2. Safe Harbor Statement
Statements in this presentation that are not historical facts, such as our earnings per share, return on
equity and our Unum US group disability benefit ratio guidance, constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve
risks and uncertainties that could cause actual results to differ materially from those contained in the
forward-looking statements. These risks and uncertainties include such general matters as general
economic or business conditions, particularly the current financial market disruptions and deteriorating
economic conditions; events or consequences relating to terrorism, acts of war and catastrophes,
including natural and man-made disasters; competitive factors, including pricing pressures; legislative,
regulatory, accounting, or tax law changes; and the interest rate environment. More specifically, they
include fluctuations in insurance reserve liabilities; changes in projected new sales and renewals;
variations between projections and actual experience in persistency rates, incidence and recovery
rates, pricing and underwriting; retained risks in our reinsurance operations; availability and cost of
reinsurance; the level and results of litigation, rating agency actions, and regulatory actions and
investigations; negative media attention; changes in assumptions relating to deferred acquisition costs,
value of business acquired or goodwill; the level of pension benefit costs and funding; investment
results, including credit deterioration of investments; the ability of our insurance company subsidiaries
to pay dividends or extend credit to us and certain of our intermediate holding company subsidiaries
and/or finance subsidiaries; and effectiveness of product support and customer service. For further
information of risks and uncertainties that could affect actual results, see our filings with the Securities
and Exchange Commission, including information in the sections titled “Cautionary Statement
Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2008. The forward-looking statements in this presentation are being
made as of the date of this presentation, and we expressly disclaim any obligation to update or revise
any forward-looking statement contained herein.
2
6. Business Environment: Corporate Diversification
More Diversified Earned Premium Base
Colonial
IDI-Closed Block
Colonial 13%
IDI-Closed Block 12%
9%
16%
Unum UK
4%
Other Unum UK
1% 11%
Unum US
Supplemental Other
& Voluntary 0%
13%
Unum US
Large-Case Unum US
Unum US 21% Supplemental
Large-Case & Voluntary
33% 19%
Unum US
Core Market
24% Unum US
Core Market
24%
2002 2008
6
7. Business Environment: Unum US Industry
Diversification
In-force Premium - Group, VWB & GLTC
Other 18.7% Other 18.4%
Cyclical 28.6%
Cyclical 35.3%
Education /
Services 20.6% Education /
Services 24.3%
Finance 7.4%
Finance 8.2%
Healthcare Healthcare
17.1% 21.3%
2002 2008
• Cyclical industries include Manufacturing & Construction, Transportation &
Utilities, Wholesale / Retail
7
8. Economic Environment: Submitted Incidence
Trends by Case Size
Group Long-term Disability: Submitted Incidence Trend by Case Size
Submitted Incidence
`
2002 2003 2004 2005 2006 2007 2008
0-499 500-1,999 2,000+ Total
8
9. Economic Environment: LTD Recessionary Impact
Age Adjusted Submitted Incidence
Cumulative Quarterly change from employment peak
6%
5%
4%
3%
2%
1%
0%
0%
-1%
-2%
-3%
-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4
Avg Sub Inc from 90&01 recessions 07 Sub Inc
Quarter 0 represents quarter of peak employment lives for recessionary period
9
11. Growth Strategy: Employee Benefit Market
Trends - US
Total US Employee Benefits Revenue % by Category
Retirement Retirement
18% 16%
HR
Operations
15%
HR
Operations
10%
Other
Benefits Other
8% Benefits
4%
Health
Health
70%
59%
2016
2006 (Estimates)
Increased propensity to
package “other benefits”
Source: Current Data - LIMRA Feb. 2007 report, “Group Insurance market Potential”. Trend Data – Bain research
11
12. Growth Strategy: Premium Per Life Trends vs.
LTD Industry
Inforce Premium per Life
$
$303
$290
$270
$252
$232 $234
$229 $229
$217 $218
$216
$219 $219 $222
$205
$211 $209
$201
2002 2003 2004 2005 2006 2007
Unum LTD Industry excluding Unum Industry
Source: JHA Disability Market Surveys
12
13. Growth Strategy: Shifting Size
Group Long-term Disability Business Mix
2002 2008
New Sales New Sales
28%
Small 43%
Small
17%
Mid
21%
Mid
55%
Large
36%
Large
13
14. Growth Strategy: Reducing Average Case Size
Group Long-term Disability - Average Case Size
$ in millions
$50,000
$38,469 $39,426 $40,086
$40,000
$30,298 $28,461
$30,000
$26,412
$23,339
$22,833
$20,000
$10,000
2001 2002 2003 2004 2005 2006 2007 2008
* Fully Insured New Sales
14
15. Growth Strategy: Shifting Product Mix
Business Mix – Sales Premium
LTC
LTC 5.8%
6.1% IDI RI
IDI RI 8.2% Group
8.9%
Large
21.0%
VWB Group
8.3% Large
43.1% VB
22.6%
Group Group
Core Core
33.6% 42.4%
2002 2008
* 2002 Data do not include AD&D Sales Premium
15
16. Risk Results
Group Disability Benefit Ratio*
100%
94.6% 94.8%
95% 93.8%
92.7% 92.4%
89.9%
90%
85%
80%
75%
70%
2003 2004 2005 2006 2007 2008
• Benefit ratio continues to reflect improving claims management performance.
• Benefit Operations continues to achieve greater consistency in results and
sustain underlying long term performance assumptions.
* Excludes impact of RSA settlement
16
20. Risk Results
Group Disability, GL and AD&D, Voluntary Benefits Benefit Ratio
90%
87.0%
85.5% 85.6% 85.8%
85%
83.1%
80.1%
80%
75%
70%
2003 2004 2005 2006 2007 2008
20
21. Growth Strategy: Increasing Customer Base
New Sales Case Counts
Unum US Group Disability
10,000
%
8,856
+12
7,901
7,000
4,000
2007 2008
Unum US Group Life
10,000
%
+21
7,914
7,000 6,531
4,000
2007 2008
21
22. Growth Strategy: Voluntary Market
$ in millions
Unum US Voluntary Benefits Sales Growth
$200
$158.6
$150 $138.4
$134.2
$130.2
$114.1
$105.8
$100
$79.1
$50
2002 2003 2004 2005 2006 2007 2008
22
23. 2009 Outlook and Opportunities
Earned Premium Growth – Unum US
2008-2013
5 Yr CAGR
Total Core & Supp Group Large
4.4% Total
8.4%
Core &
Supplemental
- 1.5%
Group Large
2003 2008 2013
Earned premium growth emerges in 2009 as large case earned premium
flattens and growth accelerates in group core and supplemental benefits
segment.
23
25. Non-GAAP Reconciliation
Three Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended
June 30, 2007 December 31, 2007 December 31, 2006 December 31, 2005
(in millions) benefit ratio (in millions) benefit ratio (in millions) benefit ratio (in millions) benefit ratio
Unum US Group Disability Ratio
Premium Income $ 609.3 $ 2,381.3 $ 2,483.5 $ 2,527.9
Benefits and Change in Reserves for Future Benefits 641.2 105.2% 2,277.4 95.6% 2,702.5 108.8% 2,397.7 94.8%
Regulatory Reassessment Charge (76.5) (76.5) (349.2) (27.3)
Benefits and Change in Reserves for Future Benefits,
Excluding Regulatory Reassessment Charge 564.7 92.7% 2,200.9 92.4% 2,353.3 94.8% 2,370.4 93.8%
Twelve Months Ended Twelve Months Ended
December 31, 2004 December 31, 2003
(in millions) benefit ratio (in millions) benefit ratio
Unum US Group Disability Ratio
Premium Income $ 2,644.7 $ 2,662.6
Benefits and Change in Reserves for Future Benefits 2,533.1 95.8% 3,412.1 128.1%
Regulatory Reassessment Charge (80.2) (894.0)
Benefits and Change in Reserves for Future Benefits,
Excluding Regulatory Reassessment Charge 2,452.9 92.7% 2,518.1 94.6%
25
