Long-term Care	8,414.3		44.5		1,494.8		150.9		7.1		10,060.0		40.3		10,019.7
Other	5,894.8		31.3		187.3		120.4		1.2		6,202.5		5,090.6		1,111.9
Closed Block Segment	14,727.6		78.0		11,089.5		490.4		49.8		26,307.5		6,750.7		19,556.8
Subtotal	$	18,890.1	100.0	%	$	21,444.0	$	1,778.0	100.0	%	42,112.1		7,160.3		34,951.8
Adjustment Related to Unrealized Investment Gains and Losses											5,094.7		375.8		4,718.9
Consolidated											$	47,206.8	$	7,536.1	$	39,670.7

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

14

Unum Group Reserves

	December 31, 2016
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	6,201.0	$	608.6	29.3	%	$	6,809.6	$	74.3	$	6,735.3
Group Life and Accidental Death & Dismemberment	65.4		0.3		704.8		192.6		3.9		962.8		4.1		958.7
Individual Disability	544.6		3.0		1,298.5		130.6		6.1		1,973.7		201.0		1,772.7
Voluntary Benefits	1,492.7		8.2		45.5		50.6		0.4		1,588.8		27.7		1,561.1
Dental and Vision	—		—		3.9		8.1		0.1		12.0		0.2		11.8
Unum US Segment	2,102.7		11.5		8,253.7		990.5		39.8		11,346.9		307.3		11,039.6
Unum UK Segment	18.2		0.1		1,714.2		113.3		7.9		1,845.7		81.8		1,763.9
Colonial Life Segment	1,871.0		10.3		277.8		132.0		1.8		2,280.8		7.9		2,272.9
Individual Disability	513.6		2.8		9,696.4		251.6		42.8		10,461.6		1,601.2		8,860.4
Long-term Care	7,898.4		43.3		1,360.4		136.6		6.4		9,395.4		41.8		9,353.6
Other	5,848.3		32.0		189.8		132.1		1.3		6,170.2		5,030.6		1,139.6
Closed Block Segment	14,260.3		78.1		11,246.6		520.3		50.5		26,027.2		6,673.6		19,353.6
Subtotal	$	18,252.2	100.0	%	$	21,492.3	$	1,756.1	100.0	%	41,500.6		7,070.6		34,430.0
Adjustment Related to Unrealized Investment Gains and Losses											4,253.2		321.3		3,931.9
Consolidated											$	45,753.8	$	7,391.9	$	38,361.9

14. 1

Unum Group Investments

	12/31/2017						12/31/2017			12/31/2016
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	29,883.3		65.7	%	Earned Book Yield	5.23		%	5.30		%
Asset-Backed Securities	83.8			0.2		Average Duration (in years)	7.70			7.59
Residential Mortgage-Backed Securities (1)	1,763.1			3.9
Commercial Mortgage-Backed Securities	126.7			0.3
Private Placements	5,523.0			12.1
High Yield	3,352.6			7.4
Government Securities	2,346.4			5.2
Municipal Securities (2)	2,336.9			5.1
Redeemable Preferred Stocks	42.0			0.1
Total	$	45,457.8		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Schedule BA and Non-Current
Aaa	8.2		%	7.9	%	Total Non-Current Investments	$	32.9		$	41.9
Aa	7.2			7.8		Total Schedule BA Assets	$	535.4		$	510.3
A	28.2			29.4
Baa	48.3			47.6
Below Baa	8.1			7.3
Total	100.0		%	100.0	%
(1) Includes $10.2 million of high yield mortgage-backed securities.
(2) Includes $1.5 million of high yield taxable municipal securities.

15

Unum Group Investments at December 31, 2017

Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss)
Classification	Fair Value		Net Unrealized Gain		Fair Value of Fixed Maturity Securities with Gross Unrealized Loss		Gross Unrealized Loss		Fair Value of Fixed Maturity Securities with Gross Unrealized Gain		Gross Unrealized Gain
Basic Industry	$	2,851.3	$	298.2	$	198.2	$	3.5	$	2,653.1	$	301.7
Capital Goods	4,274.8		518.0		268.9		6.0		4,005.9		524.0
Communications	3,056.7		433.0		246.5		17.4		2,810.2		450.4
Consumer Cyclical	1,392.8		149.3		43.9		0.5		1,348.9		149.8
Consumer Non-Cyclical	6,893.3		763.0		690.0		39.1		6,203.3		802.1
Energy	5,055.5		650.4		293.8		27.5		4,761.7		677.9
Financial Institutions	3,428.2		340.1		132.7		1.8		3,295.5		341.9
Mortgage/Asset-Backed	1,973.6		100.4		397.2		4.7		1,576.4		105.1
Sovereigns	863.9		190.9		13.2		0.4		850.7		191.3
Technology	1,597.2		107.4		109.4		1.9		1,487.8		109.3
Transportation	2,014.6		277.3		156.9		2.1		1,857.7		279.4
U.S. Government Agencies and Municipalities	3,819.4		565.5		284.7		6.0		3,534.7		571.5
Public Utilities	8,236.5		1,283.8		346.7		12.6		7,889.8		1,296.4
Total	$	45,457.8	$	5,677.3	$	3,182.1	$	123.5	$	42,275.7	$	5,800.8
Gross Unrealized Loss on Fixed Maturity Securities By Length of Time in Unrealized Loss Position
	Investment-Grade						Below-Investment-Grade
Category	Fair Value		Gross Unrealized Loss				Fair Value		Gross Unrealized Loss
Less than 91 days	$	726.9	$	22.0			$	319.9	$	4.7
91 through 180 days	846.8		9.5				66.4		1.5
181 through 270 days	—		—				19.6		0.4
271 days to 1 year	55.7		1.2				2.3		0.7
Greater than 1 year	837.4		33.8				307.1		49.7
Total	$	2,466.8	$	66.5			$	715.3	$	57.0

15. 1

Appendix to Statistical Supplement

2017 Significant Items

• Fourth quarter of 2017 unclaimed death benefit reserve increase of $18.5 million for Unum US group life, $8.1 million for Unum US voluntary life and $12.4 million for Colonial Life voluntary life, for a total reserve increase of $39.0 million before tax and $25.4 million after tax.

• Fourth quarter of 2017 net tax benefit of $31.5 million resulting from H.R.1, An Act to Provide Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, more commonly known as the Tax Cuts and Jobs Act (TCJA) enacted on December 22, 2017. This is comprised of a tax benefit of $97.9 million related to the revaluation of our net deferred tax liabilities associated with our U.S. operations to the newly enacted U.S. corporate tax rate and a tax expense of $66.4 million resulting from the tax on undistributed and previously untaxed foreign earnings and profits.

• Fourth quarter of 2017 results for the Unum US individual disability product line reflects a reserve release of $19.5 million before tax and $12.7 million after tax, resulting from our annual review of reserve adequacy which reflects the recognition of updated morbidity assumptions in our disabled life reserves.

• First quarter of 2017 loss from a guaranty fund assessment of $20.6 million before tax and $13.4 million after tax.

2016 Significant Item

• In August 2016, we acquired 100 percent of the shares and voting interests in H&J Capital, L.L.C., parent of Starmount Life Insurance Company and AlwaysCare Benefits (which collectively we refer to as Starmount) for a total cash purchase price of $140.3 million, plus contingent cash consideration of $10.0 million. Starmount Life Insurance Company is an independent provider of dental and vision insurance in the U.S. workplace, and AlwaysCare Benefits is a nationally licensed, third-party administrator. Starmount's dental and vision products and new dental and vision products marketed by Unum US are reported in our Unum US segment within our supplemental and voluntary product lines. Colonial Life dental and vision products will be introduced in 2018. This acquisition, the results of which are included in our consolidated financial statements for the period subsequent to the date of acquisition, did not have a material impact on revenue, operating results, or sales during 2016.

2015 Significant Item

• In September 2015, we acquired 100 percent of the common shares and voting interests in National Dental Plan Limited and associated companies (National Dental) for a total cash purchase price of £35.9 million or $54.3 million. National Dental, a provider of dental insurance in the U.K. workplace, is reported in our Unum UK segment as part of our supplemental product line. This acquisition, the results of which are included in our consolidated financial statements for the period subsequent to the date of acquisition, did not have a material impact on revenue or results of operations during 2015.

16

Appendix to Statistical Supplement - Continued

Non-GAAP Financial Measures

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

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

• After-tax adjusted operating income or loss, which excludes realized investment gains or losses, and certain other items, as applicable;

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

• Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on cash flow hedges, and the non-recourse debt and associated capital of Northwind Holdings, LLC;

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

• Benefit ratio for our Unum US individual disability product, adjusted for the reserve release in the fourth quarter of 2017.

Realized investment gains or losses and unrealized gains or losses on securities and net gains on cash flow hedges depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures. We also 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 the comparable GAAP measures in the determination of overall profitability.

Information reconciling the Company’s outlook on after-tax adjusted operating income growth per share to the comparable GAAP financial measure is not provided. The only amounts excluded from after-tax adjusted operating income are those described in this Appendix to Statistical Supplement. The Company is unable to predict with reasonable certainty realized investment gains and losses, which are affected by overall market conditions and also by factors such as an economic or political change in the country of the issuer, a regulatory change pertaining to the issuer’s industry, a significant improvement or deterioration in the cash flows of the issuer, unforeseen accounting irregularities or fraud committed by an issuer, movement in credit spreads, ratings upgrades or downgrades, a change in the issuer’s marketplace or business prospects, or any other event that significantly affects the issuers of the fixed maturity securities which the Company holds in its investment portfolio. For a reconciliation of the most directly comparable GAAP measures to these non-GAAP financial measures, refer to the "Reconciliation of Non-GAAP Financial Measures" beginning on page 16.2, other than book value per common share, which is presented on page 2.

16. 1

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	December 31		September 30		June 30		March 31		December 31		September 30		June 30		March 31			December 31
	2017								2016									2015
Total Revenue	$	2,839.2	$	2,819.1	$	2,822.0	$	2,806.5	$	2,796.5	$	2,763.3	$	2,761.3	$	2,725.4		$	2,722.4
Excluding:
Net Realized Investment Gain (Loss)	11.4		9.8		8.1		11.0		28.4		11.0		5.3		(20.5		)	(2.7		)
Adjusted Operating Revenue	$	2,827.8	$	2,809.3	$	2,813.9	$	2,795.5	$	2,768.1	$	2,752.3	$	2,756.0	$	2,745.9		$	2,725.1

16. 2

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)			Average Allocated Equity(1)			Adjusted Operating Return on Equity
Year Ended December 31, 2017
Unum US	$	656.2		$	4,130.2		15.9	%
Unum UK	92.1			607.3			15.2	%
Colonial Life	211.2			1,308.1			16.2	%
Core Operating Segments	959.5			6,045.6			15.9	%
Closed Block	86.4			3,290.1
Corporate	(69.7		)	(893.3		)
Total	$	976.2		$	8,442.4		11.6	%
Year Ended December 31, 2016
Unum US	$	598.3		$	3,992.2		15.0	%
Unum UK	113.8			610.6			18.6	%
Colonial Life	204.9			1,173.9			17.4	%
Core Operating Segments	917.0			5,776.7			15.9	%
Closed Block	87.0			3,055.1
Corporate	(88.4		)	(691.0		)
Total	$	915.6		$	8,140.8		11.2	%
Year Ended December 31, 2015
Unum US	$	557.5		$	4,197.8		13.3	%
Unum UK	116.9			650.6			18.0	%
Colonial Life	201.1			1,209.4			16.6	%
Core Operating Segments	875.5			6,057.8			14.5	%
Closed Block	79.0			2,989.2
Corporate	(61.3		)	(1,085.9		)
Total	$	893.2		$	7,961.1		11.2	%

⁽¹⁾ Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented on page 16.4.

16. 3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)			Average Allocated Equity(1)			Annualized Adjusted Operating Return on Equity
Three Months Ended December 31, 2017
Unum US	$	170.8		$	4,076.6		16.8	%
Unum UK	24.6			636.9			15.5	%
Colonial Life	50.9			1,322.8			15.4	%
Core Operating Segments	246.3			6,036.3			16.3	%
Closed Block	23.4			3,352.5
Corporate	(16.1		)	(746.1		)
Total	$	253.6		$	8,642.7		11.7	%
Three Months Ended December 31, 2016
Unum US	$	157.6		$	4,088.4		15.4	%
Unum UK	22.2			585.6			15.1	%
Colonial Life	52.2			1,217.7			17.1	%
Core Operating Segments	232.0			5,891.7			15.7	%
Closed Block	23.1			3,146.9
Corporate	(25.4		)	(827.2		)
Total	$	229.7		$	8,211.4		11.2	%

⁽¹⁾Excludes unrealized gain on securities and net gain on cash flow hedges and is calculated using the stockholders' equity balances presented below.

Average allocated equity is computed as follows:

	12/31/2017		9/30/2017		12/31/2016		9/30/2016		12/31/2015		12/31/2014
Total Stockholders' Equity	$	9,574.9	$	9,448.6	$	8,968.0	$	9,361.2	$	8,663.9	$	8,521.9
Excluding:
Net Unrealized Gain on Securities	607.8		557.4		440.6		803.2		204.3		290.3
Net Gain on Cash Flow Hedges	282.3		290.7		327.5		335.2		378.0		391.0
Total Adjusted Stockholders' Equity	$	8,684.8	$	8,600.5	$	8,199.9	$	8,222.8	$	8,081.6	$	7,840.6
	Twelve Months Ended		Three Months Ended		Twelve Months Ended		Three Months Ended		Twelve Months Ended
	12/31/2017				12/31/2016				12/31/2015
Average Stockholders' Equity Excluding Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	$	8,442.4	$	8,642.7	$	8,140.8	$	8,211.4	$	7,961.1

16. 4

Reconciliation of Non-GAAP Financial Measures - Continued

							Three Months Ended December 31
							2017						2016
							(in millions)			per share*			(in millions)			per share*
Net Income							$	266.9		$	1.19		$	248.0		$	1.07
Excluding:
Net Realized Investment Gain (net of tax expense of $4.2; $10.1)							7.2			0.03			18.3			0.08
Unclaimed Death Benefits Reserve Increase (net of tax benefit of $13.6; $-)							(25.4		)	(0.11		)	—			—
Net Tax Benefit from Impacts of TCJA							31.5			0.14			—			—
After-tax Adjusted Operating Income							253.6			1.13			229.7			0.99
Excluding:
Unum US Individual Disability Reserve Release (net of tax expense of $6.8; $-)							12.7			0.06			—			—
After-tax Adjusted Operating Income, Excluding Unum US Individual Disability Reserve Release							$	240.9		$	1.07		$	229.7		$	0.99
	Year Ended December 31
	2017						2016						2015
	(in millions)			per share *			(in millions)			per share *			(in millions)			per share *
Net Income	$	994.2		$	4.37		$	931.4		$	3.95		$	867.1		$	3.50
Excluding:
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $15.0; $8.4; $(17.7))	25.3			0.11			15.8			0.07			(26.1		)	(0.11		)
Loss from Guaranty Fund Assessment (net of tax benefit of $7.2; $-; $-)	(13.4		)	(0.06		)	—			—			—			—
Unclaimed Death Benefits Reserve Increase (net of tax benefit of $13.6; $-; $-)	(25.4		)	(0.11		)	—			—			—			—
Net Tax Benefit from Impacts of TCJA	31.5			0.14			—			—			—			—
After-tax Adjusted Operating Income	976.2			4.29			915.6			3.88			893.2			3.61
Excluding:
Unum US Individual Disability Reserve Release (net of tax expense of $6.8; $-; $-)	12.7			0.05			—			—			—			—
After-tax Adjusted Operating Income, Excluding Unum US Individual Disability Reserve Release	$	963.5		$	4.24		$	915.6		$	3.88		$	893.2		$	3.61

*Assuming Dilution.

16. 5

Reconciliation of Non-GAAP Financial Measures - Continued

	December 31
	2017			2016			2015
Debt	$	2,938.3		$	2,999.4		$	2,801.4
Excluding:
Non-recourse Debt	196.0			255.0			324.0
Adjusted Debt	$	2,742.3		$	2,744.4		$	2,477.4
Total Stockholders' Equity	$	9,574.9		$	8,968.0		$	8,663.9
Excluding:
Net Unrealized Gain on Securities and Net Gain on Cash Flow Hedges	890.1			768.1			582.3
Northwind Capital	912.2			862.6			844.6
Equity, As Adjusted	7,772.6			7,337.3			7,237.0
Debt, As Adjusted	2,742.3			2,744.4			2,477.4
Total Adjusted Capital	$	10,514.9		$	10,081.7		$	9,714.4
Leverage Ratio	26.1		%	27.2		%	25.5		%

	Unum US
	Individual Disability
			Benefit Ratio
Three Months Ended December 31, 2017
Premium Income	$	102.1
Benefits and Change in Reserves for Future Benefits	35.1		34.4	%
Reserve Release	19.5
Benefits and Change in Reserves for Future Benefits, Excluding Reserve Release	54.6		53.5	%

16. 6