UNM

TABLE OF CONTENTS Page Executive Summary 90 Reconciliation of Non-GAAP and Other Financial Measures 94 Critical Accounting Estimates 96 Accounting Developments 96 Consolidated Operating Results 97 Segment Results 99 Unum US Segment 99 Unum International Segment 106 Colonial Life Segment 110 Closed Block Segment 112 Corporate Segment 114 Investments 114 Liquidity and Capital Resources 120 89 Table of Contents Executive Summary Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries. The principal operating subsidiaries in the United States are Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident), The Paul Revere Life Insurance Company, Colonial Life & Accident Insurance Company (Colonial Life & Accident), Unum Insurance Company, Starmount Life Insurance Company, in the United Kingdom, Unum Limited, and in Poland, Unum Zycie TUiR S.A. (Unum Poland). We are a leading provider of financial protection benefits in the United States and the United Kingdom. Our products include disability, life, accident, critical illness, dental and vision, and other related services. We market our products primarily through the workplace. We have three principal operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are the Closed Block and Corporate segments. These segments are discussed more fully under "Segment Results" included herein in this Item 2. The benefits we provide help the working world thrive throughout life's moments and protect people from the financial hardship of illness, injury, or loss of life. As a leading provider of employee benefits, we offer a broad portfolio of products and services through the workplace that provide support when it is needed most. Specifically, we offer disability, life and voluntary products, on both individual and group bases, as well as provide certain fee-based services. These products and services, which can be sold stand-alone or combined with other coverages, help employers of all sizes attract and retain the talented and capable workforce they need to succeed while protecting the incomes and livelihood of their employees. We believe employer-sponsored benefits are the most effective way to provide workers with access to information and options to protect their financial stability. Working people and their families, particularly those at lower and middle incomes, are perhaps the most vulnerable in today's economy yet are often overlooked by many providers of financial products and services. For many of these workers and families, employer-sponsored benefits are the primary defense against the potentially catastrophic financial impact of death, illness, or injury. We have established a corporate culture consistent with the social value of our products and services. We see important links between the obligations we have to all of our stakeholders, and we place a strong emphasis on operating with integrity and contributing to positive change in our communities. Accordingly, we are committed not only to meeting the needs of our customers who depend on us, but also to being accountable for our actions through sound and consistent business practices, a strong internal compliance program, a comprehensive risk management strategy, and an engaged employee workforce. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto in Part I, Item 1 contained in this Form 10-Q and with the "Cautionary Statement Regarding Forward-Looking Statements" included below the Table of Contents, as well as the discussion, analysis, and consolidated financial statements and notes thereto in Part I, Items 1 and 1A, and Part II, Items 7, 7A, and 8 of our annual report on Form 10-K for the year ended December 31, 2025. Certain prior period financial information has been adjusted to conform to current year presentation. See "Reconciliation of Non-GAAP and Other Financial Measures" contained herein in this Item 2 for more information regarding these adjustments. Operating Performance and Capital Management For the second quarter of 2026, we reported net income of $256.9 million, or $1.61 per diluted common share, compared to net income of $335.6 million, or $1.92 per diluted common share, in the second quarter of 2025. For the first six months of 2026, we reported net income of $488.9 million, or $3.01 per diluted common share, compared to net income of $524.7 million, or $2.97 per diluted common share in the same period of 2025. Included in our results for the second quarter of 2026 are: •A net investment loss of $5.2 million before tax; •Closed Block segment before-tax adjusted operating loss of $75.4 million; and, •A strategic actions impact of $30.7 million before tax. The tax benefit on the items above was $22.2 million. 90 Table of Contents Included in our results for the first six months of 2026 are: •A net investment loss of $10.2 million before tax; •Closed Block segment before-tax adjusted operating loss of $220.7 million; and, •A strategic actions impact of $30.7 million before tax. The tax benefit on the items above was $52.0 million. Included in our results for the second quarter of 2025 are the following reconciling items: •A net investment loss of $17.7 million before tax; and, •Closed Block segment before-tax adjusted operating loss of $10.8 million. The tax benefit on the items above was $3.9 million. Included in our results for the first six months of 2025 are: •A net investment loss of $224.5 million before tax; and, •Closed Block segment before-tax adjusted operating loss of $2.8 million. The tax benefit on the items above was $43.0 million. Excluding these items, after-tax adjusted operating income for the second quarter of 2026 was $346.0 million, or $2.16 per diluted common share compared to $360.2 million, or $2.06 per diluted common share, for the same period of 2025. After-tax adjusted operating income was $698.5 million, or $4.31 per diluted common share, in the first six months of 2026, compared to $709.0 million, or $4.01 per diluted common share, in the first six months of 2025. See "Reconciliation of Non-GAAP and Other Financial Measures" contained herein in this Item 2 for further discussion and a reconciliation of these items. Unum US reported segment adjusted operating income of $329.6 million and $667.5 million in the second quarter and first six months of 2026, respectively, compared to $318.2 million and $647.3 million in the same periods of 2025, due primarily to higher premium income. Also impacting the comparison of the first six months of 2026, compared to the same period of 2025, was higher net investment income. The benefit ratio for our Unum US segment was 61.1 percent and 60.3 percent in the second quarter and first six months of 2026, respectively, compared to 60.7 percent and 60.2 percent in the same periods of 2025. Unum US sales increased 7.4 percent and 14.3 percent in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025. Unum International reported segment adjusted operating income of $24.3 million and $55.2 million in the second quarter and first six months of 2026, respectively, compared to $41.6 million and $80.3 million in the same periods of 2025. Our Unum UK line of business reported segment adjusted operating income of £15.3 million and £35.7 million in the second quarter and first six months of 2026, respectively, compared to £29.4 million and £58.9 million in the same periods of 2025, primarily due to benefits experience. The benefit ratio for our Unum UK line of business was 82.2 percent and 77.6 percent in the second quarter and first six months of 2026, respectively, compared to 75.0 percent and 71.1 percent in the same periods of 2025. Unum International sales, as measured in U.S. dollars, decreased 19.4 percent and 7.3 percent in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025. Unum UK sales, as measured in local currency, decreased 14.9 percent and 4.2 percent in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025. Colonial Life reported segment adjusted operating income of $131.4 million and $259.2 million in the second quarter and first six months of 2026, respectively, compared to $117.4 million and $233.1 million in the same periods of 2025, primarily due to benefits experience, higher net investment income and higher premium income. The benefit ratio for Colonial Life was 46.7 percent and 46.3 percent in the second quarter and first six months of 2026, respectively, compared to 48.3 percent and 48.0 percent in the same periods of 2025. Colonial Life sales increased 6.0 percent and 3.7 percent in the second quarter and first six months of 2026, respectively, compared to the same periods of 2025. Closed Block reported segment adjusted operating loss of $75.4 million and $220.7 million in the second quarter and first six months of 2026, respectively, compared to $10.8 million and $2.8 million in the same periods of 2025. The net premium ratio for long-term care increased to 97.8 percent at June 30, 2026 from 94.9 percent at June 30, 2025. 91 Table of Contents A rising interest rate environment could positively impact our yields on new investments, but could also increase unrealized losses in our current holdings. Alternatively, a declining interest rate environment could negatively impact our yields on new investments, but could also reduce unrealized losses in our current holdings. As of June 30, 2026, we do not hold any securities with a decline in fair value below amortized cost which we intend to sell nor any securities for which it is more likely than not that we will be required to sell before recovery in amortized cost for which an impairment loss was not recorded. The net unrealized loss on our fixed maturity securities was $2.1 billion at June 30, 2026, compared to $1.7 billion at December 31, 2025, with the increase due primarily to an increase in U.S. Treasury rates. The earned book yield on our investment portfolio was 4.23 percent for the first six months of 2026 compared to a yield of 4.35 percent for the full year ended December 31, 2025. Additionally, a rising interest rate environment could result in reserve decreases while a declining interest rate environment could result in reserve increases, specific to our liability for future policy benefits, as the reserve discount rate assumptions used in the calculation of our liability are updated at each reporting date using a yield that is reflective of an upper-medium grade fixed income instrument, which is generally equivalent to a single-A interest rate matched to the duration of certain of our insurance liabilities. The change in discount rate assumptions on the liability for future policy benefits, net of reinsurance, due primarily to the increase in U.S. Treasury rates during the first six months of 2026, resulted in a decrease to the liability for future policy benefits, net of reinsurance, of approximately $0.3 billion. We believe our capital and financial positions are strong. At June 30, 2026, the risk-based capital (RBC) ratio for our traditional U.S. insurance subsidiaries, calculated on a weighted average basis using the NAIC Company Action Level formula, was approximately 480 percent, which is above our long-term expectation. We repurchased 7.9 million shares and 7.1 million shares of Unum Group common stock under our share repurchase program, during the first six months of 2026 and 2025, respectively, at a cost of $604.5 million and $505.9 million, respectively, including commissions and excise tax. Our weighted average common shares outstanding, assuming dilution, equaled 160.0 million and 174.4 million for the second quarters of 2026 and 2025, respectively, and 162.2 million and 176.6 million for the first six months of 2026 and 2025, respectively. As of June 30, 2026, Unum Group and our intermediate holding companies had available holding company liquidity of $1,536.5 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset backed securities. See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 1. Anticipated 2026 Closed Block Long-Term Care Reinsurance Transaction In July 2026, Unum America entered into a master transaction agreement with Fortitude Reinsurance Company Ltd. (Fortitude Re) which, subject to receipt of regulatory approvals and the satisfaction or waiver of other customary closing conditions, is expected to result in the execution of a coinsurance agreement during 2026. This anticipated reinsurance agreement reinsures a portion of our Closed Block individual long-term care policies on a coinsurance basis to Fortitude Re effective April 2026. The reinsurance agreement represents approximately 28 percent of total Closed Block long-term care future policy benefits. As part of the anticipated reinsurance transaction with Fortitude Re, we plan to transfer, upon closing the transaction, fixed maturity securities and cash with a fair value of $5,659.0 million, which is subject to adjustment prior to closing for changes in interest rates and certain interim cash flows related to the reinsured business. Fortitude Re intends to retrocede biometric risk on the reinsured block to a highly rated global reinsurer (the Retrocessionaire). Additionally, at the closing of the transaction, Provident will enter into an agreement with the Retrocessionaire whereby Provident will provide an experience volatility cover for the difference between actual and expected claim experience, subject to a maximum payment of $125.0 million (in net present value terms). Payment obligations will be settled every five years and will be secured by a trust account to be funded at all times with the remaining possible payment by Provident. Provident will provide the experience volatility cover in exchange for a payment from the Retrocessionaire of $5.0 million upon closing the anticipated reinsurance transaction. The experience volatility cover will be accounted for under the deposit method. During July 2026, we also entered into $1,082.0 million notional amount of Treasury forwards and $549.8 million notional amount of total return swaps to hedge interest rate and duration risk associated with assets that will be transferred upon closing of the anticipated 2026 Closed Block long-term care reinsurance transaction. Immediately prior to entering into the anticipated reinsurance agreement with Fortitude Re, Unum America will recapture the Closed Block individual long-term care business from Fairwind Insurance Company (Fairwind), an affiliated captive reinsurer. 92 Table of Contents See Note 14 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" contained herein in this Item 2 for further information. 2025 Closed Block Long-Term Care and Unum US Individual Disability Reinsurance Transaction In February 2025, Unum America entered into a master transaction agreement with Fortitude Re which resulted in the execution of a coinsurance agreement during July 2025. This reinsurance agreement reinsures a portion of our Closed Block long-term care business and a portion of our Unum US individual disability business on a coinsurance basis to Fortitude Re effective January 2025. Upon closing the transaction in July 2025, we transferred to Fortitude Re $953.5 million of cash as well as fixed maturity securities with a fair value totaling $3,230.1 million and accrued investment income of $47.1 million. After consideration of the final settlement, the final ceding commission related to this transaction was $442.3 million. As a result of this reinsurance agreement, we recognized the following: •Net realized investment loss totaling $46.8 million during the year ended December 31, 2025. •Reinsurance recoverable of $3,620.5 million comprised of ceded reserves of $3,315.2 million related to the Closed Block long-term care product line and $305.3 million related to the Unum US individual disability product line. •Cost of reinsurance of $848.2 million related to the Closed Block long-term care product line and a deferred gain on reinsurance related to the Unum US individual disability product line of $145.9 million. •Write-off of deferred acquisition costs related to the Unum US individual disability product line of $100.3 million which is included as a component of deferred gain on reinsurance. In July 2025, immediately prior to entering into the reinsurance agreement with Fortitude Re, Unum America recaptured the aforementioned Closed Block long-term care business from Fairwind, and assumed the aforementioned Unum US individual disability business from Provident. See Notes 4 and 14 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information. Strategic Actions In connection with our transition to an updated operating model, during the second quarter of 2026, we recognized expenses of $30.7 million. This included $18.0 million in real estate-related costs, including $16.3 million of depreciation expense associated with investment real estate which is reflected within net investment income in the consolidated statements of income. In addition, we incurred employee-related costs of $12.7 million, with $11.2 million reflected within compensation expense in the consolidated statements of income and we expect payments to occur through 2027. These costs were included within our Corporate segment. Global Minimum Tax The Organization for Economic Co-operation and Development has established model rules to ensure a minimum level of tax of 15 percent (Pillar Two) for multinational companies. Several jurisdictions, including the United Kingdom, Ireland, and Poland have adopted Pillar Two beginning on or after December 31, 2023. We have not recorded material Pillar Two taxes as of June 30, 2026. We will continue to monitor legislative developments. 93 Table of Contents Consolidated Company Outlook We believe our strategy of providing financial protection products at the workplace puts us in a position of strength. We continue to fulfill our corporate purpose of helping the working world thrive throughout life’s moments by providing an excellent experience centered on service, expertise and empathy to people at their time of need. Our strategy remains centered on growing our core businesses, through investing and transforming our operations and technology to anticipate and respond to the changing needs of our customers, expanding into new adjacent markets through meaningful partnerships and effective deployment of our capital across our portfolio. We expect earnings growth in our core operations in 2026. The products and services we provide deliver significant value to employers, employees and their families, and we believe this will help drive strong premium growth in 2026. A rising interest rate environment could positively impact our yields on new investments, but could also increase unrealized losses in our current holdings. Alternatively, a declining interest rate environment could negatively impact our yields on new investments, but could also reduce unrealized losses in our current holdings. We may also continue to experience further volatility in miscellaneous investment income primarily related to changes in partnership net asset values as well as bond calls. As part of our discipline in pricing and reserving, we continuously monitor emerging claim trends and interest rates. We will continue to take appropriate pricing actions on new business and renewals that are reflective of the current environment and may continue to utilize derivative financial instruments to manage interest rate risk. Our business is well-diversified by geography within our markets, industry exposures and case size, and we continue to analyze and employ strategies that we believe will help us navigate the current environment. These strategies allow us to maintain financial flexibility to support the needs of our businesses, while also returning capital to our shareholders. We have strong core businesses that have a track record of generating significant free cash flow, and we will continue to invest in our operations and expand into adjacent markets where we can best leverage our expertise and capabilities to capture market growth opportunities as those opportunities emerge. We believe that consistent operating results, combined with the implementation of strategic initiatives and the effective deployment of capital, will allow us to meet our financial objectives. As previously discussed, we anticipate entering into a reinsurance agreement with Fortitude Re to cede an additional portion of our long-term care business during 2026. Further discussion is included in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and in "Reconciliation of Non-GAAP and Other Financial Measures," "Consolidated Operating Results," "Segment Results," "Investments," and "Liquidity and Capital Resources" contained herein in this Item 2. Reconciliation of Non-GAAP and Other Financial Measures We analyze our performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP). The non-GAAP financial measure of "after-tax adjusted operating income" differs from net income as presented in our consolidated operating results and income statements prepared in accordance with GAAP due to the exclusion of investment gains or losses, Closed Block segment after-tax adjusted operating income or loss, reserve assumption updates and certain other items. The excluded items impacting the periods presented herein are specified in the reconciliations below. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of investment gains or losses. Although we may experience investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities. We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the 94 Table of Contents results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation. Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our quarterly results. We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability. See "Investments" contained herein in Item 2 and Notes 4 and 10 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion regarding the items specified in the reconciliation below. A reconciliation of GAAP financial measures to our non-GAAP financial measures is as follows: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (in millions of dollars, except per share data) Net Income $ 256.9 $ 335.6 $ 488.9 $ 524.7 Excluding Before-Tax Reconciling Items: Net Investment Loss Net Investment Loss Related to the Fortitude Re Reinsurance Transaction — (8.5) — (184.4) Net Investment Loss, Other (5.2) (9.2) (10.2) (40.1) Total Net Investment Loss (5.2) (17.7) (10.2) (224.5) Closed Block Segment Before-Tax Adjusted Operating Loss (75.4) (10.8) (220.7) (2.8) Strategic Actions (30.7) — (30.7) — Total Before-Tax Reconciling Items (111.3) (28.5) (261.6) (227.3) Income Tax Benefit on Reconciling Items1 (22.2) (3.9) (52.0) (43.0) After-Tax Adjusted Operating Income $ 346.0 $ 360.2 $ 698.5 $ 709.0 After-Tax Adjusted Operating Income per share $ 2.16 $ 2.06 $ 4.31 $ 4.01 1 The income tax benefit on reconciling items represents the aggregate tax impact of the reconciling items presented above. The tax effects are calculated discretely using applicable statutory tax rates for the jurisdictions in which the underlying adjustments occur. The effective tax rate on reconciling items may differ from the Company’s consolidated effective tax rate. We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses, reserve assumption updates, and certain other items. The excluded items impacting the periods presented herein are specified in the reconciliations below. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. 95 Table of Contents A reconciliation of total revenue to "segment adjusted operating revenue" and income before income tax to "segment adjusted operating income" is as follows: Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 (in millions of dollars) Total Revenue $ 3,370.0 $ 3,361.4 $ 6,725.2 $ 6,453.0 Excluding: Net Investment Loss (5.2) (17.7) (10.2) (224.5) Strategic Actions (16.3) — (16.3) — Segment Adjusted Operating Revenue $ 3,391.5 $ 3,379.1 $ 6,751.7 $ 6,677.5 Income Before Income Tax $ 329.5 $ 417.0 $ 632.2 $ 660.6 Excluding: Net Investment Loss Net Investment Loss Related to the Fortitude Re Reinsurance Transaction — (8.5) — (184.4) Net Investment Loss, Other (5.2) (9.2) (10.2) (40.1) Total Net Investment Loss (5.2) (17.7) (10.2) (224.5) Strategic Actions (30.7) — (30.7) — Segment Adjusted Operating Income $ 365.4 $ 434.7 $ 673.1 $ 885.1 Critical Accounting Estimates We prepare our financial statements in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in our financial statements and accompanying notes. Estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in our financial statements. The accounting estimates deemed to be most critical to our financial position and results of operations are those related to the liability for future policy benefits, fair value of investments, income taxes, and contingent liabilities. There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2026. For additional information, refer to our significant accounting policies in Note 1 of the "Notes to Consolidated Financial Statements" in Part II, Item 8, and "Critical Accounting Estimates" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2025. Accounting Developments For information on new accounting standards and the impact, if any, on our financial position or results of operations, see Note 2 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information. 96 Table of Contents Consolidated Operating Results (in millions of dollars) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Revenue Premium Income $ 2,817.8 2.5 % $ 2,748.0 $ 5,611.8 3.0 % $ 5,450.9 Net Investment Income 478.4 (14.7) 560.7 961.8 (10.4) 1,073.9 Net Investment Loss (5.2) (70.6) (17.7) (10.2) (95.5) (224.5) Other Income 79.0 12.2 70.4 161.8 6.0 152.7 Total Revenue 3,370.0 0.3 3,361.4 6,725.2 4.2 6,453.0 Benefits and Expenses Policy Benefits 1,991.2 2.4 1,944.9 3,947.0 1.1 3,905.2 Policy Benefits - Remeasurement Loss (Gain) 10.0 (67.9) 31.2 58.2 N.M. (58.1) Commissions 364.3 6.1 343.5 732.8 6.7 686.7 Interest and Debt Expense 53.3 2.5 52.0 106.4 2.3 104.0 Deferral of Acquisition Costs (187.4) 7.1 (174.9) (378.0) 8.8 (347.5) Amortization of Deferred Acquisition Costs 135.4 2.4 132.2 269.6 4.7 257.6 Compensation Expense 307.0 5.1 292.0 632.5 5.0 602.4 Other Expenses 366.7 13.4 323.5 724.5 12.8 642.1 Total Benefits and Expenses 3,040.5 3.3 2,944.4 6,093.0 5.2 5,792.4 Income Before Income Tax 329.5 (21.0) 417.0 632.2 (4.3) 660.6 Income Tax Expense 72.6 (10.8) 81.4 143.3 5.4 135.9 Net Income $ 256.9 (23.5) $ 335.6 $ 488.9 (6.8) $ 524.7 N.M. = not a meaningful percentage Fluctuations in exchange rates, particularly between the British pound sterling and the U.S. dollar for our U.K. operations, have an effect on our consolidated financial results. In periods when the pound weakens relative to the preceding period, translating pounds into dollars decreases current period results relative to the prior period. In periods when the pound strengthens, translating pounds into dollars increases current period results relative to the prior period. The weighted average pound/dollar exchange rate for our Unum UK line of business was 1.340 and 1.333 for the three months ended June 30, 2026 and 2025, and 1.342 and 1.299 for the six months ended June 30, 2026 and 2025, respectively. If the 2025 results for our U.K. operations had been translated at the weighted average exchange rates of 2026, our adjusted operating revenue would have been higher by approximately $1 million and $16 million, respectively, in the second quarter and first six months of 2025. Our adjusted operating income for the second quarter of 2025 would have been generally consistent and our adjusted operating income would have been higher by approximately $3 million for the first six months of 2025. Except for a limited number of transactions, we do not actually convert pounds into dollars. As a result, we view foreign currency translation as a financial reporting item and not a reflection of operations or profitability in the U.K. Premium income increased in each of our principal operating segments in the second quarter and first six months of 2026 compared to the same periods of 2025, primarily due to sales, partially offset by the impact of ceding a portion of the Unum US individual disability product line as a part of the 2025 Fortitude Re reinsurance transaction as well as the expected run off in medical stop-loss premium. Premium income continues to decline in our Closed Block segment, as expected, and this was accelerated by the impact of ceding a portion of the Closed Block long-term care product line as a part of the 2025 Fortitude Re reinsurance transaction. 97 Table of Contents Net investment income was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to a decrease in the level of invested assets supporting the Closed Block long-term care product line as a result of the 2025 Fortitude Re reinsurance transaction, depreciation expense associated with real estate previously held for sale reclassified to real estate held for the production of income, and lower income from inflation index-linked bonds held by Unum UK. Our investment gains and losses on fixed maturity securities include net losses on sales of $7.5 million and $13.5 million in the second quarter of 2026 and 2025, respectively, and $8.0 million and $58.2 million in the first six months of 2026 and 2025, respectively. The net losses for the first six months of 2025 were primarily related to a realized loss of $23.5 million on sales of fixed maturity securities relating to the 2025 Fortitude Re reinsurance transaction as well as a $19.1 million realized loss on sales of fixed maturity securities relating to funding of a dividend from one of our subsidiaries. Credit and impairment losses on fixed maturity securities were $3.0 million and $5.2 million during the second quarter and first six months of 2026. Credit and impairment losses on fixed maturity securities were $19.1 million and $172.5 million during the second quarter and first six months of 2025, respectively. Credit and impairment losses on fixed maturity securities for the first six months of 2025 is primarily comprised of the $160.9 million impairment loss based on the intent to transfer fixed-maturity securities relating to the 2025 Fortitude Re reinsurance transaction. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" contained herein in this Item 2 for further information. Other income is primarily comprised of fee-based service products in the Unum US segment, which include leave management services and administrative services only business and the underlying results and associated net investment income of certain assumed blocks of reinsured business in the Closed Block segment. Also included within other income in the Unum US individual disability product line, in the second quarter and first six months of 2026, is the amortization of the deferred gain on reinsurance as a part of the 2025 Fortitude Re reinsurance transaction and, in the first six months of 2025, is a gain on the recapture of a previously ceded block of business. Overall benefits experience was favorable in the second quarter of 2026 relative to the same period of 2025. The consolidated benefit ratio, which includes the remeasurement gain or loss, was 71.0 percent and 71.9 percent in the second quarter of 2026 and 2025, respectively. Overall benefits experience was unfavorable in the first six months of 2026 relative to the same period of 2025. The consolidated benefit ratio, which includes the remeasurement gain or loss, was 71.4 percent and 70.6 percent in the first six months of 2026 and 2025, respectively. The underlying benefits experience for each of our operating segments is discussed more fully in "Segment Results" as follows. Commissions and the deferral of acquisition costs were higher during the second quarter and first six months of 2026 compared to the same periods of 2025 due to sales in our principal operating segments. The amortization of deferred acquisition costs was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to growth in the level of the deferred asset in our Colonial Life segment, partially offset by a decrease in the level of the deferred asset in our Unum US individual disability product line as a result of the 2025 Fortitude Re reinsurance transaction. Other expenses and compensation expense, on a combined basis, increased in the second quarter and first six months of 2026 compared to the same periods of 2025 due to an increase in the amortization of the cost of reinsurance as a result of the 2025 Fortitude Re reinsurance transaction, as well as employee-related costs. Our effective income tax rates for the second quarter and first six months of 2026 were 22.0 percent and 22.7 percent of income before income tax, respectively, compared to 19.5 percent and 20.6 percent for the same prior year periods. Our effective income tax rate differed from the U.S. statutory rate of 21 percent for the second quarter and first six months of 2026 primarily due to interest on uncertain tax positions and Net Controlled Foreign Corporation Tested Income. Our effective tax rate differed from the U.S. statutory rate of 21 percent for the second quarter of 2025 primarily due to tax exempt income. Our effective income tax rate was generally consistent with the U.S. statutory rate of 21 percent in effect for the first six months of 2025. 98 Table of Contents Consolidated Sales Results Shown below are sales results for our three principal operating business segments. (in millions) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Unum US $ 281.8 7.4 % $ 262.4 $ 616.9 14.3 % $ 539.9 Unum International $ 52.4 (19.4) % $ 65.0 $ 94.5 (7.3) % $ 101.9 Colonial Life $ 134.1 6.0 % $ 126.5 $ 240.4 3.7 % $ 231.8 Sales shown in the preceding chart generally represent the annualized premium income on new sales which we expect to receive and report as premium income during the next 12 months following or beginning in the initial quarter in which the sale is reported, depending on the effective date of the new sale. Sales do not correspond to premium income reported as revenue in accordance with GAAP. This is because new annualized sales premiums reflect current sales performance and what we expect to recognize as premium income over a 12 month period, while premium income reported in our financial statements is reported on an "as earned" basis rather than an annualized basis and also includes renewals and persistency of in-force policies written in prior years as well as current new sales. Sales, persistency of the existing block of business, employment and salary growth, and the effectiveness of a renewal program are indicators of growth in premium income. Trends in new sales, as well as existing market share, also indicate the potential for growth in our respective markets and the level of market acceptance of price levels and new product offerings. Sales results may fluctuate significantly due to case size and timing of sales submissions. See "Segment Results" as follows for a discussion of sales by segment. Segment Results Our reportable segments are comprised of the following: Unum US, Unum International, Colonial Life, Closed Block, and Corporate. In describing our results, we may at times note certain items and exclude the impact on financial ratios and metrics to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur. We also measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains and losses and certain other items. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income. See "Reconciliation of Non-GAAP Financial Measures" contained herein in this Item 2. Unum US Segment The Unum US segment is comprised of the group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines of business. The group disability line of business includes long-term disability, short-term disability and our fee-based service products. Long-term disability includes medical stop-loss products, and short-term disability includes paid family and medical leave products. The supplemental and voluntary line of business includes voluntary benefits, individual disability, and dental and vision products. These products, excluding medical stop-loss which is no longer actively marketed as of the third quarter of 2024, are marketed through our field sales personnel who work in conjunction with independent brokers and consultants. 99 Table of Contents Unum US Operating Results Shown below are financial results for the Unum US segment. In the sections following, financial results and key ratios are also presented for the major lines of business within the segment. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income $ 1,858.2 3.3 % $ 1,798.6 $ 3,698.7 3.3 % $ 3,579.5 Net Investment Income 155.8 0.5 155.1 314.1 3.3 304.0 Other Income 65.9 13.6 58.0 132.7 2.2 129.9 Total 2,079.9 3.4 2,011.7 4,145.5 3.3 4,013.4 Benefits and Expenses Policy Benefits 1,165.1 4.9 1,110.9 2,292.2 1.9 2,249.5 Policy Benefits - Remeasurement Gain (29.1) 55.6 (18.7) (60.9) (35.3) (94.1) Commissions 213.7 4.9 203.8 433.1 5.8 409.4 Deferral of Acquisition Costs (89.7) 4.7 (85.7) (181.3) 6.4 (170.4) Amortization of Deferred Acquisition Costs 70.9 (1.0) 71.6 139.6 2.0 136.8 Other Expenses 419.4 1.9 411.6 855.3 2.4 834.9 Total 1,750.3 3.4 1,693.5 3,478.0 3.3 3,366.1 Segment Adjusted Operating Income $ 329.6 3.6 $ 318.2 $ 667.5 3.1 $ 647.3 Operating Ratios (% of Premium Income): Benefit Ratio 61.1 % 60.7 % 60.3 % 60.2 % Other Expense Ratio1 21.9 % 22.2 % 22.4 % 22.6 % 1Ratio of Other Expenses to Premium Income plus Unum US Group Disability Other Income, which is primarily related to fee-based services. 100 Table of Contents Unum US Group Disability Operating Results Shown below are financial results and key performance indicators for Unum US group disability. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Group Long-term Disability $ 495.3 (2.5) % $ 507.8 $ 994.1 (1.8) % $ 1,012.3 Group Short-term Disability 332.2 14.8 289.3 642.9 13.3 567.6 Total Premium Income 827.5 3.8 797.1 1,637.0 3.6 1,579.9 Net Investment Income 74.5 — 74.5 150.5 1.3 148.5 Other Income 60.1 6.2 56.6 121.0 7.5 112.6 Total 962.1 3.7 928.2 1,908.5 3.7 1,841.0 Benefits and Expenses Policy Benefits 558.0 8.4 514.6 1,089.6 4.4 1,043.5 Policy Benefits - Remeasurement Gain (13.5) (27.0) (18.5) (29.4) (53.8) (63.7) Commissions 68.8 7.7 63.9 138.6 7.5 128.9 Deferral of Acquisition Costs (17.7) 9.3 (16.2) (34.0) 5.3 (32.3) Amortization of Deferred Acquisition Costs 14.4 (8.3) 15.7 28.3 8.4 26.1 Other Expenses 249.0 2.1 243.9 505.7 2.3 494.5 Total 859.0 6.9 803.4 1,698.8 6.4 1,597.0 Segment Adjusted Operating Income $ 103.1 (17.4) $ 124.8 $ 209.7 (14.1) $ 244.0 Operating Ratios (% of Premium Income): Benefit Ratio 65.8 % 62.2 % 64.8 % 62.0 % Other Expense Ratio1 28.1 % 28.6 % 28.8 % 29.2 % Persistency: Group Long-term Disability 91.1 % 90.6 % Group Short-term Disability 91.1 % 88.2 % 1Ratio of Other Expenses to Premium Income plus Other Income, which is primarily related to fee-based services. Premium income increased in the second quarter and first six months of 2026 compared to the same periods of 2025 due to sales and higher persistency, partially offset by the expected run off in medical stop-loss premium. Net investment income was generally consistent in the second quarter and the first six months of 2026 relative to the same periods of 2025. Other income was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to growth in our fee-based service products. The benefit ratio was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to higher incidence in the short-term disability product line, primarily related to our paid family and medical leave products. Also contributing to the higher benefit ratio in both the second quarter and first six months of 2026 compared to the same periods of 2025 were prior period pricing actions. 101 Table of Contents Commissions and the deferral of acquisition costs were higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to sales. The amortization of deferred acquisition costs changed in the second quarter and first six months of 2026 compared to the same periods of 2025 driven by composition of lapses across cohorts. The other expense ratio was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to our focus on expense management and operating efficiencies. Unum US Group Life and Accidental Death and Dismemberment Operating Results Shown below are financial results and key performance indicators for Unum US group life and accidental death and dismemberment. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Group Life $ 499.7 6.3 % $ 470.0 $ 995.1 6.3 % $ 936.2 Accidental Death & Dismemberment 53.8 9.3 49.2 106.8 9.7 97.4 Total Premium Income 553.5 6.6 519.2 1,101.9 6.6 1,033.6 Net Investment Income 23.3 10.4 21.1 46.8 19.1 39.3 Other Income 0.3 (25.0) 0.4 1.0 100.0 0.5 Total 577.1 6.7 540.7 1,149.7 7.1 1,073.4 Benefits and Expenses Policy Benefits 370.8 2.6 361.5 731.4 (1.0) 739.1 Policy Benefits - Remeasurement Loss (Gain) (5.4) N.M. 0.6 (27.3) 34.5 (20.3) Commissions 51.0 7.4 47.5 102.1 8.0 94.5 Deferral of Acquisition Costs (13.4) 10.7 (12.1) (25.7) 8.4 (23.7) Amortization of Deferred Acquisition Costs 11.3 17.7 9.6 20.0 27.4 15.7 Other Expenses 69.6 9.8 63.4 140.9 9.5 128.7 Total 483.9 2.8 470.5 941.4 0.8 934.0 Segment Adjusted Operating Income $ 93.2 32.8 $ 70.2 $ 208.3 49.4 $ 139.4 Operating Ratios (% of Premium Income): Benefit Ratio 66.0 % 69.7 % 63.9 % 69.5 % Other Expense Ratio 12.6 % 12.2 % 12.8 % 12.5 % Persistency: Group Life 92.2 % 89.7 % Accidental Death & Dismemberment 92.0 % 88.3 % N.M. = not a meaningful percentage Premium income increased in the second quarter and first six months of 2026 compared to the same periods of 2025 due to sales and higher persistency. Net investment income was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to an increase in the allocation of net investment income on corporate owned excess assets. Also impacting the increase in net investment income in first six months of 2026 compared to the same period of 2025 is an increase in the yield on invested assets. The benefit ratio was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due to lower claim incidence in the group life and accidental death and dismemberment product lines. Partially offsetting the 102 Table of Contents comparison in the second quarter of 2026 compared to 2025 is higher average claim size in the accidental death and dismemberment product line. Commissions and the deferral of acquisition costs were higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to sales. The amortization of deferred acquisition costs was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due to growth in the level of the deferred asset as well as the composition of lapses across cohorts. The other expense ratio was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to an increase in operational investments in our business. Unum US Supplemental and Voluntary Operating Results Shown below are financial results and key performance indicators for Unum US supplemental and voluntary product lines. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Voluntary Benefits $ 251.7 7.3 % $ 234.5 $ 505.5 7.9 % $ 468.6 Individual Disability 142.8 (14.3) 166.7 289.3 (13.7) 335.4 Dental and Vision 82.7 2.0 81.1 165.0 1.9 162.0 Total Premium Income 477.2 (1.1) 482.3 959.8 (0.6) 966.0 Net Investment Income 58.0 (2.5) 59.5 116.8 0.5 116.2 Other Income 5.5 N.M. 1.0 10.7 (36.3) 16.8 Total 540.7 (0.4) 542.8 1,087.3 (1.1) 1,099.0 Benefits and Expenses Policy Benefits 236.3 0.6 234.8 471.2 0.9 466.9 Policy Benefits - Remeasurement Gain (10.2) N.M. (0.8) (4.2) (58.4) (10.1) Commissions 93.9 1.6 92.4 192.4 3.4 186.0 Deferral of Acquisition Costs (58.6) 2.1 (57.4) (121.6) 6.3 (114.4) Amortization of Deferred Acquisition Costs 45.2 (2.4) 46.3 91.3 (3.9) 95.0 Other Expenses 100.8 (3.4) 104.3 208.7 (1.4) 211.7 Total 407.4 (2.9) 419.6 837.8 0.3 835.1 Segment Adjusted Operating Income $ 133.3 8.2 $ 123.2 $ 249.5 (5.5) $ 263.9 Operating Ratios (% of Premium Income): Benefit Ratio 47.4 % 48.5 % 48.7 % 47.3 % Other Expense Ratio 21.1 % 21.6 % 21.7 % 21.9 % Persistency: Voluntary Benefits 76.0 % 76.4 % Individual Disability 87.8 % 88.0 % Dental and Vision 78.9 % 82.4 % N.M. = not a meaningful percentage Premium income was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due to the impact of ceding a portion of the individual disability product line as a part of the 2025 Fortitude Re reinsurance transaction and lower persistency across all product lines, partially offset by sales in all product lines. Net investment income was generally consistent in the second quarter and first six months of 2026 compared to the same periods of 2025. 103 Table of Contents Other income was higher in the second quarter of 2026 compared to the same period of 2025 due to the amortization of the deferred gain on reinsurance related to the 2025 Fortitude Re reinsurance transaction. Other income was lower in the first six months of 2026 compared to the same period of 2025 due to a gain on recapture of a previously ceded block of business in the individual disability product line in the first quarter of 2025, partially offset by the amortization of the deferred gain on reinsurance related to the 2025 Fortitude Re reinsurance transaction in the first six months of 2026. The benefit ratio was lower in the second quarter of 2026 compared to the same period of 2025 due primarily to lower incidence in the individual disability product line, partially offset by higher incidence in the voluntary benefits product line. The benefit ratio was higher in the first six months of 2026 compared to the same period of 2025 due to higher average new claim size in the individual disability product line and higher incidence in the voluntary benefits product line. Commissions and deferral of acquisition costs were higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to sales. The amortization of deferred acquisition costs was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to a reduction in the level of the deferred asset as a result of the 2025 Fortitude Re reinsurance transaction. The other expense ratio was lower in the second quarter of 2026 compared to the same period of 2025 due to our focus on expense management and operating efficiencies. The other expense ratio was generally consistent in the first six months of 2026 compared to the same period of 2025. Sales Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Sales by Market Sector Group Disability and Group Life and AD&D Core Market (< 2,000 employees) $ 101.7 6.8 % $ 95.2 $ 195.2 17.5 % $ 166.1 Large Case Market 67.5 1.7 66.4 119.8 4.3 114.9 Subtotal 169.2 4.7 161.6 315.0 12.1 281.0 Supplemental and Voluntary 112.6 11.7 100.8 301.9 16.6 258.9 Total Sales $ 281.8 7.4 $ 262.4 $ 616.9 14.3 $ 539.9 Group sales increased during the second quarter and the first six months of 2026 compared to the same periods of 2025 due primarily to higher sales to new customers in the core market, which we define as employee groups with less than 2,000 employees, and higher sales to existing customers in the large case market, partially offset by lower sales to new customers in the large case market. The sales mix in the group market sector for the first six months of 2026 was approximately 62 percent core market and 38 percent large case market. Supplemental and voluntary sales increased during the second quarter and the first six months of 2026 compared to the same periods of 2025 due primarily to higher sales to new customers in the large case market for the voluntary benefits product line. Segment Outlook We remain committed to offering consumers a broad set of financial protection benefit products at the worksite. During 2026, we will continue to invest in a unique customer experience defined by simplicity, empathy, and deep industry expertise through the increased utilization of digital capabilities and technology to enhance enrollment, underwriting, the client administration experience, and claims processing. In addition, we will focus on strategically driven sales by enhancing the connectivity, alignment, and support for brokers and technology partners, including integration with human capital management systems. We will continue to provide a comprehensive set of consumer-focused products, enhance our distribution model, and utilize our digital tools to bring industry leading enrollment capabilities and a fully integrated customer experience. We believe our differentiated offerings and market leading leave management services provide substantial growth opportunities and stronger persistency. We believe our active client management, integrated customer experience across our product lines, and strong risk management, will enable us to continue to grow our market over the long-term. We expect strong segment adjusted operating income in 2026 with premium growth driven by new sales and persistency. We expect the group disability market to remain competitive which may impact our pricing and renewal premium levels. We 104 Table of Contents expect strong group disability claim experience to continue in 2026, driven by operational performance, but may experience elevated experience related to our paid family and medical leave products. We also expect group life claim experience to be generally consistent with prior year, but may experience some quarterly claims volatility. We expect growth in our supplemental and voluntary line of business adjusted operating income. We expect to maintain expense discipline with a slight decrease in our other expense ratio. A rising interest rate environment could positively impact our yields on new investments, but could also increase unrealized losses in our current holdings. Alternatively, a declining interest rate environment could negatively impact yields on new investments, but could also reduce unrealized losses in our current holdings. Our net investment income may continue to be impacted by volatility in miscellaneous investment income. As part of our discipline in pricing and reserving, we continuously monitor emerging claim trends and interest rates. We will continue to take appropriate pricing actions on new business and renewals that are reflective of the current environment. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly. 105 Table of Contents Unum International Segment The Unum International segment is comprised of our operations in both the United Kingdom and Poland. Our Unum UK products include insurance for group long-term disability, group life, and supplemental lines of business, which includes dental, critical illness, and individual disability products. Our Unum Poland products include insurance for individual and group life with accident and health riders. Unum International's products are sold primarily through field sales personnel and independent brokers and consultants. Operating Results Shown below are financial results and key performance indicators for the Unum International segment. (in millions of dollars) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Unum UK Group Long-term Disability $ 107.5 (0.4) % $ 107.9 $ 212.3 2.0 % $ 208.1 Group Life 77.2 13.4 68.1 154.2 18.9 129.7 Supplemental 50.8 8.1 47.0 101.1 13.7 88.9 Unum Poland 53.8 11.9 48.1 108.4 19.0 91.1 Total Premium Income 289.3 6.7 271.1 576.0 11.2 517.8 Net Investment Income 42.2 (8.7) 46.2 71.8 (3.9) 74.7 Other Income 2.7 N.M. 0.3 6.0 N.M. 0.4 Total 334.2 5.2 317.6 653.8 10.3 592.9 Benefits and Expenses Policy Benefits 219.8 16.1 189.3 426.1 17.6 362.2 Policy Benefits - Remeasurement Loss (Gain) 6.9 (2.8) 7.1 4.1 N.M. (1.7) Commissions 29.2 16.3 25.1 60.2 26.7 47.5 Deferral of Acquisition Costs (7.1) 26.8 (5.6) (16.3) 49.5 (10.9) Amortization of Deferred Acquisition Costs 2.7 3.8 2.6 6.1 19.6 5.1 Other Expenses 58.4 1.6 57.5 118.4 7.2 110.4 Total 309.9 12.3 276.0 598.6 16.8 512.6 Segment Adjusted Operating Income $ 24.3 (41.6) $ 41.6 $ 55.2 (31.3) $ 80.3 N.M. = not a meaningful percentage Foreign Currency Translation The functional currencies of Unum UK and Unum Poland are the British pound sterling and Polish zloty, respectively. Premium income, net investment income, claims, and expenses are received or paid in the functional currency, and we hold functional currency-denominated assets to support functional currency-denominated policy liabilities. We translate functional currency-denominated financial statement items into dollars for our consolidated financial reporting. We translate income statement items using an average exchange rate for the reporting period, and we translate balance sheet items using the exchange rate at the end of the period. We report unrealized foreign currency translation gains and losses in accumulated other comprehensive income in our consolidated balance sheets. Fluctuations in exchange rates impact Unum International's reported financial results and our consolidated financial results. In periods when the functional currency strengthens relative to the preceding period, translation increases current period results relative to the prior period. In periods when the functional currency weakens, translation decreases current period results relative to the prior period. 106 Table of Contents Unum UK Operating Results Shown below are financial results and key performance indicators for the Unum UK product lines in functional currency. (in millions of pounds, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Group Long-term Disability £ 80.0 (1.0) % £ 80.8 £ 157.8 (1.5) % £ 160.2 Group Life 57.5 13.0 50.9 114.6 14.8 99.8 Supplemental 38.0 8.0 35.2 75.2 9.9 68.4 Total Premium Income 175.5 5.2 166.9 347.6 5.8 328.4 Net Investment Income 28.6 (10.3) 31.9 47.7 (8.3) 52.0 Other Income (Loss) 1.5 N.M. (0.1) 3.8 100.0 — Total 205.6 3.5 198.7 399.1 4.9 380.4 Benefits and Expenses Policy Benefits 139.0 15.7 120.1 266.8 13.2 235.6 Policy Benefits - Remeasurement Loss (Gain) 5.2 2.0 5.1 2.9 N.M. (2.0) Commissions 14.3 33.6 10.7 29.2 40.4 20.8 Deferral of Acquisition Costs (2.0) 122.2 (0.9) (5.3) 152.4 (2.1) Amortization of Deferred Acquisition Costs 0.9 (18.2) 1.1 2.5 4.2 2.4 Other Expenses 32.9 (0.9) 33.2 67.3 0.7 66.8 Total 190.3 12.4 169.3 363.4 13.0 321.5 Segment Adjusted Operating Income £ 15.3 (48.0) £ 29.4 £ 35.7 (39.4) £ 58.9 Weighted Average Pound/Dollar Exchange Rate 1.340 1.333 1.342 1.299 Operating Ratios (% of Premium Income): Benefit Ratio 82.2 % 75.0 % 77.6 % 71.1 % Other Expense Ratio 18.7 % 19.9 % 19.4 % 20.3 % Persistency: Group Long-term Disability 90.4 % 92.3 % Group Life 87.1 % 89.9 % Supplemental 92.8 % 93.0 % N.M. = not a meaningful percentage Premium income was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 primarily due to in-force block growth in the group life and supplemental product lines. Net investment income was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 primarily due to lower income from inflation index-linked bonds. Our investments in inflation index-linked bonds support the claim liabilities associated with certain group policies that provide for inflation-linked increases in policy benefits. The change in net investment income attributable to these index-linked bonds is partially offset by a change in policy benefits related to the inflation index-linked group long-term disability and group life policies. 107 Table of Contents Other income primarily relates to fees earned related to certain administrative services. The benefit ratio was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to higher average claim size in the group long-term disability product line. Commissions and the deferral of acquisition costs were higher in the second quarter and first six months of 2026 compared to the same periods of 2025 primarily due to new business. The amortization of deferred acquisition costs were generally consistent in the second quarter and first six months of 2026 compared to the same periods of 2025. The other expense ratio was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to our focus on expense management and operating efficiencies. Sales (in millions of dollars and pounds) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Unum International Sales by Market Sector Unum UK Group Long-term Disability and Group Life Core Market (< 500 employees) $ 10.0 (25.9) % $ 13.5 $ 20.2 (18.2) % $ 24.7 Large Case Market 24.9 (2.4) 25.5 36.6 13.3 32.3 Subtotal 34.9 (10.5) 39.0 56.8 (0.4) 57.0 Supplemental 8.8 (26.1) 11.9 20.0 (2.9) 20.6 Unum Poland 8.7 (38.3) 14.1 17.7 (27.2) 24.3 Total Sales $ 52.4 (19.4) $ 65.0 $ 94.5 (7.3) $ 101.9 Unum UK Sales by Market Sector Group Long-term Disability and Group Life Core Market (< 500 employees) £ 7.5 (25.7) % £ 10.1 £ 15.1 (20.5) % £ 19.0 Large Case Market 18.6 (3.6) 19.3 27.2 10.1 24.7 Subtotal 26.1 (11.2) 29.4 42.3 (3.2) 43.7 Supplemental 6.5 (27.0) 8.9 14.8 (6.9) 15.9 Total Sales £ 32.6 (14.9) £ 38.3 £ 57.1 (4.2) £ 59.6 The following discussion of sales results relates to our Unum UK product lines based on functional currency. Group sales decreased in the second quarter and the first six months of 2026 compared to the same periods of 2025 due primarily to lower sales to new customers in the core market, which we define as employee groups with less than 500 employees, and lower sales to existing customers in the large case market, partially offset by higher sales to new customers in the large case market. Supplemental sales decreased in the second quarter and first six months of 2026 compared to the same periods of 2025 due to lower sales of our dental product. Segment Outlook We are committed to driving growth in the Unum International segment and will build on the capabilities that we believe will generate growth and profitability in our businesses over the long term. In 2026, we will focus on scaling our business across our existing product portfolio. For our Unum UK line of business, we will continue to focus on delivering a best in class health and wellbeing service to improve retention of our key customers and drive growth across our product offerings. We also expect to deliver continued premium growth by focusing on both the broker experience and customer engagement, while maintaining our disciplined approach to pricing. We expect group long-term disability claim experience for the remainder of 2026 to be 108 Table of Contents mostly in line with the first half of the year. We expect to maintain expense discipline with a decrease in our other expense ratio. Within our Unum Poland line of business, we expect to drive growth by continuing to expand our existing distribution channels. We will also continue to invest in digital capabilities, technology, and product enhancements which we believe will drive sustainable growth over the long term. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly. 109 Table of Contents Colonial Life Segment The Colonial Life segment includes insurance for accident, sickness, and disability products, which includes dental and vision products, life products, and cancer and critical illness products. These products are marketed to employees, on both a group and an individual basis, at the workplace through an independent contractor agent sales force and brokers. Operating Results Shown below are financial results and key performance indicators for the Colonial Life segment. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Accident, Sickness, and Disability $ 254.5 2.2 % $ 249.1 $ 507.3 2.2 % $ 496.2 Life 131.1 7.4 122.1 259.4 7.2 242.0 Cancer and Critical Illness 91.8 1.0 90.9 183.4 1.2 181.2 Total Premium Income 477.4 3.3 462.1 950.1 3.3 919.4 Net Investment Income 50.1 17.6 42.6 96.9 14.3 84.8 Other Income 0.4 33.3 0.3 1.1 57.1 0.7 Total 527.9 4.5 505.0 1,048.1 4.3 1,004.9 Benefits and Expenses Policy Benefits 230.9 2.2 226.0 460.6 1.8 452.6 Policy Benefits - Remeasurement Gain (8.0) 185.7 (2.8) (20.4) 80.5 (11.3) Commissions 106.9 8.4 98.6 209.8 7.1 195.9 Deferral of Acquisition Costs (90.6) 8.4 (83.6) (180.4) 8.5 (166.2) Amortization of Deferred Acquisition Costs 61.8 6.6 58.0 123.9 7.1 115.7 Other Expenses 95.5 4.5 91.4 195.4 5.6 185.1 Total 396.5 2.3 387.6 788.9 2.2 771.8 Segment Adjusted Operating Income $ 131.4 11.9 $ 117.4 $ 259.2 11.2 $ 233.1 Operating Ratios (% of Premium Income): Benefit Ratio 46.7 % 48.3 % 46.3 % 48.0 % Other Expense Ratio 20.0 % 19.8 % 20.6 % 20.1 % Persistency: Accident, Sickness, and Disability 73.9 % 74.2 % Life 84.2 % 84.1 % Cancer and Critical Illness 81.2 % 82.5 % Premium income in the second quarter and first six months of 2026 was higher compared to the same periods of 2025 due to prior period sales. Net investment income was higher in the second quarter and first six months of 2026 relative to the same periods of 2025 due to an increase in the allocation of net investment income from our corporate owned excess assets, an increase in the yield on invested assets and higher miscellaneous income. The benefit ratio was lower in the second quarter and first six months of 2026 relative to the same periods of 2025 primarily due to claims experience in the life and cancer and critical illness product lines. 110 Table of Contents Commissions and the deferral of acquisition costs were higher in the second quarter and first six months of 2026 relative to the same periods of 2025 due to prior period sales. The amortization of deferred acquisition costs was higher during the second quarter and the first six months of 2026 relative to the same periods of 2025 primarily due to growth in the level of the deferred asset. The other expense ratio was higher in the second quarter and first six months of 2026 relative to the same periods of 2025 primarily due to an increase in employee-related costs. Sales (in millions of dollars) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Sales by Market Sector Commercial Sector Core Market (< 1,000 employees) $ 82.1 3.5 % $ 79.3 $ 152.6 2.3 % $ 149.1 Large Case Market 18.4 28.7 14.3 28.2 19.5 23.6 Subtotal 100.5 7.4 93.6 180.8 4.7 172.7 Public Sector 33.6 2.1 32.9 59.6 0.8 59.1 Total Sales $ 134.1 6.0 $ 126.5 $ 240.4 3.7 $ 231.8 Commercial sector sales increased in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to higher sales to new and existing customers in the large case market, which we define as accounts with more than 1,000 employees, as well as in the core market. Public sector sales increased in the second quarter and first six months of 2026 compared to the same periods of 2025 due to higher sales to existing customers. Segment Outlook We remain committed to providing employees and their families with simple, modern, and personal benefit solutions. By continuing to utilize our extensive distribution system of independent agents, benefit counselors and broker partnerships during 2026, we believe we will deliver business growth. We will also continue to invest in solutions and digital capabilities to expand our reach and effectiveness, which we believe will drive growth and improve productivity while enhancing the customer experience. In 2026, we will continue to bring an enhanced engagement and enrollment platform to market, which we believe will enable deeper connections with employees through the enrollment process and help us maintain stronger relationships throughout the customer lifecycle. We believe our distribution system, customer service capabilities, digital tools, and ability to serve all market sizes position us well for future growth. In 2026, we expect growth in segment adjusted operating income for the full year with continued premium growth and stable claim experience. We continuously monitor key indicators to assess our risks and adjust our business plans accordingly. 111 Table of Contents Closed Block Segment The Closed Block segment consists of group and individual long-term care and other insurance products no longer actively marketed. We discontinued offering individual long-term care in 2009 and group long-term care in 2012. In July 2025, we closed the 2025 Fortitude Re reinsurance transaction and ceded a portion of the long-term care product line. In February 2026, we discontinued new enrollments on existing group long-term care policies. Other insurance products include individual disability, group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other miscellaneous product lines. Operating Results Shown below are financial results and key performance indicators for the Closed Block segment. (in millions of dollars, except ratios) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Premium Income Long-term Care $ 159.4 (9.4) % $ 175.9 $ 318.8 (9.5) % $ 352.1 All Other 33.5 (16.9) 40.3 68.2 (16.9) 82.1 Total Premium Income 192.9 (10.8) 216.2 387.0 (10.9) 434.2 Net Investment Income 226.1 (20.5) 284.5 455.2 (17.9) 554.2 Other Income 9.6 (20.7) 12.1 20.9 (5.0) 22.0 Total 428.6 (16.4) 512.8 863.1 (14.6) 1,010.4 Benefits and Expenses Policy Benefits 373.1 (10.9) 418.7 765.8 (8.9) 840.9 Policy Benefits - Remeasurement Loss 40.2 (11.8) 45.6 135.4 176.3 49.0 Commissions 14.5 (9.4) 16.0 29.7 (12.4) 33.9 Other Expenses 76.2 76.0 43.3 152.9 71.0 89.4 Total 504.0 (3.7) 523.6 1,083.8 7.0 1,013.2 Segment Adjusted Operating Loss $ (75.4) N.M. $ (10.8) $ (220.7) N.M. $ (2.8) Long-term Care Net Premium Ratio1 97.8 % 94.9 % Operating Ratio (% of Premium Income): Other Expense Ratio 39.5 % 20.0 % 39.5 % 20.6 % 1Gross of reinsurance N.M. = not a meaningful percentage Premium income for the long-term care product line was lower in the second quarter and first six months of 2026 compared to the same periods of 2025 due to the impact of the 2025 Fortitude Re reinsurance transaction. Premium income for our all other product line continues to decline as expected due to policyholder lapses. Net investment income was lower during the second quarter and first six months of 2026 relative to the same periods of 2025 primarily driven by a decrease in the level of invested assets as a result of the 2025 Fortitude Re reinsurance transaction and a decrease in the allocation of net investment income from our corporate owned excess assets. Other income primarily includes the underlying results and associated net investment income of certain assumed blocks of business. Policy benefits including remeasurement loss were lower in the second quarter of 2026 compared to the same period of 2025 driven primarily by the impact of the 2025 Fortitude Re reinsurance transaction, partially offset by an increase in the current period benefit expense resulting from a higher net premium ratio and the impact of capped cohorts in the long-term care product line. Policy benefits including remeasurement loss were higher in the first six months of 2026 compared to the same period of 112 Table of Contents 2025 driven primarily by group policy terminations and claim incidence in the long-term care product line, partially offset by the impact of the 2025 Fortitude Re reinsurance transaction. The net premium ratio for long-term care increased to 97.8 percent at June 30, 2026 from 94.9 percent at June 30, 2025 due primarily to the impact of the reserve assumption updates in the third quarter of 2025. The other expense ratio was higher in the second quarter and first six months of 2026 compared to the same periods of 2025 due primarily to an increase in the amortization of the cost of reinsurance as a result of the 2025 Fortitude Re reinsurance transaction. Segment Outlook We will continue to execute on our well-defined strategy of implementing long-term care premium rate increases, efficient capital management, improved financial analysis, and operational effectiveness. In regard to capital management, we will continue to explore, and execute where appropriate, structural and reinsurance options to enhance financial flexibility. We continue to file requests with various state insurance departments for premium rate increases on certain of our individual and group long-term care policies which reflect assumptions as of the date of filings. In states for which a rate increase is submitted and approved, we routinely provide customers options for coverage changes or other approaches that might fit their current financial and insurance needs. Despite continued anticipated premium rate increases in our long-term care business, we expect overall premium income and adjusted operating revenue to decline over the long term as these closed blocks of business wind down and with the discontinuation of new enrollments on existing group long-term care policies as of February 2026. We will likely experience volatility in net investment income due to fluctuations of miscellaneous investment income, driven by the allocation towards alternative assets, primarily private equity partnership investments, in the long-term care product line portfolio. We record changes in our share of the NAV of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. As these NAVs are volatile and can fluctuate materially with changes in market economic conditions, there could be significant movements up or down in future periods as conditions change. We continuously monitor key indicators to assess our risks and adjust our business plans, including utilization of derivative financial instruments to manage interest rate risk. Profitability of our long-tailed products is affected by claims experience related to mortality, morbidity, resolutions, investment returns, premium rate increases, and persistency. The net premium ratio represents the ratio of future expected benefits and related expenses to future expected gross premiums using the original discount rate. Long-term care benefits experience may continue to have quarterly volatility, particularly in the near term as our claim block matures and as we continue the implementation of premium rate increases. Claim resolution rates which reflect the probability that a disability or long-term care claim will close due to recovery or death of the insureds, are very sensitive to operational and external factors and can be volatile. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the life of the block of business and will vary from actual experience in any one period. It is possible that variability in any of our reserve assumptions, including, but not limited to, mortality, morbidity, resolutions, premium rate increases, benefit change elections, and persistency, could result in a material impact to our reserves. As a result of the execution of previous reinsurance transactions related to our Closed Block individual disability and long-term care lines of business, we have ceded a significant portion of this business. As previously discussed, we anticipate entering into a reinsurance agreement with Fortitude Re to cede an additional portion of our long-term care business during 2026. For further discussion, see “Executive Summary" contained herein in Item 2 and Note 14 of the “Notes to Consolidated Financial Statements” contained herein in Item 1. 113 Table of Contents Corporate Segment The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt, and certain other corporate income and expenses not allocated to a line of business. Operating Results (in millions of dollars) Three Months Ended June 30 Six Months Ended June 30 2026 % Change 2025 2026 % Change 2025 Segment Adjusted Operating Revenue Adjusted Net Investment Income1 $ 20.5 (36.5) % $ 32.3 $ 40.1 (28.6) % $ 56.2 Other Income (Loss) 0.4 N.M. (0.3) 1.1 N.M. (0.3) Total 20.9 (34.7) 32.0 41.2 (26.3) 55.9 Interest Expense, Policy Benefits and Adjusted Other Expenses1 65.4 2.7 63.7 129.3 0.5 128.7 Segment Adjusted Operating Loss (44.5) 40.4 (31.7) (88.1) 21.0 (72.8) Strategic Actions (30.7) (100.0) — (30.7) (100.0) — Loss Before Income Tax and Net Investment Gains and Losses $ (75.2) 137.2 $ (31.7) $ (118.8) 63.2 $ (72.8) 1Excludes the impact of strategic actions that occurred during the second quarter of 2026. N.M. = not a meaningful percentage Segment adjusted operating loss, excluding the impact of the strategic actions, increased in the second quarter and first six months of 2026 relative to the same periods of 2025 due primarily to lower net investment income, which was driven by a decrease in miscellaneous investment income and a decrease in the yield on invested assets, partially offset by an increase in the level of invested assets. See "Executive Summary" contained herein this Item 2 and Note 14 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion on the strategic actions. Segment Outlook We expect to continue to generate excess capital on an annual basis through the statutory earnings in our insurance subsidiaries and believe we are well positioned with flexibility to preserve our capital strength while also returning capital to our shareholders. We may experience volatility in net investment income due to changes in the prevailing interest rates, miscellaneous investment income, and the composition and level of invested assets. Investments Overview Investment activities are an integral part of our business, and profitability is significantly affected by investment results. We segment our invested assets into portfolios that support our various product lines. Generally, our investment strategy for our portfolios is to match the effective asset cash flows and durations with related expected liability cash flows and durations to consistently meet the liability funding requirements of our businesses and to manage interest rate risk. We seek to earn investment income while assuming risk in a prudent and selective manner, subject to the constraints of quality, liquidity, diversification, and regulatory considerations. Our overall investment philosophy is to invest in a portfolio of high quality assets that provide investment returns which inform the assumptions embedded in the pricing of our insurance products. Assets are invested predominantly in fixed maturity securities. We may redistribute investments among our different lines of business or sell selected securities and reinvest the proceeds, when necessary, to adjust the cash flow and/or duration of the asset portfolios to better match the cash flow and duration of the 114 Table of Contents liability portfolios. Asset and liability portfolio modeling is updated on a quarterly basis and is used as part of the overall interest rate risk management strategy. Cash flows from the in-force asset and liability portfolios are projected at current interest rate levels and at levels reflecting an increase and a decrease in interest rates to obtain a range of projected cash flows under the different interest rate scenarios. These results enable us to assess the impact of projected changes in cash flows and duration resulting from potential changes in interest rates. Testing the asset and liability portfolios under various interest rate scenarios enables us to choose what we believe to be the most appropriate investment strategy, as well as to limit the risk of disadvantageous outcomes. Although we test the asset and liability portfolios under various interest rate scenarios as part of our modeling, the majority of our liabilities related to insurance contracts are not interest rate sensitive, and we therefore have minimal exposure to policy withdrawal risk. Our determination of investment strategy relies on long-term measures such as asset adequacy analysis and the relationship between the portfolio yields supporting our various product lines and the aggregate discount rate assumptions embedded in the reserves. We also utilize quantitative strategic asset analysis to construct our investment strategy, utilizing projected asset class risk and returns to inform an appropriate liability-driven investment approach. Additionally, we also use this analysis in determining hedging strategies and utilizing derivative financial instruments to manage interest rate risk and the risk related to matching duration for our assets and liabilities. We do not use derivative financial instruments for speculative purposes. Our investment portfolio is well diversified by type of investment and industry sector. We have established an investment strategy that we believe will provide adequate cash flows from operations and allow us to hold our securities through periods where significant decreases in fair value occur. We believe our emphasis on risk management in our investment portfolio has positioned us well and generally reduced the volatility in our results. Fixed Maturity Securities The fair values and associated unrealized gains and losses of our fixed maturity securities portfolio, by industry classification, are as follows: Fixed Maturity Securities - By Industry Classification As of June 30, 2026 (in millions of dollars) Classification Fair Value Net Unrealized Gain (Loss) Fair Value with Gross Unrealized Loss Gross Unrealized Loss Fair Value with Gross Unrealized Gain Gross Unrealized Gain Basic Industry $ 2,096.5 $ (97.3) $ 1,256.0 $ (129.6) $ 840.5 $ 32.3 Capital Goods 2,814.8 (105.3) 1,687.4 (161.9) 1,127.4 56.6 Communications 2,003.3 (80.5) 1,054.1 (148.1) 949.2 67.6 Consumer Cyclical 1,239.0 (88.6) 811.3 (104.3) 427.7 15.7 Consumer Non-Cyclical 5,706.2 (445.3) 3,975.2 (536.0) 1,731.0 90.7 Energy 2,167.4 14.0 791.9 (68.5) 1,375.5 82.5 Financial Institutions 4,426.6 (259.1) 3,317.6 (280.1) 1,109.0 21.0 Mortgage/Asset-Backed1 1,479.5 (17.8) 835.8 (24.9) 643.7 7.1 Sovereigns 864.8 (150.0) 599.2 (163.4) 265.6 13.4 Technology 1,570.2 (121.7) 1,264.4 (129.7) 305.8 8.0 Transportation 1,449.3 (103.7) 993.8 (121.7) 455.5 18.0 U.S. Government Agencies and Municipalities 3,585.2 (415.3) 2,424.0 (486.0) 1,161.2 70.7 Public Utilities 5,040.8 (181.3) 2,648.1 (311.1) 2,392.7 129.8 Total $ 34,443.6 $ (2,051.9) $ 21,658.8 $ (2,665.3) $ 12,784.8 $ 613.4 1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types 115 Table of Contents The following two tables show the length of time our investment-grade and below-investment-grade fixed maturity securities portfolios had been in a gross unrealized loss position as of June 30, 2026 and at the end of the prior four quarters. The relationships of the current fair value to amortized cost are not necessarily indicative of the fair value to amortized cost relationships for the securities throughout the entire time that the securities have been in an unrealized loss position nor are they necessarily indicative of the relationships after June 30, 2026. During the second quarter of 2026, the net unrealized loss on fixed maturity securities decreased due to tightening of credit spreads, partially offset by an increase in U.S. Treasury yields. Unrealized Loss on Investment-Grade Fixed Maturity Securities Length of Time in Unrealized Loss Position (in millions of dollars) 2026 2025 June 30 March 31 December 31 September 30 June 30 Fair Value < 100% >= 70% of Amortized Cost <= 90 days $ 15.1 $ 91.5 $ 39.3 $ 14.3 $ 11.1 > 90 <= 180 days 52.9 52.9 12.8 3.0 37.1 > 180 <= 270 days 37.2 12.0 2.6 14.7 93.1 > 270 days <= 1 year 10.9 2.6 12.5 42.6 65.5 > 1 year <= 2 years 140.2 155.5 116.0 72.3 28.6 > 2 years <= 3 years 27.1 38.8 44.4 36.1 179.0 > 3 years 1,615.6 1,657.6 1,539.0 1,608.4 1,553.8 Sub-total 1,899.0 2,010.9 1,766.6 1,791.4 1,968.2 Fair Value < 70% >= 40% of Amortized Cost > 180 <= 270 days — — 0.4 — 4.1 > 270 days <= 1 year — — — 4.0 — > 1 year <= 2 years — 4.2 4.9 2.0 1.0 > 2 years <= 3 years — — — 46.8 54.1 > 3 years 656.0 722.1 644.4 562.3 719.2 Sub-total 656.0 726.3 649.7 615.1 778.4 Fair Value < 40% of Amortized Cost > 3 years 55.6 46.8 41.7 57.0 51.2 Total $ 2,610.6 $ 2,784.0 $ 2,458.0 $ 2,463.5 $ 2,797.8 116 Table of Contents Unrealized Loss on Below-Investment-Grade Fixed Maturity Securities Length of Time in Unrealized Loss Position (in millions of dollars) 2026 2025 June 30 March 31 December 31 September 30 June 30 Fair Value < 100% >= 70% of Amortized Cost <= 90 days $ 2.3 $ 7.1 $ 0.5 $ 0.2 $ 0.3 > 90 <= 180 days 2.7 1.2 0.3 — 0.8 > 180 <= 270 days 1.0 0.4 — 1.5 3.8 > 270 days <= 1 year 0.6 — 1.5 2.0 0.1 > 1 year <= 2 years 1.3 1.2 0.4 — 0.1 > 3 years 28.8 32.4 38.0 36.8 41.9 Sub-total 36.7 42.3 40.7 40.5 47.0 Fair Value < 70% >= 40% of Amortized Cost > 1 year <= 2 years — 4.2 2.5 — — > 3 years 17.7 20.0 5.2 9.0 8.0 Sub-total 17.7 24.2 7.7 9.0 8.0 Fair Value <= 40% of Amortized Cost > 3 years 0.3 0.3 0.3 0.3 3.8 Total $ 54.7 $ 66.8 $ 48.7 $ 49.8 $ 58.8 117 Table of Contents As of June 30, 2026, we held 37 investment-grade fixed maturity securities with a gross unrealized loss of $10.0 million or greater as shown in the chart below. Gross Unrealized Losses $10 Million or Greater on Investment-Grade Fixed Maturity Securities As of June 30, 2026 (in millions of dollars) Classification Fair Value Gross Unrealized Loss Numbers of Issuers Basic Industry $ 104.7 $ (27.6) 2 Capital Goods 138.3 (34.2) 3 Communications 431.7 (81.7) 6 Consumer Cyclical 265.3 (43.4) 3 Consumer Non-Cyclical 534.6 (73.0) 6 Energy 125.6 (21.3) 2 Financial Institutions 201.5 (39.0) 3 Sovereigns 556.7 (150.8) 2 Technology 201.1 (35.7) 2 Transportation 97.2 (38.4) 3 U.S. Government Agencies and Municipalities 26.5 (10.1) 1 Public Utilities 292.5 (70.2) 4 Total $ 2,975.7 $ (625.4) 37 At June 30, 2026, we held no below investment-grade fixed maturity securities with a gross unrealized loss greater than $10.0 million. Unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At June 30, 2026, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to higher interest rates, wider credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses. During the second quarter of 2025, we recognized a realized loss of $13.4 million on the sale of fixed maturity securities from a single issuer in the communications sector. We had no other individual net investment losses of $10.0 million or greater from credit losses or sales of fixed maturity securities during the first six months of 2026 or 2025. As of June 30, 2026, the amortized cost, net of allowance for credit losses, and fair value of our below-investment-grade fixed maturity securities was $1,318.1 million and $1,284.1 million, respectively, and our below-investment-grade fixed maturity securities as a percentage of our total investment portfolio increased from 2.8 percent at December 31, 2025 to 2.9 percent at June 30, 2026 on a fair value basis. Below-investment-grade securities are inherently riskier than investment-grade securities since the risk of default by the issuer, by definition and as exhibited by bond rating, is higher. Also, the secondary market for certain below-investment-grade issues can be highly illiquid. Additional downgrades may occur, but we do not anticipate any liquidity problems resulting from our investments in below-investment-grade securities, nor do we expect these investments to adversely affect our ability to hold our other investments to maturity. 118 Table of Contents Fixed Maturity Securities - Foreign Exposure Our investments in issuers in foreign countries are chosen for specific portfolio management purposes, including asset and liability management and portfolio diversification across geographic lines and sectors to minimize non-market risks. In our approach to investing in fixed maturity securities, specific investments within approved countries and industry sectors are evaluated for their market position and specific strengths and potential weaknesses. For each security, we consider the political, legal, and financial environment of the sovereign entity in which an issuer is domiciled and operates. The country of domicile is based on consideration of the issuer's headquarters, in addition to location of the assets and the country in which the majority of sales and earnings are derived. We do not have exposure to foreign currency risk, as the cash flows from these investments are either denominated in currencies or hedged into currencies to match the related liabilities. We continually evaluate our foreign investment risk exposure. Mortgage Loans The carrying value of our mortgage loan portfolio was $2,071.7 million and $2,109.5 million at June 30, 2026 and December 31, 2025, respectively. Our investments in mortgage loans are carried at amortized cost less an allowance for expected credit losses which was $16.0 million and $15.9 million at June 30, 2026 and December 31, 2025, respectively. Our mortgage loan portfolio is comprised entirely of commercial mortgage loans. Our mortgage loan portfolio is well diversified geographically and among property types. Due to conservative underwriting, the incidence of non-performing mortgage loans and foreclosure activity continues to be low. Other than our allowance for expected credit losses, we held no specifically identified impaired mortgage loans at June 30, 2026 and December 31, 2025. See Note 4 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our mortgage loan portfolio and the allowance for expected credit losses. Private Equity Partnerships The carrying value of our investments in private equity partnerships was $1,425.1 million and $1,456.3 million at June 30, 2026 and December 31, 2025, respectively. These partnerships are passive in nature and represent funds that are primarily invested in private credit, private equity, and real assets. The carrying value of the partnerships is based on our share of the partnership's NAV and changes in the carrying value are recorded as a component of net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy. We recorded net investment income totaling $20.8 million and $44.0 million for the partnerships in the second quarter and the first six months of 2026, respectively. The majority of our investments in partnerships are not redeemable. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. There is generally not a public market for these investments. See Note 3 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our private equity partnerships. Derivative Financial Instruments We use derivative financial instruments primarily to manage interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, and equity risk. Historically, we have utilized current and forward interest rate swaps, current and forward currency swaps, forward benchmark interest rate locks, currency forward contracts, forward contracts on specific fixed income securities, and total return swaps. As of June 30, 2026, we had $3,718.3 million in notional amount of derivatives outstanding, of which $2,417.0 million is related to management of reinvestment risk in our long-term care product line, $1,129.5 million is related to management of foreign currency risk related to foreign denominated investments, and $171.8 million is economically hedging a portion of the liability related to our non-qualified defined contribution plan. Credit exposure on derivatives is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held. Our credit exposure on derivatives was $1.1 million at June 30, 2026. The carrying value of fixed maturity securities received from our counterparties was $7.0 million at June 30, 2026. We did not receive any cash collateral from our counterparties at June 30, 2026. The carrying value of fixed maturity securities and cash posted as collateral to our counterparties was $178.2 million and $0.2 million, respectively, at June 30, 2026. We believe that our credit risk is mitigated by our use of multiple counterparties, all of which have an investment-grade credit rating, and by our use of cross-collateralization agreements. See Note 5 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of our derivatives. 119 Table of Contents For further information see "Investments" in Part I, Item 1 and "Critical Accounting Estimates" and "Investments" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2025, and Notes 3, 4, and 5 of the "Notes to Consolidated Financial Statements" contained herein in Item 1. Liquidity and Capital Resources Overview Our liquidity requirements are met primarily by cash flows provided from operations, principally in our insurance subsidiaries. Premium and investment income, as well as maturities and sales of invested assets, provide the primary sources of cash. Debt and/or securities offerings provide additional sources of liquidity. Cash is applied to the payment of policy benefits, costs of acquiring new business (principally commissions), operating expenses, and taxes, as well as purchases of new investments. We have established an investment strategy that we believe will provide for adequate cash flows from operations. We attempt to match our asset cash flows and durations with expected liability cash flows and durations to meet the funding requirements of our business. However, deterioration in the credit market may delay our ability to sell our positions in certain of our fixed maturity securities in a timely manner and adversely impact the price we receive for such securities, which may negatively impact our cash flows. Furthermore, if we experience defaults on securities held in the investment portfolios of our insurance subsidiaries, this will negatively impact statutory capital, which could reduce our insurance subsidiaries' capacity to pay dividends to our holding companies. A reduction in dividends to our holding companies could force us to seek external financing to avoid impairing our ability to pay dividends to our stockholders or meet our debt and other payment obligations. Our policy benefits are primarily in the form of claim payments, and we have minimal exposure to the policy withdrawal risk associated with deposit products such as individual life policies or annuities. A decrease in demand for our insurance products or an increase in the incidence of new claims or the duration of existing claims could negatively impact our cash flows from operations. However, our historical pattern of benefits paid to revenues is generally consistent, even during cycles of economic downturns, which serves to minimize liquidity risk. The liquidity requirements of the holding company Unum Group include common stock dividends, interest and debt service, and ongoing investments in our businesses. Unum Group's liquidity requirements are met by assets held by Unum Group and our intermediate holding companies, dividends from primarily our insurance subsidiaries, and issuance of common stock, debt, or other capital securities and borrowings from our existing credit facility, as needed. As of June 30, 2026, Unum Group and our intermediate holding companies had available holding company liquidity of $1,536.5 million that was held primarily in bank deposits, commercial paper, money market funds, corporate bonds, municipal bonds and asset-backed securities. No significant restrictions exist on our ability to use or access funds in any of our U.S. or foreign intermediate holding companies. Dividends repatriated from our foreign subsidiaries are eligible for 100 percent exemption from U.S. income tax but may be subject to withholding tax and/or tax on foreign currency gain or loss. As part of the anticipated reinsurance transaction with Fortitude Re, which is expected to close prior to the end of 2026, we plan to transfer, upon closing the transaction, fixed maturity securities and cash with a fair value of $5,659.0 million, which is subject to adjustment prior to closing for changes in interest rates and certain interim cash flows related to the reinsured business. We expect the 2026 anticipated reinsurance transaction will be funded using a combination of excess capital from Fairwind, holding company liquidity, and additional external financing. See "Executive Summary" contained herein in Item 2, and Note 14 in the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further discussion of this transaction. As part of our capital deployment strategy, we may repurchase shares of Unum Group's common stock, as authorized by our board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash, and our stock price. During the six months ended June 30, 2026, we repurchased 7.9 million shares at a cost of $598.5 million excluding commissions and excise tax. 120 Table of Contents Our board of directors has authorized the following repurchase program: December 2025 Authorization (in millions) Effective Date January 1, 2026 Expiration Date None Authorized Repurchase Amount $ 1,000.0 Cost of Shares Repurchased Under Repurchase Program 598.5 Remaining Repurchase Amount at June 30, 2026 $ 401.5 See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information. Cash Available from Subsidiaries Unum Group and certain of its intermediate holding company subsidiaries depend on payments from subsidiaries to pay dividends to stockholders, to pay debt obligations, and/or to pay expenses. These payments by our insurance and non-insurance subsidiaries may take the form of dividends, operating and investment management fees, and/or interest payments on loans from the parent to a subsidiary. Restrictions under applicable state insurance laws limit the amount of dividends that can be paid to a parent company from its insurance subsidiaries in any 12-month period without prior approval by regulatory authorities. For life insurance companies domiciled in the U.S., that limitation generally equals, depending on the state of domicile, either ten percent of an insurer's statutory surplus with respect to policyholders as of the preceding year end or the statutory net gain from operations, excluding realized capital gains and losses, of the preceding year. The payment of dividends to a parent company from a life insurance subsidiary is generally further limited to the amount of unassigned funds. Unum America cedes blocks of long-term care business to Fairwind, which is an affiliated captive reinsurance subsidiary domiciled in the United States. The ability of Fairwind to pay dividends to Unum Group will depend on its satisfaction of applicable regulatory requirements and on the performance of the business reinsured by Fairwind. Unum Group did not make any capital contributions to Fairwind during the first six months of 2026, nor do we expect to make capital contributions for the remainder of the year. The ability of Unum Group and certain of its intermediate holding company subsidiaries to continue to receive dividends from their insurance subsidiaries also depends on additional factors such as RBC ratios and capital adequacy and/or solvency requirements, funding growth objectives at an affiliate level, and maintaining appropriate capital adequacy ratios to support desired ratings. The RBC ratios for our U.S. insurance subsidiaries at June 30, 2026 are in line with our expectations and are significantly above the level that would require state regulatory action. Unum Group and/or certain of its intermediate holding company subsidiaries may also receive dividends from our U.K. subsidiaries, the payment of which may be subject to applicable insurance company regulations and capital guidance in the U.K. Unum Limited is subject to the requirements of U.K. Solvency II, the system of prudential regulation applying in the U.K., which prescribes capital requirements and risk management standards for the U.K. insurance industry. Our U.K. holding company is also subject to the U.K. Solvency II requirements relevant to insurance holding companies, while its subsidiaries (the Unum UK Solvency II Group), which includes Unum Limited, are subject to group and individual supervision under U.K. Solvency II. The Unum UK Solvency II Group has permission from the PRA to use certain adjustments as well as a transitional measure which applies until January 2032. The Unum UK Solvency II Group also has permission to use its own internal model for calculating regulatory capital. The payment of dividends to the parent company from our subsidiaries also requires the approval of the individual subsidiary's board of directors. During 2026, we intend to maintain a level of capital in our insurance subsidiaries above the applicable capital adequacy requirements and minimum solvency margins. Approximately $631 million is available, without prior approval by regulatory authorities, during 2026 for the payment of dividends from Unum Group's traditional U.S. insurance subsidiaries, which excludes our captive reinsurer. Unum Group has received $106 million of ordinary dividends from its traditional U.S. insurance subsidiaries during the six months ended June 30, 2026. 121 Table of Contents Approximately £125 million is available to be distributable from Unum Limited during 2026. The actual amount distributable during 2026 will depend on experience, including the impact of market movements, and is subject to local requirements, as well as regulatory and other business considerations. Insurance regulatory restrictions do not limit the amount of dividends available for distribution from non-insurance subsidiaries except where the non-insurance subsidiaries are held directly or indirectly by an insurance subsidiary and only indirectly by Unum Group, which does not apply to our current entity structure. Funding Agreement-Backed Loan Program During February 2026, we established a funding agreement-backed loan (FABL) program pursuant to which a special purpose unaffiliated Delaware statutory trust (the FABL trust) may borrow funds under a six-month delayed draw term loan facility (the facility) and deposit the proceeds with Colonial Life & Accident Insurance Company (Colonial Life & Accident), a wholly owned insurance subsidiary, pursuant to funding agreements issued by Colonial Life & Accident to the FABL trust. Colonial Life & Accident does not hold any variable interests in the FABL trust. The deposits received by Colonial Life & Accident under the funding agreements will be used for spread lending purposes. The facility permits borrowings by the FABL trust in two tranches, in an aggregate principal amount of up to $500 million, with scheduled maturities on the third and fifth anniversaries, respectively, of the date that is six months after the date of the applicable credit agreement. The funding agreements issued by Colonial Life & Accident will have matching interest, maturity and payment terms to the applicable borrowings by the FABL trust. The funding agreements may be collateralized by eligible securities, including agency securities, corporate bonds, municipal bonds, and U.S. Treasury securities. As of June 30, 2026, we did not have any amounts outstanding under the FABL program. Debt, Credit Facilities, and Other Sources of Liquidity Our long-term debt balance at June 30, 2026 was $3,763.8 million, net of a net discount of $126.8 million and deferred debt issuance costs of $35.2 million, and is comprised of unsecured senior notes, unsecured medium-term notes, and junior subordinated debt securities. During the first quarter of 2026, we purchased and retired $7.7 million aggregate principal amount of our 6.250% junior subordinated debt securities issued in 2018 and due in 2058. In April 2026, we entered into a senior letter of credit facility pursuant to which a letter of credit may be issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary. The facility provides for drawings up to £50.0 million until its scheduled expiration five years after issuance of the letter of credit and no later than July 2031. The credit facility provides for borrowings at an interest rate based on the sterling overnight index average. We and certain of our traditional U.S. life insurance subsidiaries, Unum America, Provident and Colonial Life & Accident, are parties to a credit agreement providing for a five-year $500.0 million senior unsecured revolving credit facility with a syndicate of lenders. The revolving credit facility is set to expire in April 2030. We may request that the lenders’ aggregate commitments of $500.0 million under the facility be increased by up to an additional $200.0 million. Other of our domestic wholly-owned subsidiaries are permitted to join the credit facility as borrowers, subject to certain conditions. Any obligation of a subsidiary under the credit facility is subject to an unconditional guarantee by Unum Group. At June 30, 2026, there were no borrowed amounts outstanding under the revolving credit facility and letters of credit totaling $1.3 million had been issued. We have a five-year £75.0 million senior unsecured standby letter of credit facility with a different syndicate of lenders, pursuant to which a syndicated letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration at the end of July 2026. We have an additional five-year, £75.0 million senior unsecured standby letter of credit facility pursuant to which a standby letter of credit was issued in favor of Unum Limited (as beneficiary), our U.K. insurance subsidiary, and is available for drawings up to £75.0 million until its scheduled expiration in December 2028. At June 30, 2026, no amounts have been borrowed under the standby credit facilities or letters of credit issued in favor of Unum Limited. 122 Table of Contents There are no significant financial covenants associated with any of our debt obligations other than our borrowings under the credit facilities, which are subject to financial covenants, negative covenants, and events of default that are customary. Each credit facility includes financial covenants based on our leverage ratio and consolidated net worth as well as covenants that limit subsidiary indebtedness. We continually monitor our debt covenants to ensure we remain in compliance. We have not observed any current trends that would cause a breach of any debt covenants. See "Debt, Term Loan Facility, Credit Facilities and Other Sources of Liquidity" and Note 10 of the "Notes to Consolidated Financial Statements" contained in Part II, Items 7 and 8, respectively, of our annual report on Form 10-K for the year ended December 31, 2025 for further discussion. Shelf Registration We maintain a shelf registration with the Securities and Exchange Commission to issue various types of securities, including common stock, preferred stock, debt securities, depository shares, stock purchase contracts, units and warrants. The shelf registration enables us to raise funds from the offering of any securities covered by the shelf registration as well as any combination thereof, subject to market conditions and our capital needs. Commitments As of June 30, 2026, we had commitments of $92.4 million to fund certain investments in private placement fixed maturity securities and $762.8 million to fund certain private equity partnerships. In addition, we had $25.5 million of commercial mortgage loan commitments. With respect to our commitments and off-balance sheet arrangements, see the discussion under "Cash Requirements" in Part II, Item 7 of our annual report on Form 10-K for the year ended December 31, 2025. During the first six months of 2026, there were no substantive changes in our commitments, contractual obligations, or other off-balance sheet arrangements other than the changes noted herein. Transfers of Financial Assets Our investment policy permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements, which increases our investment income with minimal risk. We account for all of our securities lending agreements and repurchase agreements as secured borrowings. As of June 30, 2026, we held $67.6 million of cash collateral from securities lending agreements. The average cash collateral balance during the first six months of 2026 was $61.8 million, and the maximum amount outstanding at any month end was $67.6 million. As of June 30, 2026, we held $37.5 million of off-balance sheet securities lending agreements which were collateralized by securities that we were neither permitted to sell nor control. The average balance of these off-balance sheet transactions during the first six months of 2026 was $38.8 million, and the maximum amount outstanding at any month end was $43.1 million. To manage our cash position more efficiently, we may enter into securities repurchase agreements with unaffiliated financial institutions. We generally use securities repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. We had no securities repurchase agreements outstanding at June 30, 2026, nor did we utilize any securities repurchase agreements during the first six months of 2026. Our use of securities repurchase agreements and securities lending agreements can fluctuate during any given period and will depend on our liquidity position, the availability of long-term investments that meet our purchasing criteria, and our general business needs. Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As of June 30, 2026, we owned $45.3 million of FHLB common stock and had outstanding advances of $699.2 million from the regional FHLBs which were used for the purpose of investing in either short-term investments, matched fixed maturity securities, or matched commercial mortgage loans. As of June 30, 2026, we have additional borrowing capacity of approximately $727.7 million from the FHLBs. See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 for further information. 123 Table of Contents Consolidated Cash Flows (in millions of dollars) Six Months Ended June 30 2026 2025 Net Cash Provided by Operating Activities $ 844.3 $ 701.6 Net Cash Provided (Used) by Investing Activities (416.7) 960.7 Net Cash Used by Financing Activities (386.6) (630.3) Net Change in Cash and Bank Deposits $ 41.0 $ 1,032.0 Operating Cash Flows Operating cash flows are primarily attributable to the receipt of premium and investment income, offset by payments of claims, commissions, expenses, and income taxes. Premium income growth is dependent not only on new sales, but on policy renewals and growth of existing business, renewal price increases, and persistency. Investment income growth is dependent on the growth in the underlying assets supporting our insurance liabilities and capital and on the earned yield. The level of commissions and operating expenses is attributable to the level of sales and the first year acquisition expenses associated with new business as well as the maintenance of existing business. The level of paid claims is affected partially by the growth and aging of the block of business and also by the general economy, as previously discussed in the operating results by segment. Investing Cash Flows Investing cash inflows consist primarily of the proceeds from the sales and maturities of investments. Investing cash outflows consist primarily of payments for purchases of investments. Our investment strategy is to match the cash flows and durations of our assets with the cash flows and durations of our liabilities to meet the funding requirements of our business. When market opportunities arise, we may sell selected securities and reinvest the proceeds to improve the yield and credit quality of our portfolio. We may at times also sell selected securities and reinvest the proceeds to improve the duration matching of our assets and liabilities and/or re-balance our portfolio. As a result, sales before maturity may vary from period to period. The sale and purchase of short-term investments is influenced by proceeds received from FHLB funding advances, issuance of debt, our securities lending program, and by the amount of cash which is at times held in short-term investments to facilitate the availability of cash to fund the purchase of appropriate long-term investments, repay maturing debt, and/or to fund our capital deployment program. During the first quarter of 2025, fixed maturity securities with a fair value of $151.6 million were sold in preparation for the 2025 Fortitude Re reinsurance transaction. Also during the first quarter of 2025, fixed maturity securities with a fair value of $81.8 million were sold related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group. See Note 4 of the "Notes to Consolidated Financial Statements" contained herein in Item 1 and "Investments" contained herein in this Item 2 for further information. Financing Cash Flows Financing cash flows consist primarily of borrowings and repayments of debt, dividends paid to stockholders, repurchases of common stock, and policyholders' account deposits and withdrawals. During the first quarter of 2026, we purchased and retired $7.7 million aggregate principal amount of our 6.250% junior subordinated debt securities due 2058, for which we paid $7.2 million in cash. Cash used to repurchase shares of Unum Group's common stock during the first six months of 2026 and 2025 was $608.7 million and $500.9 million, respectively. During the first six months of 2026 and 2025, we paid dividends of $151.8 million and $150.5 million, respectively, to holders of Unum Group's common stock. 124 Table of Contents Ratings A.M. Best Company (AM Best), Fitch Ratings (Fitch), Moody's Ratings (Moody's), and S&P Global Ratings (S&P) are among the third parties that assign issuer credit ratings to Unum Group and financial strength ratings to our insurance subsidiaries. Issuer credit ratings reflect an agency's opinion of the overall financial capacity of a company to meet its senior debt obligations. Financial strength ratings are specific to each individual insurance subsidiary and reflect each rating agency's view of the overall financial strength (capital levels, earnings, growth, investments, business mix, operating performance, and market position) of the insuring entity and its ability to meet its obligations to policyholders. Both the issuer credit ratings and financial strength ratings incorporate quantitative and qualitative analyses by rating agencies and are routinely reviewed and updated on an ongoing basis. We maintain an ongoing dialogue with the four rating agencies that evaluate us in order to inform them of progress we are making regarding our strategic objectives and financial plans as well as other pertinent issues. A significant component of our communications involves our annual review meeting with each of the four agencies. We hold other meetings throughout the year regarding our business, including, but not limited to, quarterly updates. Agency ratings are not directed toward the holders of our securities and are not recommendations to buy, sell, or hold our securities. Each rating is subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be regarded as an independent assessment, not conditional on any other rating. Given the dynamic nature of the ratings process, changes by these or other rating agencies may or may not occur in the near term. We have ongoing dialogue with the rating agencies concerning our insurance risk profile, our financial flexibility, our operating performance, and the quality of our investment portfolios. The rating agencies provide specific criteria and, depending on our performance relative to the criteria, will determine future negative or positive rating agency actions. We compete based in part on the financial strength ratings provided by rating agencies. A downgrade of our financial strength ratings can be expected to adversely affect us and could potentially, among other things, adversely affect our relationships with distributors of our products and services and retention of our sales force, negatively impact persistency and new sales, particularly large case group sales and individual sales, and generally adversely affect our ability to compete. A downgrade in the issuer credit rating assigned to Unum Group can be expected to adversely affect our cost of capital or our ability to raise additional capital. The table below reflects the outlook as well as the senior unsecured debt ratings for Unum Group and the financial strength ratings for each of our traditional insurance subsidiaries as of the date of this filing. AM Best Fitch Moody's S&P Outlook Stable Stable 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 A2 A Colonial Life & Accident Insurance Company A A A2 A The Paul Revere Life Insurance Company A A A2 A Unum Insurance Company A A A2 NR Provident Life and Casualty Insurance Company A A NR NR Starmount Life Insurance Company A NR NR NR Unum Limited NR NR NR A- NR = not rated There have been no changes in the rating agencies' outlooks or ratings during 2026 prior to the date of this filing. See our annual report on Form 10-K for the year ended December 31, 2025 for further information regarding our debt, issuer credit ratings and financial strength ratings and the risks associated with rating changes. 125 Table of Contents