Unum Group

Unum US Segment

Unum US reported adjusted operating income of $363.3 million in the third quarter of 2024, an increase of 1.5 percent from $357.8 million in the third quarter of 2023, which excludes the reserve assumption updates during each period. Premium income increased 4.0 percent to $1,723.5 million in the third quarter of 2024, compared to $1,657.7 million in the third quarter of 2023. Net investment income declined 3.1 percent to $161.0 million in the third quarter of 2024, compared to the $166.2 million in the third quarter of 2023.

Within the Unum US operating segment, the group disability line of business reported a 7.9 percent decrease in adjusted operating income to $156.7 million in the third quarter of 2024, compared to $170.1 million in the third quarter of 2023, which excludes the reserve decrease of $90.0 million and $121.0 million related to the assumption updates during the third quarters of 2024 and 2023, respectively. Premium income for the group disability line of business increased 2.4 percent to $793.4 million in the third quarter of 2024, compared to $775.0 million in the third quarter of 2023, driven by favorable persistency and prior period sales. Net investment income decreased 6.5 percent to $78.7 million in the third quarter of 2024, compared to $84.2 million in the third quarter of 2023, due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. Excluding the reserve assumption updates, the benefit ratio for the third quarter of 2024 was 59.1 percent, compared to 57.5 percent in the third quarter of 2023, due to higher incidence in our long-term disability and short-term disability product lines and higher average claim size in the long-term disability product line, partially offset by favorable recoveries in the long-term disability product line. Group long-term disability sales were $24.4 million in the third quarter of 2024, a decrease of 33.3 percent from $36.6 million in the third quarter of 2023. Group short-term disability sales were $15.9 million in the third quarter of 2024, a decrease of 47.9 percent from $30.5 million in the third quarter of 2023. Persistency in the group long-term disability product line was 93.5 percent for the first nine months of 2024, compared to 90.8 percent for the first nine months of 2023. Persistency in the group short-term disability product line was 91.9 percent for the first nine months of 2024, compared to 89.1 percent for the first nine months of 2023.

The group life and accidental death and dismemberment line of business reported a 80.8 percent increase in adjusted operating income to $94.0 million in the third quarter of 2024, which excludes the reserve decrease of $13.0 million related to the assumption update in the third quarter of 2024, compared to $52.0 million in the third quarter of 2023. Premium income for this line of business increased 6.0 percent to $494.9 million in the third quarter of 2024, compared to the $467.1 million in the third quarter of 2023 due primarily to favorable persistency and prior period sales. Net investment income decreased 6.8 percent to $22.1 million in the third quarter of 2024, compared to $23.7 million in the third quarter of 2023 due to a decrease in the level of invested assets, partially offset by an increase in the yield on invested assets. Excluding the reserve assumption update, the benefit ratio in the third quarter of 2024 was 65.0 percent, compared to 73.3 percent in the third quarter of 2023, due primarily to favorable incidence in the group life product line. Group life and accidental death and dismemberment sales were $26.5 million in the third quarter of 2024, an increase of 5.2 percent from $25.2 million in the third quarter of 2023. Persistency in the group life product line was 92.0 percent for the first nine months of 2024, compared to 89.3 percent for the first nine months of 2023. Persistency in the accidental death and dismemberment product line was 91.2 percent for the first nine months of 2024, compared to 88.2 percent for the first nine months of 2023.

The supplemental and voluntary line of business reported a decrease of 17.0 percent in adjusted operating income to $112.6 million in the third quarter of 2024, compared to $135.7 million in the third quarter of 2023, which excludes

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the net reserve decrease of $40.6 million and $7.8 million during the third quarters of 2024 and 2023, respectively. Premium income for the supplemental and voluntary line of business increased 4.7 percent to $435.2 million in the third quarter of 2024, compared to $415.6 million in the third quarter of 2023, due to favorable persistency in the voluntary benefits and dental and vision product lines and higher prior period sales in the voluntary benefits and individual disability product lines. Net investment income increased 3.3 percent to $60.2 million in the third quarter of 2024, compared to $58.3 million in the third quarter of 2023, due primarily to an increase in the yield on invested assets. The benefit ratio for the voluntary benefits product line, which excludes the reserve increase of $12.2 million and the reserve decrease of $10.4 million related to the assumption updates during the third quarters of 2024 and 2023, respectively, was 45.8 percent in the third quarter of 2024, compared to 39.1 percent in the third quarter of 2023, due to less favorable experience in the critical illness and life product lines. The benefit ratio for the individual disability product line, which excludes the reserve decrease of $52.8 million and the reserve increase of $2.6 million during the third quarters of 2024 and 2023, respectively, was 42.8 percent for the third quarter of 2024, compared to 45.4 percent in the third quarter of 2023, due primarily to favorable recoveries, partially offset by higher claim size. The benefit ratio for the dental and vision product line was 74.6 percent for the third quarter of 2024, compared to 67.4 percent in the third quarter of 2023, due primarilyto higher claims incidence and higher average claim size. Relative to the third quarter of 2023, sales in the voluntary benefits product line increased 16.9 percent in the third quarter of 2024 to $45.6 million. Sales in the individual disability product line increased 14.8 percent to $29.4 million in the third quarter of 2024. Sales in the dental and vision product line decreased 10.7 percent in the third quarter of 2024 to $12.5 million. Persistency in the voluntary benefits product line was 76.4 percent for the first nine months of 2024, compared to 75.5 percent for the first nine months of 2023. Persistency in the individual disability product line was 89.0 percent for the first nine months of 2024, compared to 89.3 percent for the first nine months of 2023. Persistency in the dental and vision product line was 81.4 percent for the first nine months of 2024, compared to 76.2 percent for the first nine months of 2023.