AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of the members of Unum Insurance Group. These companies are the core U.S. life/health (L/H) insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) (NYSE:UNM). In addition, AM Best has affirmed the Long-Term ICR of "bbb+" (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Unum. The outlook of these Credit Ratings (ratings) is stable. (See below for a complete listing of the L/H subsidiaries and the Long-Term IRs.)

The ratings reflect Unum’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Despite capital growth being partially constrained by dividend payments, Unum Insurance Group maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment is further supported by strong liquidity metrics and positive quality of capital. The group’s conservatively managed and well diversified investment portfolio historically performs with higher yields than industry benchmarks and is in line with industry peers.

Unum has increasingly used reinsurance to manage its balance sheet risk strategically and its reinsurance program utilizes high-quality reinsurers to de-risk its balance sheet and protect capital. Additionally, through a series of both internal actions taken by management and external reinsurance transactions, Unum has substantially reduced its individual long-term care exposure and capital demands for its closed block. However, Unum does maintain an exposure to group long-term care, which has a lower risk profile.

The group has continued to report strong operating performance metrics with diversified earnings across all lines of business. Its profitability ratios are comparatively favorable year over year. Investment income has more than offset any underwriting volatility and continues to be a large contributor to the group’s net income. Furthermore, Unum’s business profile is assessed as favorable through its strong market position across products in the U.S. domestic market and an international geographic reach. AM Best will continue to monitor Unum’s reserve adequacy on its closed block of long-term care business.

The FSR of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) have been affirmed with stable outlooks for the following life/health subsidiaries of Unum Group:

Unum Life Insurance Company of America
Unum Insurance Company
Provident Life and Accident Insurance Company
The Paul Revere Life Insurance Company
Colonial Life & Accident Insurance Company
First Unum Life Insurance Company
Provident Life and Casualty Insurance Company
Starmount Life Insurance Company

The following Long-Term IRs have been affirmed with stable outlooks:

Unum Group—

- "bbb+" (Good) on $250 million 6.75% senior unsecured notes, due 2028

- "bbb+" (Good) on $200 million 7.25% senior unsecured notes, due 2028

- "bbb+" (Good) on $400 million 4.00% senior unsecured notes, due 2029

- "bbb+" (Good) on $250 million 7.375% senior unsecured notes, due 2032

- "bbb+" (Good) on $300 million 5.25% senior unsecured notes, due 2035

- "bbb+" (Good) on $250 million 5.75% senior unsecured notes, due 2042

- "bbb+" (Good) on $250 million 5.75% senior unsecured notes, due 2042

- "bbb+" (Good) on $450 million 4.50% senior unsecured notes, due 2049

- "bbb+" (Good) on $600 million 4.125% senior unsecured bonds, due 2051

- "bbb+" (Good) on $400 million 6.0% senior unsecured notes, due 2054

- "bbb-" (Good) on $300 million 6.25% junior subordinated notes, due 2058

Provident Financing Trust I—

- "bbb-" (Good) on $300 million 7.405% capital securities, due 2038

The following indicative Long-Term IRs under the shelf registration have been affirmed with stable outlooks:

Unum Group—

- "bbb+" (Good) on senior unsecured

- "bbb" (Good) on subordinated

- "bbb-" (Good) on preferred stock

Unum Group Financing Trust I and II—

- "bbb-" (Good) on preferred securities

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260916252175/en/

Paul Frost

Senior Financial Analyst

+1 908 882 1768

paul.frost@ambest.com

Wayne Kaminski

Associate Director

+1 908 882 1916

wayne.kaminski@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com