March 2, 2009

2009 AIFA ConferenceScottsdale, AZ

Jack McGarrySr. Vice President and Chief Risk OfficerUnum US

2

Safe Harbor Statement

Statements in this presentation that are not historical facts, such as our earnings per share, return on

equity and our Unum US group disability benefit ratio guidance, constitute “forward-looking

statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve

risks and uncertainties that could cause actual results to differ materially from those contained in the

forward-looking statements. These risks and uncertainties include such general matters as general

economic or business conditions, particularly the current financial market disruptions and deteriorating

economic conditions; events or consequences relating to terrorism, acts of war and catastrophes,

including natural and man-made disasters; competitive factors, including pricing pressures; legislative,

regulatory, accounting, or tax law changes; and the interest rate environment. More specifically, they

include fluctuations in insurance reserve liabilities; changes in projected new sales and renewals;

variations between projections and actual experience in persistency rates, incidence and recovery

rates, pricing and underwriting; retained risks in our reinsurance operations; availability and cost of

reinsurance; the level and results of litigation, rating agency actions, and regulatory actions and

investigations; negative media attention; changes in assumptions relating to deferred acquisition costs,

value of business acquired or goodwill; the level of pension benefit costs and funding; investment

results, including credit deterioration of investments; the ability of our insurance company subsidiaries

to pay dividends or extend credit to us and certain of our intermediate holding company subsidiaries

and/or finance subsidiaries; and effectiveness of product support and customer service. For further

information of risks and uncertainties that could affect actual results, see our filings with the Securities

and Exchange Commission, including information in the sections titled “Cautionary Statement

Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the

fiscal year ended December 31, 2008. The forward-looking statements in this presentation are being

made as of the date of this presentation, and we expressly disclaim any obligation to update or revise

any forward-looking statement contained herein.

3

Agenda

• Economic and Business Environment

• Growth Strategy

• Progress to Date

4

Economic and Business Environment

5

Business Environment: Economic Landscape

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

1Q 1.0% -0.5% 2.7% 1.2% 3.0% 3.0% 4.8% 0.1% 0.9%

2Q 6.4% 1.2% 2.2% 3.5% 3.5% 2.6% 2.7% 4.8% 2.8%

3Q -0.5% -1.4% 2.4% 7.5% 3.6% 3.8% 0.8% 4.8% -0.5%

4Q 2.1% 1.6% 0.2% 2.7% 2.5% 1.3% 1.5% -0.2% -3.8%

2000 2001 2002 2003 2004 2005 2006 2007 2008

GDP

US Non-Farm Employment Lives

100,000

110,000

120,000

130,000

140,000

1Q

89

1Q

90

1Q

91

1Q

92

1Q

93

1Q

94

1Q

95

1Q

96

1Q

97

1Q

98

1Q

99

1Q

00

1Q

01

1Q

02

1Q

03

1Q

04

1Q

05

1Q

06

1Q

07

1Q

08

1Q

09

RecessionJul 90-Mar 91

RecessionMar 01-Nov 01

RecessionDec 07-

Consumer Confidence

0

25

50

75

100

125

150

1Q

89

1Q

90

1Q

91

1Q

92

1Q

93

1Q

94

1Q

95

1Q

96

1Q

97

1Q

98

1Q

99

1Q

00

1Q

01

1Q

02

1Q

03

1Q

04

1Q

05

1Q

06

1Q

07

1Q

08

1Q

09

RecessionJul 90-Mar

RecessionMar 01-Nov

RecessionDec 07-

Yields to Maturity

0.0

2.0

4.0

6.0

8.0

10.0

12.0

A Corp Baa Corp UST 7-10 Yr UST 20+ YrCopyright © 2008 Lehman Brothers Inc.

6

2008

Other0%

Unum US Supplemental& Voluntary

19%

Unum UK11%

Colonial13%

IDI-Closed Block12%

Unum USCore Market

24%

Unum USLarge-Case

21%

Unum USCore Market

24%

Other1%

Unum UK4%

Colonial9%

Unum USLarge-Case

33%

IDI-Closed Block16%

Unum US Supplemental& Voluntary

13%

2002

Business Environment: Corporate Diversification

More Diversified Earned Premium Base

7

In-force Premium - Group, VWB & GLTC

Business Environment: Unum US Industry Diversification

Cyclical 35.3%

Finance 8.2%

Healthcare 17.1%

Education / Services 20.6%

Other 18.7%

2002

Cyclical 28.6%

Finance 7.4%

Healthcare 21.3%

Education / Services 24.3%

Other 18.4%

2008

• Cyclical industries include Manufacturing & Construction, Transportation & Utilities, Wholesale / Retail

8

Economic Environment: Submitted Incidence Trends by Case Size

Submitted Incidence

2002 2003 2004 2005 2006 2007 2008

0-499 500-1,999 2,000+ Total

`

Group Long-term Disability: Submitted Incidence Trend by Case Size

9

Economic Environment: LTD Recessionary Impact

Quarter 0 represents quarter of peak employment lives for recessionary period

Age Adjusted Submitted IncidenceCumulative Quarterly change from employment peak

-3%-2%-1%0%1%2%3%4%5%6%

-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4

Avg Sub Inc from 90&01 recessions 07 Sub Inc

0%

10

Growth Strategy

1111

Growth Strategy: Employee Benefit Market Trends - US

Source: Current Data - LIMRA Feb. 2007 report, “Group Insurance market Potential”. Trend Data – Bain research

HR Operations

15%

Retirement18%

Other Benefits

8%

Health59%

HR Operations

10%

Retirement16%

Other Benefits

4%

Health70%

Total US Employee Benefits Revenue % by Category

Increased propensity to package “other benefits”

2006 2016(Estimates)

12

Growth Strategy: Premium Per Life Trends vs. LTD Industry

Inforce Premium per Life

$217

$229

$252

$270

$303

$219 $219 $222

$218$229 $232 $234

$290

$201$211 $209$205

$216

2002 2003 2004 2005 2006 2007

Unum LTD Industry excluding Unum Industry

Source: JHA Disability Market Surveys

$

13

Growth Strategy: Shifting Size

2002 New Sales

2008New Sales

28% Small

17% Mid

55% Large

43% Small

21% Mid

36% Large

Group Long-term Disability Business Mix

14

Group Long-term Disability - Average Case Size

$38,469 $39,426 $40,086

$30,298

$26,412

$28,461

$23,339$22,833

$10,000

$20,000

$30,000

$40,000

$50,000

2001 2002 2003 2004 2005 2006 2007 2008

$ in millions

Growth Strategy: Reducing Average Case Size

* Fully Insured New Sales

15

Business Mix – Sales Premium

Growth Strategy: Shifting Product Mix

2002

Group Large43.1%

Group Core

33.6%

LTC6.1%

IDI RI8.9%

VWB8.3%

Group Large21.0%

Group Core

42.4%

VB22.6%

IDI RI8.2%

LTC5.8%

2008* 2002 Data do not include AD&D Sales Premium

16

• Benefit ratio continues to reflect improving claims management performance.• Benefit Operations continues to achieve greater consistency in results and

sustain underlying long term performance assumptions.

Group Disability Benefit Ratio*

94.6%

92.7% 93.8%94.8%

92.4%

89.9%

70%

75%

80%

85%

90%

95%

100%

2003 2004 2005 2006 2007 2008

Risk Results

* Excludes impact of RSA settlement

17

Benefit Center Performance

• Management Involvement

• Staffing

• Inventory Management

• Quality Review

18

Group Life and AD&D Benefit Ratio

77.0%76.6%

76.0% 76.3%

72.8%

69.5%

60%

65%

70%

75%

80%

2003 2004 2005 2006 2007 2008

Risk Results

19

72.5%

69.0%

66.3%

62.6%

60.1%

58.0%

50%

55%

60%

65%

70%

75%

2003 2004 2005 2006 2007 2008

Risk Results

Voluntary Benefits Benefit Ratio

20

87.0%

85.5% 85.6% 85.8%

83.1%

80.1%

70%

75%

80%

85%

90%

2003 2004 2005 2006 2007 2008

Group Disability, GL and AD&D, Voluntary Benefits Benefit Ratio

Risk Results

21

7,901

8,856

4,000

7,000

10,000

2007 2008

+12%

Unum US Group Disability

6,531

7,914

4,000

7,000

10,000

2007 2008

+21%

Unum US Group Life

Growth Strategy: Increasing Customer Base

New Sales Case Counts

22

$79.1

$105.8$114.1

$130.2$134.2

$138.4

$158.6

$50

$100

$150

$200

2002 2003 2004 2005 2006 2007 2008

Growth Strategy: Voluntary Market

$ in millionsUnum US Voluntary Benefits Sales Growth

23

2003 2008 2013

Total Core & Supp Group Large

Earned premium growth emerges in 2009 as large case earned premium flattens and growth accelerates in group core and supplemental benefits segment.

2009 Outlook and Opportunities

Earned Premium Growth – Unum US2008-2013 5 Yr CAGR

4.4% Total

8.4%Core &

Supplemental

- 1.5%Group Large

24

Non-GAAP Reconciliation

25

Non-GAAP Reconciliation

(in millions) benefit ratio (in millions) benefit ratio (in millions) benefit ratio (in millions) benefit ratio

Unum US Group Disability RatioPremium Income 609.3$ 2,381.3$ 2,483.5$ 2,527.9$ Benefits and Change in Reserves for Future Benefits 641.2 105.2% 2,277.4 95.6% 2,702.5 108.8% 2,397.7 94.8%Regulatory Reassessment Charge (76.5) (76.5) (349.2) (27.3) Benefits and Change in Reserves for Future Benefits, Excluding Regulatory Reassessment Charge 564.7 92.7% 2,200.9 92.4% 2,353.3 94.8% 2,370.4 93.8%

(in millions) benefit ratio (in millions) benefit ratio

Unum US Group Disability RatioPremium Income 2,644.7$ 2,662.6$ Benefits and Change in Reserves for Future Benefits 2,533.1 95.8% 3,412.1 128.1%Regulatory Reassessment Charge (80.2) (894.0) Benefits and Change in Reserves for Future Benefits, Excluding Regulatory Reassessment Charge 2,452.9 92.7% 2,518.1 94.6%

Three Months Ended Twelve Months Ended

December 31, 2004 December 31, 2003

Twelve Months EndedJune 30, 2007 December 31, 2007

Twelve Months Ended Twelve Months Ended

Twelve Months EndedDecember 31, 2006 December 31, 2005