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): May 5, 2021

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 May 5, 2021, Unum Group (the "Company") issued a news release reporting its results for the first quarter of 2021, a copy of which is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

Also on May 5, 2021, the Company posted on its website at www.unum.com the Statistical Supplement relating to its financial results for the first quarter of 2021. 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 May 5, 2021, concerning earnings for the first quarter of 2021.
99.2	Statistical Supplement of Unum Group for the first quarter of 2021.
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: May 5, 2021	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	Natalie Godwin ngodwin@unum.com
	INVESTORS	Tom White 423-294-8996 tawhite@unum.com

Unum Group Reports First Quarter 2021 Results

•Net income of $153.0 million ($0.75 per diluted common share) for the first quarter of 2021; after-tax adjusted operating income was $212.0 million ($1.04 per diluted common share).

•Results reflect continued elevated mortality, which improved through the quarter, as well as encouraging trends in premium growth, persistency, and macro-economic conditions.

•Strong balance sheet and liquidity with holding company cash of $1.7 billion and weighted average risk-based capital ratio of approximately 370 percent; successful completion of the second phase of the Closed Block individual disability reinsurance transaction.

•Book value per common share of $51.77 grew 7.4 percent over the year-ago quarter.

CHATTANOOGA, Tenn.(May 5, 2021) - Unum Group (NYSE: UNM) today reported net income of $153.0 million ($0.75 per diluted common share) for the first quarter of 2021, compared to net income of $161.0 million ($0.79 per diluted common share) for the first quarter of 2020.

Included in net income for the first quarter of 2021 are the net after-tax loss from the second phase of the Closed Block individual disability reinsurance transaction of $56.7 million ($0.27 per diluted common share), the after-tax amortization of the cost of reinsurance of $15.8 million ($0.08 per diluted common share), and a net after-tax realized investment gain on the Company’s investment portfolio, excluding the net realized investment gain associated with the completion of the second phase of the Closed Block individual disability reinsurance transaction, of $13.5 million ($0.06 per diluted common share). Included in net income for the first quarter of 2020 is a net after-tax realized investment loss on the Company's investment portfolio of $113.1 million ($0.56 per diluted common share). Excluding the items above, after-tax adjusted operating income was $212.0 million ($1.04 per diluted common share) in the first quarter of 2021, compared to $274.1 million ($1.35 per diluted common share) in the first quarter of 2020.

“Our first quarter results reflect the dynamics of the world around us with good growth results, pressured by high, yet improving, levels of mortality,” said Richard P. McKenney, president and chief executive officer. “With vaccines rolling out and a better economy, the current trends show continued improvement. Looking forward, our market leadership and financial underpinnings position us well to drive growth as the recovery builds in the second half of the year.”

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, amortization of cost of reinsurance, 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 $115.7 million in the first quarter of 2021, a decrease of 55.8 percent from $261.8 million in the first quarter of 2020. Premium income for the segment was $1,525.8 million in the first quarter of 2021, which was generally consistent with the $1,527.7 million in the first quarter of 2020. Net investment income for the segment was $179.7 million in the first quarter of 2021, which was consistent with the $179.6 million in the first quarter of 2020.

Within the Unum US operating segment, the group disability line of business reported a 16.0 percent decrease in adjusted operating income to $64.1 million in the first quarter of 2021, compared to $76.3 million in the first quarter of 2020. Premium income for the group disability line of business increased 1.0 percent to $672.9 million in the first quarter of 2021, compared to $666.2 million in the first quarter of 2020 due to higher sales in our short-term disability product line. Net investment income increased 4.3 percent to $97.4 million in the first quarter of 2021, compared to $93.4 million in the first quarter of 2020, driven by higher miscellaneous investment income, partially offset by a decline in the yield on invested assets and a lower level of invested assets. The benefit ratio for the first quarter of 2021 was 74.8 percent, compared to 73.2 percent in the first quarter of 2020, due to higher claims incidence in the short-term disability product line, resulting from the impacts of COVID-19, partially offset by favorable claim recoveries in our group long-term disability product line. Group long-term disability sales were $31.1 million in the first quarter of 2021, which was generally consistent with the $31.4 million in the first quarter of 2020. Group short-term disability sales were $24.1 million in the first quarter of 2021, an increase of 69.7 percent from $14.2 million in the first quarter of 2020. Persistency in the group long-term disability product line was 90.7 percent for the first quarter of 2021, compared to 90.6 percent for the first quarter of 2020. Persistency in the group short-term disability product line was 86.1 percent for the first quarter of 2021, compared to 86.1 percent for the first quarter of 2020.

The group life and accidental death and dismemberment line of business reported an adjusted operating loss of $58.3 million in the first quarter of 2021, compared to adjusted operating income of $70.4 million in the first quarter of 2020. Premium income for this line of business decreased 1.1 percent to $451.4 million in the first quarter of 2021, compared to $456.2 million in the first quarter of 2020, driven primarily by lower prior period sales, partially offset by higher persistency. Net investment income decreased 3.1 percent to $24.9 million in the first quarter of 2021, compared to $25.7 million in the first quarter of 2020, due to decline in the yield on invested assets. The benefit ratio in the first quarter of 2021 was 98.8 percent, compared to 70.6 percent in the first quarter of 2020, due primarily to higher claims incidence in the group life product line resulting from the impacts of COVID-19. Sales of group life and accidental death and dismemberment products increased 7.5 percent in the first quarter of 2021 to $30.2 million, compared to $28.1 million in the first quarter of 2020. Persistency in the group life product line was 90.1 percent for the first quarter of 2021, compared to 88.4 percent for the first quarter of 2020. Persistency in the accidental death and dismemberment product line was 89.7 percent for the first quarter of 2021, compared to 87.9 percent for the first quarter of 2020.

The supplemental and voluntary line of business reported a decrease of 4.5 percent in adjusted operating income to $109.9 million in the first quarter of 2021, compared to $115.1 million in the first quarter of 2020. Premium income for the supplemental and voluntary line of business decreased to $401.5 million in the first quarter of 2021, compared to $405.3 million in the first quarter of 2020, with a decline in the voluntary benefits product line, mostly offset by growth in the individual disability and dental and vision product lines. Net investment income decreased 5.1 percent to $57.4 million in the first quarter of 2021, compared to $60.5 million in the first quarter of 2020, due to a decline in the yield on invested assets, partially offset by an increase in the level of invested assets. The benefit ratio for the individual disability product line was 42.4 percent for the first quarter of 2021, compared to 52.1 percent for the first

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

quarter of 2020, due to lower claims incidence and higher mortality. The benefit ratio for the voluntary benefits product line was 39.3 percent in the first quarter of 2021, compared to 32.7 percent for the first quarter of 2020, due to higher claims incidence in the life product line, resulting from the impacts of COVID-19. The benefit ratio for the dental and vision product line was 73.2 percent for the first quarter of 2021, compared to 65.1 percent for the first quarter of 2020, due primarily to higher claims incidence. Relative to the first quarter of 2020, sales in the individual disability product line declined 25.1 percent in the first quarter of 2021 to $17.0 million. Sales in the voluntary benefits product line declined 21.5 percent in the first quarter of 2021 to $101.0 million. Sales in the dental and vision product line totaled $8.0 million for the first quarter of 2021, a decrease of 25.9 percent compared to the first quarter of 2020. Persistency in the individual disability product line was 90.2 percent for the first quarter of 2021, compared to 88.9 percent for the first quarter of 2020. Persistency in the voluntary benefits product line was 74.3 percent for the first quarter of 2021, compared to 72.4 percent for the first quarter of 2020. Persistency in the dental and vision product line was 87.4 percent for the first quarter of 2021, compared to 81.9 percent for the first quarter of 2020.

Unum International

The Unum International segment reported adjusted operating income of $26.4 million in the first quarter of 2021, an increase of 36.1 percent from $19.4 million in the first quarter of 2020. Premium income increased 6.0 percent to $174.4 million in the first quarter of 2021, compared to $164.6 million in the first quarter of 2020. Net investment income was $26.0 million in the first quarter of 2021, compared to $26.5 million in the first quarter of 2020. Sales decreased 2.9 percent to $23.2 million in the first quarter of 2021, compared to $23.9 million in the first quarter of 2020.

The Unum UK line of business reported adjusted operating income, in local currency, of £18.6 million in the first quarter of 2021, an increase of 35.8 percent from £13.7 million in the first quarter of 2020. Premium income was £110.5 million in the first quarter of 2021, a decrease of 2.9 percent from £113.8 million in the first quarter of 2020, driven by an increase in ceded premiums in the group life product line, partially offset by both higher sales and persistency in the group life product line and rate increases in the group long-term disability product line. Net investment income was £17.4 million in the first quarter of 2021, a decrease of 9.8 percent from £19.3 million in the first quarter of 2020, due to lower miscellaneous investment income and a lower yield on fixed-rate bonds, partially offset by higher investment income from inflation index-linked bonds. The benefit ratio in the first quarter of 2021 was 75.3 percent, compared to 80.5 percent in the first quarter of 2020, due primarily to favorable mortality experience and lower claims incidence in both the group long-term disability and group critical illness product lines, partially offset by higher claims incidence in the group life product line, resulting from the impacts of COVID-19. Sales decreased 13.3 percent to £14.3 million in the first quarter of 2021, compared to £16.5 million in the first quarter of 2020. Persistency in the group long-term disability product line was 87.0 percent for the first quarter of 2021, compared to 90.1 percent for the first quarter of 2020, resulting from pricing discipline. Persistency in the group life product line was 87.2 percent for the first quarter of 2021, compared to 86.3 percent for the first quarter of 2020. Persistency in the supplemental product line was 88.2 percent for the first quarter of 2021, compared to 91.2 percent for the first quarter of 2020.

Colonial Life Segment

Colonial Life reported a 9.6 percent decrease in adjusted operating income to $73.3 million in the first quarter of 2021, compared to $81.1 million in the first quarter of 2020. Premium income decreased 1.9 percent to $426.4 million in the first quarter of 2021, compared to $434.7 million in the first quarter of 2020, due to a decline in sales, partially offset by higher persistency. Net investment income was $37.7 million in the first quarter of 2021, which was consistent with the first quarter of 2020. The benefit ratio was 55.4 percent in the first quarter of 2021, compared to 52.4 percent in the first quarter of 2020, with unfavorable experience in the life product line, resulting from the impacts of COVID-19, partially offset by favorable experience in the accident, sickness, and disability line of business.

Sales decreased 9.2 percent to $90.2 million in the first quarter of 2021, compared to $99.3 million in the first quarter of 2020. Persistency in Colonial Life was 78.4 percent for the first quarter of 2021, compared to 76.8 percent for the first quarter of 2020.

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 $97.0 million in the first quarter of 2021, which excludes the impacts from the second phase of the Closed Block individual disability reinsurance transaction of $139.3 million and the amortization of cost of reinsurance related to the Closed Block individual disability reinsurance transaction of $20.0 million, compared to $29.7 million in the first quarter of 2020. Premium income for this segment increased 3.0 percent to $251.7 million in the first quarter of 2021, compared to $244.4 million in the first quarter of 2020, due to premium rate increases on certain in-force business in the long-term care line of business, partially offset by continued policy terminations and maturities in the individual disability line of business. Net investment income decreased 11.6 percent to $297.2 million in the first quarter of 2021, compared to $336.1 million in the first quarter of 2020, due to a decrease in the level of invested assets supporting individual disability resulting from the reinsurance transaction, partially offset by higher miscellaneous investment income, primarily related to increases in the net asset values on our private equity partnerships, and an increase in the level of invested assets supporting long-term care. In connection with the completion of the second phase of the Closed Block individual disability reinsurance transaction, we recognized a net realized investment gain of $67.6 million.

The interest adjusted loss ratio for the long-term care line of business was 77.7 percent in the first quarter of 2021, compared to an interest adjusted loss ratio of 81.0 percent in the first quarter of 2020, driven primarily by higher claimant mortality, partially offset by higher submitted claims. The interest adjusted loss ratio for long-term care for the rolling twelve months ended March 31, 2021, excluding the update of assumptions during the fourth quarter of 2020, was 68.1 percent which is significantly below our long-term expected range. The interest adjusted loss ratio for the individual disability line of business, excluding the impacts from the reinsurance transaction, was 68.9 percent in the first quarter of 2021, compared to 84.5 percent in the first quarter of 2020, driven primarily by lower submitted claims.

Corporate Segment

The Corporate segment reported an adjusted operating loss of $38.9 million in the first quarter of 2021 compared to an adjusted operating loss of $45.9 million in the first quarter of 2020, resulting primarily from an increase in the level of invested assets and lower operating expenses.

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 204.7 million for the first quarter of 2021, compared to 203.4 million for the first quarter of 2020. Shares outstanding totaled 204.2 million at March 31, 2021. The Company did not repurchase shares during the first quarter of 2021.

Capital Management

At March 31, 2021, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 370 percent, and cash and marketable securities in the holding companies equaled $1,664 million.

Book Value

Book value per common share as of March 31, 2021 was $51.77, compared to $48.21 at March 31, 2020.

Outlook

As previously announced, the Company expects a modest decline in after-tax adjusted operating income per share for full-year 2021 compared to full-year 2020. The Company also anticipates a strong recovery in after-tax adjusted operating income per share in the second half of 2021 as the expected impacts of the COVID-19 pandemic subside.

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 amortization of cost of reinsurance as well as 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.

As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021, respectively. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the ceded reserves for the cohort of policies on claim status. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses.

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.

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 Thursday, May 6, at 8:00 a.m. (Eastern Time) to discuss the results of operations for the first 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) 652-5200 for U.S. and Canada (Please ask to be joined to the Unum Group call). For international, the dial-in number is (412) 317-6060 (Please ask to be joined to the Unum Group call). 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 Thursday, May 13 by dialing (877) 344-7529 (U.S.), (855) 669-9658 (Canada), or (412) 317-0088 (International) - pass code 10154518.

In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the first quarter of 2021 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 $13.2 billion in 2020 and provided $7.6 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 mortality experience, 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 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 governmental programs; (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) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (17) effectiveness of our risk management program; (18) contingencies and the level and results of litigation; (19) 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; and (20) fluctuation in foreign currency exchange rates.

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, 2020. 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 March 31
	2021		2020
Revenue
Premium Income	$	2,378.3	$	2,371.4
Net Investment Income	548.7		585.0
Net Realized Investment Gain (Loss)	84.6		(144.0)
Other Income	60.4		58.7
Total Revenue	3,072.0		2,871.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	2,051.2		1,854.8
Commissions	259.9		279.2
Interest and Debt Expense	44.4		45.7
Deferral of Acquisition Costs	(130.6)		(162.0)
Amortization of Deferred Acquisition Costs	166.4		176.2
Other Expenses	481.9		475.1
Total Benefits and Expenses	2,873.2		2,669.0
Income Before Income Tax	198.8		202.1
Income Tax Expense	45.8		41.1
Net Income	$	153.0	$	161.0
PER SHARE INFORMATION
Net Income Per Common Share
Basic	$	0.75	$	0.79
Assuming Dilution	$	0.75	$	0.79
Weighted Average Common Shares - Basic (000s)	204,133.3		203,306.0
Weighted Average Common Shares - Assuming Dilution (000s)	204,737.3		203,355.7
Outstanding Shares - (000s)	204,188.6		203,325.1

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 March 31
	2021				2020
	(in millions)		per share *		(in millions)		per share *
Net Income	$	153.0	$	0.75	$	161.0	$	0.79
Excluding:
Net Realized Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $14.2; $—)	53.4		0.26		—		—
Net Realized Investment Gain (Loss), Other (net of tax expense (benefit) of $3.5; $(30.9))	13.5		0.06		(113.1)		(0.56)
Total Net Realized Investment Gain (Loss)	66.9		0.32		(113.1)		(0.56)
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $29.2; $—)	(110.1)		(0.53)		—		—
Amortization of the Cost of Reinsurance (net of tax benefit of $4.2; $—)	(15.8)		(0.08)		—		—
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(125.9)		(0.61)		—		—
After-tax Adjusted Operating Income	$	212.0	$	1.04	$	274.1	$	1.35
* Assuming Dilution

	March 31
	2021				2020
	(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,570.1	$	51.77	$	9,803.1	$	48.21
Excluding:
Net Unrealized Gain on Securities	678.2		3.32		395.3		1.94
Net Gain on Hedges	77.1		0.38		210.6		1.04
Subtotal	9,814.8		48.07		9,197.2		45.23
Excluding:
Foreign Currency Translation Adjustment	(254.0)		(1.24)		(345.2)		(1.70)
Subtotal	10,068.8		49.31		9,542.4		46.93
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(526.2)		(2.58)		(477.8)		(2.35)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Loss	$	10,595.0	$	51.89	$	10,020.2	$	49.28

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

EX-99.2

Unum Group

Statistical Supplement First Quarter 2021

TABLE OF CONTENTS

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

Interim Results are Unaudited

	Page
Financial Highlights	1
Capital Metrics	2
Ratings	3
Consolidated Statements of Income	4
Sales Data by Segment	5
Consolidated Balance Sheets	6
Financial Results by Segment	7
Quarterly Historical Financial Results by Segment	8
Financial Results and Selected Statistics by Segment
Unum US	9
Unum International	10
Colonial Life	11
Closed Block	12
Corporate	13
Reserves	14
Investments	15
Appendix to Statistical Supplement	16
See "Appendix to Statistical Supplement" on page 16 for a summary of significant items and page 16.3 for a reconciliation of our non-GAAP financial measures.
N.M. = not a meaningful percentage

Unum Group Financial Highlights

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Consolidated U.S. GAAP Results¹
Premium Income	$	2,378.3		$	2,371.4		$	9,378.1		$	9,365.6
Adjusted Operating Revenue	$	2,987.4		$	3,015.1		$	11,963.0		$	12,022.1
Net Realized Investment Gain (Loss)	84.6			(144.0)			1,199.1			(23.2)
Revenue	$	3,072.0		$	2,871.1		$	13,162.1		$	11,998.9
Net Income	$	153.0		$	161.0		$	793.0		$	1,100.3
Net Income Per Common Share:
Basic	$	0.75		$	0.79		$	3.89		$	5.25
Assuming Dilution	$	0.75		$	0.79		$	3.89		$	5.24
Assets	$	69,256.6		$	65,335.9		$	70,625.8		$	67,013.4
Stockholders' Equity	$	10,570.1		$	9,803.1		$	10,871.0		$	9,965.0
Adjusted Operating Return on Equity
Unum US	8.3		%	18.4		%	14.6		%	18.0		%
Unum International	10.3		%	8.5		%	6.5		%	11.7		%
Colonial Life	14.5		%	16.5		%	16.7		%	17.5		%
Core Operating Segments	10.0		%	16.9		%	14.1		%	17.2		%
Consolidated	8.7		%	12.0		%	10.7		%	12.8		%

Traditional U.S. Life Insurance Companies' Statutory Results2
Net Gain from Operations, After Tax	$	136.7	$	326.1	$	726.2	$	1,027.2
Net Realized Investment Gain (Loss), After Tax	6.7		(63.5)		(79.4)		(45.1)
Net Income	$	143.4	$	262.6	$	646.8	$	982.1
Capital and Surplus	$	3,729.2	$	3,549.5	$	3,875.0	$	3,644.4
Weighted Average Risk-based Capital Ratio	~ 370%		~ 365%		~ 365%		~ 365%

1 Generally Accepted Accounting Principles

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

1

Unum Group Capital Metrics

	3/31/2021				3/31/2020				12/31/2020				12/31/2019
	(in millions)		per share		(in millions)		per share		(in millions)		per share		(in millions)		per share
Total Stockholders' Equity (Book Value)	$	10,570.1	$	51.77	$	9,803.1	$	48.21	$	10,871.0	$	53.37	$	9,965.0	$	49.10
Excluding:
Net Unrealized Gain on Securities	678.2		3.32		395.3		1.94		1,067.7		5.24		615.9		3.03
Net Gain on Hedges	77.1		0.38		210.6		1.04		97.8		0.48		187.8		0.93
Subtotal	9,814.8		48.07		9,197.2		45.23		9,705.5		47.65		9,161.3		45.14
Excluding:
Foreign Currency Translation Adjustment	(254.0)		(1.24)		(345.2)		(1.70)		(261.3)		(1.28)		(281.6)		(1.39)
Subtotal	10,068.8		49.31		9,542.4		46.93		9,966.8		48.93		9,442.9		46.53
Excluding:
Unrecognized Pension and Postretirement Benefit Costs	(526.2)		(2.58)		(477.8)		(2.35)		(530.0)		(2.61)		(484.8)		(2.39)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)	$	10,595.0	$	51.89	$	10,020.2	$	49.28	$	10,496.8	$	51.54	$	9,927.7	$	48.92
Dividends Paid	$	59.4	$	0.29	$	58.8	$	0.29	$	233.2	$	1.14	$	231.3	$	1.09

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Shares Repurchased (millions)	—			—			—			12.3
Cost of Shares Repurchased (millions)1	$	—		$	—		$	—		$	400.4
Price (UNM closing price on last trading day of period)	$	27.83		$	15.01		$	22.94		$	29.16
Leverage Ratio	26.0		%	29.1		%	26.2		%	29.1		%
Holding Company Cash and Marketable Securities	$	1,664		$	1,025		$	1,512		$	863

1 Includes commissions of $0.4 million for the year ended December 31, 2019.

2

Unum Group Ratings

	AM Best	Fitch	Moody's	S&P
Outlook	Negative	Stable	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				Year Ended
	3/31/2021		3/31/2020		12/31/2020		12/31/2019
Revenue
Premium Income	$	2,378.3	$	2,371.4	$	9,378.1	$	9,365.6
Net Investment Income	548.7		585.0		2,360.7		2,435.3
Net Realized Investment Gain (Loss)	84.6		(144.0)		1,199.1		(23.2)
Other Income	60.4		58.7		224.2		221.2
Total Revenue	3,072.0		2,871.1		13,162.1		11,998.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	2,051.2		1,854.8		8,972.9		7,496.2
Commissions	259.9		279.2		1,057.3		1,122.7
Interest and Debt Expense - Non-recourse Debt	—		0.8		3.1		5.3
Interest and Debt Expense - All Other Debt	44.4		44.9		185.1		172.1
Cost Related to Early Retirement of Debt	—		—		—		27.3
Deferral of Acquisition Costs	(130.6)		(162.0)		(576.2)		(658.6)
Amortization of Deferred Acquisition Costs	166.4		176.2		606.1		609.9
Other Expenses	481.9		475.1		1,949.8		1,841.9
Total Benefits and Expenses	2,873.2		2,669.0		12,198.1		10,616.8
Income Before Income Tax	198.8		202.1		964.0		1,382.1
Income Tax	45.8		41.1		171.0		281.8
Net Income	$	153.0	$	161.0	$	793.0	$	1,100.3
Weighted Average Shares Outstanding
Basic	204.1		203.3		203.6		209.7
Assuming Dilution	204.7		203.4		203.8		209.9
Actual Number of Shares Outstanding	204.2		203.3		203.7		202.9

4

Unum Group Sales Data for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2021		3/31/2020		% Change		12/31/2020		12/31/2019
Sales by Product
Group Disability and Group Life and AD&D
Group Long-term Disability	$	31.1	$	31.4	(1.0)	%	$	239.7	$	241.5
Group Short-term Disability	24.1		14.2		69.7		158.7		159.2
Group Life and AD&D	30.2		28.1		7.5		224.3		258.3
Subtotal	85.4		73.7		15.9		622.7		659.0
Supplemental and Voluntary
Individual Disability	17.0		22.7		(25.1)		71.4		75.9
Voluntary Benefits	101.0		128.6		(21.5)		241.6		300.6
Dental and Vision	8.0		10.8		(25.9)		63.9		74.6
Subtotal	126.0		162.1		(22.3)		376.9		451.1
Total Sales	$	211.4	$	235.8	(10.3)		$	999.6	$	1,110.1
Sales by Market Sector
Group Disability and Group Life and AD&D
Core Market (< 2,000 employees)	$	58.2	$	51.2	13.7	%	$	377.0	$	370.8
Large Case Market	27.2		22.5		20.9		245.7		288.2
Subtotal	85.4		73.7		15.9		622.7		659.0
Supplemental and Voluntary	126.0		162.1		(22.3)		376.9		451.1
Total Sales	$	211.4	$	235.8	(10.3)		$	999.6	$	1,110.1

5

Unum Group Sales Data for Unum International Segment

	Three Months Ended						Year Ended
(in millions of dollars)	3/31/2021		3/31/2020		% Change		12/31/2020		12/31/2019
Sales by Product
Unum UK
Group Long-term Disability	$	8.1	$	8.6	(5.8)	%	$	37.7	$	43.2
Group Life	6.5		5.6		16.1		20.6		24.3
Supplemental	5.1		7.1		(28.2)		18.9		19.5
Unum Poland	3.5		2.6		34.6		13.3		13.0
Total Sales	$	23.2	$	23.9	(2.9)		$	90.5	$	100.0
Sales by Market Sector
Unum UK
Group Long-term Disability and Group Life
Core Market (< 500 employees)	$	8.2	$	9.1	(9.9)	%	$	36.2	$	38.2
Large Case Market	6.4		5.1		25.5		22.1		29.3
Subtotal	14.6		14.2		2.8		58.3		67.5
Supplemental	5.1		7.1		(28.2)		18.9		19.5
Unum Poland	3.5		2.6		34.6		13.3		13.0
Total Sales	$	23.2	$	23.9	(2.9)		$	90.5	$	100.0
(in millions of pounds)
Unum UK Sales by Product
Group Long-term Disability	£	5.9	£	6.7	(11.9)	%	£	29.5	£	33.7
Group Life	4.7		4.4		6.8		16.1		19.0
Supplemental	3.7		5.4		(31.5)		14.9		15.1
Total Sales	£	14.3	£	16.5	(13.3)		£	60.5	£	67.8
Unum UK Sales by Market Sector
Group Long-term Disability and Group Life
Core Market (< 500 employees)	£	6.0	£	7.2	(16.7)	%	£	28.3	£	29.9
Large Case Market	4.6		3.9		17.9		17.3		22.8
Subtotal	10.6		11.1		(4.5)		45.6		52.7
Supplemental	3.7		5.4		(31.5)		14.9		15.1
Total Sales	£	14.3	£	16.5	(13.3)		£	60.5	£	67.8

5. 1

Unum Group Sales Data for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2021		3/31/2020		% Change		12/31/2020		12/31/2019
Sales by Product
Accident, Sickness, and Disability	$	57.4	$	64.6	(11.1)	%	$	261.5	$	354.4
Life	20.6		20.7		(0.5)		88.8		122.7
Cancer and Critical Illness	12.2		14.0		(12.9)		62.8		88.9
Total Sales	$	90.2	$	99.3	(9.2)		$	413.1	$	566.0
Sales by Market Sector
Commercial
Core Market (< 1,000 employees)	$	62.3	$	67.6	(7.8)	%	$	266.2	$	345.7
Large Case Market	11.5		11.9		(3.4)		57.4		81.4
Subtotal	73.8		79.5		(7.2)		323.6		427.1
Public Sector	16.4		19.8		(17.2)		89.5		138.9
Total Sales	$	90.2	$	99.3	(9.2)		$	413.1	$	566.0

5. 2

Unum Group Consolidated Balance Sheets

	March 31		December 31
	2021		2020
Assets
Investments
Fixed Maturity Securities	$	42,076.0	$	44,137.3
Mortgage Loans	2,402.2		2,432.1
Policy Loans	3,628.8		3,683.9
Other Long-term Investments	995.3		960.2
Short-term Investments	756.1		1,470.0
Total Investments	49,858.4		52,683.5
Other Assets
Cash and Bank Deposits	561.8		197.0
Accounts and Premiums Receivable	1,656.1		1,519.3
Reinsurance Recoverable	11,550.2		10,666.0
Accrued Investment Income	668.7		611.4
Deferred Acquisition Costs	2,254.8		2,272.6
Goodwill	353.0		353.0
Property and Equipment	500.6		498.0
Income Tax Receivable	43.3		72.7
Other Assets	1,809.7		1,752.3
Total Assets	$	69,256.6	$	70,625.8

6

Unum Group Consolidated Balance Sheets - Continued

	March 31		December 31
	2021		2020
Liabilities and Stockholders' Equity
Liabilities
Policy and Contract Benefits	$	1,899.3	$	1,855.4
Reserves for Future Policy and Contract Benefits	48,112.3		49,653.0
Unearned Premiums	425.0		349.3
Other Policyholders’ Funds	1,736.1		1,663.9
Deferred Income Tax	319.2		416.1
Long-term Debt	3,346.8		3,345.7
Other Liabilities	2,847.8		2,471.4
Total Liabilities	58,686.5		59,754.8
Stockholders’ Equity
Common Stock	30.7		30.7
Additional Paid-in Capital	2,380.8		2,376.2
Accumulated Other Comprehensive Income (Loss)	(24.9)		374.2
Retained Earnings	11,363.2		11,269.6
Treasury Stock	(3,179.7)		(3,179.7)
Total Stockholders’ Equity	10,570.1		10,871.0
Total Liabilities and Stockholders’ Equity	$	69,256.6	$	70,625.8

6. 1

Unum Group Deferred Acquisition Costs by Segment

	Unum US		Unum International		Colonial Life		Consolidated
Balance at December 31, 2019	$	1,223.0	$	26.4	$	1,074.6	$	2,324.0
Capitalization	291.5		12.1		272.6		576.2
Amortization	(341.0)		(7.4)		(257.7)		(606.1)
Adjustment Related to Unrealized Investment Gains and Losses	(4.8)		—		(17.6)		(22.4)
Foreign Currency	—		0.9		—		0.9
Balance at December 31, 2020	1,168.7		32.0		1,071.9		2,272.6
Capitalization	66.9		2.9		60.8		130.6
Amortization	(98.7)		(2.1)		(65.6)		(166.4)
Adjustment Related to Unrealized Investment Gains and Losses	4.1		—		14.4		18.5
Foreign Currency	—		(0.5)		—		(0.5)
Balance at March 31, 2021	$	1,141.0	$	32.3	$	1,081.5	$	2,254.8

6. 2

Unum Group Balance Sheets by Segment - March 31, 2021

	Unum US
	Group Disability		Group Life and Accidental Death & Dismemberment		Supplemental and Voluntary		Total Unum US		Unum International		Colonial Life		Closed Block		Corporate		Consolidated
Assets
Investments	$	8,134.0	$	2,426.7	$	5,345.6	$	15,906.3	$	3,652.0	$	3,543.1	$	24,668.7	$	2,088.3	$	49,858.4
Deferred Acquisition Costs	95.0		76.2		969.8		1,141.0		32.3		1,081.5		—		—		2,254.8
Goodwill	8.9		—		271.1		280.0		45.3		27.7		—		—		353.0
All Other	514.8		415.9		305.1		1,235.8		434.0		165.0		13,176.4		1,779.2		16,790.4
Total Assets	$	8,752.7	$	2,918.8	$	6,891.6	$	18,563.1	$	4,163.6	$	4,817.3	$	37,845.1	$	3,867.5	$	69,256.6
Liabilities
Reserves and Policyholder Benefits	$	7,210.8	$	1,913.3	$	4,260.9	$	13,385.0	$	3,141.4	$	2,906.0	$	32,740.3	$	—	$	52,172.7
Debt	—		—		—		—		—		—		—		3,346.8		3,346.8
All Other	118.7		79.3		345.3		543.3		155.6		177.6		659.2		1,631.3		3,167.0
Total Liabilities	7,329.5		1,992.6		4,606.2		13,928.3		3,297.0		3,083.6		33,399.5		4,978.1		58,686.5
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,403.4		892.1		2,082.7		4,378.2		821.2		1,573.9		4,324.6		(1,283.1)		9,814.8
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	19.8		34.1		202.7		256.6		45.4		159.8		121.0		172.5		755.3
Total Allocated Stockholders' Equity	1,423.2		926.2		2,285.4		4,634.8		866.6		1,733.7		4,445.6		(1,110.6)		10,570.1
Total Liabilities and Allocated Stockholders' Equity	$	8,752.7	$	2,918.8	$	6,891.6	$	18,563.1	$	4,163.6	$	4,817.3	$	37,845.1	$	3,867.5	$	69,256.6

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, 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	$	8,388.5	$	2,425.8	$	5,401.5	$	16,215.8	$	3,749.0	$	3,511.2	$	26,543.7	$	2,663.8	$	52,683.5
Deferred Acquisition Costs	95.3		76.4		997.0		1,168.7		32.0		1,071.9		—		—		2,272.6
Goodwill	8.9		—		271.1		280.0		45.3		27.7		—		—		353.0
All Other	486.0		408.5		475.2		1,369.7		379.9		253.5		11,624.0		1,689.6		15,316.7
Total Assets	$	8,978.7	$	2,910.7	$	7,144.8	$	19,034.2	$	4,206.2	$	4,864.3	$	38,167.7	$	4,353.4	$	70,625.8
Liabilities
Reserves and Policyholder Benefits	$	7,442.2	$	1,878.3	$	4,401.1	$	13,721.6	$	3,144.9	$	2,892.8	$	33,762.3	$	—	$	53,521.6
Debt	—		—		—		—		—		—		—		3,345.7		3,345.7
All Other	106.1		62.2		366.2		534.5		128.2		135.6		290.8		1,798.4		2,887.5
Total Liabilities	7,548.3		1,940.5		4,767.3		14,256.1		3,273.1		3,028.4		34,053.1		5,144.1		59,754.8
Allocated Stockholders' Equity
Other Allocated Stockholders' Equity	1,404.7		903.8		2,103.9		4,412.4		823.5		1,621.7		3,890.5		(1,042.6)		9,705.5
Net Unrealized Gain on Securities and Net Gain on Hedges	25.7		66.4		273.6		365.7		109.6		214.2		224.1		251.9		1,165.5
Total Allocated Stockholders' Equity	1,430.4		970.2		2,377.5		4,778.1		933.1		1,835.9		4,114.6		(790.7)		10,871.0
Total Liabilities and Allocated Stockholders' Equity	$	8,978.7	$	2,910.7	$	7,144.8	$	19,034.2	$	4,206.2	$	4,864.3	$	38,167.7	$	4,353.4	$	70,625.8

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 the amortization of the cost of reinsurance as well as 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						Year Ended
	3/31/2021		3/31/2020		% Change		12/31/2020		12/31/2019		% Change
Premium Income
Unum US	$	1,525.8	$	1,527.7	(0.1)	%	$	6,018.9	$	6,016.6	—	%
Unum International	174.4		164.6		6.0		652.8		630.5		3.5
Colonial Life	426.4		434.7		(1.9)		1,712.0		1,685.0		1.6
Closed Block	251.7		244.4		3.0		994.4		1,033.5		(3.8)
	2,378.3		2,371.4		0.3		9,378.1		9,365.6		0.1
Net Investment Income
Unum US	179.7		179.6		0.1		720.3		739.4		(2.6)
Unum International	26.0		26.5		(1.9)		104.6		122.5		(14.6)
Colonial Life	37.7		37.7		—		155.7		148.0		5.2
Closed Block	297.2		336.1		(11.6)		1,370.3		1,404.9		(2.5)
Corporate	8.1		5.1		58.8		9.8		20.5		(52.2)
	548.7		585.0		(6.2)		2,360.7		2,435.3		(3.1)
Other Income
Unum US	40.4		40.2		0.5		154.9		142.8		8.5
Unum International	0.1		—		—		0.5		0.6		(16.7)
Colonial Life	0.2		0.3		(33.3)		1.1		3.4		(67.6)
Closed Block	18.4		18.2		1.1		66.6		71.3		(6.6)
Corporate	1.3		—		—		1.1		3.1		(64.5)
	60.4		58.7		2.9		224.2		221.2		1.4
Total Adjusted Operating Revenue
Unum US	1,745.9		1,747.5		(0.1)		6,894.1		6,898.8		(0.1)
Unum International	200.5		191.1		4.9		757.9		753.6		0.6
Colonial Life	464.3		472.7		(1.8)		1,868.8		1,836.4		1.8
Closed Block	567.3		598.7		(5.2)		2,431.3		2,509.7		(3.1)
Corporate	9.4		5.1		84.3		10.9		23.6		(53.8)
	$	2,987.4	$	3,015.1	(0.9)		$	11,963.0	$	12,022.1	(0.5)

7

Unum Group Financial Results by Segment - Continued

	Three Months Ended						Year Ended
	3/31/2021		3/31/2020		% Change		12/31/2020		12/31/2019		% Change
Benefits and Expenses
Unum US	$	1,630.2	$	1,485.7	9.7	%	$	6,068.7	$	5,867.7	3.4	%
Unum International	174.1		171.7		1.4		681.3		645.7		5.5
Colonial Life	391.0		391.6		(0.2)		1,533.4		1,491.9		2.8
Closed Block	629.6		569.0		10.7		3,667.0		2,372.0		54.6
Corporate	48.3		51.0		(5.3)		247.7		239.5		3.4
	2,873.2		2,669.0		7.7		12,198.1		10,616.8		14.9
Income (Loss) Before Income Tax and Net Realized Investment Gain (Loss)
Unum US	115.7		261.8		(55.8)		825.4		1,031.1		(19.9)
Unum International	26.4		19.4		36.1		76.6		107.9		(29.0)
Colonial Life	73.3		81.1		(9.6)		335.4		344.5		(2.6)
Closed Block	(62.3)		29.7		(309.8)		(1,235.7)		137.7		N.M.
Corporate	(38.9)		(45.9)		15.3		(236.8)		(215.9)		(9.7)
	114.2		346.1		(67.0)		(235.1)		1,405.3		(116.7)
Income Tax	28.1		72.0		(61.0)		(81.6)		286.3		(128.5)
Income Before Net Realized Investment Gain (Loss)	86.1		274.1		(68.6)		(153.5)		1,119.0		(113.7)
Net Realized Investment Gain (Loss) (net of tax expense (benefit) of $17.7; $(30.9); $252.6; $(4.5))	66.9		(113.1)		(159.2)		946.5		(18.7)		N.M.
Net Income	$	153.0	$	161.0	(5.0)		$	793.0	$	1,100.3	(27.9)

7. 1

Unum Group Quarterly Historical Financial Results by Segment

	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19
Premium Income
Unum US	$	1,525.8	$	1,485.1	$	1,483.4	$	1,522.7	$	1,527.7	$	1,508.3	$	1,501.9	$	1,504.5	$	1,501.9
Unum International	174.4		165.7		165.4		157.1		164.6		165.6		152.3		158.6		154.0
Colonial Life	426.4		418.8		419.9		438.6		434.7		424.9		419.9		420.9		419.3
Closed Block	251.7		250.3		249.4		250.3		244.4		253.8		257.1		259.1		263.5
	2,378.3		2,319.9		2,318.1		2,368.7		2,371.4		2,352.6		2,331.2		2,343.1		2,338.7
Net Investment Income
Unum US	179.7		173.1		190.7		176.9		179.6		189.0		184.2		184.1		182.1
Unum International	26.0		25.5		26.3		26.3		26.5		28.6		24.3		44.8		24.8
Colonial Life	37.7		37.5		43.7		36.8		37.7		37.0		36.9		37.2		36.9
Closed Block	297.2		356.7		351.2		326.3		336.1		356.6		347.3		354.5		346.6
Corporate	8.1		0.7		1.3		2.7		5.1		5.1		6.7		4.3		4.3
	548.7		593.5		613.2		569.0		585.0		616.3		599.4		624.9		594.7
Other Income
Unum US	40.4		37.4		42.0		35.3		40.2		36.7		34.8		36.8		34.5
Unum International	0.1		0.1		0.2		0.2		—		0.3		—		0.3		—
Colonial Life	0.2		0.2		0.3		0.3		0.3		1.2		0.9		0.7		0.6
Closed Block	18.4		16.9		17.8		13.7		18.2		17.8		18.9		16.5		18.0
Corporate	1.3		0.6		0.3		0.2		—		0.5		1.0		1.7		—
	60.4		55.2		60.6		49.7		58.7		56.5		55.6		56.0		53.1
Total Adjusted Operating Revenue
Unum US	1,745.9		1,695.6		1,716.1		1,734.9		1,747.5		1,734.0		1,720.9		1,725.4		1,718.5
Unum International	200.5		191.3		191.9		183.6		191.1		194.5		176.6		203.7		178.8
Colonial Life	464.3		456.5		463.9		475.7		472.7		463.1		457.7		458.8		456.8
Closed Block	567.3		623.9		618.4		590.3		598.7		628.2		623.3		630.1		628.1
Corporate	9.4		1.3		1.6		2.9		5.1		5.6		7.7		6.0		4.3
	$	2,987.4	$	2,968.6	$	2,991.9	$	2,987.4	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5

8

Unum Group Quarterly Historical Financial Results by Segment - Continued

	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		12/31/19		9/30/19		6/30/19		3/31/19
Benefits and Expenses
Unum US	$	1,630.2	$	1,552.1	$	1,527.9	$	1,503.0	$	1,485.7	$	1,470.9	$	1,459.5	$	1,471.1	$	1,466.2
Unum International	174.1		170.6		170.5		168.5		171.7		170.6		152.4		173.0		149.7
Colonial Life	391.0		385.3		371.7		384.8		391.6		375.4		370.5		374.4		371.6
Closed Block	629.6		1,996.8		547.6		553.6		569.0		582.1		596.4		596.4		597.1
Corporate	48.3		44.0		79.0		73.7		51.0		58.2		81.8		49.8		49.7
	2,873.2		4,148.8		2,696.7		2,683.6		2,669.0		2,657.2		2,660.6		2,664.7		2,634.3
Income Before Income Tax Expense (Benefit) and Net Realized Investment Gain (Loss)
Unum US	115.7		143.5		188.2		231.9		261.8		263.1		261.4		254.3		252.3
Unum International	26.4		20.7		21.4		15.1		19.4		23.9		24.2		30.7		29.1
Colonial Life	73.3		71.2		92.2		90.9		81.1		87.7		87.2		84.4		85.2
Closed Block	(62.3)		(1,372.9)		70.8		36.7		29.7		46.1		26.9		33.7		31.0
Corporate	(38.9)		(42.7)		(77.4)		(70.8)		(45.9)		(52.6)		(74.1)		(43.8)		(45.4)
	114.2		(1,180.2)		295.2		303.8		346.1		368.2		325.6		359.3		352.2
Income Tax Expense (Benefit)	28.1		(285.2)		67.9		63.7		72.0		79.2		62.8		72.4		71.9
Income Before Net Realized Investment Gain (Loss)	86.1		(895.0)		227.3		240.1		274.1		289.0		262.8		286.9		280.3
Net Realized Investment Gain (Loss)	84.6		1,304.9		4.4		33.8		(144.0)		9.2		(26.2)		(7.3)		1.1
Tax Expense (Benefit) on Net Realized Investment Gain (Loss)	17.7		274.5		0.6		8.4		(30.9)		2.0		(5.4)		(1.6)		0.5
Net Income	$	153.0	$	135.4	$	231.1	$	265.5	$	161.0	$	296.2	$	242.0	$	281.2	$	280.9
Net Income Per Common Share - Assuming Dilution	$	0.75	$	0.66	$	1.13	$	1.30	$	0.79	$	1.44	$	1.16	$	1.33	$	1.31

8. 1

Unum Group Financial Results for Unum US Segment

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income	$	1,525.8		$	1,527.7		$	6,018.9		$	6,016.6
Net Investment Income	179.7			179.6			720.3			739.4
Other Income	40.4			40.2			154.9			142.8
Total	1,745.9			1,747.5			6,894.1			6,898.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	1,133.3			984.6			4,138.7			4,022.1
Commissions	147.9			154.3			594.9			628.5
Deferral of Acquisition Costs	(66.9)			(79.6)			(291.5)			(334.5)
Amortization of Deferred Acquisition Costs	98.7			107.7			341.0			344.0
Other Expenses	317.2			318.7			1,285.6			1,207.6
Total	1,630.2			1,485.7			6,068.7			5,867.7
Adjusted Operating Income	$	115.7		$	261.8		$	825.4		$	1,031.1
Operating Ratios (% of Premium Income):
Benefit Ratio	74.3		%	64.4		%	68.8		%	66.9		%
Other Expense Ratio	20.8		%	20.9		%	21.4		%	20.1		%
Adjusted Operating Income Ratio	7.6		%	17.1		%	13.7		%	17.1		%

9

Unum Group Financial Results for Unum US Group Disability

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	$	457.7		$	463.0		$	1,828.5		$	1,823.1
Group Short-term Disability	215.2			203.2			799.2			768.8
Total Premium Income	672.9			666.2			2,627.7			2,591.9
Net Investment Income	97.4			93.4			388.8			401.5
Other Income	39.5			38.4			147.6			133.8
Total	809.8			798.0			3,164.1			3,127.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	503.3			487.4			1,921.9			1,927.9
Commissions	51.3			49.9			191.8			193.8
Deferral of Acquisition Costs	(12.6)			(12.8)			(49.3)			(49.5)
Amortization of Deferred Acquisition Costs	12.9			13.3			53.1			50.7
Other Expenses	190.8			183.9			756.6			672.1
Total	745.7			721.7			2,874.1			2,795.0
Adjusted Operating Income	$	64.1		$	76.3		$	290.0		$	332.2
Operating Ratios (% of Premium Income):
Benefit Ratio	74.8		%	73.2		%	73.1		%	74.4		%
Other Expense Ratio	28.4		%	27.6		%	28.8		%	25.9		%
Adjusted Operating Income Ratio	9.5		%	11.5		%	11.0		%	12.8		%
Persistency:
Group Long-term Disability	90.7		%	90.6		%	90.8		%	90.7		%
Group Short-term Disability	86.1		%	86.1		%	88.7		%	89.8		%

9. 1

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

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Group Life	$	410.0		$	414.5		$	1,640.5		$	1,662.0
Accidental Death & Dismemberment	41.4			41.7			163.9			165.7
Total Premium Income	451.4			456.2			1,804.4			1,827.7
Net Investment Income	24.9			25.7			97.2			107.4
Other Income	0.3			0.5			2.4			2.7
Total	476.6			482.4			1,904.0			1,937.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	445.8			322.1			1,470.4			1,314.1
Commissions	36.8			36.4			143.2			147.7
Deferral of Acquisition Costs	(9.4)			(9.5)			(36.0)			(37.8)
Amortization of Deferred Acquisition Costs	9.6			9.9			39.3			38.1
Other Expenses	52.1			53.1			205.3			209.0
Total	534.9			412.0			1,822.2			1,671.1
Adjusted Operating Income (Loss)	$	(58.3)		$	70.4		$	81.8		$	266.7
Operating Ratios (% of Premium Income):
Benefit Ratio	98.8		%	70.6		%	81.5		%	71.9		%
Other Expense Ratio	11.5		%	11.6		%	11.4		%	11.4		%
Adjusted Operating Income Ratio	(12.9)		%	15.4		%	4.5		%	14.6		%
Persistency:
Group Life	90.1		%	88.4		%	88.8		%	90.6		%
Accidental Death & Dismemberment	89.7		%	87.9		%	88.2		%	89.9		%

9. 2

Unum Group Financial Results for Unum US Supplemental and Voluntary

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Individual Disability	$	115.7		$	109.5		$	456.0		$	440.7
Voluntary Benefits	218.7			230.4			875.2			910.2
Dental and Vision	67.1			65.4			255.6			246.1
Total Premium Income	401.5			405.3			1,586.8			1,597.0
Net Investment Income	57.4			60.5			234.3			230.5
Other Income	0.6			1.3			4.9			6.3
Total	459.5			467.1			1,826.0			1,833.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	184.2			175.1			746.4			780.1
Commissions	59.8			68.0			259.9			287.0
Deferral of Acquisition Costs	(44.9)			(57.3)			(206.2)			(247.2)
Amortization of Deferred Acquisition Costs	76.2			84.5			248.6			255.2
Other Expenses	74.3			81.7			323.7			326.5
Total	349.6			352.0			1,372.4			1,401.6
Adjusted Operating Income	$	109.9		$	115.1		$	453.6		$	432.2
Operating Ratios (% of Premium Income):
Benefit Ratios:
Individual Disability	42.4		%	52.1		%	48.8		%	50.9		%
Voluntary Benefits	39.3		%	32.7		%	42.2		%	41.8		%
Dental and Vision	73.2		%	65.1		%	60.6		%	71.1		%
Other Expense Ratio	18.5		%	20.2		%	20.4		%	20.4		%
Adjusted Operating Income Ratio	27.4		%	28.4		%	28.6		%	27.1		%
Persistency:
Individual Disability	90.2		%	88.9		%	89.5		%	89.8		%
Voluntary Benefits	74.3		%	72.4		%	72.7		%	73.2		%
Dental and Vision	87.4		%	81.9		%	85.0		%	82.6		%

9. 3

Unum Group Financial Results for Unum International Segment

	Three Months Ended				Year Ended
	3/31/2021		3/31/2020		12/31/2020		12/31/2019
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability	$	97.1	$	90.8	$	364.9	$	353.4
Group Life	27.3		30.9		108.5		115.7
Supplemental	28.0		23.9		99.8		89.5
Unum Poland	22.0		19.0		79.6		71.9
Total Premium Income	174.4		164.6		652.8		630.5
Net Investment Income	26.0		26.5		104.6		122.5
Other Income	0.1		—		0.5		0.6
Total	200.5		191.1		757.9		753.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	129.5		128.6		500.9		469.8
Commissions	12.9		12.3		49.7		48.7
Deferral of Acquisition Costs	(2.9)		(3.0)		(12.1)		(12.8)
Amortization of Deferred Acquisition Costs	2.1		1.8		7.4		7.1
Other Expenses	32.5		32.0		135.4		132.9
Total	174.1		171.7		681.3		645.7
Adjusted Operating Income	$	26.4	$	19.4	$	76.6	$	107.9

10

Unum Group Financial Results for Unum UK

	Three Months Ended						Year Ended
(in millions of pounds, except exchange rate)	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Group Long-term Disability	£	70.4		£	71.0		£	284.2		£	276.8
Group Life	19.8			24.2			84.6			90.7
Supplemental	20.3			18.6			77.7			70.0
Total Premium Income	110.5			113.8			446.5			437.5
Net Investment Income	17.4			19.3			76.0			90.5
Other Income	—			—			0.1			0.2
Total	127.9			133.1			522.6			528.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	83.2			91.6			352.5			335.5
Commissions	6.7			7.1			28.1			28.6
Deferral of Acquisition Costs	(0.8)			(1.2)			(4.2)			(5.4)
Amortization of Deferred Acquisition Costs	1.3			1.4			5.3			5.4
Other Expenses	18.9			20.5			86.5			83.7
Total	109.3			119.4			468.2			447.8
Adjusted Operating Income	£	18.6		£	13.7		£	54.4		£	80.4
Weighted Average Pound/Dollar Exchange Rate	1.382			1.277			1.287			1.279
Operating Ratios (% of Premium Income):
Benefit Ratio	75.3		%	80.5		%	78.9		%	76.7		%
Other Expense Ratio	17.1		%	18.0		%	19.4		%	19.1		%
Adjusted Operating Income Ratio	16.8		%	12.0		%	12.2		%	18.4		%
Persistency:
Group Long-term Disability	87.0		%	90.1		%	88.2		%	89.9		%
Group Life	87.2		%	86.3		%	81.8		%	89.0		%
Supplemental	88.2		%	91.2		%	90.7		%	89.9		%

10. 1

Unum Group Financial Results for Colonial Life Segment

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability	$	240.7		$	249.3		$	975.1		$	973.4
Life	96.6			93.8			376.4			351.6
Cancer and Critical Illness	89.1			91.6			360.5			360.0
Total Premium Income	426.4			434.7			1,712.0			1,685.0
Net Investment Income	37.7			37.7			155.7			148.0
Other Income	0.2			0.3			1.1			3.4
Total	464.3			472.7			1,868.8			1,836.4
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	236.2			228.0			906.5			865.0
Commissions	78.3			93.0			334.3			364.5
Deferral of Acquisition Costs	(60.8)			(79.4)			(272.6)			(311.3)
Amortization of Deferred Acquisition Costs	65.6			66.7			257.7			258.8
Other Expenses	71.7			83.3			307.5			314.9
Total	391.0			391.6			1,533.4			1,491.9
Adjusted Operating Income	$	73.3		$	81.1		$	335.4		$	344.5
Operating Ratios (% of Premium Income):
Benefit Ratio	55.4		%	52.4		%	52.9		%	51.3		%
Other Expense Ratio	16.7		%	19.2		%	18.0		%	18.7		%
Adjusted Operating Income Ratio	17.2		%	18.7		%	19.6		%	20.4		%
Persistency:
Accident, Sickness, and Disability	75.0		%	73.0		%	74.3		%	73.2		%
Life	84.1		%	83.0		%	83.7		%	83.4		%
Cancer and Critical Illness	82.3		%	80.9		%	81.8		%	80.6		%

11

Unum Group Financial Results for Closed Block Segment

	Three Months Ended						Year Ended
	3/31/2021			3/31/2020			12/31/2020			12/31/2019
Adjusted Operating Revenue
Premium Income
Long-term Care	$	177.4		$	164.8		$	666.9		$	651.6
Individual Disability	72.1			77.0			319.6			374.3
All Other	2.2			2.6			7.9			7.6
Total Premium Income	251.7			244.4			994.4			1,033.5
Net Investment Income	297.2			336.1			1,370.3			1,404.9
Other Income	18.4			18.2			66.6			71.3
Total	567.3			598.7			2,431.3			2,509.7
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits	552.2			513.6			3,426.8			2,139.3
Commissions	20.8			19.6			78.4			81.0
Interest and Debt Expense	—			0.8			3.1			5.3
Other Expenses	56.6			35.0			158.7			146.4
Total	629.6			569.0			3,667.0			2,372.0
Income (Loss) Before Income Tax and Net Realized Investment Gains and Losses	(62.3)			29.7			(1,235.7)			137.7
Long-term Care Reserve Increase	—			—			151.5			—
Group Pension Reserve Increase	—			—			17.5			—
Impacts from Closed Block Individual Disability Reinsurance Transaction	139.3			—			1,305.5			—
Amortization of the Cost of Reinsurance	20.0			—			2.6			—
Adjusted Operating Income	$	97.0		$	29.7		$	241.4		$	137.7
Interest Adjusted Loss Ratios:
Long-term Care1	77.7		%	81.0		%	91.9		%	88.1		%
Long-term Care Excluding Reserve Increase							68.9		%
Individual Disability2	68.9		%	84.5		%	85.1		%	78.8		%
Operating Ratios (% of Premium Income):
Other Expense Ratio3	12.1		%	14.3		%	13.6		%	14.2		%
Income (Loss) Ratio	(24.8)		%				(124.3)		%
Adjusted Operating Income Ratio	38.5		%	12.2		%	24.3		%	13.3		%
Persistency:
Long-term Care	93.3		%	95.6		%	94.8		%	95.7		%
Individual Disability	87.7		%	88.9		%	88.0		%	88.1		%

1The interest-adjusted loss ratio for the rolling twelve months ended March 31, 2021 excluding the fourth quarter of 2020 reserve increase, and March 31, 2020 was 68.1 percent and 86.2 percent, respectively.

2The interest-adjusted loss ratio for the quarter ended March 31, 2021 and year ended December 31, 2020 excludes the reserve recognition of $133.1 million and $1,284.5 million, respectively, related to the first and second phase of the reinsurance transaction.

3The other expense ratio for the quarter ended March 31, 2021 and year ended December 31, 2020 excludes the amortization of the cost of reinsurance of $20.0 million and $2.6 million, respectively, and transaction costs of $6.2 million and $21.0 million, respectively, related to the first and second phase of the reinsurance transaction.

12

Unum Group Financial Results for Corporate Segment

	Three Months Ended				Year Ended
	3/31/2021		3/31/2020		12/31/2020		12/31/2019
Adjusted Operating Revenue
Net Investment Income	$	8.1	$	5.1	$	9.8	$	20.5
Other Income	1.3		—		1.1		3.1
Total	9.4		5.1		10.9		23.6
Interest, Debt, and Other Expenses	48.3		51.0		247.7		239.5
Loss Before Income Tax and Net Realized Investment Gains and Losses	(38.9)		(45.9)		(236.8)		(215.9)
Costs Related to Organizational Design Update	—		—		23.3		—
Impairment Loss on ROU Asset	—		—		12.7		—
Cost Related to Early Retirement of Debt	—		—		—		27.3
Adjusted Operating Loss	$	(38.9)	$	(45.9)	$	(200.8)	$	(188.6)

13

Unum Group Reserves

	March 31, 2021
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,609.9	$	755.2	26.3	%	$	6,365.1	$	55.9	$	6,309.2
Group Life and Accidental Death & Dismemberment	58.6		0.3		689.6		274.5		4.0		1,022.7		4.3		1,018.4
Individual Disability	470.9		2.2		1,416.9		146.7		6.5		2,034.5		212.6		1,821.9
Voluntary Benefits	1,716.3		8.1		50.4		56.3		0.4		1,823.0		24.9		1,798.1
Dental and Vision	—		—		0.3		12.6		—		12.9		0.1		12.8
Unum US Segment	2,245.8		10.6		7,767.1		1,245.3		37.2		11,258.2		297.8		10,960.4
Unum International Segment	202.4		1.0		2,083.7		159.7		9.3		2,445.8		94.0		2,351.8
Colonial Life Segment	2,378.0		11.2		328.4		121.0		1.8		2,827.4		3.5		2,823.9
Individual Disability	181.4		0.8		9,643.7		140.2		40.4		9,965.3		8,653.6		1,311.7
Long-term Care	10,516.5		49.6		2,195.1		261.3		10.1		12,972.9		44.8		12,928.1
Other	5,671.1		26.8		159.4		122.6		1.2		5,953.1		4,974.8		978.3
Closed Block Segment	16,369.0		77.2		11,998.2		524.1		51.7		28,891.3		13,673.2		15,218.1
Subtotal	$	21,195.2	100.0	%	$	22,177.4	$	2,050.1	100.0	%	45,422.7		14,068.5		31,354.2
Adjustment Related to Unrealized Investment Gains and Losses											4,588.9		133.3		4,455.6
Consolidated											$	50,011.6	$	14,201.8	$	35,809.8

The adjustment related to unrealized investment gains and losses reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the corresponding available-for-sale securities had been realized. Changes in this adjustment are primarily due to movements in credit spreads and U.S. Treasury rates. The decline in total net reserves within the Closed Block Individual Disability product line compared to December 31, 2020 was driven by the second phase of the reinsurance transaction that closed on March 31, 2021 whereby we ceded $990.0 million of disabled life reserves that were on claim status as of January 1, 2021.

14

Unum Group Reserves

	December 31, 2020
	Gross												Total Reinsurance Ceded
	Policy Reserves				Claim Reserves										Total Net
			%		Incurred		IBNR		%		Total
Group Disability	$	—	—	%	$	5,663.4	$	720.4	26.5	%	$	6,383.8	$	58.3	$	6,325.5
Group Life and Accidental Death & Dismemberment	58.8		0.3		715.4		261.3		4.0		1,035.5		3.0		1,032.5
Individual Disability	475.9		2.2		1,417.4		146.0		6.5		2,039.3		216.3		1,823.0
Voluntary Benefits	1,731.3		8.2		46.3		55.3		0.4		1,832.9		25.3		1,807.6
Dental and Vision	—		—		0.2		11.3		—		11.5		0.1		11.4
Unum US Segment	2,266.0		10.7		7,842.7		1,194.3		37.4		11,303.0		303.0		11,000.0
Unum International Segment	208.4		1.0		2,077.0		138.6		9.2		2,424.0		89.9		2,334.1
Colonial Life Segment	2,354.8		11.2		329.0		117.4		1.8		2,801.2		4.5		2,796.7
Individual Disability	196.3		0.9		9,641.9		144.2		40.5		9,982.4		7,810.1		2,172.3
Long-term Care	10,402.1		49.3		2,147.4		268.5		10.0		12,818.0		44.4		12,773.6
Other	5,675.0		26.9		166.1		113.1		1.1		5,954.2		4,966.3		987.9
Closed Block Segment	16,273.4		77.1		11,955.4		525.8		51.6		28,754.6		12,820.8		15,933.8
Subtotal	$	21,102.6	100.0	%	$	22,204.1	$	1,976.1	100.0	%	45,282.8		13,218.2		32,064.6
Adjustment Related to Unrealized Investment Gains and Losses											6,225.6		200.2		6,025.4
Consolidated											$	51,508.4	$	13,418.4	$	38,090.0

14. 1

Unum Group Investments

	3/31/2021						3/31/2021			12/31/2020
Fixed Maturity Securities (Fair Value)						Selected Statistics
Public	$	25,754.4		61.2	%	Earned Book Yield	4.91		%	4.75		%
Mortgage-Backed/Asset-Backed Securities	925.1			2.2		Average Duration (in years)	8.28			8.31
Private Placements	6,261.6			14.9
High Yield	3,229.7			7.7
Government Securities	1,697.2			4.0
Municipal Securities	4,203.9			10.0
Redeemable Preferred Stocks	4.1			—
Total	$	42,076.0		100.0	%
	Amortized Cost			Fair Value
Quality Ratings of Fixed Maturity Securities						Schedule BA and Non-Current
Aaa	5.4		%	5.3	%	Total Non-Current Investments	$	20.8		$	20.8
Aa	10.7			10.9		Total Schedule BA Assets	$	816.8		$	776.8
A	26.1			26.8
Baa	49.6			49.3
Below Baa	8.2			7.7
Total	100.0		%	100.0	%

15

Unum Group Investments at March 31, 2021

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	$	3,108.1	$	343.7	$	226.9	$	7.2	$	2,881.2	$	350.9
Capital Goods	3,829.2		494.0		192.6		8.6		3,636.6		502.6
Communications	2,625.5		425.8		153.1		8.3		2,472.4		434.1
Consumer Cyclical	1,583.9		168.5		182.0		10.1		1,401.9		178.6
Consumer Non-Cyclical	6,795.8		930.6		567.2		28.4		6,228.6		959.0
Energy	3,549.5		497.0		186.8		11.2		3,362.7		508.2
Financial Institutions	3,621.8		353.9		383.9		18.9		3,237.9		372.8
Mortgage/Asset-Backed	925.1		73.5		3.7		0.1		921.4		73.6
Sovereigns	1,120.6		221.6		61.8		2.7		1,058.8		224.3
Technology	1,732.9		146.0		140.6		12.5		1,592.3		158.5
Transportation	1,958.6		228.9		96.3		4.8		1,862.3		233.7
U.S. Government Agencies and Municipalities	4,780.5		580.0		894.6		38.8		3,885.9		618.8
Public Utilities	6,444.5		1,053.9		360.0		26.1		6,084.5		1,080.0
Total	$	42,076.0	$	5,517.4	$	3,449.5	$	177.7	$	38,626.5	$	5,695.1
Gross Unrealized Loss on Fixed Maturity Securities by Length of Time in Unrealized Loss Position
					Investment-Grade				Below-Investment-Grade
Category					Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Less than 91 days					$	2,790.9	$	122.1	$	100.3	$	3.9
91 through 180 days					80.7		6.1		76.8		3.8
181 through 270 days					83.1		10.4		—		—
271 days to 1 year					29.4		2.1		—		—
Greater than 1 year					134.6		9.2		153.7		20.1
Total					$	3,118.7	$	149.9	$	330.8	$	27.8

15.1

Appendix to Statistical Supplement

2021 Significant Items

•In December 2020, we completed the first phase of a reinsurance transaction, pursuant to which Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company, and Unum Life Insurance Company of America, wholly-owned domestic insurance subsidiaries of Unum Group, and collectively referred to as "the ceding companies", each entered into separate reinsurance agreements with Commonwealth Annuity and Life Insurance Company (Commonwealth), to reinsure on a coinsurance basis effective as of July 1, 2020, approximately 75 percent of the Closed Block individual disability business, primarily direct business written by the ceding companies. On March 31, 2021, we completed the second phase of the reinsurance transaction, pursuant to which the ceding companies and Commonwealth amended and restated their respective reinsurance agreements to reinsure on a coinsurance and modified coinsurance basis effective as of January 1, 2021, a substantial portion of the remaining Closed Block individual disability business that was not ceded in December 2020, primarily business previously assumed by the ceding companies.

In December 2020, Provident Life and Casualty Insurance Company (PLC), also a wholly-owned domestic insurance subsidiary of Unum Group, entered into an agreement with Commonwealth whereby PLC will provide a 12-year volatility cover to Commonwealth for the active life cohort (ALR cohort). On March 31, 2021, PLC and Commonwealth amended and restated this agreement to incorporate the ALR cohort related to the additional business that was reinsured between the ceding companies and Commonwealth as part of the second phase of the transaction. As part of the amended and restated volatility cover, PLC received a payment from Commonwealth of approximately $18 million.

In connection with the second phase of the reinsurance transaction, Commonwealth paid a total ceding commission to the ceding companies of $18.2 million. The ceding companies transferred assets of $767.0 million, which consisted primarily of cash and fixed maturity securities. In addition, we recognized the following in the first quarter of 2021 related to the second phase:

•Net realized investment gains totaling $67.6 million, or $53.4 million after tax, related to the transfer of investments.

•Increase in benefits and change in reserves for future benefits of $133.1 million, or $105.1 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

•Transaction costs totaling $6.2 million, or $5.0 million after tax.

•Reinsurance recoverable of $990.0 million related to the policies on claim status (DLR cohort).

•Payable of $307.2 million related to the portfolio of invested assets associated with the business ceded on a modified coinsurance basis.

•Cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort. The total cost of reinsurance recognized on a combined basis for the first and second phases was $854.8 million for which we amortized $20.0 million, or $15.8 million after tax, during the first three months of 2021.

•Deposit asset of $5.0 million related to the ALR cohort. The total deposit asset recognized on a combined basis for the first and second phases was $91.8 million.

2020 Significant Items

•In connection with the first phase of the previously-mentioned reinsurance transaction, the ceding companies paid a total cash ceding commission to Commonwealth of approximately $438 million and transferred additional assets consisting primarily of fixed maturity securities and cash totaling $6,669.8 million. PLC received a payment of $62 million from Commonwealth related to the 12-year volatility cover for the business reinsured during the first phase of the transaction. In addition, we recognized the following in the fourth quarter of 2020 related to the first phase:

◦Net realized investment gain of $1,302.3 million before tax, or $1,028.8 million after tax, related to the transfer of investments.

◦Increase in benefits and change in reserves for future benefits of $1,284.5 million, or $1,014.7 million after tax, resulting from the realization of previously unrealized investment gains and losses recorded in accumulated other comprehensive income.

16

Appendix to Statistical Supplement - Continued

◦Transaction costs totaling $21.0 million, or $16.6 million after tax.

◦Net tax benefit of $36.5 million.

◦Reinsurance recoverable of $6,141.5 million representing the ceded reserves related to the DLR cohort.

◦Cost of reinsurance, or prepaid reinsurance premium, of $815.7 million related to the DLR cohort, of which we recognized amortization expense of $2.6 million, or $2.0 million after tax.

◦Deposit asset of $88.2 million related to the ALR cohort.

•Fourth quarter of 2020 reserve increases of $151.5 million and $17.5 million before tax, or $119.7 million and $13.8 million after tax, related to long-term care and group pension, respectively.

•In December 2020, Northwind Holdings redeemed the remaining $35.0 million of principal on the Northwind notes, and was released of any contractual collateral requirements.

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

•Second quarter of 2020 impairment loss of $12.7 million, or $10.0 million after tax, on a 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.

16.1

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 amortization of the cost of reinsurance as well as certain other items, as applicable;

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

•Leverage ratio, which excludes the unrealized gain or loss on securities and net gain on hedges, and the non-recourse debt and associated capital of Northwind Holdings, LLC prior to pay off in December 2020; 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.

As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021, respectively. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the DLR cohort of policies. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses.

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability.

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 16.3, other than book value per common share, which is presented on page 2.

16.2

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended
	March 31		December 31		September 30		June 30		March 31		December 31		September 30		June 30		March 31
	2021		2020								2019
Total Revenue	$	3,072.0	$	4,273.5	$	2,996.3	$	3,021.2	$	2,871.1	$	3,034.6	$	2,960.0	$	3,016.7	$	2,987.6
Excluding:
Net Realized Investment Gain (Loss)	84.6		1,304.9		4.4		33.8		(144.0)		9.2		(26.2)		(7.3)		1.1
Adjusted Operating Revenue	$	2,987.4	$	2,968.6	$	2,991.9	$	2,987.4	$	3,015.1	$	3,025.4	$	2,986.2	$	3,024.0	$	2,986.5

16.3

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity1		Annualized Adjusted Operating Return on Equity
Three Months Ended March 31, 2021
Unum US	$	91.6	$	4,395.3	8.3	%
Unum International	21.2		822.4		10.3	%
Colonial Life	57.8		1,597.8		14.5	%
Core Operating Segments	170.6		6,815.5		10.0	%
Closed Block	75.9		4,107.6
Corporate	(34.5)		(1,162.7)
Total	$	212.0	$	9,760.4	8.7	%
Three Months Ended March 31, 2020
Unum US	$	206.9	$	4,503.1	18.4	%
Unum International	15.8		749.6		8.5	%
Colonial Life	63.9		1,549.2		16.5	%
Core Operating Segments	286.6		6,801.9		16.9	%
Closed Block	21.3		4,084.0
Corporate	(33.8)		(1,716.1)
Total	$	274.1	$	9,169.8	12.0	%

1 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 balance of 2020 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2020 using internally allocated equity that reflects the adjusted beginning balance at January 1, 2020. As a result, average equity for the three months ended March 31, 2020 for certain of our segments will not compute using the historical allocated equity at December 31, 2019.

16.4

Reconciliation of Non-GAAP Financial Measures - Continued

	After-Tax Adjusted Operating Income (Loss)		Average Allocated Equity2		Adjusted Operating Return on Equity
Year Ended December 31, 2020
Unum US	$	651.4	$	4,458.2	14.6	%
Unum International	51.9		797.7		6.5	%
Colonial Life	264.5		1,584.1		16.7	%
Core Operating Segments	967.8		6,840.0		14.1	%
Closed Block	183.8		3,979.2
Corporate	(146.2)		(1,395.2)
Total	$	1,005.4	$	9,424.0	10.7	%
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	%

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 years ended December 31, 2020 and 2019 for certain of our segments will not compute using the historical allocated equity at December 31, 2019 and 2018, respectively.

16.5

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

	3/31/2021		12/31/2020		3/31/2020		12/31/2019		12/31/2018
Total Stockholders' Equity	$	10,570.1	$	10,871.0	$	9,803.1	$	9,965.0	$	8,621.8
Excluding:
Net Unrealized Gain (Loss) on Securities	678.2		1,067.7		395.3		615.9		(312.4)
Net Gain on Hedges	77.1		97.8		210.6		187.8		250.6
Total Adjusted Stockholders' Equity	$	9,814.8	$	9,705.5	$	9,197.2	$	9,161.3	$	8,683.6
	Three Months Ended		Twelve Months Ended		Three Months Ended		Twelve Months Ended
	3/31/2021		12/31/2020		3/31/2020		12/31/2019
Average Adjusted Stockholders' Equity	$	9,760.4	$	9,424.0	$	9,169.8	$	8,920.8

16.6

Reconciliation of Non-GAAP Financial Measures - Continued

	Three Months Ended March 31
	2021				2020
	(in millions)		per share*		(in millions)		per share*
Net Income	$	153.0	$	0.75	$	161.0	$	0.79
Excluding:
Net Realized Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $14.2; $—)	53.4		0.26		—		—
Net Realized Investment Gain (Loss), Other (net of tax expense (benefit) of $3.5; $(30.9))	13.5		0.06		(113.1)		(0.56)
Total Net Realized Investment Gain (Loss)	66.9		0.32		(113.1)		(0.56)
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $29.2; $—)	(110.1)		(0.53)		—		—
Amortization of the Cost of Reinsurance (net of tax benefit of $4.2; $—)	(15.8)		(0.08)		—		—
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(125.9)		(0.61)		—		—
After-tax Adjusted Operating Income	$	212.0	$	1.04	$	274.1	$	1.35
*Assuming Dilution.

16.7

Reconciliation of Non-GAAP Financial Measures - Continued

	Year Ended December 31
	2020				2019
	(in millions)		per share *		(in millions)		per share *
Net Income	$	793.0	$	3.89	$	1,100.3	$	5.24
Excluding:
Net Realized Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $273.5; $—)	1,028.8		5.05		—		—
Net Realized Investment Loss, Other (net of tax benefit of $20.9; $4.5)	(82.3)		(0.40)		(18.7)		(0.09)
Total Net Realized Investment Gain (Loss)	946.5		4.65		(18.7)		(0.09)
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs (net of tax benefit of $274.2; $—)	(1,031.3)		(5.06)		—		—
Amortization of the Cost of Reinsurance (net of tax benefit of $0.6; $—)	(2.0)		(0.01)		—		—
Net Tax Benefits of Reinsurance Transaction	36.5		0.18		—		—
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(996.8)		(4.89)		—		—
Long-term Care Reserve Increase (net of tax benefit of $31.8; $—)	(119.7)		(0.59)		—		—
Group Pension Reserve Increase (net of tax benefit of $3.7; $—)	(13.8)		(0.07)		—		—
Costs Related to Organizational Design Update (net of tax benefit of $4.7; $—)	(18.6)		(0.09)		—		—
Impairment Loss on ROU Asset (net of tax benefit of $2.7; $—)	(10.0)		(0.05)		—		—
Costs Related to Early Retirement of Debt (net of tax benefit of $—; $5.7)	—		—		(21.6)		(0.11)
After-tax Adjusted Operating Income	$	1,005.4	$	4.93	$	1,140.6	$	5.44
*Assuming Dilution.

16.8

Reconciliation of Non-GAAP Financial Measures - Continued

	March 31						December 31
	2021			2020			2020			2019
Debt	$	3,346.8		$	3,314.1		$	3,345.7		$	3,326.6
Including:
Lease Liability	99.7			116.8			105.9			114.7
Excluding:
Non-recourse Debt	—			63.4			—			78.1
Adjusted Debt and Lease Liability	$	3,446.5		$	3,367.5		$	3,451.6		$	3,363.2
Total Stockholders' Equity	$	10,570.1		$	9,803.1		$	10,871.0		$	9,965.0
Excluding:
Net Unrealized Gain (Loss) on Securities and Net Gain on Hedges	755.3			605.9			1,165.5			803.7
Northwind Capital	—			986.3			—			984.6
Equity, As Adjusted	9,814.8			8,210.9			9,705.5			8,176.7
Debt, As Adjusted and Lease Liability	3,446.5			3,367.5			3,451.6			3,363.2
Total Adjusted Capital	$	13,261.3		$	11,578.4		$	13,157.1		$	11,539.9
Leverage Ratio	26.0		%	29.1		%	26.2		%	29.1		%

16.9

XML

Cover	May 05, 2021
Entity Information
Document Type	8-K
Document Period End Date	May 05, 2021
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