Unum (UNM) Proxy filing summary

Executive summary

• Focused on delivering value through disciplined capital management, digital transformation, and risk reduction, with $1.4 billion after-tax adjusted operating income on $13.1 billion revenue in 2025, though financial expectations were not fully met due to benefits experience across product lines.

• Completed a reinsurance transaction ceding 20% of long-term care reserves, reducing risk and sharpening focus on core business.

• Returned $1.3 billion to shareholders in 2025 via dividends and share repurchases, with a cumulative $3.85 billion since 2021.

• Continued investment in digital platforms and talent development to enhance customer experience and operational efficiency.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) election of 11 director nominees, (2) advisory vote to approve executive compensation, and (3) ratification of Ernst & Young LLP as independent auditor for 2026.

• Board recommends voting FOR all proposals.

• Shareholder engagement included outreach to holders of 80% of institutional shares, with positive feedback on compensation and governance.

Board of directors and corporate governance

• Board comprises 11 nominees with diverse backgrounds, averaging 8.9 years of tenure and 55% women.

• Ongoing refreshment process led to nomination of Kristi A. Matus and retirement of Theo Bunting.

• All directors except the CEO are independent; robust evaluation and succession planning processes in place.

• Board committees (Audit, Risk and Finance, Governance, Human Capital, Regulatory Compliance) are fully independent.

• Annual election of directors, majority voting standard, proxy access, and no poison pill.