Unum Group · NYSE:UNM
Unum — Q4 2025 Earnings Presentation
29 slides from Unum's earnings presentation, Feb 6, 2026
Slide 1: 2025 Results & 2026 Outlook
2025 Results & 2026 Outlook February 6, 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Certain information in this presentation constitutes "forward-looking statements" derivatives hedging programs due to changes in forecasted cash flows, the within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- economic environment, counterparty ri
Slide 3: 2025 Key Messages
2025 KEY MESSAGES • Core operations premium growth of 4.4%1 with disciplined pricing and healthy persistency • Adjusted operating earnings of $8.13; solid core returns (~20% ROE) • Continued investment in customer centric digital capabilities and offerings • Strong capital generation enabled balance
Slide 4: Reshaping the Closed Block
RESHAPING THE CLOSED BLOCK Strategic Actions Block Management De-Risking ~$2.2B >$5B $4.0B of protection; no capital of premium rate increases reduction of statutory contributions required since program initiation LTC reserves in 2025 4
Slide 5: 2026 Key Messages
2026 KEY MESSAGES • Top-line growth 4–7% with disciplined pricing and healthy persistency • 8-12% EPS growth at attractive returns • Deepening digital leadership; more than 1/3 of core operations premium is associated with customers on one of our new digital capabilities • Strong free cash flow & ca
Slide 6: 2025 Results (4Q / FY)
2025 RESULTS (4Q / FY) SEGMENT EARNINGS4 4.4% / 1.1% 4.4% / 4.4% 4Q-25 FY-25 Sales Growth1 Premium Growth1 Unum US $289.7 $1,271.9 Unum International $33.2 $152.3 $322M / $1.4B $1.92 / $8.13 Colonial Life $113.9 $463.6 After-tax Adj Operating Earnings Adj Operating EPS Core Operations $436.8 $1,887.
Slide 7: Committed to Our Closed Block
COMMITTED TO OUR CLOSED Improve Value Reduce the Increase Predictability BLOCK Creation Footprint of Outcomes STRATEGY NOTABLE PROGRESS: Consistent execution • Full risk transfer reducing LTC footprint by 20% and providing capital benefit against strategy to • Eliminated tail-risk through the discon
Slide 8: Monitoring the Health of the Closed Block
MONITORING THE HEALTH OF THE CLOSED BLOCK Key Metric Why it’s Important Current Position Measured as Fairwind excess capital (pre-tax) plus statutory reserves relative to our best estimate of the value of the liability. Fairwind Protections This represents a level of protection that could be used to
Slide 9: Financial Outlook & Capital Plan
Financial Outlook & Capital Plan 9
Slide 10: Key Messages
KEY MESSAGES Healthy margins and solid top-line growth drive earnings growth & free cash flow generation in 2026 FINANCIAL OUTLOOK CAPITAL PLAN • Core operations premium growth bolstered by • Free cash flow generation paired with excess persistency and expected sales momentum capital position enable
Slide 11: Key Outlook Metrics: Unum US
KEY OUTLOOK METRICS: Unum US Premium Growth Adjusted ROE Benefit Ratios 62-64% 68-72% 4–6% 23-25% Group Disability Group Life and AD&D 48-50% Supplemental & Voluntary 11
Slide 12: Key Outlook Metrics: Colonial Life
KEY OUTLOOK METRICS: Colonial Life Premium Growth Adjusted ROE Benefit Ratio 2–4% 18-20% 48-50% 12
Slide 13: Key Outlook Metrics: Unum International
KEY OUTLOOK METRICS: Unum International Premium Growth1 Adjusted ROE Benefit Ratio 10–15% 16-18% 70-72% 1Constant Currency Basis 13
Slide 14: 2026 EPS Outlook Supported by Top-Line Growth & Robust Margins
2026 EPS OUTLOOK SUPPORTED BY TOP-LINE GROWTH & ROBUST MARGINS Core Premium Growth Adjusted ROE EPS Growth1 4–7% 15-17% 8-12% 1Growth of adjusted operating earnings per share over 2025, reflecting reporting changes; see page 21 for redefined after-tax adjusted operating income 14
Slide 15: 2026 Capital Generation and Uses
2026 CAPITAL GENERATION AND USES Capital Generation1 Expected Use Interest Expense ~$200M $1.4 – $1.6 Common Stock Dividend ~$300M Billion Share Repurchase ~$1.0B 1Statutory after-tax net gain from operations, investment management fees, and other service fees 15
Slide 16: Continuing to Operate from a Position of Capital Strength and Resiliency
CONTINUING TO OPERATE FROM A POSITION OF CAPITAL STRENGTH AND RESILIENCY 2026 capital outlook metrics more than support our “A” financial strength rating Risk-Based Capital Holding Company Liquidity Leverage 400– 425% $2.0– $2.5B <25% (rating target >350%) (rating target >$500M) (rating target <30%)
Slide 17: Resilient Business Model
RESILIENT BUSINESS MODEL Core Operations Premium Book Value per Share (excluding AOCI) $10.01B $78.02 10-yr CAGR: ~4% $9.62B 10-yr CAGR: ~8% $75.51 $9.13B $67.02 $8.67B $61.61 $8.48B $8.33B $8.38B $55.30 $7.91B $51.54 $48.92 $7.47B $43.98 $7.19B $42.45 $39.24 2016 2017 2018 2019 2020 2021 2022 2023
Slide 18: Questions & Answers
Questions & Answers see UNUMGROUP 18
Slide 19: Appendix
Appendix: • LTC Block Demographic Profile • Non-GAAP Reconciliations 19
Slide 20: LTC Block Demographic Profile
LTC BLOCK DEMOGRAPHIC PROFILE Total DEMOGRAPHICS PROFILE (As of 9/30/2025) ILTC GLTC LTC Block Average issue date 2002 2004 2004 • Our LTC block is predominately Number of insureds (approx.) 83,000 752,000 835,000 group-sponsored plans Overview Number of claims incurred (approx.)1 46,313 24,139 70,4
Slide 21: Redefined After-Tax Adjusted Operating Income
REDEFINED AFTER-TAX ADJUSTED OPERATING INCOME Historical Redefined Year Ended December 31 2025 2025 (in millions) per share * (in millions) per share * Net Income $ 738.5 $ 4.27 $ 738.5 $ 4.27 Excluding: Net Investment Loss Net Investment Loss Related to the Fortitude Re Reinsurance Transaction (net
Slide 22: Non-GAAP Financial Measures
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 m
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 25
Slide 26: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 26
Slide 27: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 27
Slide 28: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 28
Slide 29: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 29