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): October 27, 2020

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):

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.10 par value	UNM	New York Stock Exchange
6.250% Junior Subordinated Notes due 2058	UNMA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02    Results of Operations and Financial Condition.

On October 27, 2020, Unum Group (the "Company") issued a news release reporting its results for the third quarter of 2020, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on October 27, 2020, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the third quarter of 2020. 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 the Company'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.

Exhibit No.	Description
99.1	News release of Unum Group dated October 27, 2020, concerning earnings for the third quarter of 2020.
99.2	Statistical Supplement of Unum Group for the third quarter of 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: October 27, 2020	By:	/s/ J. Paul Jullienne
		Name:	J. Paul Jullienne
		Title:	Vice President, Managing Counsel, and
			Corporate Secretary

EX-99.1

		Exhibit 99.1
		1 Fountain Square Chattanooga, TN 37402 www.unum.com
	FOR IMMEDIATE RELEASE
	Contacts
	MEDIA	Kelly Spencer 423-681-2296 kspencer2@unum.com
	INVESTORS	Tom White 423-294-8996 tawhite@unum.com

Unum Group Reports Third Quarter 2020 Results

•Net income of $231.1 million ($1.13 per diluted common share) for the third quarter of 2020; after-tax adjusted operating income was $245.9 million ($1.21 per diluted common share).

•Results reflect operating income stability despite continued impact of elevated mortality and high levels of unemployment.

•Strong balance sheet and liquidity with holding company cash of $1.2 billion; weighted average risk-based capital ratio of approximately 380 percent.

•Book value per common share of $53.50 grew 14.6 percent over the year-ago quarter.

CHATTANOOGA, Tenn.(October 27, 2020) - Unum Group (NYSE: UNM) today reported net income of $231.1 million ($1.13 per diluted common share) for the third quarter of 2020, compared to net income of $242.0 million ($1.16 per diluted common share) for the third quarter of 2019.

Included in net income for the third quarter of 2020 are after-tax costs related to an organizational design update of $18.6 million ($0.09 per diluted common share), as well as a net after-tax realized investment gain on the Company’s investment portfolio of $3.8 million ($0.01 per diluted common share). Included in net income for the third quarter of 2019 are after-tax costs related to the early retirement of debt of $19.9 million ($0.10 per diluted common share), as well as a net after-tax realized investment loss on the Company's investment portfolio of $20.8 million ($0.10 per diluted common share). Excluding the items above, after-tax adjusted operating income was $245.9 million ($1.21 per diluted common share) in the third quarter of 2020, compared to $282.7 million ($1.36 per diluted common share) in the third quarter of 2019.

"Financial performance remained solid in the third quarter, despite pressure from elevated mortality rates and unemployment levels" said Richard P. McKenney, president and chief executive officer. "Our team continues to deliver solid operational performance, adapting to best serve our customers in this extraordinary time. This environment reinforces the fundamental purpose for what we do in protecting employees and their families in time of need. We continue to be well-positioned to benefit from better business conditions as the economy improves and will continue to effectively manage through today’s challenges."

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. 

Unum US Segment

Unum US reported adjusted operating income of $188.2 million in the third quarter of 2020, a decrease of 28.0 percent from $261.4 million in the third quarter of 2019. Premium income for the segment decreased 1.2 percent to $1,483.4 million in the third quarter of 2020, compared to premium income of $1,501.9 million in the third quarter of 2019. Net investment income for the segment increased 3.5 percent to $190.7 million in the third quarter of 2020, compared to $184.2 million in the third quarter of 2019.

Within the Unum US operating segment, the group disability line of business reported a 12.0 percent decrease in adjusted operating income to $73.0 million in the third quarter of 2020, compared to $83.0 million in the third quarter of 2019. Premium income for the group disability line of business was $646.7 million in the third quarter of 2020, which was generally consistent with the $648.0 million in the third quarter of 2019. Net investment income increased 5.9 percent to $105.4 million in the third quarter of 2020, compared to $99.5 million in the third quarter of 2019, driven by higher miscellaneous investment income, partially offset by a lower yield on invested assets. The benefit ratio of 74.1 percent for the third quarter of 2020 was generally consistent with the 74.2 percent in the third quarter of 2019, due to higher claim recoveries in our group long-term disability product line, mostly offset by higher claims incidence in the short term disability product line. Group long-term disability sales were $29.8 million in the third quarter of 2020, an increase of 25.2 percent from $23.8 million in the third quarter of 2019. Group short-term disability sales were $15.2 million in the third quarter of 2020, a decrease of 25.9 percent from $20.5 million in the third quarter of 2019. Persistency in the group long-term disability product line was 90.3 percent for the first nine months of 2020, compared to 90.7 percent for the first nine months of 2019. Persistency in the group short-term disability product line was 87.5 percent for the first nine months of 2020, compared to 89.9 percent for the first nine months of 2019.

The group life and accidental death and dismemberment line of business reported adjusted operating income of $13.9 million in the third quarter of 2020, a decrease of 79.7 percent from $68.4 million in the third quarter of 2019. Premium income for this line of business decreased 2.3 percent to $446.0 million in the third quarter of 2020, compared to $456.5 million in the third quarter of 2019, driven primarily by lower year-to-date sales and persistency. Net investment income decreased 6.7 percent to $25.2 million in the third quarter of 2020, compared to $27.0 million in the third quarter of 2019, due primarily to decline in both the yield and level of invested assets, partially offset by higher miscellaneous investment income. The benefit ratio in the third quarter of 2020 was 83.5 percent, compared to 72.0 percent in the third quarter of 2019, due primarily to higher claims incidence in the group life product line, likely resulting from the impacts of COVID-19. Sales of group life and accidental death and dismemberment products increased 1.3 percent in the third quarter of 2020 to $31.3 million, compared to $30.9 million in the third quarter of 2019. Persistency in the group life product line was 88.6 percent for the first nine months of 2020, compared to 90.8 percent for the first nine months of 2019. Persistency in the accidental death and dismemberment product line was 87.8 percent for the first nine months of 2020, compared to 90.1 percent for the first nine months of 2019.

The supplemental and voluntary line of business reported a decrease of 7.9 percent in adjusted operating income to $101.3 million in the third quarter of 2020, compared to $110.0 million in the third quarter of 2019. Premium income for the supplemental and voluntary line of business decreased 1.7 percent to $390.7 million in the third quarter of 2020, compared to $397.4 million in the third quarter of 2019, with declines in the voluntary benefits and dental and vision product lines, partially offset by growth in the individual disability product line. Net investment income increased 4.2 percent to $60.1 million in the third quarter of 2020, compared to $57.7 million in the third quarter of 2019, due to a higher miscellaneous investment income, partially offset by a decline in the yield on invested assets. The benefit ratio for the individual disability product line was 48.6 percent for the third quarter of 2020, compared to 49.5 percent for the third quarter of 2019, due to favorable claim recoveries. The benefit ratio for the voluntary

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

benefits product line was 45.6 percent in the third quarter of 2020, compared to 44.2 percent for the third quarter of 2019, due primarily to higher claims incidence in the life product line, likely resulting from the impacts of COVID-19. The benefit ratio for the dental and vision product line was 76.8 percent for the third quarter of 2020, compared to 74.0 percent for the third quarter of 2019, due primarily to higher claims incidence. Relative to the third quarter of 2019, sales in the individual disability product line declined 37.3 percent in the third quarter of 2020 to $17.0 million. Sales in the voluntary benefits product line declined 35.8 percent in the third quarter of 2020 to $29.9 million. Sales in the dental and vision product line totaled $8.5 million for the third quarter of 2020, a decrease of 33.1 percent compared to the third quarter of 2019. Persistency in the individual disability product line was 89.8 percent for the first nine months of 2020, compared to 90.1 percent for the first nine months of 2019. Persistency in the voluntary benefits product line was 72.7 percent for the first nine months of 2020, compared to 72.5 percent for the first nine months of 2019. Persistency in the dental and vision product line was 82.4 percent for the first nine months of 2020, compared to 84.1 percent for the first nine months of 2019.

Unum International

The Unum International segment reported adjusted operating income of $21.4 million in the third quarter of 2020, a decrease of 11.6 percent from $24.2 million in the third quarter of 2019. Premium income increased 8.6 percent to $165.4 million in the third quarter of 2020, compared to $152.3 million in the third quarter of 2019. Net investment income increased 8.2 percent to $26.3 million in the third quarter of 2020, compared to $24.3 million in the third quarter of 2019. Sales decreased 9.7 percent to $17.7 million in the third quarter of 2020, compared to $19.6 million in the third quarter of 2019.

The Unum UK line of business reported adjusted operating income, in local currency, of £15.2 million in the third quarter of 2020, a decrease of 18.7 percent from £18.7 million in the third quarter of 2019. Premium income was £112.1 million in the third quarter of 2020, an increase of 2.8 percent from £109.0 million in the third quarter of 2019, driven by growth in the in-force block and the impact of rate increases in the group long-term disability product line. Net investment income was £18.9 million in the third quarter of 2020, an increase of 3.3 percent from £18.3 million in the third quarter of 2019, due to higher investment income from inflation index-linked bonds, partially offset by a lower yield on fixed-rate bonds. The benefit ratio in the third quarter of 2020 was 77.1 percent, compared to 73.4 percent in the third quarter of 2019, due to lower claim resolutions in the group long-term disability product line resulting from the continued disruption in claim processes related to COVID-19 and overall higher claims incidence. Sales decreased 20.7 percent to £10.7 million in the third quarter of 2020, compared to £13.5 million in the third quarter of 2019. Persistency in the group long-term disability product line was 87.2 percent for the first nine months of 2020, compared to 88.9 percent for the first nine months of 2019. Persistency in the group life product line was 81.0 percent for the first nine months of 2020, compared to 88.3 percent for the first nine months of 2019. Persistency in the supplemental product line was 90.3 percent for the first nine months of 2020, compared to 92.3 percent for the first nine months of 2019.

Colonial Life Segment

Colonial Life reported a 5.7 percent increase in adjusted operating income to $92.2 million in the third quarter of 2020, compared to $87.2 million in the third quarter of 2019. Premium income was $419.9 million in the third quarter of 2020, which was consistent with the $419.9 million in the third quarter of 2019. Net investment income increased 18.4 percent to $43.7 million in the third quarter of 2020 compared to the $36.9 million in the third quarter of 2019, due to higher miscellaneous investment income and an increase in the level of invested assets, partially offset by a decline in the yield on invested assets. The benefit ratio was 52.2 percent in the third quarter of 2020, compared to 51.4 percent in the third quarter of 2019, with unfavorable experience in the life product line, likely resulting from the impacts of COVID-19, partially offset by favorable experience in both the cancer and critical illness and accident, sickness, and disability lines of business.

Sales decreased 27.6 percent to $87.3 million in the third quarter of 2020, compared to $120.6 million in the third quarter of 2019. Persistency in Colonial Life was 77.6 percent for the first nine months of 2020, compared to 77.2 percent for the first nine months of 2019.

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

Closed Block Segment

The Closed Block segment reported adjusted operating income of $70.8 million in the third quarter of 2020, an increase of 163.2 percent from $26.9 million in the third quarter of 2019. Premium income for this segment declined 3.0 percent in the third quarter of 2020, compared to the third quarter of 2019, due to continued policy terminations and maturities in the individual disability line of business, partially offset by premium rate increases on certain in-force business in the long-term care line of business. Net investment income increased 1.1 percent to $351.2 million in the third quarter of 2020, compared to $347.3 million in the third quarter of 2019, due primarily to improved net asset values on our private equity partnerships and a higher level of invested assets, partially offset by a decrease in the yield on invested assets.

The interest adjusted loss ratio for the long-term care line of business was 67.4 percent in the third quarter of 2020, compared to an interest adjusted loss ratio of 89.8 percent in the third quarter of 2019, driven primarily by higher claimant mortality. The interest adjusted loss ratio for long-term care for the rolling twelve months ended September 30, 2020 was 75.6 percent which is below our long-term expected range. The interest adjusted loss ratio for the individual disability line of business was 86.6 percent in the third quarter of 2020, compared to 79.0 percent in the third quarter of 2019, driven by overall unfavorable claims activity.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $54.1 million in the third quarter of 2020, which excludes the costs related to an organizational design update of $23.3 million compared to an adjusted operating loss of $48.9 million in the third quarter of 2019, which excludes the cost related to the early retirement of debt of $25.2 million.

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

OTHER INFORMATION

Shares Outstanding

The Company’s weighted average number of shares outstanding, assuming dilution, was 203.9 million for the third quarter of 2020, compared to 208.1 million for the third quarter of 2019. Shares outstanding totaled 203.6 million at September 30, 2020. The Company did not repurchase shares during the first nine months of 2020 and will not repurchase shares for the remainder of 2020.

Capital Management

At September 30, 2020, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 380 percent, and cash and marketable securities in the holding companies equaled $1,178 million.

The Company intends to continue to pay its common stock dividend at the current rate.

Book Value

Book value per common share as of September 30, 2020 was $53.50, compared to $46.70 at September 30, 2019.

Outlook

As announced previously, due to the uncertain economic environment caused by the COVID-19 pandemic, the Company is suspending its financial guidance for the remainder of 2020.

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 after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business.

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 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. We exclude these items as we believe them to be infrequent or unusual in nature, 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.

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

CONFERENCE CALL INFORMATION

Members of Unum Group senior management will host a conference call on Wednesday, October 28, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the third 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 (866) 575-6539 for U.S. and Canada (pass code 323905). For international, the dial-in number is (929) 477-0402 (pass code 323905). 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. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, November 4 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International) - pass code 323905.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the third quarter of 2020 is available on the “Investors” section of the Company’s website.

# # #

ABOUT UNUM GROUP

Unum Group (www.unum.com) provides a broad portfolio of financial protection benefits and services through the workplace, and is a leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $12.0 billion in 2019 and provided $7.5 billion in benefits.

For more information, connect with us on Facebook (www.facebook.com/unumbenefits), Twitter (www.twitter.com/unumnews) and LinkedIn (www.linkedin.com/company/unum).

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

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. These forward-looking statements, including statements about expectations for future shareholder dividends, 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) the impact of the COVID-19 pandemic on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (2) sustained periods of low interest rates; (3) fluctuation in insurance reserve liabilities and claim payments due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets; (4) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity; (5) changes in, or interpretations or enforcement of laws and regulations; (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) 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; (9) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (10) changes in our financial strength and credit ratings; (11) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (12) actual experience in the broad array of our products that deviates from our assumptions used in pricing, underwriting, and reserving; (13) availability of reinsurance in the market and the ability of our reinsurers to meet their obligations to us; (14) ability to generate sufficient internal liquidity and/or obtain external financing; (15) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, external events, and/or inadequate or failed internal controls and procedures; (16) effectiveness of our risk management program; (17) contingencies and the level and results of litigation; (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) fluctuation in foreign currency exchange rates; and (20) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets.

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, 2019, as updated or supplemented from time to time in subsequent filings. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim 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. 7

Unum Group

FINANCIAL HIGHLIGHTS

(Unaudited)

($ in millions, except share data)
	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Revenue
Premium Income	$	2,318.1	$	2,331.2	$	7,058.2	$	7,013.0
Net Investment Income	613.2		599.4		1,767.2		1,819.0
Net Realized Investment Gain (Loss)	4.4		(26.2)		(105.8)		(32.4)
Other Income	60.6		55.6		169.0		164.7
Total Revenue	2,996.3		2,960.0		8,888.6		8,964.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,888.6		1,871.5		5,626.2		5,614.9
Commissions	258.3		277.9		810.5		852.4
Interest and Debt Expense	49.4		46.1		142.6		130.8
Cost Related to Early Retirement of Debt	—		25.2		—		25.2
Deferral of Acquisition Costs	(134.9)		(160.6)		(446.8)		(504.6)
Amortization of Deferred Acquisition Costs	149.7		146.3		466.6		468.5
Other Expenses	485.6		454.2		1,450.2		1,372.4
Total Benefits and Expenses	2,696.7		2,660.6		8,049.3		7,959.6
Income Before Income Tax	299.6		299.4		839.3		1,004.7
Income Tax Expense	68.5		57.4		181.7		200.6
Net Income	$	231.1	$	242.0	$	657.6	$	804.1
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	1.13	$	1.16	$	3.23	$	3.81
Assuming Dilution	$	1.13	$	1.16	$	3.23	$	3.81
Weighted Average Common Shares - Basic (000s)	203,761.3		208,097.8		203,564.7		211,131.5
Weighted Average Common Shares - Assuming Dilution (000s)	203,879.1		208,116.0		203,636.1		211,197.2
Outstanding Shares - (000s)					203,588.8		206,228.6

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

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended September 30
	2020				2019
	(in millions)		per share *		(in millions)		per share *
Net Income	$	231.1	$	1.13	$	242.0	$	1.16
Excluding:
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $0.6; $(5.4))	3.8		0.01		(20.8)		(0.10)
Costs Related to Organizational Design Update (net of tax benefit of $4.7; $—)	(18.6)		(0.09)		—		—
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $5.3)	—		—		(19.9)		(0.10)
After-tax Adjusted Operating Income	$	245.9	$	1.21	$	282.7	$	1.36
* Assuming Dilution

	September 30
	2020				2019
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,892.2	$	53.50	$	9,631.6	$	46.70
Excluding:
Net Unrealized Gain on Securities	1,104.5		5.42		422.1		2.04
Net Gain on Hedges	158.7		0.78		204.3		0.99
Subtotal	9,629.0		47.30		9,005.2		43.67
Excluding:
Foreign Currency Translation Adjustment	(313.7)		(1.54)		(345.2)		(1.67)
Subtotal	9,942.7		48.84		9,350.4		45.34
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(471.9)		(2.32)		(434.4)		(2.11)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	10,414.6	$	51.16	$	9,784.8	$	47.45

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

EX-99.2

Unum Group

Statistical Supplement Third Quarter 2020

TABLE OF CONTENTS

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

Interim Results are Unaudited

	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment
Unum US	9
Unum International	10
Colonial Life	11
Closed Block	12
Corporate	13
Reserves	14
Investments	15
Appendix to Statistical Supplement	16
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.1 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Consolidated U.S. GAAP Results¹
Premium Income	$	2,318.1		$	2,331.2		$	7,058.2		$	7,013.0		$	9,365.6		$	8,986.1
Adjusted Operating Revenue	$	2,991.9		$	2,986.2		$	8,994.4		$	8,996.7		$	12,022.1		$	11,638.0
Net Realized Investment Gain (Loss)	4.4			(26.2)			(105.8)			(32.4)			(23.2)			(39.5)
Revenue	$	2,996.3		$	2,960.0		$	8,888.6		$	8,964.3		$	11,998.9		$	11,598.5
Net Income	$	231.1		$	242.0		$	657.6		$	804.1		$	1,100.3		$	523.4
Net Income Per Common Share:
Basic	$	1.13		$	1.16		$	3.23		$	3.81		$	5.25		$	2.38
Assuming Dilution	$	1.13		$	1.16		$	3.23		$	3.81		$	5.24		$	2.38
Assets							$	69,616.0		$	66,955.7		$	67,013.4		$	61,875.6
Stockholders' Equity							$	10,892.2		$	9,631.6		$	9,965.0		$	8,621.8
Adjusted Operating Return on Equity
Unum US	13.4		%	18.3		%	16.0		%	17.9		%	18.0		%	18.4		%
Unum International	2.6		%	12.1		%	5.8		%	13.3		%	11.7		%	13.4		%
Colonial Life	18.4		%	18.1		%	17.6		%	17.5		%	17.5		%	18.0		%
Core Operating Segments	13.4		%	17.6		%	15.2		%	17.3		%	17.2		%	17.8		%
Consolidated	10.3		%	12.6		%	10.9		%	12.8		%	12.8		%	13.2		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	217.9	$	260.5	$	871.0	$	761.6	$	1,027.2	$	959.8
Net Realized Investment Loss, After Tax	(5.6)		(25.5)		(90.0)		(42.3)		(45.1)		(6.8)
Net Income	$	212.3	$	235.0	$	781.0	$	719.3	$	982.1	$	953.0
Capital and Surplus					$	3,729.3	$	3,587.9	$	3,644.4	$	3,572.7
Weighted Average Risk-based Capital Ratio					~ 380%		~ 368%		~ 365%		~ 370%

¹ Generally Accepted Accounting Principles

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

1

Unum Group Capital Metrics

	9/30/2020				9/30/2019				12/31/2019				12/31/2018
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,892.2	$	53.50	$	9,631.6	$	46.70	$	9,965.0	$	49.10	$	8,621.8	$	40.19
Excluding:
Net Unrealized Gain (Loss) on Securities	1,104.5		5.42		422.1		2.04		615.9		3.03		(312.4)		(1.46)
Net Gain on Hedges	158.7		0.78		204.3		0.99		187.8		0.93		250.6		1.17
Subtotal	9,629.0		47.30		9,005.2		43.67		9,161.3		45.14		8,683.6		40.48
Excluding:
Foreign Currency Translation Adjustment	(313.7)		(1.54)		(345.2)		(1.67)		(281.6)		(1.39)		(305.2)		(1.42)
Subtotal	9,942.7		48.84		9,350.4		45.34		9,442.9		46.53		8,988.8		41.90
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(471.9)		(2.32)		(434.4)		(2.11)		(484.8)		(2.39)		(447.2)		(2.08)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	10,414.6	$	51.16	$	9,784.8	$	47.45	$	9,927.7	$	48.92	$	9,436.0	$	43.98
Dividends Paid	$	175.1	$	0.855	$	172.3	$	0.805	$	231.3	$	1.090	$	217.0	$	0.980

	Three Months Ended				Nine Months Ended						Year Ended
	9/30/2020		9/30/2019		9/30/2020			9/30/2019			12/31/2019			12/31/2018
Shares Repurchased (millions)	—		3.4		—			9.0			12.3			8.7
Cost of Shares Repurchased (millions)(1)	$	—	$	100.1	$	—		$	300.3		$	400.4		$	350.7
Price (UNM closing price on last trading day of period)					$	16.83		$	29.72		$	29.16		$	29.38
Leverage Ratio					28.6		%	30.1		%	29.1		%	26.8		%
Holding Company Cash and Marketable Securities					$	1,178		$	1,042		$	863		$	602

⁽¹⁾ Includes commissions of $0.1 million and $0.3 million for the three and nine months ended September 30, 2019. For the years ended December 31, 2019 and 2018, these amounts included commissions of $0.4 million and $0.7 million, respectively.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Outlook	Negative	Negative	Negative	Stable
Issuer Credit Ratings	bbb	BBB-	Baa3	BBB
Financial Strength Ratings
Provident Life and Accident Insurance Company	A	A-	A3	A
Unum Life Insurance Company of America	A	A-	A3	A
Colonial Life & Accident Insurance Company	A	A-	A3	A
The Paul Revere Life Insurance Company	A	A-	A3	A
Starmount Life Insurance Company	A-	NR	NR	NR
Unum Insurance Company	A-	A-	A3	NR
Unum Limited	NR	NR	NR	A-

NR = not rated

3

Unum Group Consolidated Statements of Income

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2020		9/30/2019		9/30/2020		9/30/2019		12/31/2019		12/31/2018
Revenue
Premium Income	$	2,318.1	$	2,331.2	$	7,058.2	$	7,013.0	$	9,365.6	$	8,986.1
Net Investment Income	613.2		599.4		1,767.2		1,819.0		2,435.3		2,453.7
Net Realized Investment Gain (Loss)	4.4		(26.2)		(105.8)		(32.4)		(23.2)		(39.5)
Other Income	60.6		55.6		169.0		164.7		221.2		198.2
Total Revenue	2,996.3		2,960.0		8,888.6		8,964.3		11,998.9		11,598.5
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,888.6		1,871.5		5,626.2		5,614.9		7,496.2		8,020.4
Commissions	258.3		277.9		810.5		852.4		1,122.7		1,108.4
Interest and Debt Expense - Non-recourse Debt	0.4		1.2		1.9		4.2		5.3		6.9
Interest and Debt Expense - All Other Debt	49.0		44.9		140.7		126.6		172.1		160.4
Cost Related to Early Retirement of Debt	—		25.2		—		25.2		27.3		—
Deferral of Acquisition Costs	(134.9)		(160.6)		(446.8)		(504.6)		(658.6)		(668.0)
Amortization of Deferred Acquisition Costs	149.7		146.3		466.6		468.5		609.9		565.5
Other Expenses	485.6		454.2		1,450.2		1,372.4		1,841.9		1,777.1
Total Benefits and Expenses	2,696.7		2,660.6		8,049.3		7,959.6		10,616.8		10,970.7
Income Before Income Tax	299.6		299.4		839.3		1,004.7		1,382.1		627.8
Income Tax	68.5		57.4		181.7		200.6		281.8		104.4
Net Income	$	231.1	$	242.0	$	657.6	$	804.1	$	1,100.3	$	523.4
Weighted Average Shares Outstanding
Basic	203.8		208.1		203.6		211.1		209.7		219.6
Assuming Dilution	203.9		208.1		203.6		211.2		209.9		220.1
Actual Number of Shares Outstanding					203.6		206.2		202.9		214.6

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020		9/30/2019		% Change		9/30/2020		9/30/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	29.8	$	23.8	25.2	%	$	116.4	$	109.4	6.4	%	$	241.5	$	243.8
Group Short-term Disability	15.2		20.5		(25.9)		59.0		78.0		(24.4)		159.2		138.7
Group Life and AD&D	31.3		30.9		1.3		116.0		125.3		(7.4)		258.3		282.4
Subtotal	76.3		75.2		1.5		291.4		312.7		(6.8)		659.0		664.9
Supplemental and Voluntary
Individual Disability	17.0		27.1		(37.3)		53.9		56.6		(4.8)		75.9		77.2
Voluntary Benefits	29.9		46.6		(35.8)		205.5		253.0		(18.8)		300.6		303.1
Dental and Vision	8.5		12.7		(33.1)		32.0		39.4		(18.8)		74.6		69.4
Subtotal	55.4		86.4		(35.9)		291.4		349.0		(16.5)		451.1		449.7
Total Sales	$	131.7	$	161.6	(18.5)		$	582.8	$	661.7	(11.9)		$	1,110.1	$	1,114.6
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	46.7	$	54.8	(14.8)	%	$	178.5	$	187.1	(4.6)	%	$	370.8	$	395.1
Large Case Market	29.6		20.4		45.1		112.9		125.6		(10.1)		288.2		269.8
Subtotal	76.3		75.2		1.5		291.4		312.7		(6.8)		659.0		664.9
Supplemental and Voluntary	55.4		86.4		(35.9)		291.4		349.0		(16.5)		451.1		449.7
Total Sales	$	131.7	$	161.6	(18.5)		$	582.8	$	661.7	(11.9)		$	1,110.1	$	1,114.6

5

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Nine Months Ended						Year Ended
(in millions of dollars)	9/30/2020		9/30/2019		% Change		9/30/2020		9/30/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Unum UK
Group Long-term Disability	$	8.1	$	7.9	2.5	%	$	29.7	$	28.5	4.2	%	$	43.2	$	44.7
Group Life	4.3		5.0		(14.0)		16.1		17.9		(10.1)		24.3		21.5
Supplemental	1.5		3.9		(61.5)		16.5		16.2		1.9		19.5		17.4
Unum Poland	3.8		2.8		35.7		9.4		9.3		1.1		13.0		3.4
Total Sales	$	17.7	$	19.6	(9.7)		$	71.7	$	71.9	(0.3)		$	100.0	$	87.0
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	7.6	$	8.8	(13.6)	%	$	26.9	$	27.2	(1.1)	%	$	38.2	$	36.6
Large Case Market	4.8		4.1		17.1		18.9		19.2		(1.6)		29.3		29.6
Subtotal	12.4		12.9		(3.9)		45.8		46.4		(1.3)		67.5		66.2
Supplemental	1.5		3.9		(61.5)		16.5		16.2		1.9		19.5		17.4
Unum Poland	3.8		2.8		35.7		9.4		9.3		1.1		13.0		3.4
Total Sales	$	17.7	$	19.6	(9.7)		$	71.7	$	71.9	(0.3)		$	100.0	$	87.0
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	6.2	£	6.4	(3.1)	%	£	23.4	£	22.3	4.9	%	£	33.7	£	33.5
Group Life	3.3		4.0		(17.5)		12.7		14.0		(9.3)		19.0		16.2
Supplemental	1.2		3.1		(61.3)		13.0		12.6		3.2		15.1		12.8
Total Sales	£	10.7	£	13.5	(20.7)		£	49.1	£	48.9	0.4		£	67.8	£	62.5
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	5.8	£	7.0	(17.1)	%	£	21.1	£	21.3	(0.9)	%	£	29.9	£	27.6
Large Case Market	3.7		3.4		8.8		15.0		15.0		—		22.8		22.1
Subtotal	9.5		10.4		(8.7)		36.1		36.3		(0.6)		52.7		49.7
Supplemental	1.2		3.1		(61.3)		13.0		12.6		3.2		15.1		12.8
Total Sales	£	10.7	£	13.5	(20.7)		£	49.1	£	48.9	0.4		£	67.8	£	62.5

Certain prior year and prior period amounts in the table above were reclassified to conform to current year presentation.

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020		9/30/2019		% Change		9/30/2020		9/30/2019		% Change		12/31/2019		12/31/2018
Sales by Product
Accident, Sickness, and Disability	$	55.3	$	78.6	(29.6)	%	$	165.2	$	232.0	(28.8)	%	$	354.4	$	355.0
Life	19.5		23.7		(17.7)		56.3		69.4		(18.9)		122.7		111.9
Cancer and Critical Illness	12.5		18.3		(31.7)		37.4		54.9		(31.9)		88.9		94.4
Total Sales	$	87.3	$	120.6	(27.6)		$	258.9	$	356.3	(27.3)		$	566.0	$	561.3
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	57.3	$	73.8	(22.4)	%	$	170.8	$	226.6	(24.6)	%	$	345.7	$	349.0
Large Case Market	8.7		16.6		(47.6)		30.6		50.9		(39.9)		81.4		95.5
Subtotal	66.0		90.4		(27.0)		201.4		277.5		(27.4)		427.1		444.5
Public Sector	21.3		30.2		(29.5)		57.5		78.8		(27.0)		138.9		116.8
Total Sales	$	87.3	$	120.6	(27.6)		$	258.9	$	356.3	(27.3)		$	566.0	$	561.3

5. 2

Unum Group Consolidated Balance Sheets

	September 30		December 31
	2020		2019
Assets
Investments
Fixed Maturity Securities	$	49,270.2	$	47,443.7
Mortgage Loans	2,406.5		2,397.0
Policy Loans	3,669.1		3,779.5
Other Long-term Investments	931.0		844.2
Short-term Investments	2,086.7		1,294.5
Total Investments	58,363.5		55,758.9
Other Assets
Cash and Bank Deposits	103.8		84.1
Accounts and Premiums Receivable	1,577.9		1,602.9
Reinsurance Recoverable	4,895.9		4,780.7
Accrued Investment Income	676.9		693.0
Deferred Acquisition Costs	2,291.2		2,324.0
Goodwill	350.6		351.7
Property and Equipment	508.8		534.1
Other Assets	847.4		884.0
Total Assets	$	69,616.0	$	67,013.4

6

Unum Group Consolidated Balance Sheets - Continued

	September 30		December 31
	2020		2019
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits	$	1,801.6	$	1,745.5
Reserves for Future Policy and Contract Benefits	48,844.3		47,780.1
Unearned Premiums	404.3		363.9
Other Policyholders’ Funds	1,626.6		1,599.7
Income Tax Payable	395.1		256.7
Deferred Income Tax	210.5		95.4
Short-term Debt	—		399.7
Long-term Debt - Non-recourse	33.9		78.1
Long-term Debt - All Other	3,344.7		2,848.8
Payables for Collateral on Investments	64.5		24.0
Other Liabilities	1,998.3		1,856.5
Total Liabilities	58,723.8		57,048.4
Stockholders’ Equity
Common Stock	30.7		30.6
Additional Paid-in Capital	2,371.3		2,348.1
Accumulated Other Comprehensive Income	477.6		37.3
Retained Earnings	11,192.3		10,728.7
Treasury Stock	(3,179.7)		(3,179.7)
Total Stockholders’ Equity	10,892.2		9,965.0
Total Liabilities and Stockholders’ Equity	$	69,616.0	$	67,013.4

6. 1

Unum Group Deferred Acquisition Costs by Segment

	Unum US		Unum International		Colonial Life		Consolidated
Balance at December 31, 2018	$	1,239.4	$	20.0	$	1,050.0	$	2,309.4
Capitalization	334.5		12.8		311.3		658.6
Amortization	(344.0)		(7.1)		(258.8)		(609.9)
Adjustment Related to Unrealized Investment Gains and Losses	(6.9)		—		(27.9)		(34.8)
Foreign Currency	—		0.7		—		0.7
Balance at December 31, 2019	1,223.0		26.4		1,074.6		2,324.0
Capitalization	223.3		8.9		214.6		446.8
Amortization	(261.8)		(5.3)		(199.5)		(466.6)
Adjustment Related to Unrealized Investment Gains and Losses	(3.1)		—		(9.3)		(12.4)
Foreign Currency	—		(0.6)		—		(0.6)
Balance at September 30, 2020	$	1,181.4	$	29.4	$	1,080.4	$	2,291.2

6. 2

Unum Group Balance Sheets by Segment - September 30, 2020

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	8,433.0	$	2,312.7	$	5,385.0	$	16,130.7	$	3,485.4	$	3,405.5	$	32,354.9	$	2,987.0	$	58,363.5
Deferred Acquisition Costs	95.5		76.8		1,009.1		1,181.4		29.4		1,080.4		—		—		2,291.2
Goodwill	8.9		—		271.1		280.0		42.9		27.7		—		—		350.6
All Other	422.0		420.2		475.7		1,317.9		417.0		258.1		5,803.4		814.3		8,610.7
Total Assets	$	8,959.4	$	2,809.7	$	7,140.9	$	18,910.0	$	3,974.7	$	4,771.7	$	38,158.3	$	3,801.3	$	69,616.0
Liabilities
Reserves and Policyholder Benefits	$	7,387.0	$	1,822.6	$	4,358.7	$	13,568.3	$	2,974.2	$	2,846.8	$	33,287.5	$	—	$	52,676.8
Debt	—		—		—		—		—		—		33.9		3,344.7		3,378.6
All Other	112.6		34.5		387.3		534.4		153.6		125.8		121.0		1,733.6		2,668.4
Total Liabilities	7,499.6		1,857.1		4,746.0		14,102.7		3,127.8		2,972.6		33,442.4		5,078.3		58,723.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,427.4		902.4		2,136.0		4,465.8		767.3		1,607.9		4,292.5		(1,504.5)		9,629.0
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	32.4		50.2		258.9		341.5		79.6		191.2		423.4		227.5		1,263.2
Total Allocated Stockholders' Equity	1,459.8		952.6		2,394.9		4,807.3		846.9		1,799.1		4,715.9		(1,277.0)		10,892.2
Total Liabilities and Allocated Stockholders' Equity	$	8,959.4	$	2,809.7	$	7,140.9	$	18,910.0	$	3,974.7	$	4,771.7	$	38,158.3	$	3,801.3	$	69,616.0

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

6. 3

Unum Group Balance Sheets by Segment - December 31, 2019

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	8,251.4	$	2,522.8	$	5,233.7	$	16,007.9	$	3,378.1	$	3,281.4	$	31,042.0	$	2,049.5	$	55,758.9
Deferred Acquisition Costs	99.1		79.7		1,044.2		1,223.0		26.4		1,074.6		—		—		2,324.0
Goodwill	8.9		—		271.1		280.0		44.0		27.7		—		—		351.7
All Other	443.4		252.7		379.3		1,075.4		420.6		245.3		5,966.7		870.8		8,578.8
Total Assets	$	8,802.8	$	2,855.2	$	6,928.3	$	18,586.3	$	3,869.1	$	4,629.0	$	37,008.7	$	2,920.3	$	67,013.4
Liabilities
Reserves and Policyholder Benefits	$	7,288.7	$	1,749.8	$	4,219.6	$	13,258.1	$	2,909.4	$	2,711.2	$	32,610.5	$	—	$	51,489.2
Debt	—		—		—		—		—		—		78.1		3,248.5		3,326.6
All Other	128.0		34.2		404.8		567.0		132.6		216.2		13.5		1,303.3		2,232.6
Total Liabilities	7,416.7		1,784.0		4,624.4		13,825.1		3,042.0		2,927.4		32,702.1		4,551.8		57,048.4
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,363.9		1,033.7		2,114.7		4,512.3		771.9		1,555.2		4,069.3		(1,747.4)		9,161.3
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	22.2		37.5		189.2		248.9		55.2		146.4		237.3		115.9		803.7
Total Allocated Stockholders' Equity	1,386.1		1,071.2		2,303.9		4,761.2		827.1		1,701.6		4,306.6		(1,631.5)		9,965.0
Total Liabilities and Allocated Stockholders' Equity	$	8,802.8	$	2,855.2	$	6,928.3	$	18,586.3	$	3,869.1	$	4,629.0	$	37,008.7	$	2,920.3	$	67,013.4

6. 4

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.

	Three Months Ended						Nine Months Ended
	9/30/2020		9/30/2019		% Change		9/30/2020		9/30/2019		% Change
Premium Income
Unum US	$	1,483.4	$	1,501.9	(1.2)	%	$	4,533.8	$	4,508.3	0.6	%
Unum International	165.4		152.3		8.6		487.1		464.9		4.8
Colonial Life	419.9		419.9		—		1,293.2		1,260.1		2.6
Closed Block	249.4		257.1		(3.0)		744.1		779.7		(4.6)
	2,318.1		2,331.2		(0.6)		7,058.2		7,013.0		0.6
Net Investment Income
Unum US	190.7		184.2		3.5		547.2		550.4		(0.6)
Unum International	26.3		24.3		8.2		79.1		93.9		(15.8)
Colonial Life	43.7		36.9		18.4		118.2		111.0		6.5
Closed Block	351.2		347.3		1.1		1,013.6		1,048.3		(3.3)
Corporate	1.3		6.7		(80.6)		9.1		15.4		(40.9)
	613.2		599.4		2.3		1,767.2		1,819.0		(2.8)
Other Income
Unum US	42.0		34.8		20.7		117.5		106.1		10.7
Unum International	0.2		—		—		0.4		0.3		33.3
Colonial Life	0.3		0.9		(66.7)		0.9		2.2		(59.1)
Closed Block	17.8		18.9		(5.8)		49.7		53.5		(7.1)
Corporate	0.3		1.0		(70.0)		0.5		2.6		(80.8)
	60.6		55.6		9.0		169.0		164.7		2.6
Total Adjusted Operating Revenue
Unum US	1,716.1		1,720.9		(0.3)		5,198.5		5,164.8		0.7
Unum International	191.9		176.6		8.7		566.6		559.1		1.3
Colonial Life	463.9		457.7		1.4		1,412.3		1,373.3		2.8
Closed Block	618.4		623.3		(0.8)		1,807.4		1,881.5		(3.9)
Corporate	1.6		7.7		(79.2)		9.6		18.0		(46.7)
	$	2,991.9	$	2,986.2	0.2		$	8,994.4	$	8,996.7	—

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Nine Months Ended
	9/30/2020		9/30/2019		% Change		9/30/2020		9/30/2019		% Change
Benefits and Expenses
Unum US	$	1,527.9	$	1,459.5	4.7	%	$	4,516.6	$	4,396.8	2.7	%
Unum International	170.5		152.4		11.9		510.7		475.1		7.5
Colonial Life	371.7		370.5		0.3		1,148.1		1,116.5		2.8
Closed Block	547.6		596.4		(8.2)		1,670.2		1,789.9		(6.7)
Corporate	79.0		81.8		(3.4)		203.7		181.3		12.4
	2,696.7		2,660.6		1.4		8,049.3		7,959.6		1.1
Income (Loss) Before Income Tax and Net Realized Investment Gain (Loss)
Unum US	188.2		261.4		(28.0)		681.9		768.0		(11.2)
Unum International	21.4		24.2		(11.6)		55.9		84.0		(33.5)
Colonial Life	92.2		87.2		5.7		264.2		256.8		2.9
Closed Block	70.8		26.9		163.2		137.2		91.6		49.8
Corporate	(77.4)		(74.1)		(4.5)		(194.1)		(163.3)		(18.9)
	295.2		325.6		(9.3)		945.1		1,037.1		(8.9)
Income Tax	67.9		62.8		8.1		203.6		207.1		(1.7)
Income Before Net Realized Investment Gain (Loss)	227.3		262.8		(13.5)		741.5		830.0		(10.7)
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $0.6; $(5.4); $(21.9); $(6.5))	3.8		(20.8)		(118.3)		(83.9)		(25.9)		N.M.
Net Income	$	231.1	$	242.0	(4.5)		$	657.6	$	804.1	(18.2)

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		9/30/18
Premium Income
Unum US	$	1,483.4	$	1,522.7	$	1,527.7	$	1,508.3	$	1,501.9	$	1,504.5	$	1,501.9	$	1,435.1	$	1,446.2
Unum International	165.4		157.1		164.6		165.6		152.3		158.6		154.0		152.3		138.0
Colonial Life	419.9		438.6		434.7		424.9		419.9		420.9		419.3		410.1		400.0
Closed Block	249.4		250.3		244.4		253.8		257.1		259.1		263.5		265.8		267.6
	2,318.1		2,368.7		2,371.4		2,352.6		2,331.2		2,343.1		2,338.7		2,263.3		2,251.8
Net Investment Income
Unum US	190.7		176.9		179.6		189.0		184.2		184.1		182.1		187.7		200.3
Unum International	26.3		26.3		26.5		28.6		24.3		44.8		24.8		31.1		26.4
Colonial Life	43.7		36.8		37.7		37.0		36.9		37.2		36.9		37.0		36.7
Closed Block	351.2		326.3		336.1		356.6		347.3		354.5		346.6		345.8		348.0
Corporate	1.3		2.7		5.1		5.1		6.7		4.3		4.3		7.0		7.8
	613.2		569.0		585.0		616.3		599.4		624.9		594.7		608.6		619.2
Other Income
Unum US	42.0		35.3		40.2		36.7		34.8		36.8		34.5		30.0		30.7
Unum International	0.2		0.2		—		0.3		—		0.3		—		0.4		—
Colonial Life	0.3		0.3		0.3		1.2		0.9		0.7		0.6		0.2		0.4
Closed Block	17.8		13.7		18.2		17.8		18.9		16.5		18.0		18.6		18.9
Corporate	0.3		0.2		—		0.5		1.0		1.7		—		1.1		0.1
	60.6		49.7		58.7		56.5		55.6		56.0		53.1		50.3		50.1
Total Adjusted Operating Revenue
Unum US	1,716.1		1,734.9		1,747.5		1,734.0		1,720.9		1,725.4		1,718.5		1,652.8		1,677.2
Unum International	191.9		183.6		191.1		194.5		176.6		203.7		178.8		183.8		164.4
Colonial Life	463.9		475.7		472.7		463.1		457.7		458.8		456.8		447.3		437.1
Closed Block	618.4		590.3		598.7		628.2		623.3		630.1		628.1		630.2		634.5
Corporate	1.6		2.9		5.1		5.6		7.7		6.0		4.3		8.1		7.9
	$	2,991.9	$	2,987.4	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5	$	2,922.2	$	2,921.1

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		9/30/18
Benefits and Expenses
Unum US	$	1,527.9	$	1,503.0	$	1,485.7	$	1,470.9	$	1,459.5	$	1,471.1	$	1,466.2	$	1,404.1	$	1,406.3
Unum International	170.5		168.5		171.7		170.6		152.4		173.0		149.7		153.4		138.3
Colonial Life	371.7		384.8		391.6		375.4		370.5		374.4		371.6		361.9		352.9
Closed Block	547.6		553.6		569.0		582.1		596.4		596.4		597.1		595.4		1,353.1
Corporate	79.0		73.7		51.0		58.2		81.8		49.8		49.7		56.3		55.0
	2,696.7		2,683.6		2,669.0		2,657.2		2,660.6		2,664.7		2,634.3		2,571.1		3,305.6
Income (Loss) Before Income Tax Expense (Benefit) and Net Realized Investment Gain (Loss)
Unum US	188.2		231.9		261.8		263.1		261.4		254.3		252.3		248.7		270.9
Unum International	21.4		15.1		19.4		23.9		24.2		30.7		29.1		30.4		26.1
Colonial Life	92.2		90.9		81.1		87.7		87.2		84.4		85.2		85.4		84.2
Closed Block	70.8		36.7		29.7		46.1		26.9		33.7		31.0		34.8		(718.6)
Corporate	(77.4)		(70.8)		(45.9)		(52.6)		(74.1)		(43.8)		(45.4)		(48.2)		(47.1)
	295.2		303.8		346.1		368.2		325.6		359.3		352.2		351.1		(384.5)
Income Tax Expense (Benefit)	67.9		63.7		72.0		79.2		62.8		72.4		71.9		69.4		(92.0)
Income (Loss) Before Net Realized Investment Gain (Loss)	227.3		240.1		274.1		289.0		262.8		286.9		280.3		281.7		(292.5)
Net Realized Investment Gain (Loss)	4.4		33.8		(144.0)		9.2		(26.2)		(7.3)		1.1		(41.4)		6.7
Tax Expense (Benefit) on Net Realized Investment Gain (Loss)	0.6		8.4		(30.9)		2.0		(5.4)		(1.6)		0.5		(8.8)		(1.1)
Net Income (Loss)	$	231.1	$	265.5	$	161.0	$	296.2	$	242.0	$	281.2	$	280.9	$	249.1	$	(284.7)
Net Income (Loss) Per Common Share - Assuming Dilution	$	1.13	$	1.30	$	0.79	$	1.44	$	1.16	$	1.33	$	1.31	$	1.15	$	(1.30)

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income	$	1,483.4		$	1,501.9		$	4,533.8		$	4,508.3		$	6,016.6		$	5,736.4
Net Investment Income	190.7			184.2			547.2			550.4			739.4			778.7
Other Income	42.0			34.8			117.5			106.1			142.8			118.5
Total	1,716.1			1,720.9			5,198.5			5,164.8			6,898.8			6,633.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,052.2			1,009.2			3,073.6			3,007.0			4,022.1			3,856.5
Commissions	146.3			154.8			455.0			475.6			628.5			620.6
Deferral of Acquisition Costs	(68.2)			(80.9)			(223.3)			(251.9)			(334.5)			(344.0)
Amortization of Deferred Acquisition Costs	82.1			80.3			261.8			266.8			344.0			315.1
Other Expenses	315.5			296.1			949.5			899.3			1,207.6			1,170.8
Total	1,527.9			1,459.5			4,516.6			4,396.8			5,867.7			5,619.0
Adjusted Operating Income	$	188.2		$	261.4		$	681.9		$	768.0		$	1,031.1		$	1,014.6
Operating Ratios (% of Premium Income):
Benefit Ratio	70.9		%	67.2		%	67.8		%	66.7		%	66.9		%	67.2		%
Other Expense Ratio	21.3		%	19.7		%	20.9		%	19.9		%	20.1		%	20.4		%
Adjusted Operating Income Ratio	12.7		%	17.4		%	15.0		%	17.0		%	17.1		%	17.7		%

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	450.5		$	453.6		$	1,374.5		$	1,363.7		$	1,823.1		$	1,766.2
Group Short-term Disability	196.2			194.4			603.0			570.7			768.8			706.3
Total Premium Income	646.7			648.0			1,977.5			1,934.4			2,591.9			2,472.5
Net Investment Income	105.4			99.5			295.3			298.4			401.5			432.7
Other Income	39.2			32.7			111.4			99.3			133.8			109.0
Total	791.3			780.2			2,384.2			2,332.1			3,127.2			3,014.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	479.3			480.5			1,450.8			1,441.1			1,927.9			1,880.7
Commissions	47.6			48.6			145.6			147.3			193.8			186.5
Deferral of Acquisition Costs	(11.6)			(12.6)			(36.1)			(37.4)			(49.5)			(48.2)
Amortization of Deferred Acquisition Costs	13.2			13.0			39.7			38.2			50.7			44.7
Other Expenses	189.8			167.7			558.9			493.7			672.1			612.2
Total	718.3			697.2			2,158.9			2,082.9			2,795.0			2,675.9
Adjusted Operating Income	$	73.0		$	83.0		$	225.3		$	249.2		$	332.2		$	338.3
Operating Ratios (% of Premium Income):
Benefit Ratio	74.1		%	74.2		%	73.4		%	74.5		%	74.4		%	76.1		%
Other Expense Ratio	29.3		%	25.9		%	28.3		%	25.5		%	25.9		%	24.8		%
Adjusted Operating Income Ratio	11.3		%	12.8		%	11.4		%	12.9		%	12.8		%	13.7		%
Persistency:
Group Long-term Disability							90.3		%	90.7		%	90.7		%	90.9		%
Group Short-term Disability							87.5		%	89.9		%	89.8		%	87.2		%

9. 1

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

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Life	$	406.3		$	415.0		$	1,235.4		$	1,249.4		$	1,662.0		$	1,583.7
Accidental Death & Dismemberment	39.7			41.5			123.1			124.2			165.7			156.3
Total Premium Income	446.0			456.5			1,358.5			1,373.6			1,827.7			1,740.0
Net Investment Income	25.2			27.0			74.2			79.6			107.4			106.5
Other Income	1.0			0.7			2.0			2.0			2.7			4.7
Total	472.2			484.2			1,434.7			1,455.2			1,937.8			1,851.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	372.2			328.8			1,067.5			988.5			1,314.1			1,237.7
Commissions	35.0			36.3			108.3			111.7			147.7			141.1
Deferral of Acquisition Costs	(8.4)			(9.6)			(26.3)			(28.8)			(37.8)			(38.2)
Amortization of Deferred Acquisition Costs	9.6			9.2			29.3			27.9			38.1			35.9
Other Expenses	49.9			51.1			152.2			157.4			209.0			214.6
Total	458.3			415.8			1,331.0			1,256.7			1,671.1			1,591.1
Adjusted Operating Income	$	13.9		$	68.4		$	103.7		$	198.5		$	266.7		$	260.1
Operating Ratios (% of Premium Income):
Benefit Ratio	83.5		%	72.0		%	78.6		%	72.0		%	71.9		%	71.1		%
Other Expense Ratio	11.2		%	11.2		%	11.2		%	11.5		%	11.4		%	12.3		%
Adjusted Operating Income Ratio	3.1		%	15.0		%	7.6		%	14.5		%	14.6		%	14.9		%
Persistency:
Group Life							88.6		%	90.8		%	90.6		%	91.2		%
Accidental Death & Dismemberment							87.8		%	90.1		%	89.9		%	89.9		%

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Individual Disability	$	117.7		$	109.2		$	340.3		$	328.4		$	440.7		$	425.4
Voluntary Benefits	212.2			226.2			666.6			689.2			910.2			895.7
Dental and Vision	60.8			62.0			190.9			182.7			246.1			202.8
Total Premium Income	390.7			397.4			1,197.8			1,200.3			1,597.0			1,523.9
Net Investment Income	60.1			57.7			177.7			172.4			230.5			239.5
Other Income	1.8			1.4			4.1			4.8			6.3			4.8
Total	452.6			456.5			1,379.6			1,377.5			1,833.8			1,768.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	200.7			199.9			555.3			577.4			780.1			738.1
Commissions	63.7			69.9			201.1			216.6			287.0			293.0
Deferral of Acquisition Costs	(48.2)			(58.7)			(160.9)			(185.7)			(247.2)			(257.6)
Amortization of Deferred Acquisition Costs	59.3			58.1			192.8			200.7			255.2			234.5
Other Expenses	75.8			77.3			238.4			248.2			326.5			344.0
Total	351.3			346.5			1,026.7			1,057.2			1,401.6			1,352.0
Adjusted Operating Income	$	101.3		$	110.0		$	352.9		$	320.3		$	432.2		$	416.2
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability	48.6		%	49.5		%	51.1		%	50.9		%	50.9		%	50.6		%
Voluntary Benefits	45.6		%	44.2		%	40.3		%	40.6		%	41.8		%	42.8		%
Dental and Vision	76.8		%	74.0		%	59.0		%	71.2		%	71.1		%	68.5		%
Other Expense Ratio	19.4		%	19.5		%	19.9		%	20.7		%	20.4		%	22.6		%
Adjusted Operating Income Ratio	25.9		%	27.7		%	29.5		%	26.7		%	27.1		%	27.3		%
Persistency:
Individual Disability							89.8		%	90.1		%	89.8		%	90.3		%
Voluntary Benefits							72.7		%	72.5		%	73.2		%	75.9		%
Dental and Vision							82.4		%	84.1		%	82.6		%	84.5		%

9. 3

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2020		9/30/2019		9/30/2020		9/30/2019		12/31/2019		12/31/2018
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	92.2	$	84.8	$	272.0	$	262.3	$	353.4	$	358.9
Group Life	27.3		27.9		83.3		83.9		115.7		110.8
Supplemental	25.4		21.6		73.9		65.7		89.5		81.7
Unum Poland	20.5		18.0		57.9		53.0		71.9		17.4
Total Premium Income	165.4		152.3		487.1		464.9		630.5		568.8
Net Investment Income	26.3		24.3		79.1		93.9		122.5		117.2
Other Income	0.2		—		0.4		0.3		0.6		0.4
Total	191.9		176.6		566.6		559.1		753.6		686.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	124.5		109.1		377.9		346.4		469.8		419.8
Commissions	12.4		11.6		36.8		35.2		48.7		39.1
Deferral of Acquisition Costs	(2.8)		(2.9)		(8.9)		(9.5)		(12.8)		(8.1)
Amortization of Deferred Acquisition Costs	1.8		1.8		5.3		5.4		7.1		8.2
Other Expenses	34.6		32.8		99.6		97.6		132.9		113.5
Total	170.5		152.4		510.7		475.1		645.7		572.5
Adjusted Operating Income	$	21.4	$	24.2	$	55.9	$	84.0	$	107.9	$	113.9

Certain prior year and prior period amounts in the table above were reclassified to conform to current year presentation.

10

Unum Group Financial Results for Unum UK

	Three Months Ended						Nine Months Ended						Year Ended
(in millions of pounds, except exchange rate)	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	71.3		£	68.8		£	213.9		£	206.0		£	276.8		£	269.0
Group Life	21.1			22.7			65.5			66.0			90.7			83.0
Supplemental	19.7			17.5			58.2			51.6			70.0			61.3
Total Premium Income	112.1			109.0			337.6			323.6			437.5			413.3
Net Investment Income	18.9			18.3			58.1			69.6			90.5			86.5
Other Income	0.1			—			0.1			0.1			0.2			—
Total	131.1			127.3			395.8			393.3			528.2			499.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	86.4			80.0			270.2			247.5			335.5			307.4
Commissions	6.9			7.0			21.1			20.6			28.6			27.1
Deferral of Acquisition Costs	(0.9)			(1.1)			(3.2)			(4.0)			(5.4)			(5.0)
Amortization of Deferred Acquisition Costs	1.3			1.4			3.9			4.1			5.4			6.1
Other Expenses	22.2			21.3			64.8			62.1			83.7			80.2
Total	115.9			108.6			356.8			330.3			447.8			415.8
Adjusted Operating Income	£	15.2		£	18.7		£	39.0		£	63.0		£	80.4		£	84.0
Weighted Average Pound/Dollar Exchange Rate	1.289			1.230			1.274			1.276			1.279			1.336
Operating Ratios (% of Premium Income):
Benefit Ratio	77.1		%	73.4		%	80.0		%	76.5		%	76.7		%	74.4		%
Other Expense Ratio	19.8		%	19.5		%	19.2		%	19.2		%	19.1		%	19.4		%
Adjusted Operating Income Ratio	13.6		%	17.2		%	11.6		%	19.5		%	18.4		%	20.3		%
Persistency:
Group Long-term Disability							87.2		%	88.9		%	89.9		%	87.8		%
Group Life							81.0		%	88.3		%	89.0		%	88.5		%
Supplemental							90.3		%	92.3		%	89.9		%	93.1		%

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	238.9		$	243.0		$	738.4		$	727.6		$	973.4		$	929.3
Life	91.9			86.7			282.5			262.6			351.6			328.4
Cancer and Critical Illness	89.1			90.2			272.3			269.9			360.0			346.1
Total Premium Income	419.9			419.9			1,293.2			1,260.1			1,685.0			1,603.8
Net Investment Income	43.7			36.9			118.2			111.0			148.0			151.2
Other Income	0.3			0.9			0.9			2.2			3.4			1.2
Total	463.9			457.7			1,412.3			1,373.3			1,836.4			1,756.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	219.0			215.8			669.4			646.2			865.0			824.9
Commissions	79.9			91.0			260.0			280.3			364.5			364.6
Deferral of Acquisition Costs	(63.9)			(76.8)			(214.6)			(243.2)			(311.3)			(315.9)
Amortization of Deferred Acquisition Costs	65.8			64.2			199.5			196.3			258.8			242.2
Other Expenses	70.9			76.3			233.8			236.9			314.9			305.2
Total	371.7			370.5			1,148.1			1,116.5			1,491.9			1,421.0
Adjusted Operating Income	$	92.2		$	87.2		$	264.2		$	256.8		$	344.5		$	335.2
Operating Ratios (% of Premium Income):
Benefit Ratio	52.2		%	51.4		%	51.8		%	51.3		%	51.3		%	51.4		%
Other Expense Ratio	16.9		%	18.2		%	18.0		%	18.8		%	18.7		%	19.0		%
Adjusted Operating Income Ratio	22.0		%	20.8		%	20.4		%	20.4		%	20.4		%	20.9		%
Persistency:
Accident, Sickness, and Disability							74.2		%	73.4		%	73.2		%	74.2		%
Life							83.4		%	83.6		%	83.4		%	83.6		%
Cancer and Critical Illness							81.4		%	81.0		%	80.6		%	82.4		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Nine Months Ended						Year Ended
	9/30/2020			9/30/2019			9/30/2020			9/30/2019			12/31/2019			12/31/2018
Adjusted Operating Revenue
Premium Income
Long-term Care	$	167.7		$	163.6		$	498.2		$	489.2		$	651.6		$	648.3
Individual Disability	80.0			91.4			240.1			283.9			374.3			420.8
All Other	1.7			2.1			5.8			6.6			7.6			8.0
Total Premium Income	249.4			257.1			744.1			779.7			1,033.5			1,077.1
Net Investment Income	351.2			347.3			1,013.6			1,048.3			1,404.9			1,377.1
Other Income	17.8			18.9			49.7			53.5			71.3			75.4
Total	618.4			623.3			1,807.4			1,881.5			2,509.7			2,529.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	492.9			537.4			1,505.3			1,615.3			2,139.3			2,919.2
Commissions	19.7			20.5			58.7			61.3			81.0			84.1
Interest and Debt Expense	0.4			1.2			1.9			4.2			5.3			6.9
Other Expenses	34.6			37.3			104.3			109.1			146.4			144.7
Total	547.6			596.4			1,670.2			1,789.9			2,372.0			3,154.9
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses	70.8			26.9			137.2			91.6			137.7			(625.3)
Long-term Care Reserve Increase	—			—			—			—			—			750.8
Adjusted Operating Income	$	70.8		$	26.9		$	137.2		$	91.6		$	137.7		$	125.5
Interest Adjusted Loss Ratios:
Long-term Care*	67.4		%	89.8		%	71.8		%	88.6		%	88.1		%	206.8		%
Long-term Care Excluding Reserve Increase																91.0		%
Individual Disability	86.6		%	79.0		%	87.0		%	80.1		%	78.8		%	80.4		%
Operating Ratios (% of Premium Income):
Other Expense Ratio	13.9		%	14.5		%	14.0		%	14.0		%	14.2		%	13.4		%
Income (Loss) Ratio																(58.1)		%
Adjusted Operating Income Ratio	28.4		%	10.5		%	18.4		%	11.7		%	13.3		%	11.7		%
Persistency:
Long-term Care							95.0		%	95.5		%	95.7		%	95.8		%
Individual Disability							88.5		%	88.1		%	88.1		%	88.3		%

*The interest-adjusted loss ratio for the rolling twelve months ended September 30, 2020 and September 30, 2019 was 75.6 percent and 87.2 percent, respectively.

12

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Nine Months Ended				Year Ended
	9/30/2020		9/30/2019		9/30/2020		9/30/2019		12/31/2019		12/31/2018
Adjusted Operating Revenue
Net Investment Income	$	1.3	$	6.7	$	9.1	$	15.4	$	20.5	$	29.5
Other Income	0.3		1.0		0.5		2.6		3.1		2.7
Total	1.6		7.7		9.6		18.0		23.6		32.2
Interest, Debt, and Other Expenses	79.0		81.8		203.7		181.3		239.5		203.3
Loss Before Income Tax and Net Realized Investment Gains and Losses	(77.4)		(74.1)		(194.1)		(163.3)		(215.9)		(171.1)
Costs Related to Organizational Design Update	23.3		—		23.3		—		—		—
Impairment Loss on ROU Asset	—		—		12.7		—		—		—
Cost Related to Early Retirement of Debt	—		25.2		—		25.2		27.3		—
Adjusted Operating Loss	$	(54.1)	$	(48.9)	$	(158.1)	$	(138.1)	$	(188.6)	$	(171.1)

13

Unum Group Reserves

	September 30, 2020
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,699.6	$	720.9	28.1	%	$	6,420.5	$	57.7	$	6,362.8
Group Life and Accidental Death & Dismemberment	58.9		0.3		708.3		244.4		4.2		1,011.6		4.7		1,006.9
Individual Disability	484.3		2.3		1,418.4		144.2		6.8		2,046.9		218.9		1,828.0
Voluntary Benefits	1,725.0		8.3		45.1		56.1		0.4		1,826.2		25.5		1,800.7
Dental and Vision	—		—		0.6		12.7		0.1		13.3		0.1		13.2
Unum US Segment	2,268.2		10.9		7,872.0		1,178.3		39.6		11,318.5		306.9		11,011.6
Unum International Segment	196.0		0.9		1,961.9		129.6		9.1		2,287.5		88.7		2,198.8
Colonial Life Segment	2,318.4		11.2		324.7		117.5		1.9		2,760.6		4.7		2,755.9
Individual Disability	210.6		1.0		8,459.1		151.3		37.7		8,821.0		1,681.8		7,139.2
Long-term Care	10,160.0		48.8		2,114.8		270.3		10.4		12,545.1		44.1		12,501.0
Other	5,653.1		27.2		173.5		115.3		1.3		5,941.9		4,962.6		979.3
Closed Block Segment	16,023.7		77.0		10,747.4		536.9		49.4		27,308.0		6,688.5		20,619.5
Subtotal	$	20,806.3	100.0	%	$	20,906.0	$	1,962.3	100.0	%	43,674.6		7,088.8		36,585.8
Adjustment Related to Unrealized Investment Gains and Losses											6,971.3		551.9		6,419.4
Consolidated											$	50,645.9	$	7,640.7	$	43,005.2

The adjustment related to unrealized investment gains and losses are primarily due to movements in credit spreads and U.S. Treasury rates.

14

Unum Group Reserves

	December 31, 2019
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,814.5	$	683.8	28.2	%	$	6,498.3	$	58.3	$	6,440.0
Group Life and Accidental Death & Dismemberment	59.9		0.3		721.1		234.2		4.1		1,015.2		6.2		1,009.0
Individual Disability	499.0		2.4		1,391.1		140.3		6.6		2,030.4		217.2		1,813.2
Voluntary Benefits	1,700.1		8.2		45.8		51.4		0.4		1,797.3		26.1		1,771.2
Dental and Vision	—		—		—		15.4		0.1		15.4		0.2		15.2
Unum US Segment	2,259.0		10.9		7,972.5		1,125.1		39.4		11,356.6		308.0		11,048.6
Unum International Segment	186.5		0.9		1,986.4		110.0		9.1		2,282.9		87.6		2,195.3
Colonial Life Segment	2,229.0		10.8		297.4		113.2		1.8		2,639.6		6.2		2,633.4
Individual Disability	258.8		1.3		8,724.1		172.7		38.5		9,155.6		1,669.4		7,486.2
Long-term Care	9,864.6		47.8		2,045.2		232.0		9.9		12,141.8		44.7		12,097.1
Other	5,847.9		28.3		177.6		120.5		1.3		6,146.0		5,133.1		1,012.9
Closed Block Segment	15,971.3		77.4		10,946.9		525.2		49.7		27,443.4		6,847.2		20,596.2
Subtotal	$	20,645.8	100.0	%	$	21,203.2	$	1,873.5	100.0	%	43,722.5		7,249.0		36,473.5
Adjustment Related to Unrealized Investment Gains and Losses											5,803.1		424.7		5,378.4
Consolidated											$	49,525.6	$	7,673.7	$	41,851.9

14. 1

Unum Group Investments

	9/30/2020						9/30/2020			12/31/2019
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	31,850.8		64.6	%	Earned Book Yield	4.73		%	5.00		%
Asset-Backed Securities	185.8			0.4		Average Duration (in years)	8.01			7.91
Residential Mortgage-Backed Securities	1,165.0			2.4
Commercial Mortgage-Backed Securities	81.3			0.2
Private Placements	6,081.2			12.3
High Yield	3,601.6			7.3
Government Securities	2,365.0			4.8
Municipal Securities (1)	3,930.0			8.0
Redeemable Preferred Stocks	9.5			—
Total	$	49,270.2		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Schedule BA and Non-Current
Aaa	6.6		%	6.3	%	Total Non-Current Investments	$	18.6		$	30.5
Aa	9.6			10.1		Total Schedule BA Assets	$	725.2		$	675.1
A	28.1			29.4
Baa	47.2			46.9
Below Baa	8.5			7.3
Total	100.0		%	100.0	%
(1) Includes $0.5 million of high yield taxable municipals.

15

Unum Group Investments at September 30, 2020

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	$	3,513.3	$	467.2	$	208.7	$	12.4	$	3,304.6	$	479.6
Capital Goods	4,568.1		745.9		88.9		4.4		4,479.2		750.3
Communications	3,196.2		631.6		161.8		12.2		3,034.4		643.8
Consumer Cyclical	1,610.1		230.9		93.8		3.8		1,516.3		234.7
Consumer Non-Cyclical	7,922.5		1,454.4		185.3		11.1		7,737.2		1,465.5
Energy	4,442.3		525.2		631.4		69.6		3,810.9		594.8
Financial Institutions	3,885.7		532.7		44.3		0.5		3,841.4		533.2
Mortgage/Asset-Backed	1,432.1		115.0		21.5		0.2		1,410.6		115.2
Sovereigns	1,115.1		254.2		29.1		1.4		1,086.0		255.6
Technology	1,945.7		224.8		27.1		7.2		1,918.6		232.0
Transportation	2,443.2		366.5		189.5		13.3		2,253.7		379.8
U.S. Government Agencies and Municipalities	5,179.9		826.3		275.1		3.6		4,904.8		829.9
Public Utilities	8,016.0		1,656.1		132.7		6.6		7,883.3		1,662.7
Total	$	49,270.2	$	8,030.8	$	2,089.2	$	146.3	$	47,181.0	$	8,177.1
Fixed Maturity Securities - Energy Classification - Unrealized Gain (Loss) Position
Midstream	$	2,152.9	$	230.1	$	213.9	$	17.7	$	1,939.0	$	247.8
Oil and Gas-Independent	1,175.8		108.7		389.8		43.2		786.0		151.9
Oil Field	79.8		4.1		8.3		4.2		71.5		8.3
Oil-Integrated	743.7		143.7		19.4		4.5		724.3		148.2
Oil-Refining	254.3		37.8		—		—		254.3		37.8
Other Energy	35.8		0.8		—		—		35.8		0.8
Total	$	4,442.3	$	525.2	$	631.4	$	69.6	$	3,810.9	$	594.8
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					$	702.3	$	(10.1)	$	507.7	$	(13.8)
91 through 180 days					86.3		(4.7)		35.7		(4.5)
181 through 270 days					190.9		(14.9)		323.1		(41.0)
271 days to 1 year					22.5		(0.7)		10.1		(4.0)
Greater than 1 year					24.3		(2.3)		186.3		(50.3)
Total					$	1,026.3	$	(32.7)	$	1,062.9	$	(113.6)

15.1

Appendix to Statistical Supplement

2020 Significant Items

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

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

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

2019 Significant Items

•2019 cost related to the early retirement of debt of $27.3 million before tax and $21.6 million after tax.

•In February 2016, the FASB issued an update that changed the accounting and disclosure requirements for leases. These changes include the requirement for lessees to report most leases on their balance sheets, regardless of whether the lease is classified as a finance lease or an operating lease. For lessees, the initial lease liability is equal to the present value of lease payments and a corresponding asset, adjusted for certain items, is also recorded. The expense recognition for lessees remained similar to previous accounting requirements for capital and operating leases. We adopted this update effective January 1, 2019 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2019 which resulted in a decrease to retained earnings of $3.4 million, an increase to other assets of $117.7 million, a decrease in deferred income tax of $0.4 million, an increase to other liabilities of $122.0 million, and a decrease to income tax payable of $1.3 million.

2018 Significant Items

•In October 2018, we acquired 100 percent of the shares and voting interests in Unum Poland, a financial protection benefits provider in Poland. This acquisition will expand our European presence, which we believe to be an attractive market for financial protection benefits. 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 2018.

•Third quarter of 2018 reserve increase of $750.8 million before tax and $593.1 million after tax related to long-term care.

•In January 2016, the FASB issued an update that changed the accounting and disclosure requirements for certain financial instruments. These changes include a requirement to measure equity investments, other than those that result in consolidation or are accounted for under the equity method, at fair value through net income unless the investment qualifies for certain practicability exceptions. In addition, the update clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities. We adopted this update effective January 1, 2018 using a modified retrospective approach through a cumulative-effect adjustment as of January 1, 2018 which resulted in a decrease to accumulated other comprehensive income (AOCI) of $17.5 million, an increase to retained earnings of $14.5 million, a decrease to other long-term investments of $3.8 million, and a decrease to deferred income tax liability of $0.8 million.

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;

•Consolidated 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 hedges;

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

•Book value per common share, which is calculated excluding AOCI.

Realized investment gains or losses and unrealized gains or losses on securities and net gains on 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. We exclude these items as we believe them to be infrequent or unusual in nature, 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.

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
	September 30		June 30		March 31		December 31		September 30		June 30		March 31		December 31		September 30
	2020						2019								2018
Total Revenue	$	2,996.3	$	3,021.2	$	2,871.1	$	3,034.6	$	2,960.0	$	3,016.7	$	2,987.6	$	2,880.8	$	2,927.8
Excluding:
Net Realized Investment Gain (Loss)	4.4		33.8		(144.0)		9.2		(26.2)		(7.3)		1.1		(41.4)		6.7
Adjusted Operating Revenue	$	2,991.9	$	2,987.4	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5	$	2,922.2	$	2,921.1

16. 2

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 September 30, 2020
Unum US	$	148.7	$	4,439.5	13.4	%
Unum International	4.9		753.3		2.6	%
Colonial Life	72.8		1,580.6		18.4	%
Core Operating Segments	226.4		6,773.4		13.4	%
Closed Block	55.0		4,239.0
Corporate	(35.5)		(1,491.8)
Total	$	245.9	$	9,520.6	10.3	%
Three Months Ended September 30, 2019
Unum US	$	207.6	$	4,542.0	18.3	%
Unum International	22.2		736.4		12.1	%
Colonial Life	69.3		1,532.1		18.1	%
Core Operating Segments	299.1		6,810.5		17.6	%
Closed Block	21.3		3,837.8
Corporate	(37.7)		(1,671.6)
Total	$	282.7	$	8,976.7	12.6	%

⁽¹⁾ Excludes net unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.6.

16. 3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity(2)		Annualized Adjusted Operating Return on Equity
Nine Months Ended September 30, 2020
Unum US	$	538.9	$	4,484.9	16.0	%
Unum International	33.3		769.6		5.8	%
Colonial Life	208.4		1,577.3		17.6	%
Core Operating Segments	780.6		6,831.8		15.2	%
Closed Block	102.6		4,180.2
Corporate	(113.1)		(1,626.2)
Total	$	770.1	$	9,385.8	10.9	%
Nine Months Ended September 30, 2019
Unum US	$	608.0	$	4,531.4	17.9	%
Unum International	73.0		733.5		13.3	%
Colonial Life	203.3		1,550.7		17.5	%
Core Operating Segments	884.3		6,815.6		17.3	%
Closed Block	69.3		3,730.3
Corporate	(103.7)		(1,703.1)
Total	$	849.9	$	8,842.8	12.8	%

⁽²⁾ Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.6. Due to the implementation of a FASB update for which the beginning balances of 2020 and 2019 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2020 and 2019 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2020 and 2019, respectively. As a result, average equity for the nine months ended September 30, 2020 and 2019 for certain of our segments will not compute using the historical allocated equity at December 31, 2019 and 2018, respectively.

16. 4

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity(3)		Adjusted Operating Return on Equity
Year Ended December 31, 2019
Unum US	$	816.3	$	4,526.6	18.0	%
Unum International	88.4		757.9		11.7	%
Colonial Life	272.7		1,558.6		17.5	%
Core Operating Segments	1,177.4		6,843.1		17.2	%
Closed Block	104.4		3,842.2
Corporate	(141.2)		(1,764.5)
Total	$	1,140.6	$	8,920.8	12.8	%
Year Ended December 31, 2018
Unum US	$	803.4	$	4,368.2	18.4	%
Unum International	93.1		694.4		13.4	%
Colonial Life	265.1		1,475.6		18.0	%
Core Operating Segments	1,161.6		6,538.2		17.8	%
Closed Block	117.0		3,512.5
Corporate	(133.6)		(1,359.1)
Total	$	1,145.0	$	8,691.6	13.2	%

⁽³⁾Excludes unrealized gain (loss) on securities and net gain on hedges and is calculated using the stockholders' equity balances presented on page 16.6. Due to the implementation of a FASB update for which the beginning balances of 2019 and 2018 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2019 and 2018 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2019 and 2018, respectively. As a result, average equity for the years ended December 31, 2019 and 2018 for certain of our segments will not compute using the historical allocated equity at December 31, 2018 and 2017, respectively.

16. 5

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

	9/30/2020		6/30/2020		12/31/2019		9/30/2019		6/30/2019		12/31/2018		12/31/2017
Total Stockholders' Equity	$	10,892.2	$	10,561.4	$	9,965.0	$	9,631.6	$	9,453.1	$	8,621.8	$	9,574.9
Excluding:
Net Unrealized Gain (Loss) on Securities	1,104.5		963.1		615.9		422.1		286.9		(312.4)		607.8
Net Gain on Hedges	158.7		186.2		187.8		204.3		218.0		250.6		282.3
Total Adjusted Stockholders' Equity	$	9,629.0	$	9,412.1	$	9,161.3	$	9,005.2	$	8,948.2	$	8,683.6	$	8,684.8
	Three Months Ended		Nine Months Ended		Twelve Months Ended		Three Months Ended		Nine Months Ended		Twelve Months Ended
	9/30/2020				12/31/2019		9/30/2019				12/31/2018
Average Adjusted Stockholders' Equity	$	9,520.6	$	9,385.8	$	8,920.8	$	8,976.7	$	8,842.8	$	8,691.6

16. 6

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended September 30								Nine Months Ended September 30
	2020				2019				2020				2019
	(in millions)		per share*		(in millions)		per share*		(in millions)		per share*		(in millions)		per share*
Net Income	$	231.1	$	1.13	$	242.0	$	1.16	$	657.6	$	3.23	$	804.1	$	3.81
Excluding:
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $0.6; $(5.4); $(21.9); $(6.5))	3.8		0.01		(20.8)		(0.10)		(83.9)		(0.41)		(25.9)		(0.12)
Costs Related to Organizational Design Update (net of tax benefit of $4.7; $—; $4.7; $—)	(18.6)		(0.09)		—		—		(18.6)		(0.09)		—		—
Impairment Loss on ROU Asset (net of tax benefit of $—; $—; $2.7; $—)	—		—		—		—		(10.0)		(0.05)		—		—
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $5.3; $—; $5.3)	—		—		(19.9)		(0.10)		—		—		(19.9)		(0.09)
After-tax Adjusted Operating Income	$	245.9	$	1.21	$	282.7	$	1.36	$	770.1	$	3.78	$	849.9	$	4.02

	Year Ended December 31
	2019				2018
	(in millions)		per share *		(in millions)		per share *
Net Income	$	1,100.3	$	5.24	$	523.4	$	2.38
Excluding:
Net Realized Investment Loss (net of tax benefit of $4.5; $11.0)	(18.7)		(0.09)		(28.5)		(0.12)
Cost Related to Early Retirement of Debt (net of tax benefit of $5.7; $—)	(21.6)		(0.11)		—		—
Long-term Care Reserve Increase (net of tax benefit of $—; $157.7)	—		—		(593.1)		(2.70)
After-tax Adjusted Operating Income	$	1,140.6	$	5.44	$	1,145.0	$	5.20

*Assuming Dilution.

16. 7

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended
	September 30		June 30
	2020
	(in millions of dollars)
Income Before Income Tax	$	299.6	$	337.6
Excluding:
Net Realized Investment Gain	4.4		33.8
Costs Related to Organizational Design Update	(23.3)		—
Impairment Loss on ROU Asset	—		(12.7)
Adjusted Operating Income	$	318.5	$	316.5

16. 8

Reconciliation of Non-GAAP Financial Measures - Continued

	September 30						December 31
	2020			2019			2019			2018
Debt	$	3,378.6		$	3,437.3		$	3,326.6		$	2,971.3
Including:
Lease Liability	109.6			112.4			114.7			—
Excluding:
Non-recourse Debt	33.9			92.7			78.1			137.1
Adjusted Debt and Lease Liability	$	3,454.3		$	3,457.0		$	3,363.2		$	2,834.2
Total Stockholders' Equity	$	10,892.2		$	9,631.6		$	9,965.0		$	8,621.8
Excluding:
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	1,263.2			626.4			803.7			(61.8)
Northwind Capital	987.3			978.5			984.6			953.1
Equity, As Adjusted	8,641.7			8,026.7			8,176.7			7,730.5
Debt, As Adjusted and Lease Liability	3,454.3			3,457.0			3,363.2			2,834.2
Total Adjusted Capital	$	12,096.0		$	11,483.7		$	11,539.9		$	10,564.7
Leverage Ratio (4)	28.6		%	30.1		%	29.1		%	26.8		%

⁽⁴⁾ In connection with our January 1, 2019 adoption of the accounting update for leases, we have included the lease liability in the calculation of our leverage ratio on a prospective basis.

16. 9

XML

Cover	Oct. 27, 2020
Entity Information
Document Type	8-K
Document Period End Date	Oct. 27, 2020
Entity Registrant Name	UNUM GROUP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11294
Entity Tax Identification Number	62-1598430
Entity Address, Address Line One	1 Fountain Square
Entity Address, City or Town	Chattanooga,
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37402
City Area Code	423
Local Phone Number	294-1011
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000005513
Amendment Flag	false
Common Class A | NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	Common stock, $0.10 par value
Trading Symbol	UNM
Security Exchange Name	NYSE
6.250% Junior Subordinated Notes due 2058 | NEW YORK STOCK EXCHANGE, INC.
Entity Information
Title of 12(b) Security	6.250% Junior Subordinated Notes due 2058
Trading Symbol	UNMA
Security Exchange Name	NYSE