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- **Core growth momentum**: 4% premium growth in Unum US, 12% sales growth, and 89.8% persistency highlight strong execution.
- **Closed Block management**: $478 million reserve increase reflects strategic actions to derisk LTC, with no capital contributions needed.
- **Digital innovation**: HR Connect and Total Leave platforms drove 12% sales growth, reinforcing competitive advantage.
- **Capital discipline**: $1.3 billion capital return expected for 2025, with 455% RBC ratio and $2 billion liquidity buffer.
- **LTC reinsurance success**: Transaction reduced risk and added $101 million after-tax gain, positioning for future transactions.

**【CEO Summary Section】**
- **Core business growth**: Unum US premium grew 4% year-over-year, driven by 12% sales growth and 89.8% persistency. Group disability and life lines delivered ROE above 20%.
- **Closed Block management**: Third-quarter GAAP EPS of $2.09 was impacted by $0.10 from Closed Block reserve updates. LTC reinsurance transaction reduced risk and added $101.2 million in after-tax gains.
- **Strategic initiatives**: HR Connect and Total Leave platforms drove 12% sales growth, with digital engagement rates exceeding 80%.
- **Capital return**: $750 million in share buybacks and $230 million in dividends returned to shareholders year-to-date, with $1.3 billion total capital return expected for 2025.

**【CFO Financial Commentary】**
- **Core profitability**: Unum US adjusted operating income of $334.9 million (down 8% YoY) reflected $105.8 million group disability reserve release. Group disability benefit ratio improved to 61.3%.
- **Closed Block updates**: $478.5 million pre-tax reserve increase included $300 million for elevated LTC incidence, offset by $200 million mortality improvement removal. Future premium rate increases targeting $525 million in present value.
- **Capital strength**: $2 billion holding company liquidity and 455% RBC ratio, well above targets. No capital contributions needed for Closed Block.

**【Q&A Highlights】**
- **LTC strategy**: Reinsurance transaction reduced LTC risk, with no further capital contributions needed. $2 billion excess capital buffer maintained.
- **Group disability trends**: 62% benefit ratio sustained, with recoveries at historical highs. Pricing environment stable with 3-5% annual rate increases.
- **International growth**: Poland premium grew 19%, UK sales up 25%, and U.S. voluntary benefits expanded 10%.
- **Closed Block volatility**: NPR increase to 97.6% expected to stabilize quarterly earnings variability as cohorts mature under LDTI caps.

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