尤纳姆 2025年度报告

A Note About Non-GAAP Financial Measures We present certain measures of our performance that are not calculated in accordance with generally accepted accounting principles in theUnitedStatesofAmerica(GAAP).Non-GAAP΋nancialmeasuresexcludeorincludeamountsthatarenotnormallyexcludedorincludedinthemostdirectlycomparablemeasurecalculatedandpresentedinaccordancewithGAAP.Non-GAAP΋nancialmeasuresshouldnotbeviewedassubstitutesforthemostdirectlycomparable΋nancialmeasurescalculatedinaccordancewithGAAP.ThisAnnualReportreferstothefollowingnon-GAAP΋nancialmeasures,whichwebelievearebetterperformancemeasuresandbetterindicatorsoftherevenueandpro΋tabilityandunderlying trends in our business: •After-taxadjustedoperatingincomeorloss,whichwede΋neasnetincomeadjustedtoexcludeafter-taxinvestmentgainsorlosses,certainimpactsfromreinsurancetransactions,andreserveassumptionupdates,aswellascertainotheritems,asapplicable,whicharediscussedunder“ExecutiveSummary”inPartII,Item7ofour2025AnnualReportonForm10-K; •Adjustedoperatingreturnonequity,whichiscalculatedusingafter-taxadjustedoperatingincomeorlossandexcludesfromequitytheunrealizedgainorlossonsecurities,thee񯿿ectofchangeindiscountrateassumptionsontheliabilityforfuturepolicybene΋ts,andnetgainorlossonderivatives; •Bookvaluepershare,whichiscalculatedexcludingaccumulatedothercomprehensiveincome(loss)(AOCI);and •Leverageratio,whichexcludestheunrealizedgainorlossonsecurities,thee񯿿ectofchangeindiscountrateassumptionsontheliabilityforfuturepolicybene΋ts,andnetgainorlossonderivatives. Investmentgainsorlossesprimarilyincluderealizedinvestmentgainsorlosses,expectedinvestmentcreditlosses,andgainsorlossesonderivatives.Investmentgainsorlossesandunrealizedgainsorlossesonsecuritiesdependonmarketconditionsanddonotnecessarilyrelatetodecisionsregardingtheunderlyingbusinessofourcompany.LeverageratioandbookvaluepercommonshareexcludingcertaincomponentsofAOCI,certainofwhichtendtoΌuctuatedependingonmarketconditionsandgeneraleconomictrends,are important measures. Attimes,weutilizereinsurancetransactionstomanageriskrelatedtocertainportionsofourbusinessincludingtheexitofportionsofourClosedBlockbusinesses.Asaresult,weexcludetheamortizationofthecostofreinsuranceandtheamortizationofthedeferredgainonreinsurancethatarerecognizedaftertheclosingofthesetransactions.Wealsoexcludetheimpactofnon-contemporaneousreinsuranceforthesetransactions.Whilethetotalequityimpactofnon-contemporaneousreinsuranceisneutral,thedi񯿿erenceinoriginaldiscountratesutilizedfordirectandcededreservesresultsinadisproportionateearningsimpact.Webelievethattheexclusionoftheseitemsprovidesabetterviewofourresultsfromourongoingbusinesses.CashΌowassumptionsusedtocalculateourliabilityforfuturepolicybene΋tsarereviewedatleastannuallyandupdated,asneeded,withtheresultingimpactreΌectedinnetincome.Whilethee񯿿ectsoftheseassumptionupdatesarerecordedinthereportingperiodinwhichthereviewiscompleted,theseupdatesreΌectexperienceemergenceandchangestoexpectationsspanningmultipleperiods.Webelievethatbyexcludingtheimpactofreserveassumptionupdatesweareprovidingamorecomparableandconsistentviewofourresults. Wemayatothertimesexcludecertainotheritemsfromourdiscussionof΋nancialratiosandmetricsinordertoenhancetheunderstandingandcomparabilityofouroperationalperformanceandtheunderlyingfundamentals,butthisexclusionisnotanindicationthatsimilaritemsmaynotrecuranddoesnotreplacethecomparableGAAP΋nancialmeasuresinthedeterminationofoverallpro΋tability. Net Income *Assuming Dilution OUR PURPOSE Helping the working world thrivethroughout life’s moments.® AWARDS & RECOGNITIONS We have been recognized by several independent organizationsfor our commitment to workplace excellence. A LETTER FROM OURPresident & CEO,RickMcKenney To our shareholders, customers and colleagues: Since 1848, Unum Group has been a trusted partner for businesses and peopleduringtheirworkinglifetime.Thiscommitmenttoservingothersshapeseverydecisionandchartsourpathforward. Atourcoreisasteadfastpurposeofhelpingtheworkingworldthrivethroughoutlife’smoments.Guidedbythispromise,themorethan$8billioninbene΋tswepaidlastyearprovidedessential΋nancialprotectionforhardworkingpeopleandtheirfamilieswhentheyneededitmost.Morethan178,000employersrelyonourbene΋tsexpertisetoattracttoptalentandmeettheevolvingneedsoftoday’sworkplace.Wetakeprideinmakingmeaningfulconnectionswithe