1. The Association of Insurance and
Financial Analysts Conference
Thomas R. Watjen
President and CEO, Unum Group
March 3, 2008

2. Safe Harbor Statement
Statements in this presentation that are not historical facts, such as our earnings per share, return
on equity and our Unum US group disability benefit ratio guidance, constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve
risks and uncertainties that could cause actual results to differ materially from those contained in
the forward-looking statements. These risks and uncertainties include such general matters as
general economic or business conditions; events or consequences relating to terrorism, acts of war
and catastrophes, including natural and man-made disasters; competitive factors, including pricing
pressures; legislative, regulatory, accounting, or tax law changes; and the interest rate environment.
More specifically, they include fluctuations in insurance reserve liabilities; changes in projected new
sales and renewals; variations between projections and actual experience in persistency rates,
incidence and recovery rates, pricing and underwriting; retained risks in our reinsurance operations;
availability and cost of reinsurance; the level and results of litigation, rating agency actions, and
regulatory actions and investigations; actual experience in implementing and complying with the
multistate market conduct regulatory settlement agreements and the California Department of
Insurance settlement agreement; negative media attention; changes in assumptions relating to
deferred acquisition costs, value of business acquired or goodwill; the level of pension benefit costs
and funding; investment results, including credit deterioration of investments; the ability of our
insurance company subsidiaries to pay dividends or extend credit to us and certain of our
intermediate holding company subsidiaries and/or finance subsidiaries; and effectiveness of product
support and customer service. For further information of risks and uncertainties that could affect
actual results, see our filings with the Securities and Exchange Commission, including information in
the sections titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk
Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007. The
forward-looking statements in this presentation are being made as of the date of this presentation,
and we expressly disclaim any obligation to update or revise any forward-looking statement
contained herein.
2

3. Agenda
• Our Business
• A Different Company
• Environment
• Unum US Core/Voluntary Market Strategy
• Outlook
3

4. Our Business
4

5. Our Business
Unum Group
Unum US Colonial Unum UK
#1 Group Disability #2 Voluntary Benefits #1 Group Disability
#1 Individual Disability #1 Group Critical Illness
#3 Voluntary Benefits #2 Group Life
#3 Group Life
#3 Group Long-term Care
5

6. A Different Company
6

7. A Different Company
More Diversified Earned Premium Base
Colonial
IDI-Closed Block
Colonial 11%
IDI-Closed Block 13%
9%
16%
Unum UK
4% Unum UK
Other 12%
1%
Unum US
Other
Supplemental
0%
& Voluntary
13%
Unum US
Supplemental
Unum US
& Voluntary
Unum US Large Case
18%
Large Case 24%
33%
Unum US
Core Market
Unum US
24%
Core Market
22%
2002 2007
7

8. A Different Company
More Diversified Earnings Base*
IDI-Closed Block IDI-Closed Block
8% 8%
Colonial
Colonial
19%
13%
Unum US
Unum US
Group Disability
Group Disability
13%
27%
Unum UK
7%
Other
6%
Unum US
Group Life
Unum UK
16%
25%
Unum US Unum US
Supplemental & Supplemental & Other
Unum US Voluntary Voluntary 1%
Group Life 18% 18%
21%
2002 2007
* Excludes Corporate segment
8

9. A Different Company
Solid Investment Portfolio
Credit Quality of Bond Portfolio
Below Baa
Below Baa
5.7%
10.5% Aaa
Aaa 23.2%
27.3%
Baa
37.3%
Aa
Aa 8.5%
Baa
4.1%
38.1%
A A
20.0% 25.3%
12/31/07
12/31/02
9

10. A Different Company
Strong Interest Margin
Group LTD
Basis Points
90
80
70
60
Target
Range
50
40
30
20
4Q-02 4Q-03 4Q-04 4Q-05 4Q-06 4Q-07
10

11. A Different Company
Significant Financial Flexibility
3/31/03 2007
Cash at Holding Company $ (755) $1,002
RBC 210% 344%
Debt to Total Capital 30.2% 21.4%
(as adjusted)
Market Value $2,370 $8,500 (current)
($ millions)
11

12. A Different Company
Ratings History – Financial Strength Ratings
Current Rating Recent Action
A.M. Best A- (Stable Outlook) Jan ’08
Outlook raised to Stable
Standard & Poor’s BBB+ (Positive Outlook) Aug ’07
Outlook raised to Positive
Fitch A- (Positive Outlook) Feb ’08
Outlook raised to Positive
Moody’s Baa1 (Stable Outlook) Feb ’08
Outlook raised to Stable
12

13. Environment
13

14. Environment: Trends
Demographic trends in both the US and the UK have
become immediate public policy priorities.
Potential impact on our
Demographic Trends Policy Proposals
industry
• Aging population • US Healthcare reform • Changing role of
employer
• Aging workforce • UK Pension reform
• Pressure government
funded programs
• Low savings rates • Extensive debate on
sustainability of
• Cost of healthcare government programs • Increased employee
responsibility
• Possible labor shortage
14

15. Environment: Trends
These trends have captured public attention in both
the US and UK markets…
Aging Population – Press Article Count in US/UK
250 2500
US Articles (DJ)
200 2000
UK Articles
US Articles
UK Articles (DJ)
150 1500
100 1000
50 500
0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annualized
Low Personal Savings – Press Article Count in US/UK
80 1000
US Articles (DJ)
800
60
US Articles
UK Articles
UK Articles (DJ)
600
40
400
20 200
0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Annualized
15

16. Environment: Trend
In the US market, healthcare trends are likely to have a
significant impact on US benefits market.
Healthcare Spending & Inflation
($ billions) $2400
$700
1991 2007E
US Inflation rate
16

17. Environment: Our Response Strategy
• Underinsured, aging population with low savings rate
creates a demand for specialized coverage
– Limited duration medical coverage and other term structured products
– Benefits communication tools and technology
• Increased employer expense management heightens
awareness of voluntary products
– Cost shift to employee from employer
– Simple and portable for employee
• Unum is well positioned for these trends:
– Colonial – #2 in Voluntary Benefits
– Unum US – Strong VWB, Voluntary Group, and Core Market Group
presence
– Unum UK – Emerging VWB market potential
17

18. Environment: Well-Positioned Business Mix
Much of our US business has a Voluntary aspect.
Premium Mix - 2007
(Unum US and Colonial)
IDI & LTC
Other
17%
3%
Voluntary
Employer Paid Group
(Colonial & Unum US- VWB)
22%
27%
Employee Paid Group
31%
18

19. Environment: Well-Positioned Business Mix
A Growing Voluntary Benefits and Core Group Focus
2007 2007
Premium Mix Fully-Insured Sales Mix
IDI-Closed Block
Unum UK
& Other
12% Colonial
Unum UK
13%
31%
10%
IDI-Closed Block
& Other
2%
Colonial
11%
Unum US
Large Case Unum US
Large Case
24%
14%
Unum US
Supplemental &
Voluntary
18%
Unum US Unum US
Core Market Supplemental
21% & Voluntary
Unum US 22%
Core Market
22%
19

20. Unum US
Core/Voluntary Market Strategy
20

21. Unum US Core/Voluntary Market Strategy
Converging Trends Point to a Customer Solution
“Just make it easy for me” “We have no choice but to pass on more
of the cost to employees”
Benefits people desire Growth in voluntary
easy administration and mixed funding
Voluntary and
Easy
mixed funding
administration
Reduced
Choice
complexity
One size Need for
does not fit all reduced complexity
“I want to feel knowledgeable
“I want to provide a plan that will meet
when I talk about this with
the specific needs of my customers.”
customers”
21

22. Unum US Core/Voluntary Market Strategy
Simply Unum.
Simply Better.
• Simply Unum combines Group & Voluntary coverages on one fully-
integrated platform and offers both Unum enrollment resources and
employer cost management capabilities.
• The Simply Unum platform is tailored to meet the needs of the 500
lives and less market.
• The platform allows ease of product access and choice, while
significantly reducing administrative time.
• Market place reaction from both brokers and customers has been
positive.
• National roll-out of the platform will continue through 2008.
22

23. Simply Unum
Sold Case Research - Selected Quotes
• quot;Simplicity. The people who handle the • quot;First, the individual enrollment, sitting
program for the company don't have to down with the employees individually
deal with two to three insurance and explaining in detail what the benefit
companies; much of enrollment and was about. That was a big plus right
administration is done electronically, so there. For these employees, in a tool
it tremendously frees up internal and die company, to have the benefits
people's time.quot;—Broker #1 explained at them, I just thought that
would be very beneficial.quot;—Broker #7
• “There’s the yearly budgeted amount • “I am not trained in HR, so we shop out
that we had spent on our disability our HR to the most user friendly
insurance and our life insurance, the companies we can find. So that's
programs we currently offer. He showed another reason we went to Unum
me he could offer savings on those because we don't want to have to deal
programs as well as additional programs with the administration problems that
we were not currently offering. So it the others give us.” —Employer
looked like we were getting a better
product and better service for less
money.”—Employer #3
23

24. Simply Unum
Sales Results
• Simply Unum was rolled out in four pilot offices in August of 2007.
• 3,800 quotes in the last five months of the year (29% quotes in
these offices).
• Average of 2.8 lines of coverage per quote across group and
voluntary lines.
• 286 sold group coverages
– 40 lives per coverage
– 30 VB cases currently in the enrollment process
• Simply Unum close ratio on par with non-Simply Unum.
• All four offices achieved their Simply Unum and non-Simply Unum
sales goal for the fourth quarter.
24

25. Unum US Core/Voluntary Market Strategy
Case Sales Growth
18,840
13,239
2003 2007 2011
* Includes Group, VB & GLTC
25

26. Unum US Core/Voluntary Market Strategy
Earned Premium Growth
2007-2011
5 Yr CAGR
Total Core & Supp Group Large
0.9% Total
4.2%
Core & Supp
- 4.7%
Group Large
2003 2007 2011
Earned premium growth emerges in 2009 as large case earned
premium flattens and growth accelerates in group core and
supplemental benefits segment.
26

27. Outlook
27

28. Outlook
Focus
• Consistent execution of our operating plans
• Maintain emphasis on disciplined, profitable growth
• Better leverage our leadership position
28

29. Outlook
Short-term Guidance: 2008 Expectations
Earnings Per Share $2.35 to $2.40
Return on Equity: Core 15.5% to 16.0%
Total Company 11.0% to 11.5%
Capital Position
Liquidity >$300mm
Leverage 24% - 25%
RBC 315% - 325%
29

30. Outlook
Long-term Trends: 2009 and Beyond
2007 Target
ROE ROE
Unum US 10.9% 11% - 13%
Unum UK 38.6% 26% – 28%
Colonial 24.6% 20% – 22%
Core Total 16.7% 15% – 16%
IDI - Closed Block 2.1% 2% - 3%
Company Total 11.2% 11.5% - 13.0%
30

31. Closing Comments
• Strong Balance Sheet
• Well Positioned Investment Portfolio
• Diversified Business Mix; Strong Operating Performance
• Disciplined Profitable Growth Strategy
31

32. Non-GAAP Reconciliation
32

33. Reconciliation of Non-GAAP Financial Measures
Three Months Ended December 31
2007 2006
(in millions)
Operating Income Before Income Tax and Net Realized
Investment Gain (Loss), As Adjusted $ 306.8 $ 265.0
Debt Extinguishment Cost (55.6) (2.7)
Interest on Federal Income Tax Refund - 2.6
Operating Income Before Income Tax and Net Realized
Investment Gain (Loss) 251.2 264.9
Income Tax (Benefit) on Operating Income 74.2 (8.8)
Net Realized Investment Gain (Loss), After Tax (16.5) 0.5
Income from Continuing Operations 160.5 274.2
Income from Discontinued Operations, Net of Tax - 1.9
Net Income $ 160.5 $ 276.1
33

34. Reconciliation of Non-GAAP Financial Measures
Three Months Ended *
12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006 9/30/2006 6/30/2006 3/31/2006
Net Income (Loss) $ 0.44 $ 0.52 $ 0.43 $ 0.51 $ 0.80 $ (0.19) $ 0.38 $ 0.23
Net Realized Investment Gain (Loss) (0.05) (0.08) 0.02 (0.01) - 0.01 (0.01) -
Income from Discontinued Operations - - - 0.02 0.01 - 0.01 0.01
After-tax Operating Income (Loss) from
Continuing Operations Excluding Net Realized
Investment Gain (Loss) 0.49 0.60 0.41 0.50 0.79 (0.20) 0.38 0.22
UK Reserve Release, Net of Tax - 0.03 - - - - - -
UK Tax Law Change - 0.01 - - - - - -
Regulatory Reassessment Charges,
Net of Tax - - (0.10) - - (0.62) - (0.17)
Special Tax Items - - - - 0.28 - - -
Broker Compensation Settlement, Net of Tax - - - - - (0.04) - -
Debt Extinguishment Cost, Net of Tax (0.10) - - - (0.01) - (0.04) (0.01)
After-tax Operating Income from
Continuing Operations Excluding Net Realized
Investment Gain (Loss) and Special Items $ 0.59 $ 0.56 $ 0.51 $ 0.50 $ 0.52 $ 0.46 $ 0.42 $ 0.40
* Amounts per diluted common share
34

35. Reconciliation of Non-GAAP Financial Measures
As of
December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31 December 31
2007 2007 2007 2007 2006 2006 2006 2006 2005
(in millions)
Total Stockholders' Equity, As Adjusted $ 7,501.3 $ 7,347.2 $ 7,158.2 $ 6,705.8 $ 6,989.8 $ 6,725.4 $ 6,800.0 $ 6,108.2 $ 6,049.9
Net Unrealized Gain on Securities 356.1 346.6 78.0 490.3 534.8 687.9 60.7 256.2 1,040.7
Net Gain on Cash Flow Hedges 182.5 137.0 135.4 180.5 194.2 181.1 126.2 203.6 273.3
Total Stockholders' Equity (Book Value) $ 8,039.9 $ 7,830.8 $ 7,371.6 $ 7,376.6 $ 7,718.8 $ 7,594.4 $ 6,986.9 $ 6,568.0 $ 7,363.9
Quarterly Average Equity, As Adjusted** $ 7,424.3 $ 7,252.7 $ 6,932.0 $ 6,636.6 $ 6,857.6 $ 6,762.7 $ 6,454.2 $ 6,079.0
Annual Average Equity, As Adjusted** 7,034.3
** First quarter and full year 2007 average adjusted for cumulative effect of accounting principle changes of $422.5 million effective January 1, 2007
35

36. Reconciliation of Non-GAAP Financial Measures
Adjusted
Operating Operating
Income (Loss) Income (Loss)
Before Net Allocated Before Net
Average Average Average Realized After-tax After-tax Realized Leveraged
Allocated Allocated Leveraged Investment Special Item Interest Investment Return
Equity Debt Equity Gain/Loss Adjustments Expense Gain/Loss On Equity
(in millions)
Twelve Months Ended December 31, 2007
Unum US $ 4,557.2 $ (1,301.3) $ 3,255.9 $ 371.8 $ 43.1 $ (59.5) $ 355.4 10.9%
Unum UK 866.6 (230.5) 636.1 256.1 - (10.7) 245.4 38.6%
Colonial 829.8 (220.8) 609.0 159.8 - (10.2) 149.6 24.6%
Core Operations 6,253.6 (1,752.6) 4,501.0 787.7 43.1 (80.4) 750.4 16.7%
Individual Disability - Closed Block 2,481.4 (663.2) 1,818.2 76.7 (8.6) (29.9) 38.2 2.1%
Corporate and Other (1,700.7) 2,415.8 715.1 (148.8) 36.1 110.3 (2.4) -0.3%
Total $ 7,034.3 $ - $ 7,034.3 $ 715.6 $ 70.6 $ - $ 786.2 11.2%
Adjusted
Operating Operating
Income (Loss) Income (Loss)
Before Net Allocated Before Net Annualized
Average Average Average Realized After-tax After-tax Realized Leveraged
Allocated Allocated Leveraged Investment Special Item Interest Investment Return
Equity Debt Equity Gain/Loss Adjustments Expense Gain/Loss On Equity
(in millions)
Three Months Ended December 31, 2007
Core Operations $ 6,418.2 $ (1,594.4) $ 4,823.8 $ 226.9 $ - $ (20.9) $ 206.0 17.1%
Individual Disability - Closed Block 2,458.5 (717.1) 1,741.4 15.2 - (7.8) 7.4 1.7%
Corporate and Other (1,452.4) 2,311.5 859.1 (65.1) 36.1 28.7 (0.3) -0.1%
Total $ 7,424.3 $ - $ 7,424.3 $ 177.0 $ 36.1 $ - $ 213.1 11.5%
36

37. Reconciliation of Non-GAAP Financial Measures
Adjusted
Operating Operating
Income (Loss) Income (Loss)
Before Net Allocated Before Net Annualized
Average Average Average Realized After-tax After-tax Realized Leveraged
Allocated Allocated Leveraged Investment Special Item Interest Investment Return
Equity Debt Equity Gain/Loss Adjustments Expense Gain/Loss On Equity
(in millions)
Three Months Ended September 30, 2007
Core Operations $ 6,324.8 $ (1,633.3) $ 4,691.5 $ 215.0 $ (13.3) $ (19.4) $ 182.3 15.5%
Individual Disability - Closed Block 2,627.2 (641.9) 1,985.3 19.1 - (7.7) 11.4 2.3%
Corporate and Other (1,699.3) 2,275.2 575.9 (17.1) - 27.1 10.0 6.9%
Total $ 7,252.7 $ - $ 7,252.7 $ 217.0 $ (13.3) $ - $ 203.7 11.2%
Three Months Ended June 30, 2007
Core Operations $ 6,183.9 $ (1,660.4) $ 4,523.5 $ 159.4 $ 43.1 $ (19.6) $ 182.9 16.2%
Individual Disability - Closed Block 2,657.3 (675.4) 1,981.9 27.8 (8.6) (8.1) 11.1 2.2%
Corporate and Other (1,909.2) 2,335.8 426.6 (40.2) - 27.7 (12.5) -11.7%
Total $ 6,932.0 $ - $ 6,932.0 $ 147.0 $ 34.5 $ - $ 181.5 10.5%
Three Months Ended March 31, 2007
Core Operations $ 6,085.9 $ (1,734.5) $ 4,351.4 $ 186.4 $ - $ (21.0) $ 165.4 15.2%
Individual Disability - Closed Block 2,647.2 (714.7) 1,932.5 14.6 - (8.8) 5.8 1.2%
Corporate and Other (2,096.5) 2,449.2 352.7 (26.4) - 29.8 3.4 3.9%
Total $ 6,636.6 $ - $ 6,636.6 $ 174.6 $ - $ - $ 174.6 10.5%
Three Months Ended December 31, 2006
Core Operations $ 6,443.0 $ (1,791.7) $ 4,651.3 $ 272.9 $ (81.7) $ (20.6) $ 170.6 14.7%
Individual Disability - Closed Block 2,627.2 (711.2) 1,916.0 18.7 - (8.1) 10.6 2.2%
Corporate and Other (2,212.6) 2,502.9 290.3 (17.9) (12.2) 28.7 (1.4) -1.9%
Total $ 6,857.6 $ - $ 6,857.6 $ 273.7 $ (93.9) $ - $ 179.8 10.5%
Three Months Ended September 30, 2006
Core Operations $ 6,337.8 $ (1,741.1) $ 4,596.7 $ (29.6) $ 189.4 $ (19.5) $ 140.3 12.2%
Individual Disability - Closed Block 2,610.3 (717.1) 1,893.2 (3.5) 22.1 (8.0) 10.6 2.2%
Corporate and Other (2,185.4) 2,458.2 272.8 (35.3) 12.7 27.5 4.9 7.2%
Total $ 6,762.7 $ - $ 6,762.7 $ (68.4) $ 224.2 $ - $ 155.8 9.2%
Three Months Ended June 30, 2006
Core Operations $ 6,260.0 $ (1,851.9) $ 4,408.1 $ 142.9 $ - $ (21.6) $ 121.3 11.0%
Individual Disability - Closed Block 2,582.1 (763.9) 1,818.2 21.6 - (8.9) 12.7 2.8%
Corporate and Other (2,387.9) 2,615.8 227.9 (37.6) 11.6 30.5 4.5 7.9%
Total $ 6,454.2 $ - $ 6,454.2 $ 126.9 $ 11.6 $ - $ 138.5 8.6%
Three Months Ended March 31, 2006
Core Operations $ 6,157.7 $ (2,062.5) $ 4,095.2 $ 89.7 $ 47.3 $ (23.2) $ 113.8 11.1%
Individual Disability - Closed Block 2,549.0 (853.8) 1,695.2 9.5 8.6 (9.6) 8.5 2.0%
Corporate and Other (2,627.7) 2,916.3 288.6 (29.3) 3.4 32.8 6.9 9.6%
Total $ 6,079.0 $ - $ 6,079.0 $ 69.9 $ 59.3 $ - $ 129.2 8.5%
37

38. Reconciliation of Non-GAAP Financial Measures
Three Months Ended
December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31
2007 2007 2007 2007 2006 2006 2006 2006
(in millions)
Operating Income (Loss) from Continuing
Operations Before Net Realized Investment
Gain (Loss) $ 177.0 $ 217.0 $ 147.0 $ 174.6 $ 273.7 $ (68.4) $ 126.9 $ 69.9
Net Realized Investment Gain (Loss), Net of Tax (16.5) (30.0) 6.5 (3.2) 0.5 3.1 (3.6) 1.5
Income from Discontinued Operations, Net of Tax - - - 6.9 1.9 1.6 1.9 2.0
Net Income (Loss) $ 160.5 $ 187.0 $ 153.5 $ 178.3 $ 276.1 $ (63.7) $ 125.2 $ 73.4
38

39. Reconciliation of Non-GAAP Financial Measures
As of
December 31 March 31
2007 2003
(in millions)
Debt, As Reported $ 2,690.2 $ 2,421.2
Exclude Non-recourse Debt 912.5 -
Debt, As Adjusted $ 1,777.7 $ 2,421.2
Total Stockholders' Equity, As Reported $ 8,039.9 $ 6,545.3
Exclude Net Unrealized Gain on Securities
and Cash Flow Hedges 538.6 951.7
Exclude Northwind and Tailwind's Capital
and Non-recourse Debt 954.7 -
6,546.6 5,593.6
Debt, As Adjusted 1,777.7 2,421.2
Total Capital, As Adjusted $ 8,324.3 $ 8,014.8
Debt to Capital Ratio 21.4% 30.2%
39

40. Reconciliation of Non-GAAP Financial Measures
Twelve Months Ended December 31, 2007
Debt Claim
Extinguishment Reassessment
As Reported Cost Charges As Adjusted
(in millions)
Operating Income (Loss) by Segment Before Income Tax
and Net Realized Investment Gain (Loss)
Unum US
Group Disability $ 105.0 $ - $ (66.2) $ 171.2
Group Life and Accidental Death and Dismemberment 217.2 - - 217.2
Supplemental and Voluntary 243.4 - - 243.4
Total Unum US 565.6 - (66.2) 631.8
Unum UK 338.8 - - 338.8
Colonial 245.8 - - 245.8
Core Operating Segments 1,150.2 - (66.2) 1,216.4
Individual Disability - Closed Block 117.9 - 13.2 104.7
Other 17.5 - - 17.5
Corporate (223.2) (58.8) - (164.4)
Operating Income by Segment $ 1,062.4 $ (58.8) $ (53.0) $ 1,174.2
40