Unum Group — Call Transcript 2026

Hello, everyone. Thank you for joining us, and welcome to Unum first quarter 2026 earnings. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Matt Royal, Investor Relations. Matt, please go ahead. Thank you. Thank you, and good morning to everyone. Welcome to Unum Group's first quarter 2026 earnings call. Please note, today's call may include forward-looking statements, and actual results may differ materially, and we are not obligated to update any of these statements. Please refer to our earnings release and our periodic filings with the SEC for a description of factors that could cause actual results to differ from expected results. Yesterday afternoon, Unum released our earnings results and financial supplement for the first quarter of 2026. Materials are also available on the investors section of our website. Please note references made today to core operations sales and premium, including Unum International, are presented on a constant currency basis for improved comparability period to period. Participating in this morning's conference call are Unum's President and CEO, Rick McKenney, and Chief Financial Officer, Steve Zabel. Following remarks from Rick and Steve, additional members of management will join and participate in Q&A, including Tim Arnold, who heads our Colonial Life and Voluntary Benefits lines, Chris Hilgert for Group Benefits, and Mark Till, who heads our Unum International business. Now let me turn the call over to our President and CEO, Rick McKenney. Great. Thank you, Matt. Good morning, and thank you for joining us. We are very pleased with a solid and encouraging start to 2026. It is one that reflects strong execution across the business for both the top and bottom line, greater capital deployment, and continued progress in management of our Closed Block. Core operations performed well with earned premium growth of over 5% adjusting for the transactions. After tax adjusted operating earnings of $353 million and after tax adjusted operating EPS of $2.14 is up nearly 10% from a year ago. Leading the way, our U.S. group business had a standout quarter with sales up 22% and persistency strong at 92%. Combined, this drove premiums up approximately 5% specific to our group lines. The top line also translated to the bottom line as we saw record earnings in Group Life, bringing total U.S. group earnings to over $220 million and with a very high ROE. Within the group portfolio this quarter, it was clearly the Group Life business which outperformed. Not to be overshadowed, our Group Disability business showed consistent strength with high returns and good long-term disability fundamentals. As we pay careful attention to pricing and risk selection at the employer level for new and existing customers, our team continues to do an excellent job helping people get back to work and fulfill our purpose. These results reinforce what has long been true for us. We have built our business on disciplined pricing and underwriting, strong customer relationship management, which is key to high persistency, and continued focused investments in capabilities that differentiate Unum in markets. It is particularly important where technology and human support come together at moments that matter most. It is also another quarter in which we delivered on the consistency and execution that our customers and shareholders expect from us. To achieve this, we have been deliberately investing in technology-enabled solutions that help us win, retain, and grow business by making it easier for employers and their employees to engage with their benefits. This is evident in this quarter's results with the success we're having in providing solutions and services that resonate with our customers. In recent years, employers have placed increasing importance on managing employees' leaves. The expansion of state Family and Medical Leave programs has provided another avenue to leverage our leave management leadership position and reach more people. Our digital-first Unum Total Leave platform, combined with our traditional insurance products and technologies, such as Unum HR Connect, delivers a best-in-class experience to our clients, which in turn contributes to the high levels of satisfaction and persistency exemplified this quarter. Extending from our leading group businesses is a very successful and broad-reaching supplemental and voluntary product business. These lines of business saw a 20% sales growth in the quarter. We see employers looking at the broader benefits package more often as these products leverage the same digital tools, and employers know they can depend on Unum across their benefit needs. Taking our Unum U.S. in totality, we delivered strong before-tax earnings of $338 million and an ROE of 25% in the quarter. At Colonial Life, momentum continues to build. The business delivered a record earnings quarter supported by premium growth in line with expectations, attractive returns, and continued benefit from disciplined execution and strong relationships in the work site market. Colonial Life is an important component of our reach, and able to get to employers of different sizes that are looking for high-quality solutions to help take care of their employees. Looking internationally, after significant growth on top and bottom line over the last several years, Unum International produced mixed results this quarter. Strong performance in Poland, where growth continues at an exceptional pace, was offset by benefits pressure in the U.K. Our market position and know-how gives us confidence that we can actively address macro market dynamics, and we are excited about the long-term value growth and contribution of our international businesses. Overall, core operations are in excellent shape heading into the rest of the year. As we refine how we present and focus our earnings on an ongoing basis, we'll also continue to provide transparency into our closed block. This remains an area of active and deliberate management. Importantly, results this quarter reflect tangible progress in reducing both the size and the risk profile of the block. As we announced late last year, we discontinued new employee coverage on existing group cases. The response was well-received by clients, particularly among employers who had not recently evaluated the cost and value to their employees of this legacy offering within their broader employee benefits package. Because this product was last marketed in 2012 and provides benefits well beyond an employee's working years, our engagement this quarter led some employers to voluntarily cease their coverage. As a result, 7% of all group LTC cases closed during the first quarter, meaningfully reducing our exposure. Importantly, this reduction in footprint was achieved with clarity and transparency for our clients. As our customers' evaluation continues, we expect additional case closures going forward. Beyond that, our Fairwind protection remains at a robust $2.2 billion. The external reinsurance transaction we completed last year continues to perform well, and the elimination of new employee tail risk is fully in place. We continue to evaluate a broad set of options to further mitigate LTC exposure, including risk transfer, and we are encouraged by our progress and the opportunities ahead. The actions we are taking are methodical, deliberate, and effective. Each step improves the risk profile and allows us to keep our focus where it belongs, growing and strengthening our core business. Turning to the balance sheet, our portfolio continues to perform well in the current environment and remains solidly investment grade. Our team has done a good job over the last several years increasing our overall credit quality at a time when you weren't getting appropriately paid for the inherent credit risk. Additionally, our capital position remains very strong with RBC at 460%, which is over 100 points above our target range, and holding company liquidity is strong at approximately $1.7 billion. With solid capital generation, we remain committed to our capital deployment framework, investing in our business for growth, both organically and inorganically, and then returning capital to our shareholders through dividends and share repurchases. Our outlook calls for the redeployment of roughly $1.3 billion, which is roughly what we generate in a year. During the first quarter, we repurchased approximately $400 million of shares, taking advantage of attractive prices to accelerate a portion of our planned repurchase. This reduced our public float by approximately 3% in one quarter. After paying out $78 million in dividends in the first quarter, we will also look to increase our dividend rate in the coming months heading into our annual meeting. Our delivery of investing in growth and deployment plans are intact. Looking ahead, we remain confident in our 2026 outlook, which consists of delivering 4%-7% top-line growth, 8%-12% EPS growth, attractive returns on equity in our core operations, and continued strong capital generation and deployment. The environment remains supportive. Our sales pipelines are building as we move through the year. Digital connections with our customers continue to deepen, and our teams remain intensely focused on execution. Most importantly, our purpose of helping the working world thrive throughout life's moments continues to guide our teams, our growth, and our culture over the long term. This year, we were pleased to be named one of the world's most ethical companies for the sixth straight year. This all comes together to generate the results of today and the long-term value creation we are building for customers, employers, and shareholders. I'm happy now to turn the call over to Steve to walk through the numbers in more detail. Steve? Great. Thank you, Rick, good morning, everyone. The first quarter of 2026 was a strong start to the year with many of the expectations we laid out at our outlook meeting emerging across our businesses, resulting in after-tax adjusted operating income per share of $2.14. Notably, Group Life and AD&D, along with Colonial Life, had record levels of earnings, and Group Disability met our expectations. Alongside the strong margins we saw, top-line trends were ahead of our expectations with sales growth of 14.4% through persistency increasing 2.7% year-over-year to 92% and core premium growth of 3.9%. While premium growth is slightly below our 4%-7% full year expectation, we had expected this to accelerate and build throughout the year. Adjusting for the runoff of the stop-loss business and the transactions executed last year, core premium growth would have been just over 5%. Before moving on to our segment results, I will remind you that this is the first quarter reporting under our new definition of after-tax adjusted operating earnings, which excludes the closed block. While the closed block's earnings are no longer represented in our headline adjusted after-tax operating income, I will spend some time later in the call to talk about key trends in that business. Diving into our quarterly operating results across the segments, the Unum US segment produced adjusted operating income of $337.9 million in the first quarter of 2026, compared to $329.1 million in the first quarter of 2025. Group Disability adjusted operating earnings of $106.6 million in the first quarter of 2026 reflect a benefit ratio of 63.7% compared to 61.8% in the year-ago period, and an improvement from 64.2% in the fourth quarter of last year. Overall, long-term disability results are consistent with the assumptions embedded in the models that underpinned our guidance last quarter and reflect continued progress as the line continues to normalize. With that said, the quarter did include higher incidence in the short-term disability product line compared to the same period a year ago. Specifically, paid family and medical leave experience was somewhat elevated in newer PFML states and modestly pressured in existing jurisdictions, reflecting continued investment in the attractive leave opportunity discussed earlier. As PFML remains a maturing market, our standard one-year rate guarantees provide flexibility to respond quickly. Excluding PFML, Group Disability experience was solid and within expectations, supported by stable incidents, strong recoveries, and a rational pricing environment. Results for Unum U.S. Group Life and AD&D include adjusted operating income of $115.1 million for the first quarter of 2026, compared to $69.2 million in the same period a year ago. The benefit ratio decreased to 61.8% compared to 69.3% in the first quarter of 2025, driven by lower incidents. This result was extremely favorable compared to our outlook of 70%. We've now seen multiple years of better-than-expected results, averaging in the mid-to-high 60s. We believe that this moderate level of outperformance could continue to persist. Adjusted operating earnings for the Unum U.S. supplemental and voluntary lines were $116.2 million in the first quarter, a decrease from $140.7 million in the first quarter of 2025. The decline in earnings was driven in part by last year's long-term care transaction, which ceded a portion of our IDI business, but also by unfavorable underlying experience in that line. Turning to premium and sales, our top-line trends remain healthy. Unum U.S. Premium grew 3.3% with support from high levels of persistency. Excluding the impact from the runoff of the stop-loss business and our transaction last year, Unum U.S. premium grew just over 5% year-over-year. Our pipeline for future growth remains strong. Unum U.S. quarterly sales were $335.1 million compared to $277.5 million in the first quarter of 2025. Total group persistency of 92% increased sequentially from the fourth quarter and from the same period last year, reflecting the enduring relationships we are able to create with our customers. Moving to Unum International, adjusted operating income for the first quarter was $30.9 million compared to $38.7 million in the first quarter of 2025, and below our outlook for earnings in the low $40 million range. The International segment's benefit ratio was 71% compared to 66.5% in the year ago period, driven by unfavorable experience in the U.K. business. Adjusted operating income for the Unum U.K. business was GBP 20.4 million in the first quarter compared to GBP 29.5 million in the first quarter of 2025. The results reflect underlying claims performance, including a benefit ratio of 72.9% compared to 76.1% a year ago. The change in benefit ratio was primarily due to larger average claim size in our group long-term disability business in 2026. International premiums continue to show growth, increasing 8.1%, are supported by healthy persistency levels and sales growth of 5.5%. Premium growth was broad-based, with U.K. premium growing 6.5% and Poland premium growing 15.2%. Next, adjusted operating income for the Colonial Life segment of $127.8 million in the first quarter was a record, and increased from $115.7 million in the first quarter of 2025, driven by strong benefits experience and underlying premium growth. The benefit ratio of 46% compared to 47.7% in the year ago period and was better than our expectation of the range of 48%-50%. Premium income of $472.7 million compared to $457.3 million in the first quarter of 2025 and was driven by strong sales in the prior year and stable persistency. Sales in the first quarter of $106.3 million were up slightly from the prior year. Colonial Life produced strong returns, including ROE of 19.2%. I will now provide an update on the closed block, focusing less on the earnings results and more on key business trends and balance sheet health. Long-Term Care's results this quarter were largely influenced by employers' decisions to cease coverage following the discontinuation of new employee enrollments on existing GLTC cases. That we announced in the third quarter of last year, and that was effective in February of 2026. As a result of these decisions, we saw elevated GAAP accounting volatility from these closed cases, which is acutely seen in the headline segment earnings result. Despite the margin in these closed cases, which reduced current period GAAP earnings, we are very pleased to reduce the associated exposure and tail risk in the block. In addition, first quarter results included amortization of reinsurance costs related to the LTC reinsurance transaction that closed in July of 2025, which did not impact the year ago period. Outside of these impacts, underlying experience trends remain in line with expectations. Combined with the underlying benefits experience, the NPR increased 10 basis points to 97.6% on a sequential basis. Other key considerations for monitoring the block's health include our Fairwind protection remaining stable at approximately $2.2 billion and continued success with our premium rate increase program with our achievement rate sitting at approximately 15% for our current program. Lastly, for the closed block, our alternative investment portfolio, which mainly supports LTC, had an annualized yield of 6.7% in the quarter, below our long term expectation of 8%-10%. We typically see seasonality in first quarter marks due to the timing of receiving year-end statements, therefore remain confident in the construction and resiliency of this portfolio. I'll end by covering our capital position. In the quarter, capital metrics across the board remain robust. Holding company liquidity stood at $1.7 billion and traditional RBC at 460%, both above our long-term targets and consistent with our expectations. These levels keep us on track to achieve our full-year outlook of 400%-425% RBC and $2 billion-$2.5 billion of holding company liquidity. Our robust capital position is supported by statutory after tax operating income of $314 million in the first quarter, positioning us for our full-year expectation of $1.4 billion-$1.6 billion of total capital generation. This cash generation model paired with our strong position enables our durable approach to deploying capital to our shareholders. In the quarter, we took the opportunity to execute a dynamic approach to share repurchase, buying back around $400 million of stock. While we are constantly evaluating our capital deployment plans, we view these actions as a pull forward of our plan and remain on track to repurchase $1 billion of stock year, representing all of the free cash flow we plan to generate. Our thoughtful share repurchase paired with our common stock dividend of $78.4 million put first quarter deployment just under a half a billion dollars, underscoring our ongoing focus of executing prudent capital management. All in all, it is a solid start to the year for the company. The encouraging top line trends and strong margins across many of our products illustrate the high-quality nature of our business. This, paired with our continued active management of closed block and opportunistic acceleration of share repurchases, provides us with healthy optimism for the remainder of the year and positions us well to execute against our goals. I will now turn it over to Rick for his closing comments before going to your questions. Thank you, Steve. Overall, you heard from both Steve and I that we delivered a strong first quarter. It reinforces both our near-term momentum and our confidence in the company's long-term positioning as we move through the year. Before we move to Q&A, I want to recognize an important leadership transition for our company. After more than four decades at Unum, Tim Arnold has decided to retire in July. Tim has been a highly respected leader with a significant impact on our voluntary benefits businesses, particularly at Colonial Life, where he has been the president for the past 11 years. Tim is one of the few people who has lived in each of our four major locations and has impacted the people and the communities he has served. We are grateful for his many contributions and the legacy he leaves behind. We're also very pleased with the planned leadership transition, including the appointment of Steve Jones, currently Colonial Life's Head of Market and Field Development, as the next President of Colonial Life. This reflects the depth of our management team and our focus on continuity and long-term growth. We will look forward to Steve joining us on this call in the future. With that operator, we'd be happy to take questions we have out there. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you're muted locally, please remember to unmute your device. Please stand by while we compile a Q&A roster. Your first question from the line of Alex Scott with Barclays. Your line is open. Please go ahead. Okay, thanks, good morning. First one I had is on the Paid Family Medical Leave. wanted to see if you could provide a little more color on, you know, what you're seeing in that product line as you're moving into new states. You know, just to help us understand if we should, you know, expect to continue to see some pressure there until we hit another renewal cycle or, you know, what you saw in first quarter is a little more, you know, one-off in nature. Yeah, thanks, Alex, for the question. It's Rick. I just wanted to say that this is an important part of the overall mix. When we think about it's been consolidated in our Group Disability results, which, as you can see, very high returning business. This is a new developing area. It's one we've been talking about for a long time, but certainly we can give some more details behind that, which is just an extension, as I mentioned, of our leave business. Maybe Chris, will you give some more context in terms of the dynamics in the Paid Family Medical Leave currently? Sure. Thanks, Rick, and thanks Alex. You know, ultimately, this is an exciting time in our business. If you think about PFML and the states that have come on over time and, you know, most recently, Minnesota and Delaware, were added one and one, and then Maine will come up in the first quarter of this year. You know, this is an expansion of a business we're in, giving more employers the requirement to be covered for short-term disability on the employee side, but also adding coverage for family events where people need to be away from work. It really fits, you know, the work and the investments we've made in the leave business, where you bundle products and services to make sure that we can be, you know, that partner to employers as they, as they manage their workforce for both, you know, regulated events and also, you know, just what they want to provide in terms of flexibility for their employee population. You know, when states come on, we deal with it like any other, you know, new line of business coming on you know, in a state, and you can see some pressure from pent-up demand that happens at times. We manage it. You know, the good thing about PFML is it is, you know, high-frequency type coverage like short-term disability. It gets credible quickly. You can see how the experience emerges, and it is short in terms of rate guarantees. Normally, a one-year rate guarantee gives us the opportunity to reprice, and we've been doing that at current, and we'll continue to do that. It also can give you a little bit of lift in sales. Normally, that's been small enough to just be absorbed into our business 'cause it's one state at a time. You know, obviously our disability business is quite large. When you have two or more or it's a larger state, it can show up a little bit, and that does provide a little bit of tailwind in sales. I would bring you back to, you know, this is the business we're in. This is the business that employers need our help with. It's an exciting time. When new states come on, that is part of it. As prior states mature in terms of how the experience plays out, that's given us, you know, more information, and we'll continue to adjust price and manage that business very well, which is part of our heritage. That's all. Thank you. Second one I had is on long-term care. Could you talk about the in-force management actions that you're taking? Just the 7%, can you tell me about, you know, what portion of the policies had that renewal that occurred this quarter? You know, how much are you expecting to renew that you're working on some of these actions with through the rest of the year? How, how do we think about that 7% potentially growing to, you know, a larger percentage of the total group LTC? Yeah, thanks, Alex. Let me just provide a little bit more context around our LTC actions, and we've been taking them now for several years. As we've said, it's been methodical, addressing different parts of our book of business. That includes rate increases, which we've been doing now for a long period of time. It also includes the capital actions we've taken behind Fairwind over the last several years, and then most recently last year on the risk transfer that we did as part of that. In the third quarter, we took some actions around new lives on group cases, and I think that that has some impacts that we've started to see coming out there. Steve, maybe you can take us through some of the details without just what we saw specific to this quarter. I would go back to last year when we notified our employer base that we were going to be no longer accepting new lives on existing cases. What that did is it really started a lot of conversations with our employer groups just about the value of the program, the future of the program. You get into the discussions about kind of what we're looking for going forward around our rate increase program. It's just a point in time where they evaluate their entire employee benefits package and how the LTC plans might fit into that. As a result of some of those discussions, we did have much higher levels of employer-level terminations of those cases. We did quote that about 7% of our cases did terminate in the first quarter. That equates to approximately $30,000 actual lives on a net basis that would have ceased coverage during that period of time. You know, as we think about just ongoing communications with our customers, that's part of the conversation. We will continue to have those going forward. I would say as we look forward, first quarter is probably the most acute that we'd feel the impact, but we could see, you know, future terminations on some cases as those conversations continue. I would just pull it back up, though. I know there's a lot of GAAP accounting noise on this one, but at the end of the day, we're having good conversations with our clients. As a result, we've reduced risk exposure, tail risk on that book of business, and we just view it as another part of us thinking about how to manage this business going forward. Your next question from the line of Tom Gallagher with Evercore ISI. Your line is open. Please go ahead. Good morning. First question is just on how to think about guidance over the balance of the year. I heard your comment on Group Life and AD&D, how you think that's probably gonna trend somewhat favorable relative to initial assumption. I don't know. Can you just dimension have you changed anything for the other businesses? It does seem like Unum International is running somewhat adverse, and I guess Group Disability, the loss ratio sounds like it might be more toward the high end of the range if I'm reading you correctly on this PFML issue, assuming that persists for a bit. Can you just talk about, you know, how are you thinking about the different businesses over the balance of the year? Thanks. This is Steve. I mean, I would zoom up and just say we feel very comfortable in the guidance range that we've given, you know, based on what we've seen in the first quarter, the drivers of some of the margins in the first quarter, and how we look to the back half of the year. I'd start with we feel great about growth within our core businesses, and that's a real driver than of bottom line. Everything we're seeing commercially would very much support the top-line growth that will drive the earnings that we have in that outlook. We did have some variances against kind of original expectations in the first quarter. You mentioned group life. That was a great result for us. We, we do think that there's a possibility that'll continue to be somewhat favorable to the 70%. As you know, Group Life can be very volatile, so we just have to see how the year plays out. International benefit ratio was a little bit higher. There was kind of some one-off things around just the average size of new disability claims. We don't believe that will persist. That'll be watch area for us, though, and, you know, we'll monitor that as the year goes on. Colonial Life had a great quarter. Really, everything from a benefit ratio perspective was very positive. We have a lot of different products within that, and there's usually a little bit of offsetting of performance. This quarter, everything was very positive. Then there's some other lines where we had some variations, including Group Disability. They were all within our range, going into kind of planning for that ultimate outlook. Tom, at this point, we're 1 quarter in, I'd say we still, you know, feel very good about the broad outlook range that we gave at the beginning of the year. Gotcha. Thanks. Thanks for that color, Steve. I get my follow-up also Long-Term Care. Can you give a little bit of color for how big are the group LTC reserves relative to the total of, we'll call it $14 billion or so? When you had a 17% reduction from non-renewals, can you provide a little more transparency? What did that do to reserve levels versus the capital that make up the $2.2 billion of excess over best estimates in Fairwind? Thanks. Tom, it wasn't 17%. We had a 7% reduction in cases in the first quarter due to employers ceasing the coverage in their plans. What I would tell you is kind of from a statutory reserving perspective, we did really release reserves in the first quarter of the year and felt, you know, very good about that. I kind of zoom back a little bit and just think about the protections that we have in Fairwind generally. Mechanically, what happens is we release those statutory reserves, and those, in essence, flow into excess capital and Fairwind. When you think about our definition of protections in Fairwind, it's a combination of the margins that we have in the reserves and the excess capital. It was pretty much neutral. The way I think about it is we still have $2.2 billion of protections in Fairwind on a block that's smaller. At net on net, feel like we have more relative protection in Fairwind for the remaining block there. We haven't really disclosed the split between GAAP and individual or sorry, group and individual statutory reserves. That's, you know, something we consider going forward. There is a lot of demographic information about the split between individual and group in our annual investor packet that we send out as part of that call. Our next question from the line of Suneet Kamath with Jefferies. Great. Thanks. Just wanted to start out, congratulating Tim Arnold on his retirement, but I did want to ask him a question. Just on the voluntary business, you know, we're starting to see some reports of states, telling insurance companies to lower premiums on certain products. Just wondering if you're seeing any of that in terms of your business. Yes, Suneet, this is Tim. Thank you so much for the congratulations on the retirement. I appreciate that. You know, there have been states throughout the last 10, 15 years who've had loss ratio requirements that differ. It's not something new that we're working through, but we are seeing a couple of additional instances where states are inquiring about loss ratios and just trying to make sure that the products are performing as they were originally priced. Got it. Okay. I guess, turning to Unum U.S., I mean, the 20% sales growth was pretty strong. I think most of it's from the core market, can you just kind of unpack that a little bit? How much of that is, you know, sales to existing customers versus new customers? You know, any comment on kind of the natural growth that you typically talk about on these calls? Thanks. Yeah, Suneet, actually, we'll let Chris get into that, but I think it would be helpful to actually talk about sales around the horn because I think we had a really good sales quarter in the U.S., but I think that that was other places as well. Chris, you want to start us off? Maybe we'll ask Mark and Tim to talk a little bit about sales as well. Great. Thanks, Suneet. Yeah, strong sales in the quarter, 20% growth. You know, we're thrilled as we look at that sales growth that we can continue to tie back to where we've made investments and capabilities. No surprise, HR Connect and, you know, connecting to the platforms of choice, hugely popular with our new sales and also growing existing sales when that type of connection's in place. Total Leave is a huge driver of decisions that people make, and they buy a bundle when they do that for for both Total Leave and HR Connect type platforms. I wanna also reinforce that, you know, we've got a very strong marketing alignment in terms of going out and finding the right types of prospects, so that we know where to spend time and energy, and, you know, our brokers and consultants are focused on the right things, when it comes to making a difference for their client base. That's an exciting partnership, and it's nice to see that alignment all the way through the sales funnel. You referenced that, you know, new sales for small and mid customers are really strong. That was, there's a little bit of tailwind with PFML in that space, but even when you strip that out, new sales for small and mid customers are really strong. Nice to see that growth year-over-year. First quarter's a little bit more volatile. It's a small quarter for us in terms of our national client group. You know, we did again, we did see some tailwind from PFML in the large space with Maine coming on, 5/1, which we credit in the, you know, which, we see in the, in the quarter. You know, overall, the fundamentals of where we're winning tied to capabilities, winning on new and growing our business have been really positive. Great start to the year, so thanks for asking. Tim, you wanna follow up? Yes, sure. I'll start with the Unum VB side of the house. Extremely strong sales in the first quarter, up 24% year-over-year. New sales were at a record level. The VB business on the Unum side, the first quarter is the biggest quarter of the year, so it's particularly comforting to see the business get off to a +24% start. That bodes well for the remainder of the year. On the Colonial Life side, sales were a little sluggish in the quarter. However, I would just bring you back to the fourth quarter where sales growth was almost 10%. I think we had a little bit of a soft pipeline coming into 2026. I would tell you the fundamentals and the leading indicators remain very strong. Recruiting is very strong. We like the number of sales managers we have in the organization and the performance that they are demonstrating. We saw strong sales in the quarter from new clients and also from large case clients. Had a little bit of weakness in the existing client sales base. Ashley Minor and the team, the sales team were working hard to get that back on track, and we believe that the remainder of the year, there's reason to be optimistic. If you look at the gap between where we finished the first quarter at Colonial Life and where we thought we would be, it's about 1% of total annual sales, so we certainly think that that is recoverable. If I may, Suneet Kamath, since you started the question with my retirement, I'd be remiss not to say I'm extremely excited about Steve Jones. I've had the opportunity to work with him now for two and a half years since he joined Colonial Life as the head of sales and marketing support, field market development. He is an incredibly strong leader. He's led two other P&Ls in his career, and I think this transition is gonna be extremely smooth. He's very much aligned to all the things that we've been doing, and he's got some ideas of his own that I think are pretty exciting. So, really happy to have Steve in the role moving forward. Great. Good. Thanks, Tim. Mark, let's talk a little bit about International. Thanks, Rick. If you look at international as a whole in dollars, sales were up 14%. As we know, the U.K. is the predominant part of that. If I perhaps touch on local currency sales in the U.K., they were up 15% on the quarter. I always think sales are a function of the proposition that you have and the way in which the brokers in the U.K. market view. We've been investing hard in broker service, digital propositions. It was last week that actually an independent survey by NMG on brokers rated us the number one for Net Promoter Score, and we led the market in pretty much every major capability, whether that's relationship management, claims management, absence management, rehab, product value-added service. Those are the things that contribute to the growth in the business. We also got some data last week that said that in 2025, we were the number one writer of new business in the U.K. market. I think we've got some confidence that we have the support of the brokers and the propositions to be able to drive the growth sales in the business over time. Good. Thanks, Mark. there you have Suneet Kamath. I mean, I think it is a broad-based story, I didn't wanna focus on just the USP. Sales looked very good across the enterprise in the quarter. Thanks for the question. Your next question from the line of Jack Madden with BMO. Your line is now open. Please go ahead. Hey, good morning. Just one follow-up on the group LTC actions. I guess what you said that Unum is incentivizing its group customers in any way to terminate their cases, or do you plan to offer any incentives there? Is it really just these terminations are an outcome from, kind of more normal course conversations around things like rate increases? Yeah, this is Steve. Absolutely no incentive. This is a unilateral decision that a group, HR director makes When they're looking at their entire benefit package for their employees and just evaluating the value of the different pieces of that package. We're obviously here to have that conversation with them and discuss their options with their plan, but there's absolutely no incentive coming from us. From our perspective, you know, the key is for us to continue to serve those customers that remain in force, and that's what our team's focused on. We're also there to help, you know, give a little bit of education and, you know, help an administrator through their decision. Got it. That makes sense. My follow-up's on the international business, I think some of the pressure you talked about in U.K. Group LTD. Can you just unpack that a little bit more? Was that more a frequency or severity issue? Do you view any of the trends there as something that could persist for a period of time, or do you view it more as just a kind of a one-off this quarter? Yeah. This is Steve. I can cover that one. You know, it definitely was, for the quarter, an average size for the long-term disability business over there. Really, the size of new claims is a function of just those individual claims that come in based on diagnosis, based on occupancy, based on, you know, based on the industry. We have a lot of data to say those types of claims when they come in, this is the reserve that we need to set up. You just get into some of these quarters where just the mix of those claims drive a higher expected size of claims than what you would have expected. Really nothing to do with the incidence counts specifically there. I will say we've seen that in the U.S. business as well over time, and they tend to just be kind of anomalies that you see in a quarter. So right now we would view it as just some first quarter volatility. Obviously we're gonna need to look at that as the year plays out and see, you know, how that impacts our view of the outlook for the business. Your next question from the line of Joel Hurwitz with Dowling. Your line is now open. Please go ahead. Good morning. First, Rick, in your prepared remarks, you mentioned that you were, I think, encouraged by opportunities and progress that's been made on further risk transfer. Can you just elaborate what you're seeing in the market, and I guess any optimism in getting another deal done this year? Yeah. Thanks, Joel. As I talk about that, you know, I look back to the transaction last year. It's been just over a year since we announced the transaction closed at midyear last year. Very happy with how that performed, how that went through close, and we think it's just a good overall impact to the risk transfer. We've talked a little bit about what's happening on the group side today. We are looking across the book with different counterparties to think about what are other ways that we can use reinsurance and risk transfer to help mitigate that. Coming off of a successful, 2025, we also at that time said we're deal ready. We're ready to go for the next tranche. It's just about finding the right counterparty. We have the preparation, and the teams are ready to do that. We have a strong desire to remove this risk, which we have been very consistent on, and that's in multiple forms, in terms of taking the risk across the enterprise. On the risk transfer side, the market is constructive. I think we've used that term constructive before. There are a number of players out there that might take on this type of risk. Lots of interest that's out there, but getting interest to be actionable takes some time because it does take a good qualified counterparty who's willing to do the work. But there are a number of people out there willing to take the biometric risk. I think part of the development we saw a couple of years ago is the ability of companies to parse the risk between the biometrics and the asset management side, which is such an important piece as well. There are a number of players out there thinking about the biometric side. There are many players out there thinking about the asset side of it, and then how do you bring it all together? I'd put it with the same category. It's constructive, we're the team is active. Does not necessarily mean any deal will come to fruition. This is still complicated, hard work, and we're gonna do the right thing in terms of shareholders, as well when we take off that risk. We're working hard at it. I think that, you know, we'll continue to have this to be a priority in the company to remove the risk of LTC from the balance sheet. Great. Thanks. Just shifting to Group Life, I guess, can you unpack the experience? Was it all essentially frequency? Just given, I think it's been a little over two years now of continued strong results in Group Life. When does that get reflected back in pricing, or is the benefit ratio in the 60s for this line sort of the new normal now? Yeah. In the quarter, it was definitely just incidents. These tend to be lower face amount type policies in Group Life. Normally when you see kind of fluctuations in overall benefit ratios, it's just gonna be driven by the number of claims that we receive in a period, and that's definitely what we saw in the first quarter, very low number of claims submitted. When I kind of zoom back a little bit, you know, if you go back and you look at the average benefit ratio in this line going back many quarters, it's been kind of in that high 60% range. This quarter was really an anomaly and doesn't necessarily, you know, change our view of the block significantly. I did make a comment that, you know, if...We looking forward, it may be in that high 60% range benefit ratio. I would say from a market and a pricing perspective, we'll take it into account, but it is just one quarter of very good performance, and we'd have to see that play out for longer really before it impact pricing in a big way. Like all of our products, we look at this in a bundled way as we're working with our cases. We'll look at the overall economics of a case, and over time, it, you know, it could factor in, but right now I think it's too early. Yeah, I think that's an important point, Joel. When you think about it is that bundling factor. We've been talking about that a lot in the Group Disability and the great results we've seen there. It's more than just the standalone product line, what it's doing. It's more about the relationship, our risk selection, and all those different things that come in. As we've talked about leave management and the wrapper around that, though, that's all important. It's good to look at. We're very happy with the results, it's really hard to predict in terms of where that's going to go or how the market will factor some of that in. Your next question from the line of Wes Carmichael with Wells Fargo. Your line is now open. Please go ahead. Hey, thank you. Good morning. I wanted to come back to Group LTC for a second on the terminations in the 7%. Just looking at the statutory annual filings, I think the Group LTC reserves around $7.5 billion at the end of 2025. Just curious, Steve, does that imply that the reserve releases are in the neighborhood of, call it $500 million-$525 million, or is there any help you can give us on the impact on the statutory front? Yeah. What I'll tell you on that one, you can't just kind of use averages to think about what a statutory reserve release might look like just because the policies are in, you know, in different ages, there's different benefit coverages, and so it's kind of hard just to do that. What I'll tell you is on a net basis, the statutory reserve release, it was less than $100 million. It was, you know, it was significant, but it wasn't something that would change a capital plan or change the way we think about, you know, protections on the balance sheet. We're very happy. For us, the main thing is we're very happy reducing the risk exposure, but not a big capital impact, I would say, in the quarter. As you said, the reserves on these are going to be positive for statutory purposes, so there will always be a reserve release. Yep, that's helpful. I totally acknowledge the reduction in risk. Sorry, was it something else? No. Okay. Just second question, I guess, moving to Unum U.S., just on expenses, and, you know, I think I asked about this last quarter, and you guys had hinted that maybe there is some potential operating leverage coming. Any thought on how you can improve the expense ratio going forward in Unum? I mean, we kind of think about it in the aggregate and kind of take it to the top of the house of the consolidated operating expense. I, you know, I think the comments that we made is our expectation for 2026 is going to be, you know, that's going to be relatively flat with maybe some improvement as we work our way through the year. We are driving productivity within the organization, which we think is important, but we're also investing back into what we're trying to do commercially. I think if, you know, if you want to look for this period in 2026, I think it'll be a pretty neutral story, all things being considered. Your next question from the line of Ryan Krueger with KBW. Your line is now open. Please go ahead. Hey, thanks. Morning. I had a question on the traditional group persistency improvement of about three points year-over-year. Can you talk about the, I guess, the dynamics that you think led to that, both from a market perspective and maybe anything Unum specific? Yeah. Thanks, Ryan. It's Chris. Persistency is really strong. We're thrilled with the, the beat we had with persistency and we do think it reflects very directly the investments we've made in capabilities. You know, we've got historical evidence that continues where there's a spread in persistency in terms of higher persistency where you've got either Unum HR Connect technology investments and/or Unum Total Leave, and we expect, you know, that trend to continue. Couple that, you know, with the fact that we talk about consistent and transparent discussions around price, you know, when things are going really well, we'll make sure we set the price on a go-forward basis in a way that reflects, you know, good value to us and fair value to the consumer. Employers appreciate that. It shows up in terms of persistency, and we can keep customers with a, you know, modest rate reduction going forward at very high margins. That's a good day. When you tie that to, you know, full bundle, lots of different products, lots of services that we provide, including, you know, fairly significant and from a volume perspective, intense things like managing leave, customers value what we do for them. We feel the persistency, you know, while not always going to hit the high that we had this quarter, it is going to be a real kind of key to growth in the future. Great. Thank you. Your next question from the line of Mark Hughes from Truist. Your line is now open. Please go ahead. Yeah, thank you. Flip side of that, I think, Supplemental and Voluntary persistency perhaps down a little bit, I think still within normal range. Any strategies to see similar improvement like you've seen in those core Group Disability, Life, and AD&D? Hey, you want me. Yeah. You want to take that? Go ahead. Yeah. Go ahead, Tim. Talk about the voluntary business. I would start with the wrapper, though. Yeah ... because, those things that Chris talked about are important overall in terms of the digital connections we have, et cetera. You know, our voluntary business does have a little bit lower persistency at the employee level. Tim, maybe you can talk a little bit about that. Yeah, Rick, that's right on. That's exactly where we experienced the pressure in the quarter. As we, as we continue to attach the voluntary benefits business on the Unum side to our leave program and to our platform partnerships with through HR Connect and Broker Connect and things of that nature, we're seeing improving persistency on the employer choice side. We had what I would describe as volatility in the first quarter on what we call member lapses, so policyholders who are either changing employers or, for whatever reason, dropping their coverage. The overwhelming majority of those are changing employers. We're taking a deeper look at that just to make sure that we are fully understanding it, and then we'll put together any actions that are necessary to bring that back. We think a big part of it was just some volatility in the quarter. I mean, I might just underscore Tim's point. It's a really good one. Those conversations when you're in talking holistically about human capital management platform and leave and the full portfolio, you know, we have the chance to talk about, you know, how to make sure that ongoing enrollments remain strong and we get persistency lift over time. Glad Tim led in with that. Appreciate that, thank you. The corporate outlook for the balance of the year, what do you expect, in terms of the corporate loss? Yeah, this is Steve. I would say mid-40s loss is probably about where I peg it. You know, it was a little bit light. The loss was, I think, a little bit light this quarter, but that would be probably where I would estimate it being going forward for the year. Your next question from the line of Pablo Singzon with JPM. Your line is now open. Please go ahead. Hi. Thank you. One more question on Unum International, where you referenced macro dynamics in the U.K. Was that related to inflation potentially picking up again, economic outlook or something to do with underlying risk experience that you had already commented on? Thanks. Mark, I don't know if you picked up the question, but it was talking about just the macro environment and if that's causing some of the benefits, and he specifically highlighted inflation. It's a little hard to hear. Yeah. Yeah, I mean, I think it's fair to say that the macroeconomic environment in the U.K. is not as strong as it has been for the last couple of years. We have some slightly higher inflation. The Bank of England has yet to respond with higher interest rates, and actually sent some very calming messages saying that it wasn't going to do that. There has been a little bit of a slowdown in, we saw in 2025 in the, in existing employers adding lives to schemes, but actually that picked up in quarter one 2026. At the moment, I would say I think there's a mood is a little bit lower, but not lots of sign that the economic activity is much lower. Yeah. The other thing that I'd add, Pablo, 'cause I think you maybe have a specific question about was the benefit ratio somehow influenced by some of our policies that are inflation-linked, and I would say that that's not a significant contributor this quarter. It's more just around the average size of some of the claims submissions. Yep. Thank you for that. Second question, US Supplemental. One, it was below the quarterly run rate you had provided before. I think it was $120-$130, and the loss ratio was at the high end of your range. Can you give us an updated outlook? Thank you. Yeah, you know, there's not really anything in there specific that I would say would be recurring. We still feel really good about kind of the quarterly outlook that we give for supplemental and voluntary. IDI claims were a little bit high for the quarter. We saw a little bit of volatility in voluntary benefits, nothing that we're looking to really continue as we proceed through the remainder of the year. Not really changing our viewpoint on ongoing earnings there. Your next question from the line of Tracy Benguigui with Wolfe Research. Your line is now open. Please go ahead. Thank you. Good morning. Most of my questions were asked, just one for me. I appreciate you clarifying that $100 million in reserves for the Group LTC case exists was not material enough to move the needle on capital. Just taking a step back, can you share what you need to see to reallocate some of your $2.2 billion of LTC protection into excess capital? Yeah. It's Steve. We feel really good about leaving the protections down in Fairwind right now. You know, we don't really have any other needs for that capital necessarily. We would have the ability to dividend some of that up to the holding company. As everybody knows, we have plenty of excess capital at the holding company to have flexibility to do what we need to do. Right now, we think the most prudent thing is to leave that protection down in Fairwind. That also possibly, you know, could support a transaction in the future. We just think it is good use of capital right now, Tracy. Thank you. Thanks. Your next question from the line of Mike Ward with UBS. Your line is now open. Please go ahead. Thanks for squeezing me in, guys. Just wanted to go back to the Paid Family Medical. I'm just wondering if you're able to kind of like help us size the actual underwriting, you know, business that you've gotten from the state leave management programs. Just 'cause it, you know, you've spoken about this for a couple of years, but I, you know, kind of understood it was like a fee-for-service kind of model. Yeah. Mike, it's Chris. Thanks for the question. When you talk about leave, there is an element that is fee-for-service, and that's, you know, somebody can have us outsource their corporate leaves and, you know, FMLA, which is the federal leave job protection component. Where the PFML that generally gets most of the discussion, and there are different flavors, is when a state has a mandatory plan, and they provide for a private option. We very much like to play in those spaces, we have an offering that will be compliant with the state requirements. We can incorporate that into the broader short-term disability and long-term disability play. It ties in with leave management in total, helping employers keep track of what their different employee populations are eligible for. 'Cause inside of one employer, obviously, you have multiple states frequently, and different rules apply to different people. Really it's the, it's the insured component of not just a paid leave associated with a medical claim the employee has, but also an event that a family member may have, where they need to take time away, and they also get insurance cover for that. Maybe to just size it's still less than 10% of our overall disability book. Normally, when one state comes on at a time, it doesn't have that much impact. I think this quarter as we referenced, we had two larger states that, excuse me, Minnesota being a little larger and Delaware, that showed up a little bit in the loss ratio. Also, new sales coming on can have an effect in a smaller quarter, like the first quarter, for when Maine comes on. In general, that's the element of PFML that we're talking about outside of the fee-for-service leave management business that you historically know. Okay, thanks. Is it like, are you seeing is it parental leave or is it more so that sort of family member that is ill that needs care? Is there anything that prevents that from becoming a long-term claim if it's a family member? Great question. Think about short-term disability, long has forever been maternity's been the most prominent claim in short-term disability. That now gets extended for the birth mother and also the paternity leave associated with it. A mother can go longer than historically, just you know, the element of giving birth and the time after birth. There, you know, frequently there are a set number of weeks that they're eligible to stay out. There is a paternity factor, which has become, you know, a very meaningful bonding element of Family Medical Leave that is real. There's also a cap on that. Same with family members. If you have a sick parent or a sick child or some reason you're taking time away from work, all of these things are capped. They're eligible to be used, but they very much have a tail. That's part of what we do for employers: is we actually keep track of how long somebody has been away from work, what they're eligible for, how long they can be paid. Then part of our job is to tell them when they've exhausted that cover. I think, Mike, the important thing is all of that can be priced for. That's right. That's how you respond to changes that might emerge in that book. It's very short tail, and the pricing cycle is very short as well. Our next question from the line of Wilma Burdis with Raymond James. Good morning. The lapses in Group LTC, can you just go into a little bit more detail? Was it one large account that left or was it a lot of small accounts? Maybe just kind of give us some visibility there. We're trying to evaluate just, you know, is the product just not as attractive as it once was. I know you mentioned that it is still attractive, but maybe just give us a little bit of color there. Was it just kind of one big account? Just help us think about how we should think about it going forward. Thanks. Yeah, Steve, I think, kind of a good articulation of it is we did have 7% of cases terminate, so it was definitely broad-based. It wasn't that there were, you know, a couple major accounts in there that terminated their plan. It was more broad-based. It's just based on, you know, kind of the value that an HR director views with their budget of how they spend their money. Many of these tend to be funded by the employer, that's just a decision that they're making as they think about the broader benefit package. Thank you. We haven't seen as many of your peers lean into buybacks to the extent that Unum did this quarter. Can you just talk about how you guys view that kind of tactical buybacks going forward? Thanks. When I, when we think about it, I appreciate that, Wilma. You know, it's very consistent with the things that we've talked about overall in terms of taking our overall generation and then with a similar amount of deployment, $1 billion over the course of the year was our plan, is our plan currently. We just saw the opportunity to actually buy more. We sit in excess capital, it was not challenging to make that decision. We were opportunistic in the market. I think one of the things we said, we want to be dynamic in that share repurchase. We showed that in the first quarter. We're not changing the longer-term outlook on that, but we want to make sure we're taking advantage of different things that we see in the market, and we did that in the first quarter. Very happy to retire 3% of our shares in the quarter, and we'll see what future quarters look like as well. We have reached the end of the Q&A session. I will now turn the call back over to Rick McKenney for closing remarks. Great. Thank you for joining us today. We do appreciate the engagement. We will be out there, upcoming opportunities to connect. We would note that our annual meeting will be held on May the 21st. You can all dial in for that as well, or send questions. Thanks for your time. Please do send Tim Arnold a note. I'm sure he would appreciate it. Congratulations to him. That concludes today's call. Thanks, everyone. This concludes today's call. Thank you for attending. You may now disconnect.

Speaker 9: Hello, everyone. Thank you for joining us, and welcome to Unum first quarter 2026 earnings. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Matt Royal, Investor Relations. Matt, please go ahead. Hello, everyone. hello everyone Thank you for joining us, and welcome to Unum first quarter 2026 earnings. thank you for joining us and welcome to unum first quarter 2026 earnings After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. after today's prepared remarks we will host a question and answer session. if you would like to ask a question, please press star one to raise your hand. to withdraw your question, press star one again I will now hand the conference over to Matt Royal, Investor Relations. i will now hand the conference over to matt royal investor relations Matt, please go ahead. matt please go ahead

Speaker 7: Thank you. Thank you, and good morning to everyone. Welcome to Unum Group's first quarter 2026 earnings call. Please note, today's call may include forward-looking statements, and actual results may differ materially, and we are not obligated to update any of these statements. Please refer to our earnings release and our periodic filings with the SEC for a description of factors that could cause actual results to differ from expected results. Yesterday afternoon, Unum released our earnings results and financial supplement for the first quarter of 2026. Materials are also available on the investors section of our website. Please note references made today to core operations sales and premium, including Unum International, are presented on a constant currency basis for improved comparability period to period. Participating in this morning's conference call are Unum's President and CEO, Rick McKenney, and Chief Financial Officer, Steve Zabel. Thank you. thank you Thank you, and good morning to everyone. thank you and good morning to everyone Welcome to Unum Group's first quarter 2026 earnings call. welcome to unum group's first quarter 2026 earnings call Please note, today's call may include forward-looking statements, and actual results may differ materially, and we are not obligated to update any of these statements. please note today's call may include forward-looking statements and actual results may differ materially and we are not obligated to update any of these statements Please refer to our earnings release and our periodic filings with the SEC for a description of factors that could cause actual results to differ from expected results. please refer to our earnings release and our periodic filings with the sec for a description of factors that could cause actual results to differ from expected results Yesterday afternoon, Unum released our earnings results and financial supplement for the first quarter of 2026. yesterday afternoon unum released our earnings results and financial supplement for the first quarter of 2026 Materials are also available on the investors section of our website. materials are also available on the investors section of our website Please note references made today to core operations sales and premium, including Unum International, are presented on a constant currency basis for improved comparability period to period. please note references made today to core operations sales and premium including unum international are presented on a constant currency basis for improved comparability period to period Participating in this morning's conference call are Unum's President and CEO, Rick McKenney, and Chief Financial Officer, Steve Zabel. participating in this morning's conference call are unum's president and ceo rick mckenney and chief financial officer steve zabel Following remarks from Rick and Steve, additional members of management will join and participate in Q&A, including Tim Arnold, who heads our Colonial Life and Voluntary Benefits lines, Chris Hilgert for Group Benefits, and Mark Till, who heads our Unum International business. Now let me turn the call over to our President and CEO, Rick McKenney. Following remarks from Rick and Steve, additional members of management will join and participate in Q&A, including Tim Arnold, who heads our Colonial Life and Voluntary Benefits lines, Chris Hilgert for Group Benefits, and Mark Till, who heads our Unum International business. following remarks from rick and steve additional members of management will join and participate in q&a including tim arnold who heads our colonial life and voluntary benefits lines chris hilgert for group benefits and mark till who heads our unum international business Now let me turn the call over to our President and CEO, Rick McKenney. now let me turn the call over to our president and ceo rick mckenney

Speaker 11: Great. Thank you, Matt. Good morning, and thank you for joining us. We are very pleased with a solid and encouraging start to 2026. It is one that reflects strong execution across the business for both the top and bottom line, greater capital deployment, and continued progress in management of our Closed Block. Core operations performed well with earned premium growth of over 5% adjusting for the transactions. After tax adjusted operating earnings of $353 million and after tax adjusted operating EPS of $2.14 is up nearly 10% from a year ago. Leading the way, our U.S. group business had a standout quarter with sales up 22% and persistency strong at 92%. Combined, this drove premiums up approximately 5% specific to our group lines. Great. great Thank you, Matt. thank you matt Good morning, and thank you for joining us. good morning and thank you for joining us We are very pleased with a solid and encouraging start to 2026. we are very pleased with a solid and encouraging start to 2026 It is one that reflects strong execution across the business for both the top and bottom line, greater capital deployment, and continued progress in management of our Closed Block. it is one that reflects strong execution across the business for both the top and bottom line greater capital deployment and continued progress in management of our closed block Core operations performed well with earned premium growth of over 5% adjusting for the transactions. core operations performed well with earned premium growth of over 5% adjusting for the transactions After tax adjusted operating earnings of $353 million and after tax adjusted operating EPS of $2.14 is up nearly 10% from a year ago. after tax adjusted operating earnings of $353 million and after tax adjusted operating eps of $2.14 is up nearly 10% from a year ago Leading the way, our U.S. group business had a standout quarter with sales up 22% and persistency strong at 92%. leading the way our u.s group business had a standout quarter with sales up 22% and persistency strong at 92% Combined, this drove premiums up approximately 5% specific to our group lines. combined this drove premiums up approximately 5% specific to our group lines The top line also translated to the bottom line as we saw record earnings in Group Life, bringing total U.S. group earnings to over $220 million and with a very high ROE. Within the group portfolio this quarter, it was clearly the Group Life business which outperformed. Not to be overshadowed, our Group Disability business showed consistent strength with high returns and good long-term disability fundamentals. As we pay careful attention to pricing and risk selection at the employer level for new and existing customers, our team continues to do an excellent job helping people get back to work and fulfill our purpose. These results reinforce what has long been true for us. We have built our business on disciplined pricing and underwriting, strong customer relationship management, which is key to high persistency, and continued focused investments in capabilities that differentiate Unum in markets. The top line also translated to the bottom line as we saw record earnings in Group Life, bringing total U.S. group earnings to over $220 million and with a very high ROE. the top line also translated to the bottom line as we saw record earnings in group life bringing total u.s group earnings to over $220 million and with a very high roe Within the group portfolio this quarter, it was clearly the Group Life business which outperformed. within the group portfolio this quarter it was clearly the group life business which outperformed Not to be overshadowed, our Group Disability business showed consistent strength with high returns and good long-term disability fundamentals. not to be overshadowed our group disability business showed consistent strength with high returns and good long-term disability fundamentals As we pay careful attention to pricing and risk selection at the employer level for new and existing customers, our team continues to do an excellent job helping people get back to work and fulfill our purpose. as we pay careful attention to pricing and risk selection at the employer level for new and existing customers our team continues to do an excellent job helping people get back to work and fulfill our purpose These results reinforce what has long been true for us. these results reinforce what has long been true for us We have built our business on disciplined pricing and underwriting, strong customer relationship management, which is key to high persistency, and continued focused investments in capabilities that differentiate Unum in markets. we have built our business on disciplined pricing and underwriting strong customer relationship management which is key to high persistency and continued focused investments in capabilities that differentiate unum in markets It is particularly important where technology and human support come together at moments that matter most. It is also another quarter in which we delivered on the consistency and execution that our customers and shareholders expect from us. To achieve this, we have been deliberately investing in technology-enabled solutions that help us win, retain, and grow business by making it easier for employers and their employees to engage with their benefits. This is evident in this quarter's results with the success we're having in providing solutions and services that resonate with our customers. In recent years, employers have placed increasing importance on managing employees' leaves. The expansion of state Family and Medical Leave programs has provided another avenue to leverage our leave management leadership position and reach more people. It is particularly important where technology and human support come together at moments that matter most. it is particularly important where technology and human support come together at moments that matter most It is also another quarter in which we delivered on the consistency and execution that our customers and shareholders expect from us. it is also another quarter in which we delivered on the consistency and execution that our customers and shareholders expect from us To achieve this, we have been deliberately investing in technology-enabled solutions that help us win, retain, and grow business by making it easier for employers and their employees to engage with their benefits. to achieve this we have been deliberately investing in technology-enabled solutions that help us win retain and grow business by making it easier for employers and their employees to engage with their benefits This is evident in this quarter's results with the success we're having in providing solutions and services that resonate with our customers. this is evident in this quarter's results with the success we're having in providing solutions and services that resonate with our customers In recent years, employers have placed increasing importance on managing employees' leaves. in recent years employers have placed increasing importance on managing employees' leaves The expansion of state Family and Medical Leave programs has provided another avenue to leverage our leave management leadership position and reach more people. the expansion of state family and medical leave programs has provided another avenue to leverage our leave management leadership position and reach more people Our digital-first Unum Total Leave platform, combined with our traditional insurance products and technologies, such as Unum HR Connect, delivers a best-in-class experience to our clients, which in turn contributes to the high levels of satisfaction and persistency exemplified this quarter. Extending from our leading group businesses is a very successful and broad-reaching supplemental and voluntary product business. These lines of business saw a 20% sales growth in the quarter. We see employers looking at the broader benefits package more often as these products leverage the same digital tools, and employers know they can depend on Unum across their benefit needs. Taking our Unum U.S. in totality, we delivered strong before-tax earnings of $338 million and an ROE of 25% in the quarter. At Colonial Life, momentum continues to build. Our digital-first Unum Total Leave platform, combined with our traditional insurance products and technologies, such as Unum HR Connect, delivers a best-in-class experience to our clients, which in turn contributes to the high levels of satisfaction and persistency exemplified this quarter. our digital-first unum total leave platform combined with our traditional insurance products and technologies such as unum hr connect delivers a best-in-class experience to our clients which in turn contributes to the high levels of satisfaction and persistency exemplified this quarter Extending from our leading group businesses is a very successful and broad-reaching supplemental and voluntary product business. extending from our leading group businesses is a very successful and broad-reaching supplemental and voluntary product business These lines of business saw a 20% sales growth in the quarter. these lines of business saw a 20% sales growth in the quarter We see employers looking at the broader benefits package more often as these products leverage the same digital tools, and employers know they can depend on Unum across their benefit needs. we see employers looking at the broader benefits package more often as these products leverage the same digital tools and employers know they can depend on unum across their benefit needs Taking our Unum U.S. in totality, we delivered strong before-tax earnings of $338 million and an ROE of 25% in the quarter. taking our unum u.s in totality we delivered strong before-tax earnings of $338 million and an roe of 25% in the quarter At Colonial Life, momentum continues to build. at colonial life momentum continues to build The business delivered a record earnings quarter supported by premium growth in line with expectations, attractive returns, and continued benefit from disciplined execution and strong relationships in the work site market. Colonial Life is an important component of our reach, and able to get to employers of different sizes that are looking for high-quality solutions to help take care of their employees. Looking internationally, after significant growth on top and bottom line over the last several years, Unum International produced mixed results this quarter. Strong performance in Poland, where growth continues at an exceptional pace, was offset by benefits pressure in the U.K. Our market position and know-how gives us confidence that we can actively address macro market dynamics, and we are excited about the long-term value growth and contribution of our international businesses. Overall, core operations are in excellent shape heading into the rest of the year. The business delivered a record earnings quarter supported by premium growth in line with expectations, attractive returns, and continued benefit from disciplined execution and strong relationships in the work site market. the business delivered a record earnings quarter supported by premium growth in line with expectations attractive returns and continued benefit from disciplined execution and strong relationships in the work site market Colonial Life is an important component of our reach, and able to get to employers of different sizes that are looking for high-quality solutions to help take care of their employees. colonial life is an important component of our reach and able to get to employers of different sizes that are looking for high-quality solutions to help take care of their employees Looking internationally, after significant growth on top and bottom line over the last several years, Unum International produced mixed results this quarter. Strong performance in Poland, where growth continues at an exceptional pace, was offset by benefits pressure in the U.K. looking internationally after significant growth on top and bottom line over the last several years unum international produced mixed results this quarter. strong performance in poland where growth continues at an exceptional pace was offset by benefits pressure in the u.k Our market position and know-how gives us confidence that we can actively address macro market dynamics, and we are excited about the long-term value growth and contribution of our international businesses. our market position and know-how gives us confidence that we can actively address macro market dynamics and we are excited about the long-term value growth and contribution of our international businesses Overall, core operations are in excellent shape heading into the rest of the year. overall core operations are in excellent shape heading into the rest of the year As we refine how we present and focus our earnings on an ongoing basis, we'll also continue to provide transparency into our closed block. This remains an area of active and deliberate management. Importantly, results this quarter reflect tangible progress in reducing both the size and the risk profile of the block. As we announced late last year, we discontinued new employee coverage on existing group cases. The response was well-received by clients, particularly among employers who had not recently evaluated the cost and value to their employees of this legacy offering within their broader employee benefits package. Because this product was last marketed in 2012 and provides benefits well beyond an employee's working years, our engagement this quarter led some employers to voluntarily cease their coverage. As a result, 7% of all group LTC cases closed during the first quarter, meaningfully reducing our exposure. As we refine how we present and focus our earnings on an ongoing basis, we'll also continue to provide transparency into our closed block. as we refine how we present and focus our earnings on an ongoing basis we'll also continue to provide transparency into our closed block This remains an area of active and deliberate management. this remains an area of active and deliberate management Importantly, results this quarter reflect tangible progress in reducing both the size and the risk profile of the block. importantly results this quarter reflect tangible progress in reducing both the size and the risk profile of the block As we announced late last year, we discontinued new employee coverage on existing group cases. as we announced late last year we discontinued new employee coverage on existing group cases The response was well-received by clients, particularly among employers who had not recently evaluated the cost and value to their employees of this legacy offering within their broader employee benefits package. the response was well-received by clients particularly among employers who had not recently evaluated the cost and value to their employees of this legacy offering within their broader employee benefits package Because this product was last marketed in 2012 and provides benefits well beyond an employee's working years, our engagement this quarter led some employers to voluntarily cease their coverage. because this product was last marketed in 2012 and provides benefits well beyond an employee's working years our engagement this quarter led some employers to voluntarily cease their coverage As a result, 7% of all group LTC cases closed during the first quarter, meaningfully reducing our exposure. as a result 7% of all group ltc cases closed during the first quarter meaningfully reducing our exposure Importantly, this reduction in footprint was achieved with clarity and transparency for our clients. As our customers' evaluation continues, we expect additional case closures going forward. Beyond that, our Fairwind protection remains at a robust $2.2 billion. The external reinsurance transaction we completed last year continues to perform well, and the elimination of new employee tail risk is fully in place. We continue to evaluate a broad set of options to further mitigate LTC exposure, including risk transfer, and we are encouraged by our progress and the opportunities ahead. The actions we are taking are methodical, deliberate, and effective. Each step improves the risk profile and allows us to keep our focus where it belongs, growing and strengthening our core business. Turning to the balance sheet, our portfolio continues to perform well in the current environment and remains solidly investment grade. Importantly, this reduction in footprint was achieved with clarity and transparency for our clients. importantly this reduction in footprint was achieved with clarity and transparency for our clients As our customers' evaluation continues, we expect additional case closures going forward. as our customers' evaluation continues we expect additional case closures going forward Beyond that, our Fairwind protection remains at a robust $2.2 billion. beyond that our fairwind protection remains at a robust $2.2 billion The external reinsurance transaction we completed last year continues to perform well, and the elimination of new employee tail risk is fully in place. the external reinsurance transaction we completed last year continues to perform well and the elimination of new employee tail risk is fully in place We continue to evaluate a broad set of options to further mitigate LTC exposure, including risk transfer, and we are encouraged by our progress and the opportunities ahead. we continue to evaluate a broad set of options to further mitigate ltc exposure including risk transfer and we are encouraged by our progress and the opportunities ahead The actions we are taking are methodical, deliberate, and effective. the actions we are taking are methodical deliberate and effective Each step improves the risk profile and allows us to keep our focus where it belongs, growing and strengthening our core business. each step improves the risk profile and allows us to keep our focus where it belongs growing and strengthening our core business Turning to the balance sheet, our portfolio continues to perform well in the current environment and remains solidly investment grade. turning to the balance sheet our portfolio continues to perform well in the current environment and remains solidly investment grade Our team has done a good job over the last several years increasing our overall credit quality at a time when you weren't getting appropriately paid for the inherent credit risk. Additionally, our capital position remains very strong with RBC at 460%, which is over 100 points above our target range, and holding company liquidity is strong at approximately $1.7 billion. With solid capital generation, we remain committed to our capital deployment framework, investing in our business for growth, both organically and inorganically, and then returning capital to our shareholders through dividends and share repurchases. Our outlook calls for the redeployment of roughly $1.3 billion, which is roughly what we generate in a year. Our team has done a good job over the last several years increasing our overall credit quality at a time when you weren't getting appropriately paid for the inherent credit risk. our team has done a good job over the last several years increasing our overall credit quality at a time when you weren't getting appropriately paid for the inherent credit risk Additionally, our capital position remains very strong with RBC at 460%, which is over 100 points above our target range, and holding company liquidity is strong at approximately $1.7 billion. additionally, our capital position remains very strong with rbc at 460% which is over 100 points above our target range and holding company liquidity is strong at approximately $1.7 billion With solid capital generation, we remain committed to our capital deployment framework, investing in our business for growth, both organically and inorganically, and then returning capital to our shareholders through dividends and share repurchases. with solid capital generation we remain committed to our capital deployment framework investing in our business for growth both organically and inorganically and then returning capital to our shareholders through dividends and share repurchases Our outlook calls for the redeployment of roughly $1.3 billion, which is roughly what we generate in a year. our outlook calls for the redeployment of roughly $1.3 billion which is roughly what we generate in a year During the first quarter, we repurchased approximately $400 million of shares, taking advantage of attractive prices to accelerate a portion of our planned repurchase. This reduced our public float by approximately 3% in one quarter. After paying out $78 million in dividends in the first quarter, we will also look to increase our dividend rate in the coming months heading into our annual meeting. Our delivery of investing in growth and deployment plans are intact. Looking ahead, we remain confident in our 2026 outlook, which consists of delivering 4%-7% top-line growth, 8%-12% EPS growth, attractive returns on equity in our core operations, and continued strong capital generation and deployment. The environment remains supportive. Our sales pipelines are building as we move through the year. During the first quarter, we repurchased approximately $400 million of shares, taking advantage of attractive prices to accelerate a portion of our planned repurchase. during the first quarter we repurchased approximately $400 million of shares taking advantage of attractive prices to accelerate a portion of our planned repurchase This reduced our public float by approximately 3% in one quarter. this reduced our public float by approximately 3% in one quarter After paying out $78 million in dividends in the first quarter, we will also look to increase our dividend rate in the coming months heading into our annual meeting. after paying out $78 million in dividends in the first quarter we will also look to increase our dividend rate in the coming months heading into our annual meeting Our delivery of investing in growth and deployment plans are intact. our delivery of investing in growth and deployment plans are intact Looking ahead, we remain confident in our 2026 outlook, which consists of delivering 4%-7% top-line growth, 8%-12% EPS growth, attractive returns on equity in our core operations, and continued strong capital generation and deployment. looking ahead we remain confident in our 2026 outlook which consists of delivering 4%-7% top-line growth 8%-12% eps growth attractive returns on equity in our core operations and continued strong capital generation and deployment The environment remains supportive. the environment remains supportive Our sales pipelines are building as we move through the year. our sales pipelines are building as we move through the year Digital connections with our customers continue to deepen, and our teams remain intensely focused on execution. Most importantly, our purpose of helping the working world thrive throughout life's moments continues to guide our teams, our growth, and our culture over the long term. This year, we were pleased to be named one of the world's most ethical companies for the sixth straight year. This all comes together to generate the results of today and the long-term value creation we are building for customers, employers, and shareholders. I'm happy now to turn the call over to Steve to walk through the numbers in more detail. Steve? Digital connections with our customers continue to deepen, and our teams remain intensely focused on execution. digital connections with our customers continue to deepen and our teams remain intensely focused on execution Most importantly, our purpose of helping the working world thrive throughout life's moments continues to guide our teams, our growth, and our culture over the long term. most importantly our purpose of helping the working world thrive throughout life's moments continues to guide our teams our growth and our culture over the long term This year, we were pleased to be named one of the world's most ethical companies for the sixth straight year. this year we were pleased to be named one of the world's most ethical companies for the sixth straight year This all comes together to generate the results of today and the long-term value creation we are building for customers, employers, and shareholders. this all comes together to generate the results of today and the long-term value creation we are building for customers employers and shareholders I'm happy now to turn the call over to Steve to walk through the numbers in more detail. i'm happy now to turn the call over to steve to walk through the numbers in more detail Steve? steve

Speaker 13: Great. Thank you, Rick, good morning, everyone. The first quarter of 2026 was a strong start to the year with many of the expectations we laid out at our outlook meeting emerging across our businesses, resulting in after-tax adjusted operating income per share of $2.14. Notably, Group Life and AD&D, along with Colonial Life, had record levels of earnings, and Group Disability met our expectations. Alongside the strong margins we saw, top-line trends were ahead of our expectations with sales growth of 14.4% through persistency increasing 2.7% year-over-year to 92% and core premium growth of 3.9%. While premium growth is slightly below our 4%-7% full year expectation, we had expected this to accelerate and build throughout the year. Great. great Thank you, Rick, good morning, everyone. thank you rick good morning everyone The first quarter of 2026 was a strong start to the year with many of the expectations we laid out at our outlook meeting emerging across our businesses, resulting in after-tax adjusted operating income per share of $2.14. the first quarter of 2026 was a strong start to the year with many of the expectations we laid out at our outlook meeting emerging across our businesses resulting in after-tax adjusted operating income per share of $2.14 Notably, Group Life and AD&D, along with Colonial Life, had record levels of earnings, and Group Disability met our expectations. notably group life and ad&d along with colonial life had record levels of earnings and group disability met our expectations Alongside the strong margins we saw, top-line trends were ahead of our expectations with sales growth of 14.4% through persistency increasing 2.7% year-over-year to 92% and core premium growth of 3.9%. alongside the strong margins we saw top-line trends were ahead of our expectations with sales growth of 14.4% through persistency increasing 2.7% year-over-year to 92% and core premium growth of 3.9% While premium growth is slightly below our 4%-7% full year expectation, we had expected this to accelerate and build throughout the year. while premium growth is slightly below our 4%-7% full year expectation we had expected this to accelerate and build throughout the year Adjusting for the runoff of the stop-loss business and the transactions executed last year, core premium growth would have been just over 5%. Before moving on to our segment results, I will remind you that this is the first quarter reporting under our new definition of after-tax adjusted operating earnings, which excludes the closed block. While the closed block's earnings are no longer represented in our headline adjusted after-tax operating income, I will spend some time later in the call to talk about key trends in that business. Diving into our quarterly operating results across the segments, the Unum US segment produced adjusted operating income of $337.9 million in the first quarter of 2026, compared to $329.1 million in the first quarter of 2025. Adjusting for the runoff of the stop-loss business and the transactions executed last year, core premium growth would have been just over 5%. adjusting for the runoff of the stop-loss business and the transactions executed last year core premium growth would have been just over 5% Before moving on to our segment results, I will remind you that this is the first quarter reporting under our new definition of after-tax adjusted operating earnings, which excludes the closed block. before moving on to our segment results i will remind you that this is the first quarter reporting under our new definition of after-tax adjusted operating earnings which excludes the closed block While the closed block's earnings are no longer represented in our headline adjusted after-tax operating income, I will spend some time later in the call to talk about key trends in that business. Diving into our quarterly operating results across the segments, the Unum US segment produced adjusted operating income of $337.9 million in the first quarter of 2026, compared to $329.1 million in the first quarter of 2025. while the closed block's earnings are no longer represented in our headline adjusted after-tax operating income i will spend some time later in the call to talk about key trends in that business. diving into our quarterly operating results across the segments the unum us segment produced adjusted operating income of $337.9 million in the first quarter of 2026 compared to $329.1 million in the first quarter of 2025 Group Disability adjusted operating earnings of $106.6 million in the first quarter of 2026 reflect a benefit ratio of 63.7% compared to 61.8% in the year-ago period, and an improvement from 64.2% in the fourth quarter of last year. Overall, long-term disability results are consistent with the assumptions embedded in the models that underpinned our guidance last quarter and reflect continued progress as the line continues to normalize. With that said, the quarter did include higher incidence in the short-term disability product line compared to the same period a year ago. Specifically, paid family and medical leave experience was somewhat elevated in newer PFML states and modestly pressured in existing jurisdictions, reflecting continued investment in the attractive leave opportunity discussed earlier. Group Disability adjusted operating earnings of $106.6 million in the first quarter of 2026 reflect a benefit ratio of 63.7% compared to 61.8% in the year-ago period, and an improvement from 64.2% in the fourth quarter of last year. group disability adjusted operating earnings of $106.6 million in the first quarter of 2026 reflect a benefit ratio of 63.7% compared to 61.8% in the year-ago period and an improvement from 64.2% in the fourth quarter of last year Overall, long-term disability results are consistent with the assumptions embedded in the models that underpinned our guidance last quarter and reflect continued progress as the line continues to normalize. overall long-term disability results are consistent with the assumptions embedded in the models that underpinned our guidance last quarter and reflect continued progress as the line continues to normalize With that said, the quarter did include higher incidence in the short-term disability product line compared to the same period a year ago. with that said the quarter did include higher incidence in the short-term disability product line compared to the same period a year ago Specifically, paid family and medical leave experience was somewhat elevated in newer PFML states and modestly pressured in existing jurisdictions, reflecting continued investment in the attractive leave opportunity discussed earlier. specifically paid family and medical leave experience was somewhat elevated in newer pfml states and modestly pressured in existing jurisdictions reflecting continued investment in the attractive leave opportunity discussed earlier As PFML remains a maturing market, our standard one-year rate guarantees provide flexibility to respond quickly. Excluding PFML, Group Disability experience was solid and within expectations, supported by stable incidents, strong recoveries, and a rational pricing environment. Results for Unum U.S. Group Life and AD&D include adjusted operating income of $115.1 million for the first quarter of 2026, compared to $69.2 million in the same period a year ago. The benefit ratio decreased to 61.8% compared to 69.3% in the first quarter of 2025, driven by lower incidents. This result was extremely favorable compared to our outlook of 70%. We've now seen multiple years of better-than-expected results, averaging in the mid-to-high 60s. We believe that this moderate level of outperformance could continue to persist. As PFML remains a maturing market, our standard one-year rate guarantees provide flexibility to respond quickly. as pfml remains a maturing market our standard one-year rate guarantees provide flexibility to respond quickly Excluding PFML, Group Disability experience was solid and within expectations, supported by stable incidents, strong recoveries, and a rational pricing environment. excluding pfml group disability experience was solid and within expectations supported by stable incidents strong recoveries and a rational pricing environment Results for Unum U.S. results for unum u.s Group Life and AD&D include adjusted operating income of $115.1 million for the first quarter of 2026, compared to $69.2 million in the same period a year ago. group life and ad&d include adjusted operating income of $115.1 million for the first quarter of 2026 compared to $69.2 million in the same period a year ago The benefit ratio decreased to 61.8% compared to 69.3% in the first quarter of 2025, driven by lower incidents. the benefit ratio decreased to 61.8% compared to 69.3% in the first quarter of 2025 driven by lower incidents This result was extremely favorable compared to our outlook of 70%. this result was extremely favorable compared to our outlook of 70% We've now seen multiple years of better-than-expected results, averaging in the mid-to-high 60s. we've now seen multiple years of better-than-expected results averaging in the mid-to-high 60s We believe that this moderate level of outperformance could continue to persist. we believe that this moderate level of outperformance could continue to persist Adjusted operating earnings for the Unum U.S. supplemental and voluntary lines were $116.2 million in the first quarter, a decrease from $140.7 million in the first quarter of 2025. The decline in earnings was driven in part by last year's long-term care transaction, which ceded a portion of our IDI business, but also by unfavorable underlying experience in that line. Turning to premium and sales, our top-line trends remain healthy. Unum U.S. Premium grew 3.3% with support from high levels of persistency. Excluding the impact from the runoff of the stop-loss business and our transaction last year, Unum U.S. premium grew just over 5% year-over-year. Our pipeline for future growth remains strong. Adjusted operating earnings for the Unum U.S. supplemental and voluntary lines were $116.2 million in the first quarter, a decrease from $140.7 million in the first quarter of 2025. adjusted operating earnings for the unum u.s supplemental and voluntary lines were $116.2 million in the first quarter a decrease from $140.7 million in the first quarter of 2025 The decline in earnings was driven in part by last year's long-term care transaction, which ceded a portion of our IDI business, but also by unfavorable underlying experience in that line. the decline in earnings was driven in part by last year's long-term care transaction which ceded a portion of our idi business but also by unfavorable underlying experience in that line Turning to premium and sales, our top-line trends remain healthy. turning to premium and sales our top-line trends remain healthy Unum U.S. unum u.s Premium grew 3.3% with support from high levels of persistency. premium grew 3.3% with support from high levels of persistency Excluding the impact from the runoff of the stop-loss business and our transaction last year, Unum U.S. premium grew just over 5% year-over-year. excluding the impact from the runoff of the stop-loss business and our transaction last year unum u.s premium grew just over 5% year-over-year Our pipeline for future growth remains strong. our pipeline for future growth remains strong Unum U.S. quarterly sales were $335.1 million compared to $277.5 million in the first quarter of 2025. Total group persistency of 92% increased sequentially from the fourth quarter and from the same period last year, reflecting the enduring relationships we are able to create with our customers. Moving to Unum International, adjusted operating income for the first quarter was $30.9 million compared to $38.7 million in the first quarter of 2025, and below our outlook for earnings in the low $40 million range. The International segment's benefit ratio was 71% compared to 66.5% in the year ago period, driven by unfavorable experience in the U.K. business. Unum U.S. quarterly sales were $335.1 million compared to $277.5 million in the first quarter of 2025. unum u.s quarterly sales were $335.1 million compared to $277.5 million in the first quarter of 2025 Total group persistency of 92% increased sequentially from the fourth quarter and from the same period last year, reflecting the enduring relationships we are able to create with our customers. total group persistency of 92% increased sequentially from the fourth quarter and from the same period last year reflecting the enduring relationships we are able to create with our customers Moving to Unum International, adjusted operating income for the first quarter was $30.9 million compared to $38.7 million in the first quarter of 2025, and below our outlook for earnings in the low $40 million range. moving to unum international adjusted operating income for the first quarter was $30.9 million compared to $38.7 million in the first quarter of 2025 and below our outlook for earnings in the low $40 million range The International segment's benefit ratio was 71% compared to 66.5% in the year ago period, driven by unfavorable experience in the U.K. business. the international segment's benefit ratio was 71% compared to 66.5% in the year ago period driven by unfavorable experience in the u.k business Adjusted operating income for the Unum U.K. business was GBP 20.4 million in the first quarter compared to GBP 29.5 million in the first quarter of 2025. The results reflect underlying claims performance, including a benefit ratio of 72.9% compared to 76.1% a year ago. The change in benefit ratio was primarily due to larger average claim size in our group long-term disability business in 2026. International premiums continue to show growth, increasing 8.1%, are supported by healthy persistency levels and sales growth of 5.5%. Premium growth was broad-based, with U.K. premium growing 6.5% and Poland premium growing 15.2%. Adjusted operating income for the Unum U.K. business was GBP 20.4 million in the first quarter compared to GBP 29.5 million in the first quarter of 2025. adjusted operating income for the unum u.k business was gbp 20.4 million in the first quarter compared to gbp 29.5 million in the first quarter of 2025 The results reflect underlying claims performance, including a benefit ratio of 72.9% compared to 76.1% a year ago. the results reflect underlying claims performance including a benefit ratio of 72.9% compared to 76.1% a year ago The change in benefit ratio was primarily due to larger average claim size in our group long-term disability business in 2026. the change in benefit ratio was primarily due to larger average claim size in our group long-term disability business in 2026 International premiums continue to show growth, increasing 8.1%, are supported by healthy persistency levels and sales growth of 5.5%. international premiums continue to show growth increasing 8.1% are supported by healthy persistency levels and sales growth of 5.5% Premium growth was broad-based, with U.K. premium growing 6.5% and Poland premium growing 15.2%. premium growth was broad-based with u.k premium growing 6.5% and poland premium growing 15.2% Next, adjusted operating income for the Colonial Life segment of $127.8 million in the first quarter was a record, and increased from $115.7 million in the first quarter of 2025, driven by strong benefits experience and underlying premium growth. The benefit ratio of 46% compared to 47.7% in the year ago period and was better than our expectation of the range of 48%-50%. Premium income of $472.7 million compared to $457.3 million in the first quarter of 2025 and was driven by strong sales in the prior year and stable persistency. Sales in the first quarter of $106.3 million were up slightly from the prior year. Next, adjusted operating income for the Colonial Life segment of $127.8 million in the first quarter was a record, and increased from $115.7 million in the first quarter of 2025, driven by strong benefits experience and underlying premium growth. next, adjusted operating income for the colonial life segment of $127.8 million in the first quarter was a record and increased from $115.7 million in the first quarter of 2025 driven by strong benefits experience and underlying premium growth The benefit ratio of 46% compared to 47.7% in the year ago period and was better than our expectation of the range of 48%-50%. the benefit ratio of 46% compared to 47.7% in the year ago period and was better than our expectation of the range of 48%-50% Premium income of $472.7 million compared to $457.3 million in the first quarter of 2025 and was driven by strong sales in the prior year and stable persistency. premium income of $472.7 million compared to $457.3 million in the first quarter of 2025 and was driven by strong sales in the prior year and stable persistency Sales in the first quarter of $106.3 million were up slightly from the prior year. sales in the first quarter of $106.3 million were up slightly from the prior year Colonial Life produced strong returns, including ROE of 19.2%. I will now provide an update on the closed block, focusing less on the earnings results and more on key business trends and balance sheet health. Long-Term Care's results this quarter were largely influenced by employers' decisions to cease coverage following the discontinuation of new employee enrollments on existing GLTC cases. That we announced in the third quarter of last year, and that was effective in February of 2026. As a result of these decisions, we saw elevated GAAP accounting volatility from these closed cases, which is acutely seen in the headline segment earnings result. Despite the margin in these closed cases, which reduced current period GAAP earnings, we are very pleased to reduce the associated exposure and tail risk in the block. Colonial Life produced strong returns, including ROE of 19.2%. colonial life produced strong returns including roe of 19.2% I will now provide an update on the closed block, focusing less on the earnings results and more on key business trends and balance sheet health. i will now provide an update on the closed block focusing less on the earnings results and more on key business trends and balance sheet health Long-Term Care's results this quarter were largely influenced by employers' decisions to cease coverage following the discontinuation of new employee enrollments on existing GLTC cases. That we announced in the third quarter of last year, and that was effective in February of 2026. long-term care's results this quarter were largely influenced by employers' decisions to cease coverage following the discontinuation of new employee enrollments on existing gltc cases. that we announced in the third quarter of last year and that was effective in february of 2026 As a result of these decisions, we saw elevated GAAP accounting volatility from these closed cases, which is acutely seen in the headline segment earnings result. as a result of these decisions we saw elevated gaap accounting volatility from these closed cases which is acutely seen in the headline segment earnings result Despite the margin in these closed cases, which reduced current period GAAP earnings, we are very pleased to reduce the associated exposure and tail risk in the block. despite the margin in these closed cases which reduced current period gaap earnings we are very pleased to reduce the associated exposure and tail risk in the block In addition, first quarter results included amortization of reinsurance costs related to the LTC reinsurance transaction that closed in July of 2025, which did not impact the year ago period. Outside of these impacts, underlying experience trends remain in line with expectations. Combined with the underlying benefits experience, the NPR increased 10 basis points to 97.6% on a sequential basis. Other key considerations for monitoring the block's health include our Fairwind protection remaining stable at approximately $2.2 billion and continued success with our premium rate increase program with our achievement rate sitting at approximately 15% for our current program. Lastly, for the closed block, our alternative investment portfolio, which mainly supports LTC, had an annualized yield of 6.7% in the quarter, below our long term expectation of 8%-10%. In addition, first quarter results included amortization of reinsurance costs related to the LTC reinsurance transaction that closed in July of 2025, which did not impact the year ago period. in addition first quarter results included amortization of reinsurance costs related to the ltc reinsurance transaction that closed in july of 2025 which did not impact the year ago period Outside of these impacts, underlying experience trends remain in line with expectations. outside of these impacts underlying experience trends remain in line with expectations Combined with the underlying benefits experience, the NPR increased 10 basis points to 97.6% on a sequential basis. combined with the underlying benefits experience the npr increased 10 basis points to 97.6% on a sequential basis Other key considerations for monitoring the block's health include our Fairwind protection remaining stable at approximately $2.2 billion and continued success with our premium rate increase program with our achievement rate sitting at approximately 15% for our current program. other key considerations for monitoring the block's health include our fairwind protection remaining stable at approximately $2.2 billion and continued success with our premium rate increase program with our achievement rate sitting at approximately 15% for our current program Lastly, for the closed block, our alternative investment portfolio, which mainly supports LTC, had an annualized yield of 6.7% in the quarter, below our long term expectation of 8%-10%. lastly for the closed block our alternative investment portfolio which mainly supports ltc had an annualized yield of 6.7% in the quarter below our long term expectation of 8%-10% We typically see seasonality in first quarter marks due to the timing of receiving year-end statements, therefore remain confident in the construction and resiliency of this portfolio. I'll end by covering our capital position. In the quarter, capital metrics across the board remain robust. Holding company liquidity stood at $1.7 billion and traditional RBC at 460%, both above our long-term targets and consistent with our expectations. These levels keep us on track to achieve our full-year outlook of 400%-425% RBC and $2 billion-$2.5 billion of holding company liquidity. We typically see seasonality in first quarter marks due to the timing of receiving year-end statements, therefore remain confident in the construction and resiliency of this portfolio. we typically see seasonality in first quarter marks due to the timing of receiving year-end statements therefore remain confident in the construction and resiliency of this portfolio I'll end by covering our capital position. i'll end by covering our capital position In the quarter, capital metrics across the board remain robust. in the quarter capital metrics across the board remain robust Holding company liquidity stood at $1.7 billion and traditional RBC at 460%, both above our long-term targets and consistent with our expectations. holding company liquidity stood at $1.7 billion and traditional rbc at 460% both above our long-term targets and consistent with our expectations These levels keep us on track to achieve our full-year outlook of 400%-425% RBC and $2 billion-$2.5 billion of holding company liquidity. these levels keep us on track to achieve our full-year outlook of 400%-425% rbc and $2 billion-$2.5 billion of holding company liquidity Our robust capital position is supported by statutory after tax operating income of $314 million in the first quarter, positioning us for our full-year expectation of $1.4 billion-$1.6 billion of total capital generation. This cash generation model paired with our strong position enables our durable approach to deploying capital to our shareholders. In the quarter, we took the opportunity to execute a dynamic approach to share repurchase, buying back around $400 million of stock. While we are constantly evaluating our capital deployment plans, we view these actions as a pull forward of our plan and remain on track to repurchase $1 billion of stock year, representing all of the free cash flow we plan to generate. Our robust capital position is supported by statutory after tax operating income of $314 million in the first quarter, positioning us for our full -year expectation of $1.4 billion-$1.6 billion of total capital generation. our robust capital position is supported by statutory after tax operating income of $314 million in the first quarter positioning us for our full -year expectation of $1.4 billion-$1.6 billion of total capital generation This cash generation model paired with our strong position enables our durable approach to deploying capital to our shareholders. this cash generation model paired with our strong position enables our durable approach to deploying capital to our shareholders In the quarter, we took the opportunity to execute a dynamic approach to share repurchase, buying back around $400 million of stock. in the quarter we took the opportunity to execute a dynamic approach to share repurchase buying back around $400 million of stock While we are constantly evaluating our capital deployment plans, we view these actions as a pull forward of our plan and remain on track to repurchase $1 billion of stock year, representing all of the free cash flow we plan to generate. while we are constantly evaluating our capital deployment plans we view these actions as a pull forward of our plan and remain on track to repurchase $1 billion of stock year representing all of the free cash flow we plan to generate Our thoughtful share repurchase paired with our common stock dividend of $78.4 million put first quarter deployment just under a half a billion dollars, underscoring our ongoing focus of executing prudent capital management. All in all, it is a solid start to the year for the company. The encouraging top line trends and strong margins across many of our products illustrate the high-quality nature of our business. This, paired with our continued active management of closed block and opportunistic acceleration of share repurchases, provides us with healthy optimism for the remainder of the year and positions us well to execute against our goals. I will now turn it over to Rick for his closing comments before going to your questions. Our thoughtful share repurchase paired with our common stock dividend of $78.4 million put first quarter deployment just under a half a billion dollars, underscoring our ongoing focus of executing prudent capital management. our thoughtful share repurchase paired with our common stock dividend of $78.4 million put first quarter deployment just under a half a billion dollars underscoring our ongoing focus of executing prudent capital management All in all, it is a solid start to the year for the company. all in all it is a solid start to the year for the company The encouraging top line trends and strong margins across many of our products illustrate the high-quality nature of our business. the encouraging top line trends and strong margins across many of our products illustrate the high-quality nature of our business This, paired with our continued active management of closed block and opportunistic acceleration of share repurchases, provides us with healthy optimism for the remainder of the year and positions us well to execute against our goals. this paired with our continued active management of closed block and opportunistic acceleration of share repurchases provides us with healthy optimism for the remainder of the year and positions us well to execute against our goals I will now turn it over to Rick for his closing comments before going to your questions. i will now turn it over to rick for his closing comments before going to your questions

Speaker 11: Thank you, Steve. Overall, you heard from both Steve and I that we delivered a strong first quarter. It reinforces both our near-term momentum and our confidence in the company's long-term positioning as we move through the year. Before we move to Q&A, I want to recognize an important leadership transition for our company. After more than four decades at Unum, Tim Arnold has decided to retire in July. Tim has been a highly respected leader with a significant impact on our voluntary benefits businesses, particularly at Colonial Life, where he has been the president for the past 11 years. Tim is one of the few people who has lived in each of our four major locations and has impacted the people and the communities he has served. We are grateful for his many contributions and the legacy he leaves behind. Thank you, Steve. thank you steve Overall, you heard from both Steve and I that we delivered a strong first quarter. overall you heard from both steve and i that we delivered a strong first quarter It reinforces both our near -term momentum and our confidence in the company's long -term positioning as we move through the year. it reinforces both our near -term momentum and our confidence in the company's long -term positioning as we move through the year Before we move to Q&A, I want to recognize an important leadership transition for our company. before we move to q&a i want to recognize an important leadership transition for our company After more than four decades at Unum, Tim Arnold has decided to retire in July. after more than four decades at unum tim arnold has decided to retire in july Tim has been a highly respected leader with a significant impact on our voluntary benefits businesses, particularly at Colonial Life, where he has been the president for the past 11 years. tim has been a highly respected leader with a significant impact on our voluntary benefits businesses particularly at colonial life where he has been the president for the past 11 years Tim is one of the few people who has lived in each of our four major locations and has impacted the people and the communities he has served. tim is one of the few people who has lived in each of our four major locations and has impacted the people and the communities he has served We are grateful for his many contributions and the legacy he leaves behind. we are grateful for his many contributions and the legacy he leaves behind We're also very pleased with the planned leadership transition, including the appointment of Steve Jones, currently Colonial Life's Head of Market and Field Development, as the next President of Colonial Life. This reflects the depth of our management team and our focus on continuity and long-term growth. We will look forward to Steve joining us on this call in the future. With that operator, we'd be happy to take questions we have out there. We're also very pleased with the planned leadership transition, including the appointment of Steve Jones, currently Colonial Life's Head of Market and Field Development, as the next President of Colonial Life. we're also very pleased with the planned leadership transition including the appointment of steve jones currently colonial life's head of market and field development as the next president of colonial life This reflects the depth of our management team and our focus on continuity and long -term growth. this reflects the depth of our management team and our focus on continuity and long -term growth We will look forward to Steve joining us on this call in the future. we will look forward to steve joining us on this call in the future With that operator, we'd be happy to take questions we have out there. with that operator we'd be happy to take questions we have out there

Speaker 9: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you're muted locally, please remember to unmute your device. Please stand by while we compile a Q&A roster. Your first question from the line of Alex Scott with Barclays. Your line is open. Please go ahead. We will now begin the question and answer session. we will now begin the question and answer session Please limit yourself to one question and one follow-up. please limit yourself to one question and one follow-up If you would like to ask a question, please press star one to raise your hand. if you would like to ask a question please press star one to raise your hand To withdraw your question, press star one again. to withdraw your question press star one again We ask that you pick up your handset when asking a question to allow for optimum sound quality. we ask that you pick up your handset when asking a question to allow for optimum sound quality If you're muted locally, please remember to unmute your device. if you're muted locally please remember to unmute your device Please stand by while we compile a Q&A roster. please stand by while we compile a q&a roster Your first question from the line of Alex Scott with Barclays. your first question from the line of alex scott with barclays Your line is open. your line is open Please go ahead. please go ahead

Speaker 1: Okay, thanks, good morning. First one I had is on the Paid Family Medical Leave. wanted to see if you could provide a little more color on, you know, what you're seeing in that product line as you're moving into new states. You know, just to help us understand if we should, you know, expect to continue to see some pressure there until we hit another renewal cycle or, you know, what you saw in first quarter is a little more, you know, one-off in nature. Okay, thanks, good morning. okay thanks good morning First one I had is on the Paid Family Medical Leave. wanted to see if you could provide a little more color on, you know, what you're seeing in that product line as you're moving into new states. first one i had is on the paid family medical leave wanted to see if you could provide a little more color on you know what you're seeing in that product line as you're moving into new states You know, just to help us understand if we should, you know, expect to continue to see some pressure there until we hit another renewal cycle or, you know, what you saw in first quarter is a little more, you know, one-off in nature. you know just to help us understand if we should you know expect to continue to see some pressure there until we hit another renewal cycle or you know what you saw in first quarter is a little more you know one-off in nature

Speaker 11: Yeah, thanks, Alex, for the question. It's Rick. I just wanted to say that this is an important part of the overall mix. When we think about it's been consolidated in our Group Disability results, which, as you can see, very high returning business. This is a new developing area. It's one we've been talking about for a long time, but certainly we can give some more details behind that, which is just an extension, as I mentioned, of our leave business. Maybe Chris, will you give some more context in terms of the dynamics in the Paid Family Medical Leave currently? Yeah, thanks, Alex, for the question. yeah thanks alex for the question It's Rick. it's rick I just wanted to say that this is an important part of the overall mix. i just wanted to say that this is an important part of the overall mix When we think about it's been consolidated in our Group Disability results, which, as you can see, very high returning business. when we think about it's been consolidated in our group disability results which as you can see very high returning business This is a new developing area. this is a new developing area It's one we've been talking about for a long time, but certainly we can give some more details behind that, which is just an extension, as I mentioned, of our leave business. it's one we've been talking about for a long time but certainly we can give some more details behind that which is just an extension as i mentioned of our leave business Maybe Chris, will you give some more context in terms of the dynamics in the Paid Family Medical Leave currently? maybe chris will you give some more context in terms of the dynamics in the paid family medical leave currently

Speaker 2: Sure. Thanks, Rick, and thanks Alex. You know, ultimately, this is an exciting time in our business. If you think about PFML and the states that have come on over time and, you know, most recently, Minnesota and Delaware, were added one and one, and then Maine will come up in the first quarter of this year. You know, this is an expansion of a business we're in, giving more employers the requirement to be covered for short-term disability on the employee side, but also adding coverage for family events where people need to be away from work. Sure. sure Thanks, Rick, and thanks Alex. thanks rick and thanks alex You know, ultimately, this is an exciting time in our business. you know ultimately this is an exciting time in our business If you think about PFML and the states that have come on over time and, you know, most recently, Minnesota and Delaware, were added one and one, and then Maine will come up in the first quarter of this year. if you think about pfml and the states that have come on over time and you know most recently minnesota and delaware were added one and one and then maine will come up in the first quarter of this year You know, this is an expansion of a business we're in, giving more employers the requirement to be covered for short-term disability on the employee side, but also adding coverage for family events where people need to be away from work. you know this is an expansion of a business we're in giving more employers the requirement to be covered for short-term disability on the employee side but also adding coverage for family events where people need to be away from work It really fits, you know, the work and the investments we've made in the leave business, where you bundle products and services to make sure that we can be, you know, that partner to employers as they, as they manage their workforce for both, you know, regulated events and also, you know, just what they want to provide in terms of flexibility for their employee population. You know, when states come on, we deal with it like any other, you know, new line of business coming on you know, in a state, and you can see some pressure from pent-up demand that happens at times. We manage it. You know, the good thing about PFML is it is, you know, high-frequency type coverage like short-term disability. It really fits, you know, the work and the investments we've made in the leave business, where you bundle products and services to make sure that we can be, you know, that partner to employers as they, as they manage their workforce for both, you know, regulated events and also, you know, just what they want to provide in terms of flexibility for their employee population. it really fits you know the work and the investments we've made in the leave business where you bundle products and services to make sure that we can be you know that partner to employers as they as they manage their workforce for both you know regulated events and also you know just what they want to provide in terms of flexibility for their employee population You know, when states come on, we deal with it like any other, you know, new line of business coming on you know, in a state, and you can see some pressure from pent-up demand that happens at times. you know when states come on we deal with it like any other you know new line of business coming on you know in a state and you can see some pressure from pent-up demand that happens at times We manage it. we manage it You know, the good thing about PFML is it is, you know, high -frequency type coverage like short-term disability. you know the good thing about pfml is it is you know high -frequency type coverage like short-term disability It gets credible quickly. You can see how the experience emerges, and it is short in terms of rate guarantees. Normally, a one-year rate guarantee gives us the opportunity to reprice, and we've been doing that at current, and we'll continue to do that. It also can give you a little bit of lift in sales. Normally, that's been small enough to just be absorbed into our business 'cause it's one state at a time. You know, obviously our disability business is quite large. When you have two or more or it's a larger state, it can show up a little bit, and that does provide a little bit of tailwind in sales. I would bring you back to, you know, this is the business we're in. It gets credible quickly. it gets credible quickly You can see how the experience emerges, and it is short in terms of rate guarantees. you can see how the experience emerges and it is short in terms of rate guarantees Normally , a one-year rate guarantee gives us the opportunity to reprice, and we've been doing that at current, and we'll continue to do that. normally , a one-year rate guarantee gives us the opportunity to reprice and we've been doing that at current and we'll continue to do that It also can give you a little bit of lift in sales. it also can give you a little bit of lift in sales Normally, that's been small enough to just be absorbed into our business 'cause it's one state at a time. normally that's been small enough to just be absorbed into our business 'cause it's one state at a time You know, obviously our disability business is quite large. you know obviously our disability business is quite large When you have two or more or it's a larger state, it can show up a little bit, and that does provide a little bit of tailwind in sales. when you have two or more or it's a larger state it can show up a little bit and that does provide a little bit of tailwind in sales I would bring you back to, you know, this is the business we're in. i would bring you back to you know this is the business we're in This is the business that employers need our help with. It's an exciting time. When new states come on, that is part of it. As prior states mature in terms of how the experience plays out, that's given us, you know, more information, and we'll continue to adjust price and manage that business very well, which is part of our heritage. This is the business that employers need our help with. this is the business that employers need our help with It's an exciting time. it's an exciting time When new states come on, that is part of it. when new states come on that is part of it As prior states mature in terms of how the experience plays out, that's given us, you know, more information, and we'll continue to adjust price and manage that business very well, which is part of our heritage. as prior states mature in terms of how the experience plays out that's given us you know more information and we'll continue to adjust price and manage that business very well which is part of our heritage

Speaker 1: That's all. Thank you. Second one I had is on long-term care. Could you talk about the in-force management actions that you're taking? Just the 7%, can you tell me about, you know, what portion of the policies had that renewal that occurred this quarter? You know, how much are you expecting to renew that you're working on some of these actions with through the rest of the year? How, how do we think about that 7% potentially growing to, you know, a larger percentage of the total group LTC? That's all. that's all Thank you. thank you Second one I had is on long-term care. second one i had is on long-term care Could you talk about the in-force management actions that you're taking? could you talk about the in-force management actions that you're taking Just the 7%, can you tell me about, you know, what portion of the policies had that renewal that occurred this quarter? just the 7% can you tell me about you know what portion of the policies had that renewal that occurred this quarter You know, how much are you expecting to renew that you're working on some of these actions with through the rest of the year? you know how much are you expecting to renew that you're working on some of these actions with through the rest of the year How, how do we think about that 7% potentially growing to, you know, a larger percentage of the total group LTC? how how do we think about that 7% potentially growing to you know a larger percentage of the total group ltc

Speaker 11: Yeah, thanks, Alex. Let me just provide a little bit more context around our LTC actions, and we've been taking them now for several years. As we've said, it's been methodical, addressing different parts of our book of business. That includes rate increases, which we've been doing now for a long period of time. It also includes the capital actions we've taken behind Fairwind over the last several years, and then most recently last year on the risk transfer that we did as part of that. In the third quarter, we took some actions around new lives on group cases, and I think that that has some impacts that we've started to see coming out there. Steve, maybe you can take us through some of the details without just what we saw specific to this quarter. Yeah, thanks, Alex. yeah thanks alex Let me just provide a little bit more context around our LTC actions, and we've been taking them now for several years. let me just provide a little bit more context around our ltc actions and we've been taking them now for several years As we've said, it's been methodical, addressing different parts of our book of business. as we've said it's been methodical addressing different parts of our book of business That includes rate increases, which we've been doing now for a long period of time. that includes rate increases which we've been doing now for a long period of time It also includes the capital actions we've taken behind Fairwind over the last several years, and then most recently last year on the risk transfer that we did as part of that. it also includes the capital actions we've taken behind fairwind over the last several years and then most recently last year on the risk transfer that we did as part of that In the third quarter, we took some actions around new lives on group cases, and I think that that has some impacts that we've started to see coming out there. in the third quarter we took some actions around new lives on group cases and i think that that has some impacts that we've started to see coming out there Steve, maybe you can take us through some of the details without just what we saw specific to this quarter. steve maybe you can take us through some of the details without just what we saw specific to this quarter

Speaker 13: I would go back to last year when we notified our employer base that we were going to be no longer accepting new lives on existing cases. What that did is it really started a lot of conversations with our employer groups just about the value of the program, the future of the program. You get into the discussions about kind of what we're looking for going forward around our rate increase program. It's just a point in time where they evaluate their entire employee benefits package and how the LTC plans might fit into that. As a result of some of those discussions, we did have much higher levels of employer-level terminations of those cases. We did quote that about 7% of our cases did terminate in the first quarter. I would go back to last year when we notified our employer base that we were going to be no longer accepting new lives on existing cases. i would go back to last year when we notified our employer base that we were going to be no longer accepting new lives on existing cases What that did is it really started a lot of conversations with our employer groups just about the value of the program, the future of the program. what that did is it really started a lot of conversations with our employer groups just about the value of the program the future of the program You get into the discussions about kind of what we're looking for going forward around our rate increase program. you get into the discussions about kind of what we're looking for going forward around our rate increase program It's just a point in time where they evaluate their entire employee benefits package and how the LTC plans might fit into that. it's just a point in time where they evaluate their entire employee benefits package and how the ltc plans might fit into that As a result of some of those discussions, we did have much higher levels of employer-level terminations of those cases. as a result of some of those discussions we did have much higher levels of employer-level terminations of those cases We did quote that about 7% of our cases did terminate in the first quarter. we did quote that about 7% of our cases did terminate in the first quarter That equates to approximately $30,000 actual lives on a net basis that would have ceased coverage during that period of time. You know, as we think about just ongoing communications with our customers, that's part of the conversation. We will continue to have those going forward. I would say as we look forward, first quarter is probably the most acute that we'd feel the impact, but we could see, you know, future terminations on some cases as those conversations continue. I would just pull it back up, though. I know there's a lot of GAAP accounting noise on this one, but at the end of the day, we're having good conversations with our clients. That equates to approximately $30,000 actual lives on a net basis that would have ceased coverage during that period of time. that equates to approximately $30,000 actual lives on a net basis that would have ceased coverage during that period of time You know, as we think about just ongoing communications with our customers, that's part of the conversation. you know as we think about just ongoing communications with our customers that's part of the conversation We will continue to have those going forward. we will continue to have those going forward I would say as we look forward, first quarter is probably the most acute that we'd feel the impact, but we could see, you know, future terminations on some cases as those conversations continue. i would say as we look forward first quarter is probably the most acute that we'd feel the impact but we could see you know future terminations on some cases as those conversations continue I would just pull it back up, though. i would just pull it back up though I know there's a lot of GAAP accounting noise on this one, but at the end of the day, we're having good conversations with our clients. i know there's a lot of gaap accounting noise on this one but at the end of the day we're having good conversations with our clients As a result, we've reduced risk exposure, tail risk on that book of business, and we just view it as another part of us thinking about how to manage this business going forward. As a result, we've reduced risk exposure, tail risk on that book of business, and we just view it as another part of us thinking about how to manage this business going forward. as a result we've reduced risk exposure tail risk on that book of business and we just view it as another part of us thinking about how to manage this business going forward

Speaker 9: Your next question from the line of Tom Gallagher with Evercore ISI. Your line is open. Please go ahead. Your next question from the line of Tom Gallagher with Evercore ISI. your next question from the line of tom gallagher with evercore isi Your line is open. your line is open Please go ahead. please go ahead

Speaker 16: Good morning. First question is just on how to think about guidance over the balance of the year. I heard your comment on Group Life and AD&D, how you think that's probably gonna trend somewhat favorable relative to initial assumption. Good morning. good morning First question is just on how to think about guidance over the balance of the year. first question is just on how to think about guidance over the balance of the year I heard your comment on Group Life and AD&D, how you think that's probably gonna trend somewhat favorable relative to initial assumption. i heard your comment on group life and ad&d how you think that's probably gonna trend somewhat favorable relative to initial assumption I don't know. Can you just dimension have you changed anything for the other businesses? It does seem like Unum International is running somewhat adverse, and I guess Group Disability, the loss ratio sounds like it might be more toward the high end of the range if I'm reading you correctly on this PFML issue, assuming that persists for a bit. Can you just talk about, you know, how are you thinking about the different businesses over the balance of the year? Thanks. I don't know. i don't know Can you just dimension have you changed anything for the other businesses? can you just dimension have you changed anything for the other businesses It does seem like Unum International is running somewhat adverse, and I guess Group Disability, the loss ratio sounds like it might be more toward the high end of the range if I'm reading you correctly on this PFML issue, assuming that persists for a bit. it does seem like unum international is running somewhat adverse and i guess group disability the loss ratio sounds like it might be more toward the high end of the range if i'm reading you correctly on this pfml issue assuming that persists for a bit Can you just talk about, you know, how are you thinking about the different businesses over the balance of the year? can you just talk about you know how are you thinking about the different businesses over the balance of the year Thanks. thanks

Speaker 13: This is Steve. I mean, I would zoom up and just say we feel very comfortable in the guidance range that we've given, you know, based on what we've seen in the first quarter, the drivers of some of the margins in the first quarter, and how we look to the back half of the year. I'd start with we feel great about growth within our core businesses, and that's a real driver than of bottom line. Everything we're seeing commercially would very much support the top-line growth that will drive the earnings that we have in that outlook. We did have some variances against kind of original expectations in the first quarter. You mentioned group life. That was a great result for us. This is Steve. this is steve I mean, I would zoom up and just say we feel very comfortable in the guidance range that we've given, you know, based on what we've seen in the first quarter, the drivers of some of the margins in the first quarter, and how we look to the back half of the year. i mean i would zoom up and just say we feel very comfortable in the guidance range that we've given you know based on what we've seen in the first quarter the drivers of some of the margins in the first quarter and how we look to the back half of the year I'd start with we feel great about growth within our core businesses, and that's a real driver than of bottom line. i'd start with we feel great about growth within our core businesses and that's a real driver than of bottom line Everything we're seeing commercially would very much support the top -line growth that will drive the earnings that we have in that outlook. everything we're seeing commercially would very much support the top -line growth that will drive the earnings that we have in that outlook We did have some variances against kind of original expectations in the first quarter. we did have some variances against kind of original expectations in the first quarter You mentioned group life. you mentioned group life That was a great result for us. that was a great result for us We, we do think that there's a possibility that'll continue to be somewhat favorable to the 70%. As you know, Group Life can be very volatile, so we just have to see how the year plays out. International benefit ratio was a little bit higher. There was kind of some one-off things around just the average size of new disability claims. We don't believe that will persist. That'll be watch area for us, though, and, you know, we'll monitor that as the year goes on. Colonial Life had a great quarter. Really, everything from a benefit ratio perspective was very positive. We have a lot of different products within that, and there's usually a little bit of offsetting of performance. This quarter, everything was very positive. Then there's some other lines where we had some variations, including Group Disability. We, we do think that there's a possibility that'll continue to be somewhat favorable to the 70%. we we do think that there's a possibility that'll continue to be somewhat favorable to the 70% As you know, Group Life can be very volatile, so we just have to see how the year plays out. as you know group life can be very volatile so we just have to see how the year plays out International benefit ratio was a little bit higher. international benefit ratio was a little bit higher There was kind of some one-off things around just the average size of new disability claims. there was kind of some one-off things around just the average size of new disability claims We don't believe that will persist. we don't believe that will persist That'll be watch area for us, though, and, you know, we'll monitor that as the year goes on. that'll be watch area for us though and you know we'll monitor that as the year goes on Colonial Life had a great quarter. colonial life had a great quarter Really, everything from a benefit ratio perspective was very positive. really everything from a benefit ratio perspective was very positive We have a lot of different products within that, and there's usually a little bit of offsetting of performance. we have a lot of different products within that and there's usually a little bit of offsetting of performance This quarter, everything was very positive. this quarter everything was very positive T hen there's some other lines where we had some variations, including Group Disability. t hen there's some other lines where we had some variations including group disability They were all within our range, going into kind of planning for that ultimate outlook. Tom, at this point, we're 1 quarter in, I'd say we still, you know, feel very good about the broad outlook range that we gave at the beginning of the year. They were all within our range, going into kind of planning for that ultimate outlook. they were all within our range going into kind of planning for that ultimate outlook Tom, at this point, we're 1 quarter in, I'd say we still, you know, feel very good about the broad outlook range that we gave at the beginning of the year. tom at this point we're 1 quarter in i'd say we still you know feel very good about the broad outlook range that we gave at the beginning of the year

Speaker 16: Gotcha. Thanks. Thanks for that color, Steve. I get my follow-up also Long-Term Care. Can you give a little bit of color for how big are the group LTC reserves relative to the total of, we'll call it $14 billion or so? When you had a 17% reduction from non-renewals, can you provide a little more transparency? What did that do to reserve levels versus the capital that make up the $2.2 billion of excess over best estimates in Fairwind? Thanks. Gotcha. gotcha Thanks. thanks Thanks for that color, Steve. thanks for that color steve I get my follow-up also Long-Term Care. i get my follow-up also long-term care Can you give a little bit of color for how big are the group LTC reserves relative to the total of, we'll call it $14 billion or so? can you give a little bit of color for how big are the group ltc reserves relative to the total of we'll call it $14 billion or so When you had a 17% reduction from non-renewals, can you provide a little more transparency? when you had a 17% reduction from non-renewals can you provide a little more transparency What did that do to reserve levels versus the capital that make up the $2.2 billion of excess over best estimates in Fairwind? what did that do to reserve levels versus the capital that make up the $2.2 billion of excess over best estimates in fairwind Thanks. thanks

Speaker 13: Tom, it wasn't 17%. We had a 7% reduction in cases in the first quarter due to employers ceasing the coverage in their plans. What I would tell you is kind of from a statutory reserving perspective, we did really release reserves in the first quarter of the year and felt, you know, very good about that. I kind of zoom back a little bit and just think about the protections that we have in Fairwind generally. Mechanically, what happens is we release those statutory reserves, and those, in essence, flow into excess capital and Fairwind. When you think about our definition of protections in Fairwind, it's a combination of the margins that we have in the reserves and the excess capital. It was pretty much neutral. Tom, it wasn't 17%. tom it wasn't 17% We had a 7% reduction in cases in the first quarter due to employers ceasing the coverage in their plans. we had a 7% reduction in cases in the first quarter due to employers ceasing the coverage in their plans What I would tell you is kind of from a statutory reserving perspective, we did really release reserves in the first quarter of the year and felt, you know, very good about that. what i would tell you is kind of from a statutory reserving perspective we did really release reserves in the first quarter of the year and felt you know very good about that I kind of zoom back a little bit and just think about the protections that we have in Fairwind generally. i kind of zoom back a little bit and just think about the protections that we have in fairwind generally Mechanically, what happens is we release those statutory reserves, and those, in essence, flow into excess capital and Fairwind. mechanically what happens is we release those statutory reserves and those in essence flow into excess capital and fairwind When you think about our definition of protections in Fairwind, it's a combination of the margins that we have in the reserves and the excess capital. when you think about our definition of protections in fairwind it's a combination of the margins that we have in the reserves and the excess capital It was pretty much neutral. it was pretty much neutral The way I think about it is we still have $2.2 billion of protections in Fairwind on a block that's smaller. At net on net, feel like we have more relative protection in Fairwind for the remaining block there. We haven't really disclosed the split between GAAP and individual or sorry, group and individual statutory reserves. That's, you know, something we consider going forward. There is a lot of demographic information about the split between individual and group in our annual investor packet that we send out as part of that call. The way I think about it is we still have $2.2 billion of protections in Fairwind on a block that's smaller. the way i think about it is we still have $2.2 billion of protections in fairwind on a block that's smaller At net on net, feel like we have more relative protection in Fairwind for the remaining block there. at net on net feel like we have more relative protection in fairwind for the remaining block there We haven't really disclosed the split between GAAP and individual or sorry, group and individual statutory reserves. we haven't really disclosed the split between gaap and individual or sorry group and individual statutory reserves That's, you know, something we consider going forward. that's you know something we consider going forward There is a lot of demographic information about the split between individual and group in our annual investor packet that we send out as part of that call. there is a lot of demographic information about the split between individual and group in our annual investor packet that we send out as part of that call

Speaker 9: Our next question from the line of Suneet Kamath with Jefferies. Our next question from the line of Suneet Kamath with Jefferies. our next question from the line of suneet kamath with jefferies

Speaker 14: Great. Thanks. Just wanted to start out, congratulating Tim Arnold on his retirement, but I did want to ask him a question. Just on the voluntary business, you know, we're starting to see some reports of states, telling insurance companies to lower premiums on certain products. Just wondering if you're seeing any of that in terms of your business. Great. great Thanks. thanks Just wanted to start out, congratulating Tim Arnold on his retirement, but I did want to ask him a question. just wanted to start out congratulating tim arnold on his retirement but i did want to ask him a question Just on the voluntary business, you know, we're starting to see some reports of states, telling insurance companies to lower premiums on certain products. just on the voluntary business you know we're starting to see some reports of states telling insurance companies to lower premiums on certain products Just wondering if you're seeing any of that in terms of your business. just wondering if you're seeing any of that in terms of your business

Speaker 15: Yes, Suneet, this is Tim. Thank you so much for the congratulations on the retirement. I appreciate that. You know, there have been states throughout the last 10, 15 years who've had loss ratio requirements that differ. It's not something new that we're working through, but we are seeing a couple of additional instances where states are inquiring about loss ratios and just trying to make sure that the products are performing as they were originally priced. Yes, Suneet, this is Tim. yes suneet this is tim Thank you so much for the congratulations on the retirement. thank you so much for the congratulations on the retirement I appreciate that. i appreciate that You know, there have been states throughout the last 10, 15 years who've had loss ratio requirements that differ. you know there have been states throughout the last 10 15 years who've had loss ratio requirements that differ It's not something new that we're working through, but we are seeing a couple of additional instances where states are inquiring about loss ratios and just trying to make sure that the products are performing as they were originally priced. it's not something new that we're working through but we are seeing a couple of additional instances where states are inquiring about loss ratios and just trying to make sure that the products are performing as they were originally priced

Speaker 14: Got it. Okay. I guess, turning to Unum U.S., I mean, the 20% sales growth was pretty strong. I think most of it's from the core market, can you just kind of unpack that a little bit? How much of that is, you know, sales to existing customers versus new customers? You know, any comment on kind of the natural growth that you typically talk about on these calls? Thanks. Got it. got it Okay. okay I guess, turning to Unum U.S., I mean, the 20% sales growth was pretty strong. i guess turning to unum u.s i mean the 20% sales growth was pretty strong I think most of it's from the core market, can you just kind of unpack that a little bit? i think most of it's from the core market can you just kind of unpack that a little bit How much of that is, you know, sales to existing customers versus new customers? how much of that is you know sales to existing customers versus new customers You know, any comment on kind of the natural growth that you typically talk about on these calls? you know any comment on kind of the natural growth that you typically talk about on these calls Thanks. thanks

Speaker 11: Yeah, Suneet, actually, we'll let Chris get into that, but I think it would be helpful to actually talk about sales around the horn because I think we had a really good sales quarter in the U.S., but I think that that was other places as well. Chris, you want to start us off? Maybe we'll ask Mark and Tim to talk a little bit about sales as well. Yeah, Suneet, actually, we'll let Chris get into that, but I think it would be helpful to actually talk about sales around the horn because I think we had a really good sales quarter in the U.S., but I think that that was other places as well. yeah suneet actually we'll let chris get into that but i think it would be helpful to actually talk about sales around the horn because i think we had a really good sales quarter in the u.s but i think that that was other places as well Chris, you want to start us off? chris you want to start us off Maybe we'll ask Mark and Tim to talk a little bit about sales as well. maybe we'll ask mark and tim to talk a little bit about sales as well

Speaker 2: Great. Thanks, Suneet. Yeah, strong sales in the quarter, 20% growth. Great. great Thanks, Suneet. thanks suneet Yeah, strong sales in the quarter, 20% growth. yeah strong sales in the quarter 20% growth You know, we're thrilled as we look at that sales growth that we can continue to tie back to where we've made investments and capabilities. No surprise, HR Connect and, you know, connecting to the platforms of choice, hugely popular with our new sales and also growing existing sales when that type of connection's in place. Total Leave is a huge driver of decisions that people make, and they buy a bundle when they do that for for both Total Leave and HR Connect type platforms. You know, we're thrilled as we look at that sales growth that we can continue to tie back to where we've made investments and capabilities. you know we're thrilled as we look at that sales growth that we can continue to tie back to where we've made investments and capabilities No surprise, HR Connect and, you know, connecting to the platforms of choice, hugely popular with our new sales and also growing existing sales when that type of connection's in place. no surprise hr connect and you know connecting to the platforms of choice hugely popular with our new sales and also growing existing sales when that type of connection's in place Total Leave is a huge driver of decisions that people make, and they buy a bundle when they do that for for both Total Leave and HR Connect type platforms. total leave is a huge driver of decisions that people make and they buy a bundle when they do that for for both total leave and hr connect type platforms I wanna also reinforce that, you know, we've got a very strong marketing alignment in terms of going out and finding the right types of prospects, so that we know where to spend time and energy, and, you know, our brokers and consultants are focused on the right things, when it comes to making a difference for their client base. That's an exciting partnership, and it's nice to see that alignment all the way through the sales funnel. You referenced that, you know, new sales for small and mid customers are really strong. That was, there's a little bit of tailwind with PFML in that space, but even when you strip that out, new sales for small and mid customers are really strong. I wanna also reinforce that, you know, we've got a very strong marketing alignment in terms of going out and finding the right types of prospects, so that we know where to spend time and energy, and, you know, our brokers and consultants are focused on the right things, when it comes to making a difference for their client base. i wanna also reinforce that you know we've got a very strong marketing alignment in terms of going out and finding the right types of prospects so that we know where to spend time and energy and you know our brokers and consultants are focused on the right things when it comes to making a difference for their client base That's an exciting partnership, and it's nice to see that alignment all the way through the sales funnel. that's an exciting partnership and it's nice to see that alignment all the way through the sales funnel You referenced that, you know, new sales for small and mid customers are really strong. you referenced that you know new sales for small and mid customers are really strong That was, there's a little bit of tailwind with PFML in that space, but even when you strip that out, new sales for small and mid customers are really strong. that was there's a little bit of tailwind with pfml in that space but even when you strip that out new sales for small and mid customers are really strong Nice to see that growth year-over-year. First quarter's a little bit more volatile. It's a small quarter for us in terms of our national client group. You know, we did again, we did see some tailwind from PFML in the large space with Maine coming on, 5/1, which we credit in the, you know, which, we see in the, in the quarter. You know, overall, the fundamentals of where we're winning tied to capabilities, winning on new and growing our business have been really positive. Great start to the year, so thanks for asking. Nice to see that growth year-over-year. nice to see that growth year-over-year First quarter's a little bit more volatile. first quarter's a little bit more volatile It's a small quarter for us in terms of our national client group. it's a small quarter for us in terms of our national client group You know, we did again, we did see some tailwind from PFML in the large space with Maine coming on, 5/1, which we credit in the, you know, which, we see in the, in the quarter. you know we did again we did see some tailwind from pfml in the large space with maine coming on 5/1 which we credit in the you know which we see in the in the quarter You know, overall, the fundamentals of where we're winning tied to capabilities, winning on new and growing our business have been really positive. you know overall the fundamentals of where we're winning tied to capabilities winning on new and growing our business have been really positive Great start to the year, so thanks for asking. great start to the year so thanks for asking

Speaker 11: Tim, you wanna follow up? Tim, you wanna follow up? tim you wanna follow up

Speaker 15: Yes, sure. I'll start with the Unum VB side of the house. Extremely strong sales in the first quarter, up 24% year-over-year. New sales were at a record level. The VB business on the Unum side, the first quarter is the biggest quarter of the year, so it's particularly comforting to see the business get off to a +24% start. That bodes well for the remainder of the year. On the Colonial Life side, sales were a little sluggish in the quarter. However, I would just bring you back to the fourth quarter where sales growth was almost 10%. I think we had a little bit of a soft pipeline coming into 2026. I would tell you the fundamentals and the leading indicators remain very strong. Recruiting is very strong. Yes, sure. yes sure I'll start with the Unum VB side of the house. i'll start with the unum vb side of the house Extremely strong sales in the first quarter, up 24% year-over-year. extremely strong sales in the first quarter up 24% year-over-year New sales were at a record level. new sales were at a record level The VB business on the Unum side, the first quarter is the biggest quarter of the year, so it's particularly comforting to see the business get off to a +24% start. the vb business on the unum side the first quarter is the biggest quarter of the year so it's particularly comforting to see the business get off to a +24% start That bodes well for the remainder of the year. that bodes well for the remainder of the year On the Colonial Life side, sales were a little sluggish in the quarter. on the colonial life side sales were a little sluggish in the quarter However, I would just bring you back to the fourth quarter where sales growth was almost 10%. however i would just bring you back to the fourth quarter where sales growth was almost 10% I think we had a little bit of a soft pipeline coming into 2026. i think we had a little bit of a soft pipeline coming into 2026 I would tell you the fundamentals and the leading indicators remain very strong. i would tell you the fundamentals and the leading indicators remain very strong Recruiting is very strong. recruiting is very strong We like the number of sales managers we have in the organization and the performance that they are demonstrating. We saw strong sales in the quarter from new clients and also from large case clients. Had a little bit of weakness in the existing client sales base. Ashley Minor and the team, the sales team were working hard to get that back on track, and we believe that the remainder of the year, there's reason to be optimistic. If you look at the gap between where we finished the first quarter at Colonial Life and where we thought we would be, it's about 1% of total annual sales, so we certainly think that that is recoverable. We like the number of sales managers we have in the organization and the performance that they are demonstrating. we like the number of sales managers we have in the organization and the performance that they are demonstrating We saw strong sales in the quarter from new clients and also from large case clients. we saw strong sales in the quarter from new clients and also from large case clients Had a little bit of weakness in the existing client sales base. had a little bit of weakness in the existing client sales base Ashley Minor and the team, the sales team were working hard to get that back on track, and we believe that the remainder of the year, there's reason to be optimistic. ashley minor and the team the sales team were working hard to get that back on track and we believe that the remainder of the year there's reason to be optimistic If you look at the gap between where we finished the first quarter at Colonial Life and where we thought we would be, it's about 1% of total annual sales, so we certainly think that that is recoverable. if you look at the gap between where we finished the first quarter at colonial life and where we thought we would be it's about 1% of total annual sales so we certainly think that that is recoverable If I may, Suneet Kamath, since you started the question with my retirement, I'd be remiss not to say I'm extremely excited about Steve Jones. I've had the opportunity to work with him now for two and a half years since he joined Colonial Life as the head of sales and marketing support, field market development. He is an incredibly strong leader. He's led two other P&Ls in his career, and I think this transition is gonna be extremely smooth. He's very much aligned to all the things that we've been doing, and he's got some ideas of his own that I think are pretty exciting. So, really happy to have Steve in the role moving forward. If I may, Suneet Kamath, since you started the question with my retirement, I'd be remiss not to say I'm extremely excited about Steve Jones. if i may suneet kamath since you started the question with my retirement i'd be remiss not to say i'm extremely excited about steve jones I've had the opportunity to work with him now for two and a half years since he joined Colonial Life as the head of sales and marketing support, field market development. i've had the opportunity to work with him now for two and a half years since he joined colonial life as the head of sales and marketing support field market development He is an incredibly strong leader. he is an incredibly strong leader He's led two other P&Ls in his career, and I think this transition is gonna be extremely smooth. he's led two other p&ls in his career and i think this transition is gonna be extremely smooth He's very much aligned to all the things that we've been doing, and he's got some ideas of his own that I think are pretty exciting. he's very much aligned to all the things that we've been doing and he's got some ideas of his own that i think are pretty exciting So, really happy to have Steve in the role moving forward. so really happy to have steve in the role moving forward

Speaker 11: Great. Good. Thanks, Tim. Mark, let's talk a little bit about International. Great. great Good. good Thanks, Tim. thanks tim Mark, let's talk a little bit about International. mark let's talk a little bit about international

Speaker 6: Thanks, Rick. If you look at international as a whole in dollars, sales were up 14%. As we know, the U.K. is the predominant part of that. If I perhaps touch on local currency sales in the U.K., they were up 15% on the quarter. I always think sales are a function of the proposition that you have and the way in which the brokers in the U.K. market view. We've been investing hard in broker service, digital propositions. It was last week that actually an independent survey by NMG on brokers rated us the number one for Net Promoter Score, and we led the market in pretty much every major capability, whether that's relationship management, claims management, absence management, rehab, product value-added service. Thanks, Rick. thanks rick If you look at international as a whole in dollars, sales were up 14%. if you look at international as a whole in dollars sales were up 14% As we know, the U.K. is the predominant part of that. as we know the u.k is the predominant part of that If I perhaps touch on local currency sales in the U.K., they were up 15% on the quarter. if i perhaps touch on local currency sales in the u.k they were up 15% on the quarter I always think sales are a function of the proposition that you have and the way in which the brokers in the U.K. market view . i always think sales are a function of the proposition that you have and the way in which the brokers in the u.k market view We've been investing hard in broker service, digital propositions. we've been investing hard in broker service digital propositions It was last week that actually an independent survey by NMG on brokers rated us the number one for Net Promoter Score, and we led the market in pretty much every major capability, whether that's relationship management, claims management, absence management, rehab, product value-added service. it was last week that actually an independent survey by nmg on brokers rated us the number one for net promoter score and we led the market in pretty much every major capability whether that's relationship management claims management absence management rehab product value-added service Those are the things that contribute to the growth in the business. We also got some data last week that said that in 2025, we were the number one writer of new business in the U.K. market. I think we've got some confidence that we have the support of the brokers and the propositions to be able to drive the growth sales in the business over time. Those are the things that contribute to the growth in the business. those are the things that contribute to the growth in the business We also got some data last week that said that in 2025, we were the number one writer of new business in the U.K. market. we also got some data last week that said that in 2025 we were the number one writer of new business in the u.k market I think we've got some confidence that we have the support of the brokers and the propositions to be able to drive the growth sales in the business over time. i think we've got some confidence that we have the support of the brokers and the propositions to be able to drive the growth sales in the business over time

Speaker 11: Good. Thanks, Mark. there you have Suneet Kamath. I mean, I think it is a broad-based story, I didn't wanna focus on just the USP. Sales looked very good across the enterprise in the quarter. Thanks for the question. Good. good Thanks, Mark. there you have Suneet Kamath. thanks mark there you have suneet kamath I mean, I think it is a broad-based story, I didn't wanna focus on just the USP. i mean i think it is a broad-based story i didn't wanna focus on just the usp Sales looked very good across the enterprise in the quarter. sales looked very good across the enterprise in the quarter Thanks for the question. thanks for the question

Speaker 9: Your next question from the line of Jack Madden with BMO. Your line is now open. Please go ahead. Your next question from the line of Jack Madden with BMO. your next question from the line of jack madden with bmo Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 3: Hey, good morning. Just one follow-up on the group LTC actions. I guess what you said that Unum is incentivizing its group customers in any way to terminate their cases, or do you plan to offer any incentives there? Is it really just these terminations are an outcome from, kind of more normal course conversations around things like rate increases? Hey, good morning. hey good morning Just one follow-up on the group LTC actions. just one follow-up on the group ltc actions I guess what you said that Unum is incentivizing its group customers in any way to terminate their cases, or do you plan to offer any incentives there? i guess what you said that unum is incentivizing its group customers in any way to terminate their cases or do you plan to offer any incentives there Is it really just these terminations are an outcome from, kind of more normal course conversations around things like rate increases? is it really just these terminations are an outcome from kind of more normal course conversations around things like rate increases

Speaker 13: Yeah, this is Steve. Absolutely no incentive. This is a unilateral decision that a group, HR director makes Yeah, this is Steve. yeah this is steve Absolutely no incentive. absolutely no incentive This is a unilateral decision that a group, HR director makes this is a unilateral decision that a group hr director makes When they're looking at their entire benefit package for their employees and just evaluating the value of the different pieces of that package. We're obviously here to have that conversation with them and discuss their options with their plan, but there's absolutely no incentive coming from us. From our perspective, you know, the key is for us to continue to serve those customers that remain in force, and that's what our team's focused on. We're also there to help, you know, give a little bit of education and, you know, help an administrator through their decision. When they're looking at their entire benefit package for their employees and just evaluating the value of the different pieces of that package. when they're looking at their entire benefit package for their employees and just evaluating the value of the different pieces of that package We're obviously here to have that conversation with them and discuss their options with their plan, but there's absolutely no incentive coming from us. we're obviously here to have that conversation with them and discuss their options with their plan but there's absolutely no incentive coming from us From our perspective, you know, the key is for us to continue to serve those customers that remain in force, and that's what our team's focused on. from our perspective you know the key is for us to continue to serve those customers that remain in force and that's what our team's focused on We're also there to help, you know, give a little bit of education and, you know, help an administrator through their decision. we're also there to help you know give a little bit of education and you know help an administrator through their decision

Speaker 3: Got it. That makes sense. My follow-up's on the international business, I think some of the pressure you talked about in U.K. Group LTD. Can you just unpack that a little bit more? Was that more a frequency or severity issue? Do you view any of the trends there as something that could persist for a period of time, or do you view it more as just a kind of a one-off this quarter? Got it. got it That makes sense. that makes sense My follow-up's on the international business, I think some of the pressure you talked about in U.K. my follow-up's on the international business i think some of the pressure you talked about in u.k Group LTD. group ltd Can you just unpack that a little bit more? can you just unpack that a little bit more Was that more a frequency or severity issue? was that more a frequency or severity issue Do you view any of the trends there as something that could persist for a period of time, or do you view it more as just a kind of a one-off this quarter? do you view any of the trends there as something that could persist for a period of time or do you view it more as just a kind of a one-off this quarter

Speaker 13: Yeah. This is Steve. I can cover that one. You know, it definitely was, for the quarter, an average size for the long-term disability business over there. Really, the size of new claims is a function of just those individual claims that come in based on diagnosis, based on occupancy, based on, you know, based on the industry. We have a lot of data to say those types of claims when they come in, this is the reserve that we need to set up. You just get into some of these quarters where just the mix of those claims drive a higher expected size of claims than what you would have expected. Really nothing to do with the incidence counts specifically there. Yeah. yeah This is Steve. this is steve I can cover that one. i can cover that one You know, it definitely was, for the quarter, an average size for the long-term disability business over there. you know it definitely was for the quarter an average size for the long-term disability business over there Really, the size of new claims is a function of just those individual claims that come in based on diagnosis, based on occupancy, based on, you know, based on the industry. really the size of new claims is a function of just those individual claims that come in based on diagnosis based on occupancy based on you know based on the industry We have a lot of data to say those types of claims when they come in, this is the reserve that we need to set up. we have a lot of data to say those types of claims when they come in this is the reserve that we need to set up You just get into some of these quarters where just the mix of those claims drive a higher expected size of claims than what you would have expected. you just get into some of these quarters where just the mix of those claims drive a higher expected size of claims than what you would have expected Really nothing to do with the incidence counts specifically there. really nothing to do with the incidence counts specifically there I will say we've seen that in the U.S. business as well over time, and they tend to just be kind of anomalies that you see in a quarter. So right now we would view it as just some first quarter volatility. Obviously we're gonna need to look at that as the year plays out and see, you know, how that impacts our view of the outlook for the business. I will say we've seen that in the U.S. business as well over time, and they tend to just be kind of anomalies that you see in a quarter. i will say we've seen that in the u.s business as well over time and they tend to just be kind of anomalies that you see in a quarter So right now we would view it as just some first quarter volatility. so right now we would view it as just some first quarter volatility Obviously we're gonna need to look at that as the year plays out and see, you know, how that impacts our view of the outlook for the business. obviously we're gonna need to look at that as the year plays out and see you know how that impacts our view of the outlook for the business

Speaker 9: Your next question from the line of Joel Hurwitz with Dowling. Your line is now open. Please go ahead. Your next question from the line of Joel Hurwitz with Dowling. your next question from the line of joel hurwitz with dowling Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 4: Good morning. First, Rick, in your prepared remarks, you mentioned that you were, I think, encouraged by opportunities and progress that's been made on further risk transfer. Can you just elaborate what you're seeing in the market, and I guess any optimism in getting another deal done this year? Good morning. good morning First, Rick, in your prepared remarks, you mentioned that you were, I think, encouraged by opportunities and progress that's been made on further risk transfer. first rick in your prepared remarks you mentioned that you were i think encouraged by opportunities and progress that's been made on further risk transfer Can you just elaborate what you're seeing in the market, and I guess any optimism in getting another deal done this year? can you just elaborate what you're seeing in the market and i guess any optimism in getting another deal done this year

Speaker 11: Yeah. Thanks, Joel. As I talk about that, you know, I look back to the transaction last year. It's been just over a year since we announced the transaction closed at midyear last year. Very happy with how that performed, how that went through close, and we think it's just a good overall impact to the risk transfer. We've talked a little bit about what's happening on the group side today. We are looking across the book with different counterparties to think about what are other ways that we can use reinsurance and risk transfer to help mitigate that. Coming off of a successful, 2025, we also at that time said we're deal ready. We're ready to go for the next tranche. It's just about finding the right counterparty. Yeah. yeah Thanks, Joel. thanks joel As I talk about that, you know, I look back to the transaction last year. as i talk about that you know i look back to the transaction last year It's been just over a year since we announced the transaction closed at midyear last year. it's been just over a year since we announced the transaction closed at midyear last year Very happy with how that performed, how that went through close, and we think it's just a good overall impact to the risk transfer. very happy with how that performed how that went through close and we think it's just a good overall impact to the risk transfer We've talked a little bit about what's happening on the group side today. we've talked a little bit about what's happening on the group side today We are looking across the book with different counterparties to think about what are other ways that we can use reinsurance and risk transfer to help mitigate that. we are looking across the book with different counterparties to think about what are other ways that we can use reinsurance and risk transfer to help mitigate that Coming off of a successful , 2025, we also at that time said we're deal ready. coming off of a successful 2025 we also at that time said we're deal ready We're ready to go for the ne xt tranche. we're ready to go for the ne xt tranche It's just about finding the right counterparty. it's just about finding the right counterparty We have the preparation, and the teams are ready to do that. We have a strong desire to remove this risk, which we have been very consistent on, and that's in multiple forms, in terms of taking the risk across the enterprise. On the risk transfer side, the market is constructive. I think we've used that term constructive before. There are a number of players out there that might take on this type of risk. Lots of interest that's out there, but getting interest to be actionable takes some time because it does take a good qualified counterparty who's willing to do the work. But there are a number of people out there willing to take the biometric risk. We have the preparation, and the teams are ready to do that. we have the preparation and the teams are ready to do that We have a strong desire to remove this risk, which we have been very consistent on, and that's in multiple forms, in terms of taking the risk across the enterprise. we have a strong desire to remove this risk which we have been very consistent on and that's in multiple forms in terms of taking the risk across the enterprise On the risk transfer side, the market is constructive. on the risk transfer side the market is constructive I think we've used that term constructive before. i think we've used that term constructive before There are a number of players out there that might take on this type of risk. there are a number of players out there that might take on this type of risk Lots of interest that's out there, but getting interest to be actionable takes some time because it does take a good qualified counterparty who's willing to do the work. lots of interest that's out there but getting interest to be actionable takes some time because it does take a good qualified counterparty who's willing to do the work But there are a number of people out there willing to take the biometric risk. but there are a number of people out there willing to take the biometric risk I think part of the development we saw a couple of years ago is the ability of companies to parse the risk between the biometrics and the asset management side, which is such an important piece as well. There are a number of players out there thinking about the biometric side. There are many players out there thinking about the asset side of it, and then how do you bring it all together? I'd put it with the same category. It's constructive, we're the team is active. Does not necessarily mean any deal will come to fruition. This is still complicated, hard work, and we're gonna do the right thing in terms of shareholders, as well when we take off that risk. We're working hard at it. I think part of the development we saw a couple of years ago is the ability of companies to parse the risk between the biometrics and the asset management side, which is such an important piece as well. i think part of the development we saw a couple of years ago is the ability of companies to parse the risk between the biometrics and the asset management side which is such an important piece as well There are a number of players out there thinking about the biometric side. there are a number of players out there thinking about the biometric side There are many players out there thinking about the asset side of it, and then how do you bring it all together? there are many players out there thinking about the asset side of it and then how do you bring it all together I'd put it with the same category. i'd put it with the same category It's constructive, we're the team is active. it's constructive we're the team is active Does not necessarily mean any deal will come to fruition. does not necessarily mean any deal will come to fruition This is still complicated, hard work, and we're gonna do the right thing in terms of shareholders, as well when we take off that risk. this is still complicated hard work and we're gonna do the right thing in terms of shareholders as well when we take off that risk We're working hard at it. we're working hard at it I think that, you know, we'll continue to have this to be a priority in the company to remove the risk of LTC from the balance sheet. I think that, you know, we'll continue to have this to be a priority in the company to remove the risk of LTC from the balance sheet. i think that you know we'll continue to have this to be a priority in the company to remove the risk of ltc from the balance sheet

Speaker 4: Great. Thanks. Just shifting to Group Life, I guess, can you unpack the experience? Was it all essentially frequency? Just given, I think it's been a little over two years now of continued strong results in Group Life. When does that get reflected back in pricing, or is the benefit ratio in the 60s for this line sort of the new normal now? Great. great Thanks. thanks Just shifting to Group Life, I guess, can you unpack the experience? just shifting to group life i guess can you unpack the experience Was it all essentially frequency? was it all essentially frequency Just given, I think it's been a little over two years now of continued strong results in Group Life. just given i think it's been a little over two years now of continued strong results in group life When does that get reflected back in pricing, or is the benefit ratio in the 60s for this line sort of the new normal now? when does that get reflected back in pricing or is the benefit ratio in the 60s for this line sort of the new normal now

Speaker 13: Yeah. In the quarter, it was definitely just incidents. These tend to be lower face amount type policies in Group Life. Normally when you see kind of fluctuations in overall benefit ratios, it's just gonna be driven by the number of claims that we receive in a period, and that's definitely what we saw in the first quarter, very low number of claims submitted. When I kind of zoom back a little bit, you know, if you go back and you look at the average benefit ratio in this line going back many quarters, it's been kind of in that high 60% range. This quarter was really an anomaly and doesn't necessarily, you know, change our view of the block significantly. Yeah. yeah In the quarter, it was definitely just incidents. in the quarter it was definitely just incidents These tend to be lower face amount type policies in Group Life. these tend to be lower face amount type policies in group life Normally when you see kind of fluctuations in overall benefit ratios, it's just gonna be driven by the number of claims that we receive in a period, and that's definitely what we saw in the first quarter, very low number of claims submitted. normally when you see kind of fluctuations in overall benefit ratios it's just gonna be driven by the number of claims that we receive in a period and that's definitely what we saw in the first quarter very low number of claims submitted When I kind of zoom back a little bit, you know, if you go back and you look at the average benefit ratio in this line going back many quarters, it's been kind of in that high 60% range. when i kind of zoom back a little bit you know if you go back and you look at the average benefit ratio in this line going back many quarters it's been kind of in that high 60% range This quarter was really an anomaly and doesn't necessarily, you know, change our view of the block significantly. this quarter was really an anomaly and doesn't necessarily you know change our view of the block significantly I did make a comment that, you know, if...We looking forward, it may be in that high 60% range benefit ratio. I would say from a market and a pricing perspective, we'll take it into account, but it is just one quarter of very good performance, and we'd have to see that play out for longer really before it impact pricing in a big way. Like all of our products, we look at this in a bundled way as we're working with our cases. We'll look at the overall economics of a case, and over time, it, you know, it could factor in, but right now I think it's too early. I did make a comment that, you know, if... i did make a comment that you know if We looking forward, it may be in that high 60% range benefit ratio. we looking forward it may be in that high 60% range benefit ratio I would say from a market and a pricing perspective, we'll take it into account, but it is just one quarter of very good performance, and we'd have to see that play out for longer really before it impact pricing in a big way. i would say from a market and a pricing perspective we'll take it into account but it is just one quarter of very good performance and we'd have to see that play out for longer really before it impact pricing in a big way Like all of our products, we look at this in a bundled way as we're working with our cases. like all of our products we look at this in a bundled way as we're working with our cases We'll look at the overall economics of a case, and over time, it, you know, it could factor in, but right now I think it's too early. we'll look at the overall economics of a case and over time it you know it could factor in but right now i think it's too early

Speaker 11: Yeah, I think that's an important point, Joel. When you think about it is that bundling factor. We've been talking about that a lot in the Group Disability and the great results we've seen there. It's more than just the standalone product line, what it's doing. It's more about the relationship, our risk selection, and all those different things that come in. As we've talked about leave management and the wrapper around that, though, that's all important. It's good to look at. We're very happy with the results, it's really hard to predict in terms of where that's going to go or how the market will factor some of that in. Yeah, I think that's an important point, Joel. yeah i think that's an important point joel When you think about it is that bundling factor. when you think about it is that bundling factor We've been talking about that a lot in the Group Disability and the great results we've seen there. we've been talking about that a lot in the group disability and the great results we've seen there It's more than just the standalone product line, what it's doing. it's more than just the standalone product line what it's doing It's more about the relationship, our risk selection, and all those different things that come in. it's more about the relationship our risk selection and all those different things that come in As we've talked about leave management and the wrapper around that, though, that's all important. as we've talked about leave management and the wrapper around that though that's all important It's good to look at. it's good to look at We're very happy with the results, it's really hard to predict in terms of where that's going to go or how the market will factor some of that in. we're very happy with the results it's really hard to predict in terms of where that's going to go or how the market will factor some of that in

Speaker 9: Your next question from the line of Wes Carmichael with Wells Fargo. Your line is now open. Please go ahead. Your next question from the line of Wes Carmichael with Wells Fargo. your next question from the line of wes carmichael with wells fargo Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 18: Hey, thank you. Good morning. I wanted to come back to Group LTC for a second on the terminations in the 7%. Just looking at the statutory annual filings, I think the Group LTC reserves around $7.5 billion at the end of 2025. Just curious, Steve, does that imply that the reserve releases are in the neighborhood of, call it $500 million-$525 million, or is there any help you can give us on the impact on the statutory front? Hey, thank you. hey thank you Good morning. good morning I wanted to come back to Group LTC for a second on the terminations in the 7%. i wanted to come back to group ltc for a second on the terminations in the 7% Just looking at the statutory annual filings, I think the Group LTC reserves around $7.5 billion at the end of 2025. just looking at the statutory annual filings i think the group ltc reserves around $7.5 billion at the end of 2025 Just curious, Steve, does that imply that the reserve releases are in the neighborhood of, call it $500 million-$525 million, or is there any help you can give us on the impact on the statutory front? just curious steve does that imply that the reserve releases are in the neighborhood of call it $500 million-$525 million or is there any help you can give us on the impact on the statutory front

Speaker 13: Yeah. What I'll tell you on that one, you can't just kind of use averages to think about what a statutory reserve release might look like just because the policies are in, you know, in different ages, there's different benefit coverages, and so it's kind of hard just to do that. What I'll tell you is on a net basis, the statutory reserve release, it was less than $100 million. It was, you know, it was significant, but it wasn't something that would change a capital plan or change the way we think about, you know, protections on the balance sheet. We're very happy. For us, the main thing is we're very happy reducing the risk exposure, but not a big capital impact, I would say, in the quarter. Yeah. yeah What I'll tell you on that one, you can't just kind of use averages to think about what a statutory reserve release might look like just because the policies are in, you know, in different ages, there's different benefit coverages, and so it's kind of hard just to do that. what i'll tell you on that one you can't just kind of use averages to think about what a statutory reserve release might look like just because the policies are in you know in different ages there's different benefit coverages and so it's kind of hard just to do that What I'll tell you is on a net basis, the statutory reserve release, it was less than $100 million. what i'll tell you is on a net basis the statutory reserve release it was less than $100 million It was, you know, it was significant, but it wasn't something that would change a capital plan or change the way we think about, you know, protections on the balance sheet. it was you know it was significant but it wasn't something that would change a capital plan or change the way we think about you know protections on the balance sheet We're very happy. we're very happy For us, the main thing is we're very happy reducing the risk exposure, but not a big capital impact, I would say, in the quarter. for us the main thing is we're very happy reducing the risk exposure but not a big capital impact i would say in the quarter As you said, the reserves on these are going to be positive for statutory purposes, so there will always be a reserve release. As you said, the reserves on these are going to be positive for statutory purposes, so there will always be a reserve release. as you said the reserves on these are going to be positive for statutory purposes so there will always be a reserve release

Speaker 18: Yep, that's helpful. I totally acknowledge the reduction in risk. Sorry, was it something else? Yep, that's helpful. yep that's helpful I totally acknowledge the reduction in risk. i totally acknowledge the reduction in risk Sorry, was it something else? sorry was it something else

Speaker 13: No. No. no

Speaker 18: Okay. Just second question, I guess, moving to Unum U.S., just on expenses, and, you know, I think I asked about this last quarter, and you guys had hinted that maybe there is some potential operating leverage coming. Any thought on how you can improve the expense ratio going forward in Unum? Okay. okay Just second question, I guess, moving to Unum U.S., just on expenses, and, you know, I think I asked about this last quarter, and you guys had hinted that maybe there is some potential operating leverage coming. just second question i guess moving to unum u.s just on expenses and you know i think i asked about this last quarter and you guys had hinted that maybe there is some potential operating leverage coming Any thought on how you can improve the expense ratio going forward in Unum ? any thought on how you can improve the expense ratio going forward in unum

Speaker 13: I mean, we kind of think about it in the aggregate and kind of take it to the top of the house of the consolidated operating expense. I, you know, I think the comments that we made is our expectation for 2026 is going to be, you know, that's going to be relatively flat with maybe some improvement as we work our way through the year. We are driving productivity within the organization, which we think is important, but we're also investing back into what we're trying to do commercially. I think if, you know, if you want to look for this period in 2026, I think it'll be a pretty neutral story, all things being considered. I mean, we kind of think about it in the aggregate and kind of take it to the top of the house of the consolidated operating expense. i mean we kind of think about it in the aggregate and kind of take it to the top of the house of the consolidated operating expense I, you know, I think the comments that we made is our expectation for 2026 is going to be, you know, that's going to be relatively flat with maybe some improvement as we work our way through the year. i you know i think the comments that we made is our expectation for 2026 is going to be you know that's going to be relatively flat with maybe some improvement as we work our way through the year We are driving productivity within the organization, which we think is important, but we're also investing back into what we're trying to do commercially. we are driving productivity within the organization which we think is important but we're also investing back into what we're trying to do commercially I think if, you know, if you want to look for this period in 2026, I think it'll be a pretty neutral story, all things being considered. i think if you know if you want to look for this period in 2026 i think it'll be a pretty neutral story all things being considered

Speaker 9: Your next question from the line of Ryan Krueger with KBW. Your line is now open. Please go ahead. Your next question from the line of Ryan Krueger with KBW. your next question from the line of ryan krueger with kbw Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 12: Hey, thanks. Morning. I had a question on the traditional group persistency improvement of about three points year-over-year. Can you talk about the, I guess, the dynamics that you think led to that, both from a market perspective and maybe anything Unum specific? Hey, thanks. hey thanks Morning. morning I had a question on the traditional group persistency improvement of about three points year-over-year. i had a question on the traditional group persistency improvement of about three points year-over-year Can you talk about the, I guess, the dynamics that you think led to that, both from a market perspective and maybe anything Unum specific? can you talk about the i guess the dynamics that you think led to that both from a market perspective and maybe anything unum specific

Speaker 2: Yeah. Thanks, Ryan. It's Chris. Persistency is really strong. We're thrilled with the, the beat we had with persistency and we do think it reflects very directly the investments we've made in capabilities. You know, we've got historical evidence that continues where there's a spread in persistency in terms of higher persistency where you've got either Unum HR Connect technology investments and/or Unum Total Leave, and we expect, you know, that trend to continue. Yeah. yeah Thanks, Ryan. thanks ryan It's Chris. it's chris Persistency is really strong. persistency is really strong We're thrilled with the, the beat we had with persistency and we do think it reflects very directly the investments we've made in capabilities. we're thrilled with the the beat we had with persistency and we do think it reflects very directly the investments we've made in capabilities You know, we've got historical evidence that continues where there's a spread in persistency in terms of higher persistency where you've got either Unum HR Connect technology investments and/or Unum Total Leave, and we expect, you know, that trend to continue. you know we've got historical evidence that continues where there's a spread in persistency in terms of higher persistency where you've got either unum hr connect technology investments and/or unum total leave and we expect you know that trend to continue Couple that, you know, with the fact that we talk about consistent and transparent discussions around price, you know, when things are going really well, we'll make sure we set the price on a go-forward basis in a way that reflects, you know, good value to us and fair value to the consumer. Employers appreciate that. It shows up in terms of persistency, and we can keep customers with a, you know, modest rate reduction going forward at very high margins. That's a good day. Couple that, you know, with the fact that we talk about consistent and transparent discussions around price, you know, when things are going really well, we'll make sure we set the price on a go-forward basis in a way that reflects, you know, good value to us and fair value to the consumer. couple that you know with the fact that we talk about consistent and transparent discussions around price you know when things are going really well we'll make sure we set the price on a go-forward basis in a way that reflects you know good value to us and fair value to the consumer Employers appreciate that. employers appreciate that It shows up in terms of persistency, and we can keep customers with a, you know, modest rate reduction going forward at very high margins. it shows up in terms of persistency and we can keep customers with a you know modest rate reduction going forward at very high margins That's a good day. that's a good day When you tie that to, you know, full bundle, lots of different products, lots of services that we provide, including, you know, fairly significant and from a volume perspective, intense things like managing leave, customers value what we do for them. We feel the persistency, you know, while not always going to hit the high that we had this quarter, it is going to be a real kind of key to growth in the future. When you tie that to, you know, full bundle, lots of different products, lots of services that we provide, including, you know, fairly significant and from a volume perspective, intense things like managing leave, customers value what we do for them. when you tie that to you know full bundle lots of different products lots of services that we provide including you know fairly significant and from a volume perspective intense things like managing leave customers value what we do for them We feel the persistency, you know, while not always going to hit the high that we had this quarter, it is going to be a real kind of key to growth in the future. we feel the persistency you know while not always going to hit the high that we had this quarter it is going to be a real kind of key to growth in the future

Speaker 12: Great. Thank you. Great. great Thank you. thank you

Speaker 9: Your next question from the line of Mark Hughes from Truist. Your line is now open. Please go ahead. Your next question from the line of Mark Hughes from Truist. your next question from the line of mark hughes from truist Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 5: Yeah, thank you. Flip side of that, I think, Supplemental and Voluntary persistency perhaps down a little bit, I think still within normal range. Any strategies to see similar improvement like you've seen in those core Group Disability, Life, and AD&D? Yeah, thank you. yeah thank you Flip side of that, I think, Supplemental and Voluntary persistency perhaps down a little bit, I think still within normal range. flip side of that i think supplemental and voluntary persistency perhaps down a little bit i think still within normal range Any strategies to see similar improvement like you've seen in those core Group Disability, Life, and AD&D? any strategies to see similar improvement like you've seen in those core group disability life and ad&d

Speaker 15: Hey, you want me. Hey, you want me. hey you want me

Speaker 11: Yeah. Yeah. yeah

Speaker 15: You want to take that? Go ahead. You want to take that? you want to take that Go ahead. go ahead

Speaker 11: Yeah. Go ahead, Tim. Talk about the voluntary business. I would start with the wrapper, though. Yeah. yeah Go ahead, Tim. go ahead tim Talk about the voluntary business. talk about the voluntary business I would start with the wrapper, though. i would start with the wrapper though

Speaker 15: Yeah Yeah yeah

Speaker 11: ... because, those things that Chris talked about are important overall in terms of the digital connections we have, et cetera. You know, our voluntary business does have a little bit lower persistency at the employee level. Tim, maybe you can talk a little bit about that. ... because, those things that Chris talked about are important overall in terms of the digital connections we have, et cetera. because those things that chris talked about are important overall in terms of the digital connections we have et cetera You know, our voluntary business does have a little bit lower persistency at the employee level. you know our voluntary business does have a little bit lower persistency at the employee level Tim, maybe you can talk a little bit about that. tim maybe you can talk a little bit about that

Speaker 15: Yeah, Rick, that's right on. That's exactly where we experienced the pressure in the quarter. As we, as we continue to attach the voluntary benefits business on the Unum side to our leave program and to our platform partnerships with through HR Connect and Broker Connect and things of that nature, we're seeing improving persistency on the employer choice side. We had what I would describe as volatility in the first quarter on what we call member lapses, so policyholders who are either changing employers or, for whatever reason, dropping their coverage. The overwhelming majority of those are changing employers. We're taking a deeper look at that just to make sure that we are fully understanding it, and then we'll put together any actions that are necessary to bring that back. Yeah, Rick, that's right on. yeah rick that's right on That's exactly where we experienced the pressure in the quarter. that's exactly where we experienced the pressure in the quarter As we, as we continue to attach the voluntary benefits business on the Unum side to our leave program and to our platform partnerships with through HR Connect and Broker Connect and things of that nature, we're seeing improving persistency on the employer choice side. as we as we continue to attach the voluntary benefits business on the unum side to our leave program and to our platform partnerships with through hr connect and broker connect and things of that nature we're seeing improving persistency on the employer choice side We had what I would describe as volatility in the first quarter on what we call member lapses, so policyholders who are either changing employers or, for whatever reason, dropping their coverage. we had what i would describe as volatility in the first quarter on what we call member lapses so policyholders who are either changing employers or for whatever reason dropping their coverage The overwhelming majority of those are changing employers. the overwhelming majority of those are changing employers We're taking a deeper look at that just to make sure that we are fully understanding it, and then we'll put together any actions that are necessary to bring that back. we're taking a deeper look at that just to make sure that we are fully understanding it and then we'll put together any actions that are necessary to bring that back We think a big part of it was just some volatility in the quarter. We think a big part of it was just some volatility in the quarter. we think a big part of it was just some volatility in the quarter

Speaker 2: I mean, I might just underscore Tim's point. It's a really good one. Those conversations when you're in talking holistically about human capital management platform and leave and the full portfolio, you know, we have the chance to talk about, you know, how to make sure that ongoing enrollments remain strong and we get persistency lift over time. Glad Tim led in with that. I mean, I might just underscore Tim's point. i mean i might just underscore tim's point It's a really good one. it's a really good one Those conversations when you're in talking holistically about human capital management platform and leave and the full portfolio, you know, we have the chance to talk about, you know, how to make sure that ongoing enrollments remain strong and we get persistency lift over time. those conversations when you're in talking holistically about human capital management platform and leave and the full portfolio you know we have the chance to talk about you know how to make sure that ongoing enrollments remain strong and we get persistency lift over time Glad Tim led in with that. glad tim led in with that

Speaker 5: Appreciate that, thank you. The corporate outlook for the balance of the year, what do you expect, in terms of the corporate loss? Appreciate that, thank you. appreciate that thank you The corporate outlook for the balance of the year, what do you expect, in terms of the corporate loss? the corporate outlook for the balance of the year what do you expect in terms of the corporate loss

Speaker 13: Yeah, this is Steve. I would say mid-40s loss is probably about where I peg it. You know, it was a little bit light. The loss was, I think, a little bit light this quarter, but that would be probably where I would estimate it being going forward for the year. Yeah, this is Steve. yeah this is steve I would say mid-40s loss is probably about where I peg it. i would say mid-40s loss is probably about where i peg it You know, it was a little bit light. you know it was a little bit light The loss was, I think, a little bit light this quarter, but that would be probably where I would estimate it being going forward for the year. the loss was i think a little bit light this quarter but that would be probably where i would estimate it being going forward for the year

Speaker 9: Your next question from the line of Pablo Singzon with JPM. Your line is now open. Please go ahead. Your next question from the line of Pablo Singzon with JPM. your next question from the line of pablo singzon with jpm Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 10: Hi. Thank you. One more question on Unum International, where you referenced macro dynamics in the U.K. Was that related to inflation potentially picking up again, economic outlook or something to do with underlying risk experience that you had already commented on? Thanks. Hi. hi Thank you. thank you One more question on Unum International, where you referenced macro dynamics in the U.K. one more question on unum international where you referenced macro dynamics in the u.k Was that related to inflation potentially picking up again, economic outlook or something to do with underlying risk experience that you had already commented on? was that related to inflation potentially picking up again economic outlook or something to do with underlying risk experience that you had already commented on Thanks. thanks

Speaker 11: Mark, I don't know if you picked up the question, but it was talking about just the macro environment and if that's causing some of the benefits, and he specifically highlighted inflation. It's a little hard to hear. Mark, I don't know if you picked up the question, but it was talking about just the macro environment and if that's causing some of the benefits, and he specifically highlighted inflation. mark i don't know if you picked up the question but it was talking about just the macro environment and if that's causing some of the benefits and he specifically highlighted inflation It's a little hard to hear. it's a little hard to hear

Speaker 6: Yeah. Yeah, I mean, I think it's fair to say that the macroeconomic environment in the U.K. is not as strong as it has been for the last couple of years. We have some slightly higher inflation. The Bank of England has yet to respond with higher interest rates, and actually sent some very calming messages saying that it wasn't going to do that. There has been a little bit of a slowdown in, we saw in 2025 in the, in existing employers adding lives to schemes, but actually that picked up in quarter one 2026. At the moment, I would say I think there's a mood is a little bit lower, but not lots of sign that the economic activity is much lower. Yeah. yeah Yeah, I mean, I think it's fair to say that the macroeconomic environment in the U.K. is not as strong as it has been for the last couple of years. yeah i mean i think it's fair to say that the macroeconomic environment in the u.k is not as strong as it has been for the last couple of years We have some slightly higher inflation. we have some slightly higher inflation The Bank of England has yet to respond with higher interest rates, and actually sent some very calming messages saying that it wasn't going to do that. the bank of england has yet to respond with higher interest rates and actually sent some very calming messages saying that it wasn't going to do that There has been a little bit of a slowdown in, we saw in 2025 in the, in existing employers adding lives to schemes, but actually that picked up in quarter one 2026. there has been a little bit of a slowdown in we saw in 2025 in the in existing employers adding lives to schemes but actually that picked up in quarter one 2026 At the moment, I would say I think there's a mood is a little bit lower, but not lots of sign that the economic activity is much lower. at the moment i would say i think there's a mood is a little bit lower but not lots of sign that the economic activity is much lower

Speaker 13: Yeah. The other thing that I'd add, Pablo, 'cause I think you maybe have a specific question about was the benefit ratio somehow influenced by some of our policies that are inflation-linked, and I would say that that's not a significant contributor this quarter. It's more just around the average size of some of the claims submissions. Yeah. yeah The other thing that I'd add, Pablo, 'cause I think you maybe have a specific question about was the benefit ratio somehow influenced by some of our policies that are inflation-linked, and I would say that that's not a significant contributor this quarter. the other thing that i'd add pablo 'cause i think you maybe have a specific question about was the benefit ratio somehow influenced by some of our policies that are inflation-linked and i would say that that's not a significant contributor this quarter It's more just around the average size of some of the claims submissions. it's more just around the average size of some of the claims submissions

Speaker 10: Yep. Thank you for that. Second question, US Supplemental. One, it was below the quarterly run rate you had provided before. I think it was $120-$130, and the loss ratio was at the high end of your range. Can you give us an updated outlook? Thank you. Yep. yep Thank you for that. thank you for that Second question, US Supplemental. second question us supplemental One, it was below the quarterly run rate you had provided before. one it was below the quarterly run rate you had provided before I think it was $120-$130, and the loss ratio was at the high end of your range. i think it was $120-$130 and the loss ratio was at the high end of your range Can you give us an updated outlook? can you give us an updated outlook Thank you. thank you

Speaker 13: Yeah, you know, there's not really anything in there specific that I would say would be recurring. We still feel really good about kind of the quarterly outlook that we give for supplemental and voluntary. IDI claims were a little bit high for the quarter. We saw a little bit of volatility in voluntary benefits, nothing that we're looking to really continue as we proceed through the remainder of the year. Not really changing our viewpoint on ongoing earnings there. Yeah, you know, there's not really anything in there specific that I would say would be recurring. yeah you know there's not really anything in there specific that i would say would be recurring We still feel really good about kind of the quarterly outlook that we give for supplemental and voluntary. we still feel really good about kind of the quarterly outlook that we give for supplemental and voluntary IDI claims were a little bit high for the quarter. idi claims were a little bit high for the quarter We saw a little bit of volatility in voluntary benefits, nothing that we're looking to really continue as we proceed through the remainder of the year. we saw a little bit of volatility in voluntary benefits nothing that we're looking to really continue as we proceed through the remainder of the year Not really changing our viewpoint on ongoing earnings there. not really changing our viewpoint on ongoing earnings there

Speaker 9: Your next question from the line of Tracy Benguigui with Wolfe Research. Your line is now open. Please go ahead. Your next question from the line of Tracy Benguigui with Wolfe Research. your next question from the line of tracy benguigui with wolfe research Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 17: Thank you. Good morning. Most of my questions were asked, just one for me. I appreciate you clarifying that $100 million in reserves for the Group LTC case exists was not material enough to move the needle on capital. Just taking a step back, can you share what you need to see to reallocate some of your $2.2 billion of LTC protection into excess capital? Thank you. thank you Good morning. good morning Most of my questions were asked, just one for me. most of my questions were asked just one for me I appreciate you clarifying that $100 million in reserves for the Group LTC case exists was not material enough to move the needle on capital. i appreciate you clarifying that $100 million in reserves for the group ltc case exists was not material enough to move the needle on capital Just taking a step back, can you share what you need to see to reallocate some of your $2.2 billion of LTC protection into excess capital? just taking a step back can you share what you need to see to reallocate some of your $2.2 billion of ltc protection into excess capital

Speaker 13: Yeah. It's Steve. We feel really good about leaving the protections down in Fairwind right now. You know, we don't really have any other needs for that capital necessarily. We would have the ability to dividend some of that up to the holding company. As everybody knows, we have plenty of excess capital at the holding company to have flexibility to do what we need to do. Right now, we think the most prudent thing is to leave that protection down in Fairwind. That also possibly, you know, could support a transaction in the future. We just think it is good use of capital right now, Tracy. Yeah. yeah It's Steve. it's steve We feel really good about leaving the protections down in Fairwind right now. we feel really good about leaving the protections down in fairwind right now You know, we don't really have any other needs for that capital necessarily. you know we don't really have any other needs for that capital necessarily We would have the ability to dividend some of that up to the holding company. we would have the ability to dividend some of that up to the holding company As everybody knows, we have plenty of excess capital at the holding company to have flexibility to do what we need to do. as everybody knows we have plenty of excess capital at the holding company to have flexibility to do what we need to do Right now, we think the most prudent thing is to leave that protection down in Fairwind. right now we think the most prudent thing is to leave that protection down in fairwind That also possibly, you know, could support a transaction in the future. that also possibly you know could support a transaction in the future We just think it is good use of capital right now, Tracy. we just think it is good use of capital right now tracy

Speaker 17: Thank you. Thank you. thank you

Speaker 13: Thanks. Thanks. thanks

Speaker 9: Your next question from the line of Mike Ward with UBS. Your line is now open. Please go ahead. Your next question from the line of Mike Ward with UBS. your next question from the line of mike ward with ubs Your line is now open. your line is now open Please go ahead. please go ahead

Speaker 8: Thanks for squeezing me in, guys. Just wanted to go back to the Paid Family Medical. I'm just wondering if you're able to kind of like help us size the actual underwriting, you know, business that you've gotten from the state leave management programs. Just 'cause it, you know, you've spoken about this for a couple of years, but I, you know, kind of understood it was like a fee-for-service kind of model. Thanks for squeezing me in, guys. thanks for squeezing me in guys Just wanted to go back to the Paid Family Medical. just wanted to go back to the paid family medical I'm just wondering if you're able to kind of like help us size the actual underwriting, you know, business that you've gotten from the state leave management programs. i'm just wondering if you're able to kind of like help us size the actual underwriting you know business that you've gotten from the state leave management programs Just 'cause it, you know, you've spoken about this for a couple of years, but I, you know, kind of understood it was like a fee -for -service kind of model. just 'cause it you know you've spoken about this for a couple of years but i you know kind of understood it was like a fee -for -service kind of model

Speaker 2: Yeah. Mike, it's Chris. Thanks for the question. When you talk about leave, there is an element that is fee-for-service, and that's, you know, somebody can have us outsource their corporate leaves and, you know, FMLA, which is the federal leave job protection component. Where the PFML that generally gets most of the discussion, and there are different flavors, is when a state has a mandatory plan, and they provide for a private option. Yeah. yeah Mike , it's Chris . mike it's chris Thanks for the question. thanks for the question When you talk about leave, there is an element that is fee -for -service, and that's, you know, somebody can have us outsource their corporate leaves and, you know, FMLA, which is the federal leave job protection component. when you talk about leave there is an element that is fee -for -service and that's you know somebody can have us outsource their corporate leaves and you know fmla which is the federal leave job protection component Where the PFML that generally gets most of the discussion, and there are different flavors, is when a state has a mandatory plan, and they provide for a private option. where the pfml that generally gets most of the discussion and there are different flavors is when a state has a mandatory plan and they provide for a private option We very much like to play in those spaces, we have an offering that will be compliant with the state requirements. We can incorporate that into the broader short-term disability and long-term disability play. It ties in with leave management in total, helping employers keep track of what their different employee populations are eligible for. 'Cause inside of one employer, obviously, you have multiple states frequently, and different rules apply to different people. Really it's the, it's the insured component of not just a paid leave associated with a medical claim the employee has, but also an event that a family member may have, where they need to take time away, and they also get insurance cover for that. We very much like to play in those spaces, we have an offering that will be compliant with the state requirements. we very much like to play in those spaces we have an offering that will be compliant with the state requirements We can incorporate that into the broader short-term disability and long-term disability play. we can incorporate that into the broader short-term disability and long-term disability play It ties in with leave management in total, helping employers keep track of what their different employee populations are eligible for. 'Cause inside of one employer, obviously, you have multiple states frequently, and different rules apply to different people. it ties in with leave management in total helping employers keep track of what their different employee populations are eligible for 'cause inside of one employer obviously you have multiple states frequently and different rules apply to different people Really it's the, it's the insured component of not just a paid leave associated with a medical claim the employee has, but also an event that a family member may have, where they need to take time away, and they also get insurance cover for that. really it's the it's the insured component of not just a paid leave associated with a medical claim the employee has but also an event that a family member may have where they need to take time away and they also get insurance cover for that Maybe to just size it's still less than 10% of our overall disability book. Normally, when one state comes on at a time, it doesn't have that much impact. I think this quarter as we referenced, we had two larger states that, excuse me, Minnesota being a little larger and Delaware, that showed up a little bit in the loss ratio. Also, new sales coming on can have an effect in a smaller quarter, like the first quarter, for when Maine comes on. In general, that's the element of PFML that we're talking about outside of the fee-for-service leave management business that you historically know. Maybe to just size it's still less than 10% of our overall disability book. maybe to just size it's still less than 10% of our overall disability book Normally, when one state comes on at a time, it doesn't have that much impact. normally when one state comes on at a time it doesn't have that much impact I think this quarter as we referenced, we had two larger states that, excuse me, Minnesota being a little larger and Delaware, that showed up a little bit in the loss ratio. i think this quarter as we referenced we had two larger states that excuse me minnesota being a little larger and delaware that showed up a little bit in the loss ratio Also, new sales coming on can have an effect in a smaller quarter , like the first quarter, for when Maine comes on. also new sales coming on can have an effect in a smaller quarter , like the first quarter for when maine comes on In general, that's the element of PFML that we're talking about outside of the fee-for-service leave management business that you historically know. in general that's the element of pfml that we're talking about outside of the fee-for-service leave management business that you historically know

Speaker 8: Okay, thanks. Is it like, are you seeing is it parental leave or is it more so that sort of family member that is ill that needs care? Is there anything that prevents that from becoming a long-term claim if it's a family member? Okay, thanks. okay thanks Is it like, are you seeing is it parental leave or is it more so that sort of family member that is ill that needs care? is it like are you seeing is it parental leave or is it more so that sort of family member that is ill that needs care Is there anything that prevents that from becoming a long-term claim if it's a family member? is there anything that prevents that from becoming a long-term claim if it's a family member

Speaker 2: Great question. Think about short-term disability, long has forever been maternity's been the most prominent claim in short-term disability. That now gets extended for the birth mother and also the paternity leave associated with it. A mother can go longer than historically, just you know, the element of giving birth and the time after birth. There, you know, frequently there are a set number of weeks that they're eligible to stay out. There is a paternity factor, which has become, you know, a very meaningful bonding element of Family Medical Leave that is real. There's also a cap on that. Same with family members. Great question. great question Think about short-term disability, long has forever been maternity's been the most prominent claim in short-term disability. think about short-term disability long has forever been maternity's been the most prominent claim in short-term disability That now gets extended for the birth mother and also the paternity leave associated with it. that now gets extended for the birth mother and also the paternity leave associated with it A mother can go longer than historically, just you know, the element of giving birth and the time after birth. a mother can go longer than historically just you know the element of giving birth and the time after birth There, you know, frequently there are a set number of weeks that they're eligible to stay out. there you know frequently there are a set number of weeks that they're eligible to stay out There is a paternity factor, which has become, you know, a very meaningful bonding element of Family Medical Leave that is real. there is a paternity factor which has become you know a very meaningful bonding element of family medical leave that is real There's also a cap on that. there's also a cap on that Same with family members. same with family members If you have a sick parent or a sick child or some reason you're taking time away from work, all of these things are capped. They're eligible to be used, but they very much have a tail. That's part of what we do for employers: is we actually keep track of how long somebody has been away from work, what they're eligible for, how long they can be paid. Then part of our job is to tell them when they've exhausted that cover. If you have a sick parent or a sick child or some reason you're taking time away from work, all of these things are capped. if you have a sick parent or a sick child or some reason you're taking time away from work all of these things are capped They're eligible to be used, but they very much have a tail. they're eligible to be used but they very much have a tail That's part of what we do for employers: is we actually keep track of how long somebody has been away from work, what they're eligible for, how long they can be paid. that's part of what we do for employers is we actually keep track of how long somebody has been away from work what they're eligible for how long they can be paid Then part of our job is to tell them when they've exhausted that cover. then part of our job is to tell them when they've exhausted that cover

Speaker 11: I think, Mike, the important thing is all of that can be priced for. I think, Mike, the important thing is all of that can be priced for. i think mike the important thing is all of that can be priced for

Speaker 2: That's right. That's right. that's right

Speaker 11: That's how you respond to changes that might emerge in that book. It's very short tail, and the pricing cycle is very short as well. That's how you respond to changes that might emerge in that book. that's how you respond to changes that might emerge in that book It's very short tail, and the pricing cycle is very short as well. it's very short tail and the pricing cycle is very short as well

Speaker 9: Our next question from the line of Wilma Burdis with Raymond James. Our next question from the line of Wilma Burdis with Raymond James. our next question from the line of wilma burdis with raymond james

Speaker 19: Good morning. The lapses in Group LTC, can you just go into a little bit more detail? Was it one large account that left or was it a lot of small accounts? Maybe just kind of give us some visibility there. We're trying to evaluate just, you know, is the product just not as attractive as it once was. I know you mentioned that it is still attractive, but maybe just give us a little bit of color there. Was it just kind of one big account? Just help us think about how we should think about it going forward. Thanks. Good morning. good morning The lapses in Group LTC, can you just go into a little bit more detail? the lapses in group ltc can you just go into a little bit more detail Was it one large account that left or was it a lot of small accounts? was it one large account that left or was it a lot of small accounts Maybe just kind of give us some visibility there. maybe just kind of give us some visibility there We're trying to evaluate just, you know, is the product just not as attractive as it once was. we're trying to evaluate just you know is the product just not as attractive as it once was I know you mentioned that it is still attractive, but maybe just give us a little bit of color there. i know you mentioned that it is still attractive but maybe just give us a little bit of color there Was it just kind of one big account? was it just kind of one big account Just help us think about how we should think about it going forward. just help us think about how we should think about it going forward Thanks. thanks

Speaker 13: Yeah, Steve, I think, kind of a good articulation of it is we did have 7% of cases terminate, so it was definitely broad-based. It wasn't that there were, you know, a couple major accounts in there that terminated their plan. It was more broad-based. It's just based on, you know, kind of the value that an HR director views with their budget of how they spend their money. Many of these tend to be funded by the employer, that's just a decision that they're making as they think about the broader benefit package. Yeah, Steve, I think, kind of a good articulation of it is we did have 7% of cases terminate, so it was definitely broad-based. yeah steve i think kind of a good articulation of it is we did have 7% of cases terminate so it was definitely broad-based It wasn't that there were, you know, a couple major accounts in there that terminated their plan. it wasn't that there were you know a couple major accounts in there that terminated their plan It was more broad-based. it was more broad-based It's just based on, you know, kind of the value that an HR director views with their budget of how they spend their money. it's just based on you know kind of the value that an hr director views with their budget of how they spend their money Many of these tend to be funded by the employer, that's just a decision that they're making as they think about the broader benefit package. many of these tend to be funded by the employer that's just a decision that they're making as they think about the broader benefit package

Speaker 19: Thank you. We haven't seen as many of your peers lean into buybacks to the extent that Unum did this quarter. Can you just talk about how you guys view that kind of tactical buybacks going forward? Thanks. Thank you. thank you We haven't seen as many of your peers lean into buybacks to the extent that Unum did this quarter. we haven't seen as many of your peers lean into buybacks to the extent that unum did this quarter Can you just talk about how you guys view that kind of tactical buybacks going forward? can you just talk about how you guys view that kind of tactical buybacks going forward Thanks. thanks

Speaker 11: When I, when we think about it, I appreciate that, Wilma. You know, it's very consistent with the things that we've talked about overall in terms of taking our overall generation and then with a similar amount of deployment, $1 billion over the course of the year was our plan, is our plan currently. We just saw the opportunity to actually buy more. We sit in excess capital, it was not challenging to make that decision. We were opportunistic in the market. I think one of the things we said, we want to be dynamic in that share repurchase. We showed that in the first quarter. When I, when we think about it, I appreciate that, Wilma. when i when we think about it i appreciate that wilma You know, it's very consistent with the things that we've talked about overall in terms of taking our overall generation and then with a similar amount of deployment, $1 billion over the course of the year was our plan, is our plan currently. you know it's very consistent with the things that we've talked about overall in terms of taking our overall generation and then with a similar amount of deployment $1 billion over the course of the year was our plan is our plan currently We just saw the opportunity to actually buy more. we just saw the opportunity to actually buy more We sit in excess capital, it was not challenging to make that decision. we sit in excess capital it was not challenging to make that decision We were opportunistic in the market. we were opportunistic in the market I think one of the things we said, we want to be dynamic in that share repurchase. i think one of the things we said we want to be dynamic in that share repurchase We showed that in the first quarter. we showed that in the first quarter We're not changing the longer-term outlook on that, but we want to make sure we're taking advantage of different things that we see in the market, and we did that in the first quarter. Very happy to retire 3% of our shares in the quarter, and we'll see what future quarters look like as well. We're not changing the longer -term outlook on that, but we want to make sure we're taking advantage of different things that we see in the market, and we did that in the first quarter. we're not changing the longer -term outlook on that but we want to make sure we're taking advantage of different things that we see in the market and we did that in the first quarter Very happy to retire 3% of our shares in the quarter, and we'll see what future quarters look like as well. very happy to retire 3% of our shares in the quarter and we'll see what future quarters look like as well

Speaker 9: We have reached the end of the Q&A session. I will now turn the call back over to Rick McKenney for closing remarks. We have reached the end of the Q&A session. we have reached the end of the q&a session I will now turn the call back over to Rick McKenney for closing remarks. i will now turn the call back over to rick mckenney for closing remarks

Speaker 11: Great. Thank you for joining us today. We do appreciate the engagement. We will be out there, upcoming opportunities to connect. We would note that our annual meeting will be held on May the 21st. You can all dial in for that as well, or send questions. Thanks for your time. Please do send Tim Arnold a note. I'm sure he would appreciate it. Congratulations to him. That concludes today's call. Thanks, everyone. Great. great Thank you for joining us today. thank you for joining us today We do appreciate the engagement. we do appreciate the engagement We will be out there, upcoming opportunities to connect. we will be out there upcoming opportunities to connect We would note that our annual meeting will be held on May the 21st. we would note that our annual meeting will be held on may the 21st You can all dial in for that as well, or send questions. you can all dial in for that as well or send questions Thanks for your time. thanks for your time Please do send Tim Arnold a note. please do send tim arnold a note I'm sure he would appreciate it. i'm sure he would appreciate it Congratulations to him. congratulations to him That concludes today's call. that concludes today's call Thanks, everyone. thanks everyone

Speaker 9: This concludes today's call. Thank you for attending. You may now disconnect. This concludes today's call. this concludes today's call Thank you for attending. thank you for attending You may now disconnect. you may now disconnect