Unum Group

Unum Group is committed to helping the working world thrive throughout life’s moments. Through businesses in the United States, United Kingdom and Poland, we cover millions of people against financial hardships resulting from illness, injury or loss of life. We connect with these people and their families through the workplace by partnering with 178,000 companies. Through these partnerships, we also help employers navigate a complex regulatory environment.

In 2025, we continued to deliver for our customers and create meaningful shareholder value. Thanks to strong premium growth in our core operations driven by ongoing demand for our products and services, we are serving more customers than we ever have before. Rollout of our digital capabilities helped elevate customer satisfaction among both policyholders and employer clients, leading to elevated customer retention levels. We are serving our customers profitably through disciplined underwriting, a focused product mix and our emphasis on building lasting relationships with clients. We also took significant steps during 2025 to strengthen our risk profile, including completing our first external long-term care reinsurance transaction, which reduces our legacy Closed Block footprint and sharpens focus on the core business.

However, after-tax adjusted operating income(1) for the year was $1.4 billion, which was below our expectations. This was impacted by benefits experience across multiple product lines, which was driven by lower recoveries as well as mortality rates. Despite this, we continue to be pleased with the high returns our business generates, which enables us to invest in growth and seize strategic opportunities as they arise. At the same time, we remain committed to returning capital to shareholders, including $1.3 billion in 2025 from share repurchases and dividends. Overall, Unum's strategic initiatives and financial performance underscore its dedication to providing valuable financial protection and support to individuals, families, and employer clients.

Below are key financial performance measures from 2025. Additional measures, including those we use for annual and long-term incentive decisions, can be found beginning on page 68.

(1)After-tax adjusted operating results and book value per share, excluding AOCI, are non-GAAP financial measures. Information about the non-GAAP financial measures used in this proxy statement is set forth in "A Note About Non-GAAP Financial Measures" on page 2. For a reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures, refer to "Appendix A" of this proxy statement.

(2)Assuming dilution.

Operating Highlights

By living our purpose, we are laser-focused on meeting the needs of our customers. In 2025, Unum paid $8.3 billion in benefits to people facing illness, injury or loss of life. Satisfaction metrics measuring our engagement with customers and partners remained high as we continued to implement new service and support capabilities across the enterprise.

We have transformed our business over the last several years through significant investments in our digital capabilities, and organizational changes to better align our resources with customer outcomes. By investing in technologies that anticipate and deliver on evolving customer expectations, we have continued to separate ourselves from the competition and seize opportunities in the marketplace. These technologies create new digital experiences for customers, automate and modernize business processes, track key metrics, deliver new products and services to market faster, and improve customer satisfaction. Through our efforts to continuously improve, we strive to enrich the experience for our customers and enhance the effectiveness of our people.

Our investment philosophy is to deliver optimal, risk-adjusted returns through a disciplined investment strategy. Our approach is driven by strong asset-liability management, allowing the construction of a portfolio that supports the long-term obligations we make to policyholders and stakeholders. In 2025, our portfolio performed well in a volatile economic environment.

Long-Term Care Performance

The same discipline that allows our core franchise to be successful also benefits our long-term care (LTC) business. LTC is part of our Closed Block that consists of policies that we continue to service and support, but no longer actively market. We manage this block with a combination of rate increases, risk management, tailored investment strategy and ongoing monitoring of emerging experience to inform updates to our reserve liability assumptions and appropriate capital levels.

In 2025, we completed an external reinsurance transaction that ceded roughly 20% of LTC reserves, coupled with an internal reinsurance action that reduced potential capital volatility. Combined, we reduced LTC reserves by more than $4 billion in total through these transactions. We also took actions to end new group LTC enrollments, implement rate increases, and enhance operational effectiveness that helped provide for the long-term stability of this block and promote transparency for our shareholders and customers.

As a workplace benefits leader, we provide a critical financial safety net for millions of people, a fact that drives us to deliver for those who count on us. Our focus on doing the right thing guides our approach to business, sustainability and social responsibility. Unum has a long tradition of engaging with shareholders, customers, employees, suppliers and communities in order to support our enterprise purpose, goals, strategy and values.

The Governance Committee of the Board provides oversight and guides the company's sustainability strategy and initiatives. We continue to strengthen and mature our management and disclosure of sustainability matters, and to evaluate and address emerging risks and opportunities to our business.

Our corporate strategy is supported by our sustainability strategic framework to create long-term value for key stakeholders. Using this framework, we identify and implement business strategies that include social, environmental, governance, and economic dimensions. By implementing business strategies that align impact and sustainability considerations with key economic drivers, we strive to create long-term value for investors and customers. This approach to evaluating and creating long-term value also helps to support and benefit the communities in which we operate.

A more comprehensive discussion of our efforts and progress is published annually in our Impact and Sustainability Report, which is available at https://investors.unum.com. See page 50 for more information about Impact and Sustainability.