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Here are 1-3 brief analogies to describe Unum:

• Aflac for core workplace benefits: Imagine a company similar to Aflac, but specializing in essential employer-provided benefits like group disability and life insurance, rather than primarily supplemental policies.
• The group benefits division of a major insurer: Think of the specialized segment of a large, well-known insurer like MetLife or Prudential that focuses exclusively on providing disability, life, and other financial protection benefits to employees through their workplaces.

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• Group Disability Insurance: Provides income protection for employees who become unable to work due to illness or injury.
• Group Life Insurance: Offers financial protection to employees' beneficiaries in the event of their death.
• Supplemental Health Insurance: Provides financial benefits to employees for specific health events, including accidents, critical illnesses, and hospitalizations.
• Group Dental & Vision Insurance: Offers coverage for employees' dental care and vision needs.

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Unum Group (symbol: UNM) primarily sells its financial protection benefits to other companies, specifically employers, who then offer these benefits to their employees. However, due to the highly diversified nature of its business, Unum does not publicly disclose specific "major customer companies" that account for a significant portion of its revenue. Its customer base consists of thousands of employers across various industries.

Instead of listing specific company names, Unum's customers can be categorized as follows:

• Corporate & Private Sector Employers: This category includes a vast array of businesses, from small and medium-sized enterprises (SMEs) to large corporations across diverse industries. These employers purchase group disability, life, accident, critical illness, and dental insurance plans from Unum to offer as employee benefits.
• Public Sector & Non-Profit Organizations: Unum also serves governmental entities, educational institutions, and non-profit organizations that seek to provide comprehensive benefit packages to their workforce.
• Individuals: While its primary focus is through employers, Unum also directly serves individuals by offering individual disability insurance policies.

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Richard P. McKenney, President and Chief Executive Officer

Richard P. McKenney has served as Unum's President since April 2015 and Chief Executive Officer since May 2015. He previously held the position of Unum's Chief Financial Officer from 2009 to 2015. Before joining Unum, McKenney was the Chief Financial Officer for Sun Life Financial, Inc. from 2007 to 2009, and for Genworth Financial from 2004 to 2007. He began his career at General Electric in 1991, where he transitioned from manufacturing to financial leadership roles, including serving as CFO of GE Financial Assurance starting in 2002. He was part of the team that launched Genworth Financial's initial public offering from GE.

Steven A. Zabel, Executive Vice President and Chief Financial Officer

Steven A. Zabel was appointed Executive Vice President and Chief Financial Officer of Unum in July 2019. He joined Unum in 2013 as Senior Vice President and Chief Risk Officer. From 2015 to 2019, he served as President of Unum's Closed Block of Business. Prior to Unum, Zabel spent over nine years at Genworth Financial, where his roles included Chief Financial Officer for insurance products and Senior Vice President of Long Term Care Insurance and Corporate Audit Services. He began his career at Ernst & Young as an auditor of life and health insurance companies before moving to Americo Life.

Timothy G. Arnold, Executive Vice President, Voluntary Benefits and President, Colonial Life

Timothy G. Arnold was named Executive Vice President, Voluntary Benefits and President, Colonial Life in February 2020. He has served as Chief Executive Officer and President of Colonial Life & Accident Insurance Company since January 2015 and July 2014, respectively. Arnold joined Colonial Life in July 2011, following a 27-year career with Unum where he held various leadership positions in Underwriting, Corporate Planning, Client Services, Sales, and Benefits. His previous roles also include Senior Vice President of Sales and Marketing for Colonial Life and Chief Operations Officer for Colonial Life. He earned a bachelor's degree in management and an MBA in finance from the University of Tennessee at Chattanooga.

Mark Till, Chief Executive Officer, Unum UK

Mark Till serves as the Chief Executive Officer of Unum UK. In this role, he is responsible for shaping the company's future development and ensuring it meets its strategic objectives. He is also an Executive Director of Unum Limited, Unum European Holding Company Limited, and Chair of Unum Poland Zycie. Before joining Unum, Till held several leadership positions in financial services. Most recently, he spent five years at Aegon UK as Managing Director, Platform Solutions, overseeing pensions, investment platforms, asset management, and personal protection.

Lisa G. Iglesias, Executive Vice President and General Counsel

Lisa G. Iglesias became Executive Vice President and General Counsel at Unum in January 2015. Before Unum, she served as Senior Vice President, General Counsel, and Corporate Secretary for WellCare Health Plans, Inc. from February 2012 to December 2014, having initially joined WellCare in 2010 as Vice President, Securities and Assistant General Counsel. Her prior experience includes serving as General Counsel and Corporate Secretary for Nordstrom, Inc. from 2007 to 2008, and as General Counsel and Secretary of Spherion Corporation from 1999 to 2007. Iglesias began her career as a tax specialist with KPMG and practiced as an associate counsel at Greenberg Traurig, specializing in securities and mergers and acquisitions. She is also a Certified Public Accountant.

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The key risks to Unum's business are primarily centered on economic and investment sensitivities, the persistent challenges of its legacy long-term care business, and the complexities of regulatory compliance.

1. Economic and Investment Risks: Unum's financial stability and investment income are significantly exposed to market risks, including fluctuations in interest rates, credit spreads, and potential defaults within its investment portfolio. Sustained periods of low interest rates can lead to lower net investment income, affecting the profitability of its insurance products. Furthermore, general economic conditions such as unemployment levels, consumer confidence, consumer spending, and inflation directly influence the company's business and its profitability.
2. Long-Term Care (LTC) Business Liabilities: The company's legacy long-term care block presents ongoing liability and reserve adequacy challenges. There is a risk that claims could outpace actuarial assumptions, potentially undermining overall profitability. While Unum has been working to manage these risks, it remains a significant area of concern.
3. Regulatory Compliance and Legal Risks: Operating within a highly regulated insurance industry, Unum faces continuous challenges in adhering to evolving laws and regulations, particularly concerning areas like artificial intelligence and data protection. Any failure to comply with these regulations could result in substantial financial penalties, legal proceedings, and damage to the company's reputation.

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United States

• Disability Insurance: null

• Life Insurance: null

• Supplemental/Voluntary Benefits: null

• Dental Insurance (for individuals): The U.S. dental insurance market for individuals was valued at USD 6.76 billion in 2024 and is expected to reach USD 11.28 billion by 2032.

• Vision Insurance: null

• Workplace Leave Management: null

• Mental Health Services: null

United Kingdom

• Disability Insurance (Group Income Protection): null

• Life Insurance (Group Life): null

• Critical Illness Cover (Group Critical Illness): null

• Dental Insurance: null

• Health Cash Plans: null

Poland

• Life Insurance (Group and Individual): null

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1. Premium Growth in Core Business Segments: Unum anticipates continued positive operating trends across its core businesses, including Unum US, Colonial Life, and Unum International. This is expected to result in a full-year premium growth of 3-6%. The company has observed healthy premium and sales gains in these segments, supported by disciplined pricing and risk selection, which contributes to strong underwriting success and market penetration.
2. Enhanced Sales and Customer Retention (Persistency): Increased sales are projected, particularly within Unum’s group disability and group life offerings. High persistency rates, indicating strong customer retention, are also a crucial factor in driving premium growth. Unum's focus on maintaining strong relationships with existing clients supports these high persistency trends.
3. Digital Innovation and New Product Offerings: Unum is focusing on digital innovation and strategic investments to strengthen its market position. This includes enhancing digital platforms such as HR Connect and Total Leave, which improve customer service efficiency and client retention. Additionally, the expansion and growth of new product lines, such as dental and vision insurance, are expected to contribute to revenue.
4. International Market Expansion: The Unum International segment is a significant driver, demonstrating strong premium growth and sales growth. For example, the segment has shown 10% overall growth, with a notable 18.7% growth in Poland. This strategic emphasis on international expansion is expected to bolster future revenue.

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Share Repurchases

• Unum Group announced a $1 billion share repurchase program authorized by its board of directors, effective August 1, 2024, replacing the prior program. The board also authorized another $1 billion program to begin April 1, 2025.
• In 2024, the company's share repurchases totaled $971.0 million, representing a 288% increase from the previous year's levels.
• For the first nine months of 2025, Unum returned approximately $980 million to shareholders, including $750 million in share repurchases and $230 million in dividends, with expectations of a total capital return of approximately $1.3 billion by year-end 2025, including $500 million to $1.0 billion in share repurchases.

Capital Expenditures

• Capital expenditures were approximately -$133.4 million over the last twelve months (as of late 2024/early 2025).
• Historical capital expenditures were approximately -$119.1 million in 2024 and -$110.3 million in 2023.
• The primary focus of capital expenditures is on reinvestment in the core business and enhancing digital capabilities, including platforms like HR Connect, Total Leave, Gathr, and Help@hand, as well as general technology upgrades.