Unum Group

Supplemental Exhibit for ASU 2018-12

TABLE OF CONTENTS

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

Unaudited

						Page
			Financial Highlights			1
			Capital Metrics			2
			Consolidated Statements of Income			3
			Consolidated Balance Sheets			4
			Financial Results and Selected Statistics by Segment
			Unum US			5
			Unum International			6
			Colonial Life			7
			Closed Block			8
			Appendix to Supplemental Exhibit			9
			See "Appendix to Supplemental Exhibit" on page 9 for a summary of significant items and page 9.2 for a reconciliation of our non-GAAP financial measures.
			N.M. = not a meaningful percentage

Unum Group Financial Highlights - Adjusted for ASU 2018-12

We adopted ASU 2018-12 using the modified retrospective approach effective January 1, 2023, with changes applied as of January 1, 2021, also referred to as the transition date. Below and on the remaining pages we are providing 2021 and 2022 financial data adjusted for our modified retrospective adoption of this update.

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Consolidated U.S. GAAP Results¹
Premium Income									$	2,410.2					$	2,388.9					$	2,416.0					$	2,401.4					$	9,616.5					$	9,475.0
Adjusted Operating Revenue									$	2,998.2					$	2,963.5					$	3,043.7					$	2,994.4					$	11,999.8					$	11,931.1
Net Investment Gain (Loss)									6.6						(4.4)						(4.1)						(13.8)						(15.7)						76.7
Total Revenue									$	3,004.8					$	2,959.1					$	3,039.6					$	2,980.6					$	11,984.1					$	12,007.8
Net Income									$	289.2					$	510.3					$	367.3					$	240.4					$	1,407.2					$	981.0
Net Income Per Common Share:
Basic									$	1.45					$	2.55					$	1.83					$	1.19					$	7.01					$	4.80
Assuming Dilution									$	1.44					$	2.53					$	1.81					$	1.18					$	6.96					$	4.79
Assets																																	$	61,148.5					$	72,292.3
Liabilities																																	$	52,413.5					$	66,258.4
Stockholders' Equity																																	$	8,735.0					$	6,033.9
Adjusted Stockholders' Equity																																	$	11,459.1					$	10,528.4
Adjusted Operating Return on Equity
Unum US									15.3		%				20.2		%				20.3		%				11.7		%				16.7		%				7.3		%
Unum International									26.4		%				25.5		%				23.3		%				15.6		%				21.4		%				10.8		%
Colonial Life									17.9		%				32.8		%				18.5		%				20.2		%				22.5		%				21.1		%
Core Operating Segments									17.0		%				23.7		%				20.2		%				14.1		%				18.6		%				11.0		%
Consolidated									10.7		%				14.6		%				14.5		%				10.3		%				12.4		%				9.2		%

1 Generally Accepted Accounting Principles

1

Unum Group Capital Metrics - Adjusted for ASU 2018-12

			12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021
Book Value (in millions)
Total Stockholders' Equity			$	8,735.0					$	8,402.8					$	7,787.8					$	6,887.8					$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities			(3,028.4)						(3,486.3)						(1,560.4)						1,121.2						4,014.4
Net Gain (Loss) on Hedges			(9.6)						13.5						46.4						51.4						61.8
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			313.9						681.7						(1,541.2)						(4,912.6)						(8,570.7)
Subtotal			11,459.1						11,193.9						10,843.0						10,627.8						10,528.4
Excluding:
Foreign Currency Translation Adjustment			(390.1)						(439.0)						(367.5)						(306.7)						(274.1)
Subtotal			11,849.2						11,632.9						11,210.5						10,934.5						10,802.5
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(334.1)						(380.9)						(386.8)						(391.8)						(396.0)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	12,183.3					$	12,013.8					$	11,597.3					$	11,326.3					$	11,198.5
Book Value (per share)
Total Stockholders' Equity			$	44.17					$	42.20					$	38.89					$	34.12					$	29.79
Excluding:
Net Unrealized Gain (Loss) on Securities			(15.31)						(17.51)						(7.79)						5.55						19.82
Net Gain (Loss) on Hedges			(0.05)						0.07						0.23						0.25						0.30
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits			1.59						3.42						(7.70)						(24.33)						(42.32)
Subtotal			57.94						56.22						54.15						52.65						51.99
Excluding:
Foreign Currency Translation Adjustment			(1.98)						(2.20)						(1.84)						(1.52)						(1.35)
Subtotal			59.92						58.42						55.99						54.17						53.34
Excluding:
Unrecognized Pension and Postretirement Benefit Costs			(1.69)						(1.91)						(1.93)						(1.94)						(1.96)
Total Stockholders' Equity, Excluding Accumulated Other Comprehensive Income (Loss)			$	61.61					$	60.33					$	57.92					$	56.11					$	55.30
Leverage Ratio			23.4		%				23.8		%				24.5		%				24.9		%				25.1		%

2

Unum Group Consolidated Statements of Income - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Revenue
Premium Income									$	2,410.2					$	2,388.9					$	2,416.0					$	2,401.4					$	9,616.5					$	9,475.0
Net Investment Income									524.4						511.6						559.0						527.2						2,122.2						2,213.2
Net Investment Gain (Loss)									6.6						(4.4)						(4.1)						(13.8)						(15.7)						76.7
Other Income									63.6						63.0						68.7						65.8						261.1						242.9
Total Revenue									3,004.8						2,959.1						3,039.6						2,980.6						11,984.1						12,007.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									1,850.2						1,784.0						1,865.7						1,983.0						7,482.9						7,897.3
Change in Reserves - Remeasurement Gain									(71.4)						(282.5)						(65.6)						(68.8)						(488.3)						(344.0)
Commissions									267.3						271.5						274.4						273.2						1,086.4						1,038.1
Interest and Debt Expense									47.2						47.0						47.4						46.9						188.5						185.0
Cost Related to Early Retirement of Debt									—						4.2						—						—						4.2						67.3
Deferral of Acquisition Costs									(137.8)						(139.4)						(137.9)						(141.8)						(556.9)						(523.2)
Amortization of Deferred Acquisition Costs									108.1						102.9						106.5						103.6						421.1						452.1
Other Expenses									567.7						529.8						509.9						488.8						2,096.2						1,974.6
Total Benefits and Expenses									2,631.3						2,317.5						2,600.4						2,684.9						10,234.1						10,747.2
Income Before Income Tax									373.5						641.6						439.2						295.7						1,750.0						1,260.6
Income Tax Expense									84.3						131.3						71.9						55.3						342.8						279.6
Net Income									$	289.2					$	510.3					$	367.3					$	240.4					$	1,407.2					$	981.0

3

Unum Group Consolidated Balance Sheets - Adjusted for ASU 2018-12

			2022																								2021
			December 31						September 30						June 30						March 31						December 31
Assets
Investments
Fixed Maturity Securities - at fair value			$	34,840.8					$	34,148.2					$	36,576.4					$	39,946.0					$	43,336.0
Mortgage Loans			2,435.4						2,476.4						2,490.7						2,529.5						2,560.4
Policy Loans			3,601.2						3,640.8						3,524.3						3,573.5						3,662.9
Other Long-term Investments			1,440.1						1,430.4						1,391.6						1,280.4						1,203.0
Short-term Investments			1,394.8						1,183.2						1,336.1						1,295.5						1,388.0
Total Investments			43,712.3						42,879.0						45,319.1						48,624.9						52,150.3
Other Assets
Cash and Bank Deposits			119.2						143.3						151.4						106.6						75.0
Accounts and Premiums Receivable			1,482.1						1,475.4						1,563.9						1,571.6						1,519.9
Reinsurance Recoverable			9,608.0						9,574.1						10,110.9						10,939.5						11,924.2
Accrued Investment Income			615.0						717.2						705.6						658.5						602.7
Deferred Acquisition Costs			2,560.0						2,526.5						2,493.3						2,464.3						2,427.4
Goodwill			347.6						344.4						347.7						350.8						352.2
Property and Equipment			451.7						442.4						447.5						454.9						462.7
Deferred Income Tax			586.0						601.2						686.7						889.8						1,085.6
Other Assets			1,666.6						1,674.4						1,684.0						1,704.9						1,692.3
Total Assets			$	61,148.5					$	60,377.9					$	63,510.1					$	67,765.8					$	72,292.3

4

Unum Group Consolidated Balance Sheets - Adjusted for ASU 2018-12 - Continued

			2022																								2021
			December 31						September 30						June 30						March 31						December 31
Liabilities and Stockholders' Equity
Liabilities
Future Policy Benefits1			$	39,082.5					$	38,315.2					$	41,918.7					$	46,991.7					$	52,510.7
Policyholders' Account Balances1			5,234.8						5,305.6						5,247.7						5,255.3						5,295.7
Unearned Premiums			365.5						406.8						449.9						444.8						360.3
Other Policyholders’ Funds			1,750.4						1,756.0						1,778.8						1,816.9						1,790.9
Income Tax Payable			190.9						212.2						232.6						227.2						159.1
Deferred Income Tax			25.2						20.9						36.7						104.5						113.6
Short-term Debt			2.0						—						—						—						—
Long-term Debt			3,427.8						3,429.2						3,442.8						3,442.9						3,442.2
Other Liabilities			2,334.4						2,529.2						2,615.1						2,594.7						2,585.9
Total Liabilities			52,413.5						51,975.1						55,722.3						60,878.0						66,258.4
Stockholders’ Equity
Common Stock			30.8						30.8						30.8						30.8						30.7
Additional Paid-in Capital			2,441.0						2,432.3						2,417.4						2,395.8						2,408.1
Accumulated Other Comprehensive Income (Loss)			(3,448.3)						(3,611.0)						(3,809.5)						(4,438.5)						(5,164.6)
Retained Earnings			13,141.3						12,917.9						12,473.7						12,166.9						11,989.4
Treasury Stock - at cost			(3,429.8)						(3,367.2)						(3,324.6)						(3,267.2)						(3,229.7)
Total Stockholders’ Equity			8,735.0						8,402.8						7,787.8						6,887.8						6,033.9
Total Liabilities and Stockholders’ Equity			$	61,148.5					$	60,377.9					$	63,510.1					$	67,765.8					$	72,292.3
1 We previously reported Policy and Contract Benefits and Reserves for Future Policy Benefits in our consolidated balance sheets for each of the periods shown above. As part of the adoption of ASU 2018-12, these balances were reclassified into new line items, Future Policy Benefits and Policyholders' Account Balances.

4.1

Unum Group Financial Results - Adjusted for ASU 2018-12

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, amortization of the cost of reinsurance, and non-contemporaneous reinsurance, as well as certain other items as specified in the following pages. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

Unum Group Financial Results for Unum US Segment - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income									$	1,580.6					$	1,556.8					$	1,571.0					$	1,543.0					$	6,251.4					$	6,072.0
Net Investment Income									166.9						170.6						167.8						171.0						676.3						721.6
Other Income									49.5						49.0						50.7						47.1						196.3						170.0
Total									1,797.0						1,776.4						1,789.5						1,761.1						7,124.0						6,963.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									1,106.5						1,033.9						1,087.7						1,184.3						4,412.4						4,720.1
Change in Reserves - Remeasurement Gain									(76.7)						(211.8)						(87.6)						(65.4)						(441.5)						(289.8)
Commissions									155.8						151.3						154.1						153.2						614.4						583.4
Deferral of Acquisition Costs									(73.7)						(66.2)						(64.9)						(68.3)						(273.1)						(257.8)
Amortization of Deferred Acquisition Costs									62.4						62.9						58.7						56.9						240.9						285.9
Other Expenses									391.1						354.7						349.6						332.1						1,427.5						1,291.2
Total									1,565.4						1,324.8						1,497.6						1,592.8						5,980.6						6,333.0
Income Before Income Tax and Net Investment Gains and Losses									231.6						451.6						291.9						168.3						1,143.4						630.6
Reserve Assumption Updates									—						(155.0)						—						—						(155.0)						(215.0)
Adjusted Operating Income									$	231.6					$	296.6					$	291.9					$	168.3					$	988.4					$	415.6
Operating Ratios (% of Premium Income):
Benefit Ratio1									65.2		%				62.8		%				63.7		%				72.5		%				66.0		%				76.5		%
Other Expense Ratio2									24.0		%				22.1		%				21.6		%				20.9		%				22.2		%				20.7		%
Income Ratio															29.0		%																18.3		%				10.4		%
Adjusted Operating Income Ratio									14.7		%				19.1		%				18.6		%				10.9		%				15.8		%				6.8		%

1Excludes the reserve decreases related to the reserve assumption updates that occurred during the third quarters of 2022 and 2021.

2Includes Unum US Group Disability's Other Income, which is primarily related to the fee-based services.

5

Unum Group Financial Results for Unum US Group Disability - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Group Long-term Disability									$	492.5					$	480.9					$	474.4					$	463.9					$	1,911.7					$	1,827.8
Group Short-term Disability									240.4						232.2						232.1						221.6						926.3						864.0
Total Premium Income									732.9						713.1						706.5						685.5						2,838.0						2,691.8
Net Investment Income									86.5						84.8						87.5						90.3						349.1						379.6
Other Income									48.3						48.4						49.8						45.3						191.8						165.7
Total									867.7						846.3						843.8						821.1						3,378.9						3,237.1
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									545.0						498.6						535.3						563.9						2,142.8						2,140.8
Change in Reserves - Remeasurement Gain									(65.4)						(174.6)						(64.0)						(56.4)						(360.4)						(229.3)
Commissions									53.3						52.1						53.4						52.5						211.3						199.8
Deferral of Acquisition Costs									(15.0)						(12.9)						(12.5)						(12.7)						(53.1)						(49.8)
Amortization of Deferred Acquisition Costs									15.0						14.2						12.7						11.1						53.0						84.2
Other Expenses									231.8						217.2						213.4						199.9						862.3						773.9
Total									764.7						594.6						738.3						758.3						2,855.9						2,919.6
Income Before Income Tax and Net Investment Gains and Losses									103.0						251.7						105.5						62.8						523.0						317.5
Reserve Assumption Updates									—						(121.0)						—						—						(121.0)						(215.0)
Adjusted Operating Income									$	103.0					$	130.7					$	105.5					$	62.8					$	402.0					$	102.5
Operating Ratios (% of Premium Income):
Benefit Ratio1									65.4		%				62.4		%				66.7		%				74.0		%				67.1		%				79.0		%
Other Expense Ratio2									29.7		%				28.5		%				28.2		%				27.4		%				28.5		%				27.1		%
Income Ratio															35.3		%																18.4		%				11.8		%
Adjusted Operating Income Ratio									14.1		%				18.3		%				14.9		%				9.2		%				14.2		%				3.8		%

1Excludes the reserve decreases related to the reserve assumption updates that occurred during the third quarters of 2022 and 2021.

2Includes Other Income, which is primarily related to the fee-based services.

5.1

Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Group Life									$	419.2					$	417.7					$	419.6					$	412.6					$	1,669.1					$	1,641.9
Accidental Death & Dismemberment									44.0						43.8						43.8						42.1						173.7						165.1
Total Premium Income									463.2						461.5						463.4						454.7						1,842.8						1,807.0
Net Investment Income									25.2						25.3						24.9						24.9						100.3						104.0
Other Income									0.4						0.4						0.4						0.4						1.6						1.7
Total									488.8						487.2						488.7						480.0						1,944.7						1,912.7
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									367.6						366.6						342.9						407.1						1,484.2						1,730.8
Change in Reserves - Remeasurement Loss (Gain)									(5.3)						(40.8)						(14.6)						(7.6)						(68.3)						4.0
Commissions									36.7						38.8						38.2						36.7						150.4						144.7
Deferral of Acquisition Costs									(10.4)						(9.0)						(8.8)						(9.1)						(37.3)						(36.1)
Amortization of Deferred Acquisition Costs									11.4						11.0						10.1						9.4						41.9						58.6
Other Expenses									62.4						58.4						56.2						54.1						231.1						213.8
Total									462.4						425.0						424.0						490.6						1,802.0						2,115.8
Income (Loss) Before Income Tax and Net Investment Gains and Losses									26.4						62.2						64.7						(10.6)						142.7						(203.1)
Reserve Assumption Update									—						(34.0)						—						—						(34.0)						—
Adjusted Operating Income (Loss)									$	26.4					$	28.2					$	64.7					$	(10.6)					$	108.7					$	(203.1)
Operating Ratios (% of Premium Income):
Benefit Ratio1									78.2		%				78.0		%				70.8		%				87.9		%				78.7		%				96.0		%
Other Expense Ratio									13.5		%				12.7		%				12.1		%				11.9		%				12.5		%				11.8		%
Income Ratio															13.5		%																7.7		%
Adjusted Operating Income (Loss) Ratio									5.7		%				6.1		%				14.0		%				(2.3)		%				5.9		%				(11.2)		%

1Excludes the reserve decrease related to the reserve assumption update that occurred during the third quarter of 2022.

5.2

Unum Group Financial Results for Unum US Supplemental and Voluntary - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Voluntary Benefits									$	204.5					$	196.2					$	214.4					$	218.6					$	833.7					$	840.7
Individual Disability									110.8						118.9						117.8						113.6						461.1						459.8
Dental and Vision									69.2						67.1						68.9						70.6						275.8						272.7
Total Premium Income									384.5						382.2						401.1						402.8						1,570.6						1,573.2
Net Investment Income									55.2						60.5						55.4						55.8						226.9						238.0
Other Income									0.8						0.2						0.5						1.4						2.9						2.6
Total									440.5						442.9						457.0						460.0						1,800.4						1,813.8
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									193.9						168.7						209.5						213.3						785.4						848.5
Change in Reserves - Remeasurement Loss (Gain)									(6.0)						3.6						(9.0)						(1.4)						(12.8)						(64.5)
Commissions									65.8						60.4						62.5						64.0						252.7						238.9
Deferral of Acquisition Costs									(48.3)						(44.3)						(43.6)						(46.5)						(182.7)						(171.9)
Amortization of Deferred Acquisition Costs									36.0						37.7						35.9						36.4						146.0						143.1
Other Expenses									96.9						79.1						80.0						78.1						334.1						303.5
Total									338.3						305.2						335.3						343.9						1,322.7						1,297.6
Adjusted Operating Income									$	102.2					$	137.7					$	121.7					$	116.1					$	477.7					$	516.2
Operating Ratios (% of Premium Income):
Benefit Ratios:
Voluntary Benefits									43.4		%				35.1		%				42.4		%				44.9		%				41.6		%				45.1		%
Individual Disability									48.4		%				45.0		%				50.3		%				54.6		%				49.5		%				45.0		%
Dental and Vision									65.9		%				74.5		%				72.9		%				73.4		%				71.6		%				72.6		%
Other Expense Ratio									25.2		%				20.7		%				19.9		%				19.4		%				21.3		%				19.3		%
Adjusted Operating Income Ratio									26.6		%				36.0		%				30.3		%				28.8		%				30.4		%				32.8		%

5.3

Unum Group Financial Results for Unum International Segment - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Unum UK
Group Long-term Disability									$	89.4					$	89.8					$	94.3					$	103.4					$	376.9					$	401.9
Group Life									37.7						35.0						33.3						32.2						138.2						112.3
Supplemental									28.2						27.4						29.4						29.0						114.0						112.6
Unum Poland									23.0						21.1						22.4						23.2						89.7						90.2
Total Premium Income									178.3						173.3						179.4						187.8						718.8						717.0
Net Investment Income									47.8						37.0						50.8						34.5						170.1						132.7
Other Income									0.2						0.2						0.3						0.2						0.9						0.6
Total									226.3						210.5						230.5						222.5						889.8						850.3
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									102.4						153.7						129.8						135.7						521.6						555.0
Change in Reserves - Remeasurement Loss (Gain)									19.2						(25.3)						21.3						12.8						28.0						(2.0)
Commissions									11.4						15.0						15.0						14.9						56.3						54.1
Deferral of Acquisition Costs									(2.7)						(2.9)						(2.9)						(3.5)						(12.0)						(12.8)
Amortization of Deferred Acquisition Costs									2.1						1.3						2.7						2.1						8.2						7.0
Other Expenses									38.8						36.2						36.5						34.6						146.1						139.1
Total									171.2						178.0						202.4						196.6						748.2						740.4
Adjusted Operating Income									$	55.1					$	32.5					$	28.1					$	25.9					$	141.6					$	109.9

6

Unum Group Financial Results for Unum UK - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
(in millions of pounds, except exchange rate)									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Group Long-term Disability									£	76.2					£	76.2					£	75.1					£	77.1					£	304.6					£	292.0
Group Life									32.0						29.8						26.5						24.0						112.3						81.7
Supplemental									23.9						23.4						23.4						21.6						92.3						81.8
Total Premium Income									132.1						129.4						125.0						122.7						509.2						455.5
Net Investment Income									38.6						29.9						39.2						24.2						131.9						91.0
Other Income									—						—						—						0.1						0.1						0.1
Total									170.7						159.3						164.2						147.0						641.2						546.6
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									76.4						117.6						92.6						89.9						376.5						362.8
Change in Reserves - Remeasurement Loss (Gain)									16.0						(21.1)						17.3						9.7						21.9						1.7
Commissions									5.8						9.1						8.7						8.2						31.8						28.7
Deferral of Acquisition Costs									(0.9)						(1.0)						(1.1)						(1.2)						(4.2)						(4.3)
Amortization of Deferred Acquisition Costs									1.4						0.8						1.9						1.2						5.3						4.5
Other Expenses									26.4						25.3						23.3						20.6						95.6						81.8
Total									125.1						130.7						142.7						128.4						526.9						475.2
Adjusted Operating Income									£	45.6					£	28.6					£	21.5					£	18.6					£	114.3					£	71.4
Weighted Average Pound/Dollar Exchange Rate									1.197						1.157						1.256						1.339						1.221						1.378
Operating Ratios (% of Premium Income):
Benefit Ratio									69.9		%				74.6		%				87.9		%				81.2		%				78.2		%				80.0		%
Other Expense Ratio									20.0		%				19.6		%				18.6		%				16.8		%				18.8		%				18.0		%
Adjusted Operating Income Ratio									34.5		%				22.1		%				17.2		%				15.2		%				22.4		%				15.7		%

6.1

Unum Group Financial Results for Colonial Life Segment - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Accident, Sickness, and Disability									$	234.9					$	236.1					$	238.2					$	239.7					$	948.9					$	953.3
Life									97.9						100.2						101.3						101.7						401.1						384.7
Cancer and Critical Illness									87.6						87.0						88.1						89.3						352.0						352.2
Total Premium Income									420.4						423.3						427.6						430.7						1,702.0						1,690.2
Net Investment Income									37.3						38.6						38.7						38.1						152.7						172.0
Other Income									0.3						0.3						0.2						0.3						1.1						1.0
Total									458.0						462.2						466.5						469.1						1,855.8						1,863.2
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									233.8						221.0						231.3						240.5						926.6						969.8
Change in Reserves - Remeasurement Gain									(17.8)						(70.1)						(1.4)						(11.2)						(100.5)						(58.1)
Commissions									82.0						86.0						86.4						85.6						340.0						320.1
Deferral of Acquisition Costs									(61.4)						(70.3)						(70.1)						(70.0)						(271.8)						(252.6)
Amortization of Deferred Acquisition Costs									43.6						38.7						45.1						44.6						172.0						159.2
Other Expenses									82.3						83.8						78.6						76.7						321.4						297.0
Total									362.5						289.1						369.9						366.2						1,387.7						1,435.4
Adjusted Operating Income									$	95.5					$	173.1					$	96.6					$	102.9					$	468.1					$	427.8
Operating Ratios (% of Premium Income):
Benefit Ratio									51.4		%				35.6		%				53.8		%				53.2		%				48.5		%				53.9		%
Other Expense Ratio									19.6		%				19.8		%				18.4		%				17.8		%				18.9		%				17.6		%
Adjusted Operating Income Ratio									22.7		%				40.9		%				22.6		%				23.9		%				27.5		%				25.3		%

7

Unum Group Financial Results for Closed Block Segment - Adjusted for ASU 2018-12

									Three Months Ended																								Year Ended
									12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2022						12/31/2021
Adjusted Operating Revenue
Premium Income
Long-term Care									$	174.4					$	174.5					$	173.7					$	174.8					$	697.4					$	704.3
All Other									56.5						61.0						64.3						65.1						246.9						291.5
Total Premium Income									230.9						235.5						238.0						239.9						944.3						995.8
Net Investment Income									252.9						251.4						291.5						274.8						1,070.6						1,159.0
Other Income									12.4						13.1						16.5						16.0						58.0						65.1
Total									496.2						500.0						546.0						530.7						2,072.9						2,219.9
Benefits and Expenses
Benefits and Change in Reserves for Future Benefits									407.5						375.4						416.9						422.5						1,622.3						1,652.5
Change in Reserves - Remeasurement Loss (Gain)									3.9						24.7						2.1						(5.0)						25.7						5.9
Commissions									18.1						19.2						18.9						19.5						75.7						80.5
Other Expenses									44.5						42.4						44.5						40.9						172.3						194.2
Total									474.0						461.7						482.4						477.9						1,896.0						1,933.1
Income Before Income Tax and Net Investment Gains and Losses									22.2						38.3						63.6						52.8						176.9						286.8
Amortization of the Cost of Reinsurance									11.8						11.8						13.3						13.4						50.3						69.8
Non-Contemporaneous Reinsurance									10.3						1.7						10.0						12.4						34.4						32.9
Transaction Costs Related to Closed Block Individual Disability Reinsurance Transaction									—						—						—						—						—						6.2
Adjusted Operating Income									$	44.3					$	51.8					$	86.9					$	78.6					$	261.6					$	395.7
Interest Adjusted Loss Ratios:
Long-term Care									85.4		%				81.9		%				84.9		%				82.2		%				83.6		%				81.9		%
Operating Ratios (% of Premium Income):
Other Expense Ratio1									14.2		%				13.0		%				13.1		%				11.5		%				12.9		%				11.9		%
Income Ratio									9.6		%				16.3		%				26.7		%				22.0		%				18.7		%				28.8		%
Adjusted Operating Income Ratio									19.2		%				22.0		%				36.5		%				32.8		%				27.7		%				39.7		%

1Excludes amortization of the cost of reinsurance. Also excluded are transaction costs related to the second phase of the Closed Block individual disability reinsurance transaction that occurred during the first quarter of 2021.

8

Appendix to Supplemental Exhibit

2022 Significant Items

•Third quarter of 2022 reserve assumption updates resulting in reserve reductions of $121.0 million and $34.0 million before tax, or $95.6 million and $26.9 million after tax, in our Unum US group long-term disability and group life product lines, respectively.

2021 Significant Items

•Third quarter of 2021 reserve assumption updates resulting in a reserve reduction of $215.0 million before tax, or $169.9 million after tax, in our Unum US group long-term disability product line.

•Third quarter of 2021 impairment loss of $12.1 million before tax, or $9.6 million after tax, on previously capitalized internal-use software that we no longer plan to utilize.

•Second quarter of 2021 cost related to the early retirement of debt of $67.3 million before tax, or $53.2 million after tax.

•Second quarter of 2021 impairment loss of $13.9 million, or $11.0 million after tax, on a right-of-use (ROU) asset related to an operating lease for office space that we do not plan to continue using to support our general operations.

•Second quarter of 2021 U.K. tax rate increase from 19 percent to 25 percent, effective April 1, 2023, which resulted in $23.6 million of additional tax expense through continuing operations for the revaluation of our deferred tax assets and liabilities.

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

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

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

•Prior to the implementation of ASU 2018-12, an 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.

•Prior to the implementation of ASU 2018-12, 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.

•Prior to the implementation of ASU 2018-12, cost of reinsurance, or prepaid reinsurance premium, of $43.1 million related to the DLR cohort.

9

Appendix to Supplemental Exhibit - Continued

Deposit asset of $5.0 million related to the ALR cohort.

In applying ASU 2018-12 to the second phase of our Closed Block individual disability reinsurance transaction, we recognized the following changes:

•The ceded reserves were valued using a discount rate reflective of an upper-medium grade fixed-income instrument as of the transaction date and the increase in benefits and change in reserves for future benefits of $133.1 million described above was reversed, resulting in a net $142.5 million decrease to the cost of reinsurance, or prepaid reinsurance premium related to the DLR cohort, and a net $142.5 million increase to the reinsurance recoverable related to the DLR cohort.

Non-GAAP Financial Measures

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

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

•After-tax adjusted operating income or loss, which excludes investment gains or losses, amortization of the cost of reinsurance, and non-contemporaneous 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, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on hedges;

•Leverage ratio, which excludes the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on hedges; and

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

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. Leverage ratio and book value per common share excluding certain components of AOCI, certain of which tend to fluctuate depending on market conditions and general economic trends, are important measures.

As previously discussed, we have exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021, respectively. As a result, we exclude the amortization of the cost of reinsurance that was recognized upon the exit of the business related to the DLR cohort of policies as well as the impacts related to the non-contemporaneous reinsurance that occurred as a result of the adoption of ASU 2018-12. The impacts of non-contemporaneous reinsurance are related to the second phase of the reinsurance transaction. The direct reserves for this block are locked-in using the discount rate utilized as of the transition date, January 1, 2021, while the ceded reserves are locked-in using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021, resulting in higher ceded reserves. While the total equity impact is neutral, the different discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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

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

9.1

Reconciliation of Non-GAAP Financial Measures

						Three Months Ended																								Twelve Months Ended
						December 31						September 30						June 30						March 31						December 31						December 31
						2022																								2022						2021
Total Revenue						$	3,004.8					$	2,959.1					$	3,039.6					$	2,980.6					$	11,984.1					$	12,007.8
Excluding:
Net Investment Gain (Loss)						6.6						(4.4)						(4.1)						(13.8)						(15.7)						76.7
Adjusted Operating Revenue						$	2,998.2					$	2,963.5					$	3,043.7					$	2,994.4					$	11,999.8					$	11,931.1

9.2

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity1						Adjusted Operating Return on Equity
Year Ended December 31, 2022
Unum US									$	781.1											$	4,675.8					16.7		%
Unum International						167.6						781.6						21.4		%
Colonial Life						369.5						1,642.5						22.5		%
Core Operating Segments						1,318.2						7,099.9						18.6		%
Closed Block						201.8						4,873.7
Corporate						(156.2)						(979.8)
Total						$	1,363.8					$	10,993.8					12.4		%
Year Ended December 31, 2021
Unum US						$	328.9					$	4,481.3					7.3		%
Unum International						87.6						808.0						10.8		%
Colonial Life						337.8						1,597.9						21.1		%
Core Operating Segments						754.3						6,887.2						11.0		%
Closed Block						249.3						4,265.6
Corporate						(69.7)						(1,046.1)
Total						$	933.9					$	10,106.7					9.2		%

1Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 9.5. Due to the implementation of ASU 2018-12 for which the beginning balance of 2021 for certain stockholders' equity line items were adjusted, we are computing the average allocated equity for 2021 using internally allocated equity that reflects the adjusted beginning balances at January 1, 2021. As a result, average equity for the years ended December 31, 2021 for certain of our segments will not compute using the historical allocated equity at December 31, 2020.

9.3

Reconciliation of Non-GAAP Financial Measures - Continued

						After-Tax Adjusted Operating Income (Loss)						Average Allocated Equity2						Annualized Adjusted Operating Return on Equity
Three Months Ended December 31, 2022
Unum US									$	182.8											$	4,783.4					15.3		%
Unum International						48.1						730.1						26.4		%
Colonial Life						75.3						1,678.5						17.9		%
Core Operating Segments						306.2						7,192.0						17.0		%
Closed Block						32.9						4,942.0
Corporate						(37.4)						(807.5)
Total						$	301.7					$	11,326.5					10.7		%
Three Months Ended September 30, 2022
Unum US						$	234.4					$	4,643.5					20.2		%
Unum International						45.3						709.7						25.5		%
Colonial Life						136.6						1,668.1						32.8		%
Core Operating Segments						416.3						7,021.3						23.7		%
Closed Block						39.3						4,688.4
Corporate						(53.7)						(691.2)
Total						$	401.9					$	11,018.5					14.6		%
Three Months Ended June 30, 2022
Unum US						$	230.8					$	4,537.4					20.3		%
Unum International						43.7						751.2						23.3		%
Colonial Life						76.3						1,649.4						18.5		%
Core Operating Segments						350.8						6,938.0						20.2		%
Closed Block						68.0						4,572.1
Corporate						(30.0)						(774.7)
Total						$	388.8					$	10,735.4					14.5		%
Three Months Ended March 31, 2022
Unum US						$	133.1					$	4,550.9					11.7		%
Unum International						30.5						782.5						15.6		%
Colonial Life						81.3						1,612.9						20.2		%
Core Operating Segments						244.9						6,946.3						14.1		%
Closed Block						61.6						4,592.6
Corporate						(35.1)						(960.8)
Total						$	271.4					$	10,578.1					10.3		%

2Excludes unrealized gain (loss) on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain (loss) on hedges and is calculated using the stockholders' equity balances presented on page 9.5.

9.4

Reconciliation of Non-GAAP Financial Measures - Continued

Average allocated equity is computed as follows:

						12/31/2022						9/30/2022						6/30/2022						3/31/2022						12/31/2021						1/1/2021
Total Stockholders' Equity						$	8,735.0					$	8,402.8					$	7,787.8					$	6,887.8					$	6,033.9					$	4,166.0
Excluding:
Net Unrealized Gain (Loss) on Securities						(3,028.4)						(3,486.3)						(1,560.4)						1,121.2						4,014.4						5,315.8
Net Gain (Loss) on Hedges						(9.6)						13.5						46.4						51.4						61.8						97.8
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						313.9						681.7						(1,541.2)						(4,912.6)						(8,570.7)						(10,932.5)
Total Adjusted Stockholders' Equity						$	11,459.1					$	11,193.9					$	10,843.0					$	10,627.8					$	10,528.4					$	9,684.9
						Twelve Months Ended
						12/31/2022						12/31/2021
Average Adjusted Stockholders' Equity						$	10,993.8					$	10,106.7
						Three Months Ended
						12/31/2022						9/30/2022						6/30/2022						3/31/2022
Average Adjusted Stockholders' Equity						$	11,326.5					$	11,018.5					$	10,735.4					$	10,578.1

9.5

Reconciliation of Non-GAAP Financial Measures - Continued

						Three Months Ended
						December 31						September 30						June 30						March 31
						2022
Net Income (in millions)						$	289.2					$	510.3					$	367.3					$	240.4
Excluding:
Net Investment Gain (Loss) (net of tax expense (benefit) of $1.7; $(1.0); $(1.0); $(3.2))						4.9						(3.4)						(3.1)						(10.6)
Amortization of the Cost of Reinsurance (net of tax benefit of $2.5; $2.5; $2.8; $2.8)						(9.3)						(9.3)						(10.5)						(10.6)
Non-Contemporaneous Reinsurance (net of tax benefit of $2.2; $0.3; $2.1; $2.6)						(8.1)						(1.4)						(7.9)						(9.8)
Reserve Assumption Updates (net of tax expense of $-; $32.5; $-; $-)						—						122.5						—						—
After-tax Adjusted Operating Income (in millions)						$	301.7					$	401.9					$	388.8					$	271.4
						Three Months Ended
						December 31						September 30						June 30						March 31
						2022
Net Income (per share*)						$	1.44					$	2.53					$	1.81					$	1.18
Excluding:
Net Investment Gain (Loss)						0.02						(0.02)						(0.02)						(0.05)
Amortization of the Cost of Reinsurance						(0.04)						(0.04)						(0.05)						(0.05)
Non-Contemporaneous Reinsurance						(0.04)						(0.01)						(0.04)						(0.05)
Reserve Assumption Updates						—						0.61						—						—
After-tax Adjusted Operating Income (per share*)						$	1.50					$	1.99					$	1.92					$	1.33
*Assuming Dilution.

9.6

Reconciliation of Non-GAAP Financial Measures - Continued

						Year Ended December 31
						2022												2021
						(in millions)						per share *						(in millions)						per share *
Net Income						$	1,407.2					$	6.96					$	981.0					$	4.79
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction (net of tax expense of $—; $14.2)						—						—						53.4						0.26
Net Investment Gain (Loss), Other (net of tax expense (benefit) of $(3.5); $1.9)						(12.2)						(0.07)						7.2						0.03
Total Net Investment Gain (Loss)						(12.2)						(0.07)						60.6						0.29
Items Related to Closed Block Individual Disability Reinsurance Transaction
Amortization of the Cost of Reinsurance (net of tax benefit of $10.6; $14.7)						(39.7)						(0.20)						(55.1)						(0.27)
Non-Contemporaneous Reinsurance (net of tax benefit of of $7.2; $7.0)						(27.2)						(0.13)						(25.9)						(0.12)
Transaction Costs (net of tax benefit of $—; $1.2)						—						—						(5.0)						(0.02)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction						(66.9)						(0.33)						(86.0)						(0.41)
Reserve Assumption Updates (net of tax expense of $32.5; $45.1)						122.5						0.61						169.9						0.83
Impairment Loss on Internal-Use Software (net of tax benefit of $—; $2.5)						—						—						(9.6)						(0.05)
Cost Related to Early Retirement of Debt (net of tax benefit of $—; $14.1)						—						—						(53.2)						(0.26)
Impairment Loss on ROU Asset (net of tax benefit of $—; $2.9)						—						—						(11.0)						(0.05)
Impact of U.K. Tax Rate Increase						—						—						(23.6)						(0.12)
After-tax Adjusted Operating Income						$	1,363.8					$	6.75					$	933.9					$	4.56
*Assuming Dilution.

9.7

Reconciliation of Non-GAAP Financial Measures - Continued

						December 31						September 30						June 30						March 31						December 31
						2022																								2021
Debt						$	3,429.8					$	3,429.2					$	3,442.8					$	3,442.9					$	3,442.2
Including:
Lease Liability						67.9						69.8						75.2						78.1						82.6
Adjusted Debt and Lease Liability						$	3,497.7					$	3,499.0					$	3,518.0					$	3,521.0					$	3,524.8
Total Stockholders' Equity						$	8,735.0					$	8,402.8					$	7,787.8					$	6,887.8					$	6,033.9
Excluding:
Net Unrealized Gain (Loss) on Securities						(3,028.4)						(3,486.3)						(1,560.4)						1,121.2						4,014.4
Net Gain (Loss) on Hedges						(9.6)						13.5						46.4						51.4						61.8
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits						313.9						681.7						(1,541.2)						(4,912.6)						(8,570.7)
Equity, As Adjusted						11,459.1						11,193.9						10,843.0						10,627.8						10,528.4
Debt, As Adjusted and Lease Liability						3,497.7						3,499.0						3,518.0						3,521.0						3,524.8
Total Adjusted Capital						$	14,956.8					$	14,692.9					$	14,361.0					$	14,148.8					$	14,053.2
Leverage Ratio						23.4		%				23.8		%				24.5		%				24.9		%				25.1		%

9.8