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v3.25.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt consists of the following:
|  |  |  |  | December 31
|  |  |  |  | 2025 |  | 2024
| Interest Rates |  | Maturities |  | (in millions of dollars)
Long-term Debt |  |  |  |  |  |  |
Outstanding Principal |  |  |  |  |  |  |
Senior Notes issued 1998 | 6.750 - 7.250% |  | 2028 |  | $ | 335.8 |  |  | $ | 335.8 |
Senior Notes issued 2002 | 7.375% |  | 2032 |  | 39.5 |  |  | 39.5 |
Senior Notes issued 2012 and 2016 | 5.750% |  | 2042 |  | 500.0 |  |  | 500.0 |
Senior Notes issued 2019 | 4.000% |  | 2029 |  | 400.0 |  |  | 400.0 |
Senior Notes issued 2019 | 4.500% |  | 2049 |  | 450.0 |  |  | 450.0 |
Senior Notes issued 2021 | 4.125% |  | 2051 |  | 600.0 |  |  | 600.0 |
Senior Notes issued 2024 | 4.046% |  | 2041 |  | 400.0 |  |  | 400.0 |
Senior Notes issued 2024 | 6.000% |  | 2054 |  | 400.0 |  |  | 400.0 |
Senior Notes issued 2025 | 5.250% |  | 2035 |  | 300.0 |  |  | — |
Medium-term Notes issued 1990 - 1996 | 7.190% |  | 2028 |  | 18.5 |  |  | 18.5 |
Junior Subordinated Debt Securities issued 1998 | 7.405% |  | 2038 |  | 189.7 |  |  | 189.7 |
Junior Subordinated Debt Securities issued 2018 | 6.250% |  | 2058 |  | 300.0 |  |  | 300.0 |
Unamortized Net Discount |  |  |  |  | (129.2) |  |  | (131.3) |
Unamortized Debt Issuance Costs |  |  |  |  | (36.7) |  |  | (37.0) |
Total Long-term Debt |  |  |  |  | $ | 3,767.6 |  |  | $ | 3,465.2 |
Short-term Debt |  |  |  |  |  |  |
Outstanding Principal |  |  |  |  |  |  |
Senior Notes issued 2015 | 3.875% |  | 2025 |  | — |  |  | 275.0 |
Unamortized Net Discount |  |  |  |  | — |  |  | (0.2) |
Unamortized Debt Issuance Costs |  |  |  |  | — |  |  | (0.2) |
Total Short-term Debt |  |  |  |  | — |  |  | 274.6 |
Total Debt |  |  |  |  | $ | 3,767.6 |  |  | $ | 3,739.8 |
Debt is comprised of our unsecured notes, which consist of our senior notes and medium-term notes, and rank highest in priority, followed by our junior subordinated debt securities. The senior notes are callable and may be redeemed, in whole or in part, at any time. The medium-term notes are non-callable and the junior subordinated debt securities are callable under limited, specified circumstances. The aggregate contractual principal maturities are $354.3 million in 2028, $400.0 million in 2029 and $3,179.2 million thereafter. Interest paid on debt during 2025, 2024, and 2023 was $201.1 million, $190.4 million, and $183.6 million, respectively. Unsecured Notes In November 2025, we issued $300.0 million of 5.250% senior notes due 2035. The net proceeds from the issuance were used to replace cash and cash equivalents used to repay the $275.0 million aggregate principal amount of 3.875% senior notes, which matured in November 2025, as well as for other general corporate purposes. In June 2024, we issued $400.0 million of 6.000% senior notes due 2054. There are no significant financial covenants associated with our unsecured notes. Term Loan Facility In August 2022, we entered into a five-year $350.0 million senior unsecured delayed draw term loan facility with a syndicate of lenders. Also in August 2022, we drew the entire amount of the term loan facility, which was scheduled to mature in August 2027 and was callable and could be redeemed at par at any time. Amounts due under the term loan facility incurred interest based on the prime rate, the federal funds rate, or the Secured Overnight Financing Rate (SOFR). The proceeds from the term loan facility were used to redeem $350.0 million aggregate principal amount of our 4.000% senior notes due 2024. In June 2024 in tandem with the issuance of our 6.000% senior notes, the aggregate principal amount of outstanding indebtedness under our senior unsecured delayed draw term loan facility was repaid, and subsequently terminated. Prior to the termination of our term loan facility, the borrowings on the facility were subject to financial covenants, negative covenants, and events of default that are customary. The two primary financial covenants included limitations based on our leverage ratio and consolidated net worth, but we were also subjected to covenants that limit subsidiary indebtedness. Junior Subordinated Debt Securities In 1998, Provident Financing Trust I (the Trust), a 100 percent‑owned finance subsidiary of Unum Group, issued $300.0 million of 7.405% capital securities due 2038 in a public offering. These capital securities are fully and unconditionally guaranteed by Unum Group, have a liquidation value of $1,000 per capital security, and have a mandatory redemption feature under certain circumstances. In connection with the capital securities offering, Unum Group issued to the Trust 7.405% junior subordinated deferrable interest debentures due 2038. The Trust is a variable interest entity of which Unum Group is not the primary beneficiary. Accordingly, the capital securities issued by the Trust are not included in our consolidated financial statements and our liability represents the junior subordinated debt securities owed to the trust which is recorded in long-term debt. The sole assets of the Trust are the junior subordinated debt securities. The retirement of any liquidation amount regarding the capital securities by the Trust results in a corresponding retirement of principal amount of the junior subordinated debt securities. Our junior subordinated debt securities are subject to negative covenants and events of default that are customary. P-Caps Trust and Notes Issuance During November 2021, we entered into a 20-year facility agreement with a Delaware statutory trust (the P-Caps Trust), in connection with the sale by the P-Caps Trust of $400.0 million of pre-capitalized trust securities (P-Caps) in a Rule 144A private placement. The P-Caps Trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the Trust Assets). The facility agreement gave us the right to issue and require the P-Caps Trust to purchase, on one or more occasions, up to $400.0 million of our 4.046% senior notes due 2041 (the 2041 Senior Notes) in exchange for the Trust Assets. Under the facility agreement, we agreed to pay a semi-annual facility fee to the P-Caps Trust at a rate of 2.225% per year on the unexercised portion of the maximum amount of 2041 Senior Notes that we could issue and sell to the P-Caps Trust and to reimburse the P-Caps Trust for its expenses. In October 2024, we exercised our issuance right in full under the facility agreement and issued $400.0 million of the 2041 Senior Notes to the P-Caps Trust in exchange for the Trust Assets, thereby triggering our recognition of the 2041 Senior Notes on our consolidated balance sheets. The Trust Assets had a fair value of $273.5 million when the 2041 Senior Notes were issued. We directed the trustee of the P-Caps Trust to dissolve the P-Caps Trust and to deliver the 2041 Senior Notes to the beneficial holders of the P-Caps pro rata in respect of each P-Cap which was a non-cash financing transaction. The 2041 Senior Notes are callable at or above par and rank equally in the right of payment with all of our other unsecured and unsubordinated debt. The net proceeds from the issuance of the 2041 Senior Notes and subsequent sale of the Trust Assets were used for share repurchases. Credit Facilities In April 2025, we and certain of our traditional U.S. life insurance subsidiaries, Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident) and Colonial Life & Accident Insurance Company, amended and restated the terms of our existing credit agreement providing for a five-year $500.0 million senior unsecured revolving credit facility with a syndicate of lenders. The revolving credit facility, which was previously set to expire in 2027, was extended through April 2030. We may request that the lenders’ aggregate commitments of $500.0 million under the facility be increased by up to an additional $200.0 million. Other of our domestic wholly-owned subsidiaries are permitted to join the credit facility as borrowers, subject to certain conditions. Any obligation of a subsidiary under the credit facility is subject to an unconditional guarantee by Unum Group. At December 31, 2025, there were no borrowed amounts outstanding under the revolving credit facility and letters of credit totaling $1.3 million had been issued. We have a five-year, £75.0 million senior unsecured standby letter of credit facility with a different syndicate of lenders, pursuant to which a syndicated letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75 million until its scheduled expiration in July 2026. The credit facility provides for borrowings at an interest rate based on the prime rate or the federal funds rate. We have an additional five-year, £75.0 million senior unsecured standby letter of credit facility pursuant to which a standby letter of credit was issued in favor of Unum Limited (as beneficiary) and is available for drawings up to £75.0 million until its scheduled expiration in December 2028. In December 2023, as security for the senior standby letter of credit facility we had granted to the issuer of the standby letter of credit the right to exercise, if an event of default had occurred and was continuing, the issuance right under the facility agreement with the P-Caps Trust, up to a maximum of $200.0 million. In October 2024, prior to our exercise of the issuance right under the facility agreement with the P-Caps Trust, the assigned issuance right was forfeited in its entirety. The standby letter of credit facility provides for borrowings at an interest rate based on Sterling Overnight Index Average rate. At December 31, 2025, there were no borrowed amounts outstanding under the standby letter of credit facilities or letters of credit issued in favor of Unum Limited. If drawings are made in the future, we may elect to borrow such amounts from the lenders pursuant to term loans made under the credit facilities. Borrowings under the three credit facilities are subject to financial covenants, negative covenants, and events of default that are customary. The two primary financial covenants include limitations based on our leverage ratio and consolidated net worth. We are also subject to covenants that limit subsidiary indebtedness.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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