Unum Group · NYSE:UNM
Unum — Q2 2025 Earnings Presentation
39 slides from Unum's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Statistical Supplement
UNUMGROUP’ Second Quarter 2025 Statistical Supplement
Slide 2: Table of Contents
Unum Group Statistical Supplement Second Quarter 2025 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 S
Slide 3: Financial Highlights
Unum Group Financial Highlights Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Consolidated U.S. GAAP Results¹ Premium Income $ 2,748.0 $ 2,627.2 $ 5,450.9 $ 5,237.5 $ 10,497.4 $ 10,046.0 Adjusted Operating Revenue $ 3,379.1 $ 3,243.8 $ 6
Slide 4: Capital Metrics
Unum Group Capital Metrics 6/30/2025 6/30/2024 12/31/2024 12/31/2023 (in millions) per share (in millions) per share (in millions) per share (in millions) per share Total Stockholders' Equity (Book Value) $ 11,320.0 $ 65.76 $ 10,464.6 $ 55.63 $ 10,961.1 $ 61.38 $ 9,651.4 $ 49.91 Excluding: Net Unrea
Slide 5: Ratings
Unum Group Ratings AM Best Fitch Moody's S&P Outlook Stable Positive Stable Stable Senior Unsecured Debt Ratings bbb+ BBB Baa2 BBB Financial Strength Ratings Provident Life and Accident Insurance Company A A A2 A Unum Life Insurance Company of America A A A2 A First Unum Life Insurance Company A A A
Slide 6: Consolidated Statements of Income
Unum Group Consolidated Statements of Income Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Revenue Premium Income $ 2,748.0 $ 2,627.2 $ 5,450.9 $ 5,237.5 $ 10,497.4 $ 10,046.0 Net Investment Income 560.7 545.1 1,073.9 1,058.6 2,130.0 2,0
Slide 7: Sales Data for Unum US Segment
Unum Group Sales Data for Unum US Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 % Change 6/30/2025 6/30/2024 % Change 12/31/2024 12/31/2023 Sales by Product Group Disability and Group Life and AD&D Group Long-term Disability $ 45.1 $ 64.8 (30.4)% $ 88.2 $ 119.4 (26.1)% $
Slide 8: Sales Data for Unum International Segment
Unum Group Sales Data for Unum International Segment Three Months Ended Six Months Ended Year Ended (in millions of dollars) 6/30/2025 6/30/2024 % Change 6/30/2025 6/30/2024 % Change 12/31/2024 12/31/2023 Sales by Product Unum UK Group Long-term Disability $ 14.1 $ 16.8 (16.1)% $ 21.1 $ 31.9 (33.9)%
Slide 9: Sales Data for Colonial Life Segment
Unum Group Sales Data for Colonial Life Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 % Change 6/30/2025 6/30/2024 % Change 12/31/2024 12/31/2023 Sales by Product Accident, Sickness, and Disability $ 78.0 $ 75.8 2.9 % $ 144.2 $ 140.4 2.7 % $ 326.3 $ 329.5 Life 30.5 29.8
Slide 10: Consolidated Balance Sheets
Unum Group Consolidated Balance Sheets June 30 December 31 2025 2024 Assets Investments Fixed Maturity Securities - at fair value $ 35,966.0 $ 35,629.9 Mortgage Loans 2,172.5 2,224.5 Policy Loans 3,604.8 3,617.2 Other Long-term Investments 1,659.9 1,694.4 Short-term Investments 2,286.6 2,540.3 Total
Slide 11: Consolidated Balance Sheets - Continued
Unum Group Consolidated Balance Sheets - Continued June 30 December 31 2025 2024 Liabilities and Stockholders' Equity Liabilities Future Policy Benefits $ 37,182.9 $ 36,806.4 Policyholders' Account Balances 5,633.3 5,633.7 Unearned Premiums 538.3 384.0 Other Policyholders’ Funds 1,513.1 1,526.7 Inco
Slide 12: Balance Sheets by Segment - June 30, 2025
Unum Group Balance Sheets by Segment - June 30, 2025 Unum US Group Life and Accidental Supplemental Group Death & and Total Unum Colonial Closed Disability Dismemberment Voluntary Unum US International Life Block Corporate Consolidated Assets Investments $ 5,699.9 $ 1,866.8 $ 4,565.9 $ 12,132.6 $ 3,
Slide 13: Balance Sheets by Segment - December 31, 2024
Unum Group Balance Sheets by Segment - December 31, 2024 Unum US Group Life and Accidental Supplemental Group Death & and Total Unum Colonial Closed Disability Dismemberment Voluntary Unum US International Life Block Corporate Consolidated Assets Investments $ 6,016.7 $ 1,924.5 $ 4,557.3 $ 12,498.5
Slide 14: Financial Results by Segment
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 o
Slide 15: Financial Results by Segment - Continued
Unum Group Financial Results by Segment - Continued Three Months Ended Six Months Ended 6/30/2025 6/30/2024 % Change 6/30/2025 6/30/2024 % Change Benefits and Expenses Unum US $ 1,693.5 $ 1,589.7 6.5 % $ 3,366.1 $ 3,129.5 7.6 % Unum International 276.0 224.8 22.8 512.6 445.5 15.1 Colonial Life 387.6
Slide 16: Quarterly Historical Financial Results by Segment
Unum Group Quarterly Historical Financial Results by Segment 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Premium Income Unum US $ 1,798.6 $ 1,780.9 $ 1,721.4 $ 1,723.5 $ 1,730.9 $ 1,707.4 Unum International 271.1 246.7 242.4 246.6 228.8 231.7 Colonial Life 462.1 457.3 448.9 441.9 44
Slide 17: Quarterly Historical Financial Results by Segment - Continued
Unum Group Quarterly Historical Financial Results by Segment - Continued 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Benefits and Expenses Unum US $ 1,693.5 $ 1,672.6 $ 1,601.3 $ 1,437.7 $ 1,589.7 $ 1,539.8 Unum International 276.0 236.6 239.5 244.6 224.8 220.7 Colonial Life 387.6 3
Slide 18: Financial Results for Unum US Segment
Unum Group Financial Results for Unum US Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income $ 1,798.6 $ 1,730.9 $ 3,579.5 $ 3,438.3 $ 6,883.2 $ 6,579.2 Net Investment Income 155.1 158.1 304.0
Slide 19: Financial Results for Unum US Group Disability
Unum Group Financial Results for Unum US Group Disability Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Group Long-term Disability $ 507.8 $ 521.5 $ 1,012.3 $ 1,038.2 $ 2,086.1 $ 2,057.2 Group Sh
Slide 20: Financial Results for Unum US Group Life and AD&D
Unum Group Financial Results for Unum US Group Life and Accidental Death & Dismemberment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Group Life $ 470.0 $ 447.5 $ 936.2 $ 890.1 $ 1,784.7 $ 1,679
Slide 21: Financial Results for Unum US Supplemental and Voluntary
Unum Group Financial Results for Unum US Supplemental and Voluntary Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Voluntary Benefits $ 234.5 $ 222.9 $ 468.6 $ 445.8 $ 879.2 $ 850.1 Individual Dis
Slide 22: Financial Results for Unum International Segment
Unum Group Financial Results for Unum International Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Unum UK Group Long-term Disability $ 107.9 $ 102.3 $ 208.1 $ 205.8 $ 418.0 $ 396.1 Group
Slide 23: Financial Results for Unum UK
Unum Group Financial Results for Unum UK Three Months Ended Six Months Ended Year Ended (in millions of pounds, except exchange rate) 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Group Long-term Disability £ 80.8 £ 81.0 £ 160.2 £ 162.6 £ 327
Slide 24: Financial Results for Colonial Life Segment
Unum Group Financial Results for Colonial Life Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Accident, Sickness, and Disability $ 249.1 $ 241.7 $ 496.2 $ 484.9 $ 969.5 $ 946.1 Life 122.1
Slide 25: Financial Results for Closed Block Segment
Unum Group Financial Results for Closed Block Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Premium Income Long-term Care $ 175.9 $ 173.3 $ 352.1 $ 347.8 $ 696.1 $ 696.0 All Other 40.3 48.0 82.1 97.8 18
Slide 26: Financial Results for Corporate Segment
Unum Group Financial Results for Corporate Segment Three Months Ended Six Months Ended Year Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 12/31/2024 12/31/2023 Adjusted Operating Revenue Net Investment Income $ 32.3 $ 14.3 $ 56.2 $ 32.3 $ 58.6 $ 99.8 Other Income (Loss) (0.3) 0.4 (0.3) 1.1 1.3 3.3 T
Slide 27: Investments
Unum Group Investments 6/30/2025 6/30/2025 12/31/2024 Fixed Maturity Securities (Fair Value) Selected Statistics Public $ 22,986.5 63.9 % Earned Book Yield 4.47 % 4.44 % Mortgage-Backed/Asset-Backed Securities1 1,093.2 3.0 Average Duration (in years) 8.17 8.28 Private Placements 5,831.6 16.2 High Yi
Slide 28: Investments at June 30, 2025
Unum Group Investments at June 30, 2025 Fixed Maturity Securities - By Industry Classification - Unrealized Gain (Loss) Net Unrealized Fair Value with Gross Gross Unrealized Fair Value with Gross Gross Unrealized Classification Fair Value Gain (Loss) Unrealized Loss Loss Unrealized Gain Gain Basic I
Slide 29: Appendix to Statistical Supplement
Appendix to Statistical Supplement 2025 Significant Items: • First quarter of 2025 net investment loss of $175.9 million before tax, or $139.0 million after tax, and second quarter of 2025 net investment loss of $8.5 million before tax, or $6.6 million after tax, related to the anticipated reinsuran
Slide 30: Appendix to Statistical Supplement - Continued
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
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Three Months Ended June 30 March 31 December 31 September 30 June 30 March 31 2025 2024 Total Revenue $ 3,361.4 $ 3,091.6 $ 3,236.6 $ 3,217.0 $ 3,233.4 $ 3,200.3 Excluding: Net Investment Loss (17.7) (206.8) (10.1) (12.9) (10.4) (1.2) Adjusted Operating
Slide 32: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Annualized After-Tax Adjusted Adjusted Average Operating Operating Allocated Return on Income (Loss) Equity1 Equity Three Months Ended June 30, 2025 Unum US $ 251.5 $ 4,470.3 22.5 % Unum International 34.1 784.5 17.4 % Colonial Life 92.6 1,98
Slide 33: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Annualized After-Tax Adjusted Adjusted Average Operating Operating Allocated Return on Income (Loss) Equity1 Equity Six Months Ended June 30, 2025 Unum US $ 511.4 $ 4,521.6 22.6 % Unum International 63.7 790.4 16.1 % Colonial Life 183.9 1,964
Slide 34: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued After-Tax Adjusted Adjusted Average Operating Operating Allocated Return on Income (Loss) Equity1 Equity Year Ended December 31, 2024 Unum US $ 1,137.6 $ 4,523.2 25.2 % Unum International 120.9 776.8 15.6 % Colonial Life 368.2 1,869.2 19.7 %
Slide 35: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Average allocated equity is computed as follows: 6/30/2025 3/31/2025 12/31/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2022 Total Stockholders' Equity $ 11,320.0 $ 11,214.0 $ 10,961.1 $ 10,464.6 $ 10,219.5 $ 9,651.4 $ 8,735.0 Excluding: Net Unr
Slide 36: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 (in millions) per share* (in millions) per share* (in millions) per share* (in millions) per share* Net Income $ 335.6 $ 1.92 $ 389.5 $ 2.05 $ 524.7 $ 2.97 $ 784.7 $ 4.09
Slide 37: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Year Ended December 31 2024 2023 (in millions) per share * (in millions) per share * Net Income $ 1,779.1 $ 9.46 $ 1,283.8 $ 6.50 Excluding: Net Investment Loss (net of tax benefit of $7.6; $7.8) (27.0) (0.14) (28.2) (0.14) Amortization of th
Slide 38: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued June 30 December 31 2025 2024 2024 2023 Debt $ 3,743.9 $ 3,470.3 $ 3,739.8 $ 3,430.4 Including: Lease Liability 79.6 58.2 69.4 62.6 Adjusted Debt and Lease Liability $ 3,823.5 $ 3,528.5 $ 3,809.2 $ 3,493.0 Total Stockholders' Equity $ 11,320.
Slide 39: Reconciliation of Non-GAAP Financial Measures - Continued
Reconciliation of Non-GAAP Financial Measures - Continued Three Months Ended June 30, 2025 June 30, 2024 Weighted Premium Income Premium Income, Average in Constant Premium Income local currency1 Exchange Rate2 Currency Unum International Unum UK $ 223.0 £ 151.8 1.336 $ 202.8 Unum Poland 48.1 zł 148