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•	Acquisitions: Unum's acquisitions in 2015 and 2016 of dental providers in the U.K. and U.S. have accelerated our expansion into the dental market and have been positively received. We have also announced our intent to acquire a financial protection provider based in Poland by the end of 2018, expanding our footprint in Europe.

•	Growth initiatives: We have enhanced our product portfolio with the introduction of dental, vision, stop-loss and new voluntary offerings. Planned geographic expansion is also driving growth.

•	Business investments: Current and planned investments in technology, customer experience, business development, facilities and our people are designed to further enhance our service capabilities, identify future opportunities for growth, and attract and retain talent.

•	Tax reform: We expect tax legislation enacted by the U.S. federal government in December 2017 to significantly lower our overall effective tax rate in future periods. While there are other offsets in the short-term, we expect the ongoing benefit due to the lower corporate income tax rate to free up capital to reinvest in our business and add value to shareholders.

•	Business confidence: As a provider of employee benefits offered through the workplace, we expect to benefit as employers gain more confidence in the economic environment, particularly in the U.S. We anticipate these positive trends will translate to greater hiring and wage growth, business investments and investments in employees.

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•	Our thoughtful approach to governance practices such as:

◦	Board leadership succession planning; and

◦	Our responsiveness to shareholder feedback, including the adoption of special meeting rights;

•	Clearly designed programs with an appropriate mix of compensation for executives; and

•	The smooth transition of management and Board leadership during 2015 and 2016.

•	Adding a matrix showing key qualifications and attributes of our directors;

•	Eliminating supermajority voting requirements; and

•	Highlighting some of our work in the area of social responsibility in our proxy statement given its importance in driving retention and engagement.

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•	Reputation for high ethical conduct, integrity, sound judgment, and accountability;

•	Current knowledge and experience in one or more core competencies identified in the corporate governance guidelines;

•	Ability to commit sufficient time to the Board and its committees;

•	Collegial effectiveness; and

•	Diversity, whether in viewpoints, gender, ethnic background, age, professional experience or other demographics.

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•	Market capitalizations ranging from $5.5 billion at the 25th percentile to $15 billion at the 75th percentile (compared to Unum market capitalization of $10.2 billion); and

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•	Revenues ranging from $4 billion at the 25th percentile to $11 billion at the 75th percentile (compared to Unum revenues of $11 billion).

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(1)	Amounts represent retainers, including for service as Board Chairman and committee chairs, which were paid in 2017, either in cash or deferred shares, for 2017/2018 Board service. Messrs. Echevarria and O'Hanley and Ms. Larson each elected to defer their cash retainers, which were converted to deferred share rights with the value reflected in the table.

(2)	On May 25, 2017, each then serving non-employee director was granted 3,304 restricted stock units (RSUs) under our Stock Incentive Plan of 2017. The amounts shown are the grant date fair market values of these units. Messrs. Muhl and Watjen retired from the Board at the 2017 Annual Meeting and did not receive a grant of RSUs for the 2017/2018 Board year.

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(3)	With the exception of Messrs. Muhl and Watjen, who both retired from the company in 2017, the amounts shown represent the company’s matching gifts resulting from the directors’ charitable gifts. For Messrs. Muhl and Watjen, in recognition of their respective retirements from the Board, the company made a $5,000 charitable contribution on behalf of each director.

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•	Presiding at all meetings of the Board, including executive sessions of the non-management and independent directors;

•	Communicating actions/issues arising from executive sessions to the CEO, as appropriate;

•	Authority to call meetings of the independent directors;

•	Authority to approve meeting schedules, agendas and information provided to the Board;

•	Advising the Board on Board development, including Board and committee leadership succession planning;

•	Unless otherwise determined by the Board, meeting with each director to evaluate the Board and committees and reporting this evaluation to the Governance Committee;

•	When requested by the independent directors, hiring advisors to the independent directors, to be paid by the company;

•	Receiving, through the Corporate Secretary, communications from shareholders seeking to communicate with the Board;

•	Serving as a liaison to the independent directors; and

•	If requested by major shareholders, ensuring that he is available for consultation and direct communication.

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(1)	Ms. DeVore joined the Board effective February 22, 2018.

(2)	Mr. Echevarria rotated from the Audit Committee to the Risk & Finance Committee in May 2017.

(3)	Ms. Egan was named the Chair of the Human Capital Committee in August 2017.

(4)	Ms. Godwin rotated from the Risk & Finance Committee to the Regulatory Compliance Committee in May 2017.

(5)	As noted on page 24, Ms. Godwin will not stand for re-election at the 2018 Annual Meeting.

(6)	Mr. Kabat was named Chairman of the Board in May 2017 and the Chair of the Governance Committee in September 2017.

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•	Identifies qualified candidates for the Board, consistent with criteria approved by the Board, and recommends the individuals to be nominated by the Board for election as directors;

•	Develops and recommends to the Board our corporate governance guidelines;

•	Oversees the process for Board and committee evaluations; and

•	Advises the Board on corporate governance matters, including with respect to the size, composition, operations, leadership, succession plans and the needs of the Board and its committees.

•	Establishes our general compensation philosophy, principles and practices;

•	Takes into consideration the results of the company’s most recent say-on-pay vote;

•	Evaluates and approves compensation and benefit plans;

•	Annually reviews performance and approves compensation of the CEO and other executive officers;

•	Reviews and recommends to the Board the form and amount of director compensation; and

•	Reviews the Compensation Discussion and Analysis and related disclosures in our proxy statements.

•	Monitors the effectiveness of our compliance efforts concerning applicable regulatory and legal requirements and internal policy;

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•	Reviews and discusses with management any communication to or from regulators or governmental agencies and any complaints, reports and legal matters that raise significant issues regarding our compliance with applicable laws or regulations; and

•	Monitors the investigation and resolution of any significant instances of noncompliance or potential compliance violations.

•	Monitors, evaluates and recommends to the Board capital and financing plans, activities, requirements and opportunities;

•	Oversees implementation of and compliance with investment strategies, guidelines and policies;

•	Authorizes loans and investments of the company;

•	Reviews, assesses and reports on the impact of various finance activities on our debt ratings; and

•	Monitors, evaluates and makes recommendations regarding matters pertaining to our Closed Block segment, including the long-term care business, that could have a meaningful impact upon any of the matters for which the Risk and Finance Committee has oversight responsibility.

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•	Review of the overall design and philosophy of the incentive compensation programs.

•	Review and assessment of the 2017 annual incentive program and long-term incentive program performance measures for alignment between actual results and achievement payout levels.

•	Identification of fundamental principles to test, including the SEC’s non-exclusive list of situations where compensation programs may have the potential to raise material risks to the company.

•	Assessment of the incentive programs in light of the company’s primary risks (as disclosed in the company’s 2017 Form 10-K) and the company’s annual financial and capital plans.

•	Assessment of proposed design changes to the 2018 incentive plans.

•	Assessment of the sales compensation programs to identify behaviors incented, inherent risks and existing safeguards.

•	The company’s incentive program targets, thresholds, caps, metric weightings and payout curves are effective control mechanisms.

•	The incentive plans are balanced and align the long-term interests of stakeholders and management.

•	The program’s goals are effectively balanced and consistent with the risk levels embedded in the company’s financial and capital plans.

•	All potential awards are subject to Human Capital Committee discretion and the company has a recoupment policy in place in the event of a material earnings restatement.

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•	Funding research on disability trends, the economic impact of financial protection benefits and consumer insurance purchasing habits;

•	Sponsoring state legislation to encourage greater participation in financial protection benefits through employee auto-enrollment, with the option to opt-out;

•	Providing expertise to federal and state agencies related to disability benefits; and

•	Active participation in industry associations such as the American Council of Life Insurers.

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•	Integrity of the company’s financial statements and related disclosures;

•	Effectiveness of the company’s internal control over financial reporting;

•	Compliance by the company with legal and regulatory requirements;

•	Qualifications, independence and performance of the company’s independent auditor;

•	Responsibilities and performance of the company’s internal audit function; and

•	Management of the company’s financial risks.

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•	Richard P. McKenney, President and Chief Executive Officer

•	John F. McGarry, Executive Vice President and Chief Financial Officer

•	Michael Q. Simonds, President and Chief Executive Officer, Unum US

•	Breege A. Farrell, Executive Vice President and Chief Investment Officer

•	Lisa G. Iglesias, Executive Vice President and General Counsel

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•	Acquisitions: Unum's acquisitions in 2015 and 2016 of dental providers in the U.K. and U.S. have accelerated our expansion into the dental market and have been positively received. We have also announced our intent to acquire a financial protection provider based in Poland by the end of 2018, expanding our footprint in Europe.

•	Growth initiatives: We have enhanced our product portfolio with the introduction of dental, vision, stop-loss and new voluntary offerings. Planned geographic expansion is also driving growth.

•	Business investments: Current and planned investments in technology, customer experience, business development, facilities and our people are designed to further enhance our service capabilities, identify future opportunities for growth, and attract and retain talent.

•	Tax reform: We expect tax legislation enacted by the U.S. federal government in December 2017 to significantly lower our overall effective tax rate in future periods. While there are other offsets in the short-term, we expect the ongoing benefit due to the lower corporate income tax rate to free up capital to reinvest in our business and add value to shareholders.

•	Business confidence: As a provider of employee benefits offered through the workplace, we expect to benefit as employers gain more confidence in the economic environment, particularly in the U.S. We anticipate these positive trends will translate to greater hiring and wage growth, business investments and investments in employees.

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•	Our clearly designed programs with an appropriate mix of compensation for executives; and

•	The smooth transition of management during 2015 and 2016.

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•	Offering base salaries that reflect the competitive market as well as the roles, skills, abilities, experience, and performance of employees;

•	Providing incentive opportunities for all employees based on the achievement of corporate and individual performance goals; and

•	Aligning the long-term interests of management and shareholders by offering performance-based equity compensation opportunities and requiring senior officers to own a specified value of shares and retain equity awards for a specified period of time after vesting.

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•	Evaluate, design, and administer a compensation program for our executive officers that appropriately links pay, company and individual performance, and the creation of shareholder value;

•	Establish performance goals and certify whether they have been attained;

•	Review the performance of the CEO, with input from the full Board, and determine his compensation; and

•	Determine compensation for each of the other NEOs.

•	A self-assessment outlining his own performance for the year;

•	Performance assessments and compensation recommendations for executives who report directly to him, which includes all of the NEOs; and

•	His perspective on the business environment and the company’s performance.

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•	Compliance with the Committee’s independence policy;

•	Other services, if any, provided to the company by the consultant;

•	The amount of fees paid by the company to the consultant as a percentage of the consultant’s total revenues;

•	Any business or personal relationships between the consultant (including its representatives) and the company’s directors or senior officers; and

•	The policies and procedures the consultant has in place to prevent conflicts of interest, which include a prohibition against stock ownership in the company.

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•

For CEO and CFO compensation, a proxy peer group comprised of insurance and financial services companies that are either our business competitors or primary competitors for talent (the "Proxy Peer Group"). The Proxy Peer Group is also a reference for compensation programs and practices. The composition of the Proxy Peer Group is determined by the Committee and reviewed annually as outlined below; and

•	For the compensation of our other NEOs, the Willis Towers Watson Diversified Insurance Study of Executive Compensation (the "Diversified Insurance Study"). This source is used because responsibilities of our other NEOs may not be directly comparable with those of named executives at other companies in the Proxy Peer Group.

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(1)	For compensation decisions made in early 2017, benchmarking comparisons were made using the 2017 Proxy Peer Group and the 2016 DIS (the latest data available at the time). Although Unum participates in the DIS, we are excluded from this table. The number of participants in the DIS remained the same as the prior year.

(2)	The Proxy Peer Group includes both property and casualty insurers and life and health insurers, with Unum’s assets equal to 29% of the peer median as of December 31, 2016, and our revenue at 89% of the peer median for the year ended December 31, 2016. Unum is not part of the Proxy Peer Group.

(3)	This peer group will be used for the relative TSR comparison under the 2017 PSU grant. These companies are our direct competitors, are generally followed by the same sell-side research analysts, and generally compete with us for talent.

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•	Business and financial objectives the Board approved for the company;

•	Strategic objectives by business area;

•	Talent management initiatives; and

•	Operational effectiveness and efficiency.

•	Company performance;

•	For the CEO, the Board’s assessment of his performance, as well as his self-assessment;

•	For NEOs other than the CEO, the performance assessments of the NEOs. For each individual, the performance assessment is based on a combination of performance feedback from the individual’s direct manager (the CEO), peers, direct reports, and other partners, as well as the individual’s self-assessment; and

•	Written assessments by all Board members of each NEO against their stated goals in the areas listed below:

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Led the company to record levels of financial performance that exceeded plan in 2017, continuing a consistent pattern of outstanding results that have created significant shareholder value. Results were well-balanced across core business segments and included ongoing stability in Closed Block operations. Total shareholder return has outperformed peers and benchmarks over the most recent three-, five- and 10-year periods;

•	Has taken actions and delivered statutory results to ensure the Company maintains a very strong balance sheet and capital position. This capital position has allowed the company to invest in the business, pursue acquisitions and expansion, and return capital to shareholders. Importantly, it provides the company with the flexibility to respond to future challenges and opportunities;

•	Has undertaken a number of strategic initiatives designed to position the company for ongoing success. These include an aggressive change management agenda focused on enhancing capabilities and customer experience as well as product and geographic expansion;

•	Has taken actions to be certain the Company has a strong brand with a variety of constituents. In particular, the company has been a leading voice for our industry in building partnerships with policymakers and groups to further the goal of protecting the financial security of more workers and their families; and

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Continuously exhibits effective leadership and has demonstrated impressive personal development as CEO since being named to the position. He has focused on the development of his leadership team while maintaining employee engagement at levels exceeding industry leading benchmarks. In 2017, he accelerated programs and actions to further diversity in the organization and build a culture of inclusion.

•	Provided strong leadership as CFO during 2017 as the company exceeded most financial objectives, with each business segment generally meeting or exceeding its goals for the year;

•	Has ensured the company maintains a strong capital position, which allowed the company to continue to invest in the growth of the business, fund product expansion, and return capital to shareholders

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•	Continued his focus on the Closed Block which includes financial performance within expectations, internal actions to better position the business for the future, and representing the company effectively with external constituents as a very credible expert;

•	Has been an important contributor to our strategic assessment and actions. His effective balance of growth while managing a strong balance sheet is a critical element of our strategy; and

•	Worked closely with the Finance leadership team to drive change, strengthen talent and create a more efficient organization.

•	Led Unum US to very strong financial results that exceeded expectations, including record levels of before-tax adjusted operating income;

•	Delivered strong premium growth and solid sales results, while maintaining risk and pricing discipline. Premium growth was 3.9% and sales growth was 19.6%. Margins and return on equity remain at the very top of the industry;

•	Launched work in Unum US to drive operational improvement and an enhanced customer experience;

•	Has been a significant contributor to our strategic efforts. This includes effectively integrating our new dental acquisition, launching a new stop loss product, and identifying future opportunities for growth; and

•	Continued to focus on talent development across the enterprise including support for our diversity and inclusions efforts.

•	Led the investment team to a very successful year in 2017 despite a difficult environment with very low interest rates;

•	Delivered results that exceeded all of our internal investment metrics;

•	Remained disciplined in credit selection. The overall quality of our portfolio is strong with minimal credit impacts during the year;

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•	Continued to develop the investment team with good balance between the senior group and an impressive junior cohort; and

•	Brings an important perspective to the company’s change agenda.

•	Provided effective leadership for the legal department in the role of General Counsel;

•	Delivered strong performance as the legal team executed on a high volume of work including our expanded growth agenda;

•	Has been an important link to the Board and Governance Committee. Overall support and communication with the Board has been excellent;

•	Led organizational work in the department over the last few years that has created an effective team with a solid set of leaders; and

•	Set the early pace for our diversity and inclusion efforts as both an executive sponsor as well as with her community involvement.

•	Strong operational performance

•	Disciplined growth

•	Effective risk management

•	Consistent capital generation

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(1)	For each performance measure, there is no payout at or below the threshold. For each performance measure, the payout would be 200% for performance at or above the maximum. However, the overall payout for the aggregate annual incentive plan is capped at 150% of target. For performance between defined levels, the payout is interpolated.

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(2)	After-tax adjusted operating income is defined as net income adjusted to exclude after-tax net realized investment gains or losses and certain other items specified in the reconciliation of non-GAAP (generally accepted accounting principles) financial measures attached hereto as Appendix A.

(3)	Consolidated adjusted operating return on equity is calculated by taking after-tax adjusted operating income and dividing it by the average of the beginning- and end-of-year stockholders’ equity adjusted to exclude the net unrealized gain or loss on securities and the net gain on cash flow hedges.

(4)	Earned premium is calculated for our core operations (Unum US, Unum UK, and Colonial Life).

(5)	Customer Experience is based on the quality of our customers' experiences and includes measures which focus on areas that impact customer loyalty and satisfaction.

(6)	The operating expense ratio is equal to operating expenses as a percentage of earned premium (or total company expense over total company earned premium) inclusive of Closed Block and the Corporate Segment.

(7)

Net investment income reflects the impact of investment results on after-tax adjusted operating income. Net investment income excludes interest on policy loans, investment income on floating rate securities backing floating rate debt, investment income on index-linked securities which support claim reserves that provide for index-linked claim payments, variances to plan for asset levels and specified portions of miscellaneous net investment income, and includes investment income related to investments managed by Unum supporting reserves related to a block of individual disability business assumed through a modified coinsurance agreement.

(8)	Avoided losses are calculated by multiplying an industry standard weighted default rate by Unum’s total credit exposure and comparing to Unum’s actual investment losses.

(9)	Market composite consists of comparing the average of three targets: (1) credit spreads on purchases to a specified benchmark, (2) yields on purchases to a specified benchmark, and (3) realized investment losses to a specified peer group.

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•	Unplanned adjustments resulting from accounting policy changes, legal, tax or regulatory rule or law changes;

•	The impact of any unplanned acquisitions, divestitures, or block reinsurance transactions;

•	Unplanned adjustments to the Closed Block of business;

•	The effect of any unplanned regulatory, legal, or tax settlements;

•	The effect of unplanned changes to strategic asset allocation;

•	Unplanned debt issuance, repurchasing or retirement; or stock repurchase or issuance;

•	The effect of differences between actual currency exchange rates versus exchange rates assumed in the financial plan;

•	Unplanned fees or assessments, including tax assessments, from new legislation; and

•	The effect on revenue from unplanned variances from floating rate securities and index-linked securities.

•	The effect of market value adjustments in Net Investment Income; and

•	For the Investment plan only, the effect of lost income from bond calls.

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•	The effect of revaluation of the net deferred tax liability as a result of tax reform (impact to earnings and equity);

•	The effect of increased sales resulting from an update to the New York disability law for paid family leave (this reduced the sales performance achievement);

•	The effect of unplanned acquisition expenses, the majority of which were related to Pramerica Życie TUiR SA (impact to earnings, operating expense ratio, and equity);

•	The effect of a reserve increase related to the settlement with a third party regarding unclaimed death benefits (UDB) (impact to earnings and equity);

•	The effect of differences between actual stock repurchases and the amount assumed in the financial plan (actual repurchases were slightly higher than plan and the impact was immaterial);

•	The effect of differences between actual foreign currency rates and the exchange rates assumed in the financial plan; and

•	The impact of a loss from a guaranty fund assessment (impact to earnings and equity).

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•	Eligibility for all non-sales employees to receive an annual incentive;

•	An Executive Officer Incentive Plan in which our NEOs participate; and

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An objective performance threshold of $250 million of statutory after-tax operating earnings and other sources of cash flow available from the company’s insurance and non-insurance subsidiaries for the fiscal performance year that provides funding for incentive payments. This goal must be achieved before participants are eligible to receive an award. If the goal is not achieved, no awards are paid.

(1)	The Committee exercises discretion as to the final percentage considering all performance factors, including, but not limited to, the quality of financial results. For details on adjustments for 2017, see page 62.

(2)	Individual performance may range from 0% to 125%.

•	Applying the individual annual incentive targets, which had been set in early 2017, to each individual’s base salary;

•	Calculating company and business unit performance percentages by comparing actual results to the performance targets described beginning on page 58 (the Committee may also take into account other factors, including economic considerations as well as non-financial goals);

•	Establishing an individual performance percentage (from 0% to 125%) using the individual assessment process described beginning on page 55; and

•	Multiplying company and business unit performance by individual performance and the NEO’s annual incentive target.

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(1)	Company performance for Messrs. McKenney, McGarry and Simonds and Ms. Iglesias was weighted 100% based on Unum Group performance.

(2)	Company performance for Ms. Farrell was weighted with 75% based on Investments and 25% based on Unum Group performance. Investments achievement was 118% and Unum Group achievement was 120%, resulting in overall achievement of 118.5%.

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(1)	Individual performance may range from 0% to 125%.

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Applying the individual long-term incentive targets, which were set in early 2016 by considering the market data from the appropriate comparator group (as described beginning on page 52) as well as each individual’s target relative to other NEOs, given their respective levels of responsibility, to each individual’s base salary, except that, the long-term incentive target is set as a dollar amount for Mr. McKenney;

•	Establishing an individual performance percentage (from 0% to 125%) using the individual assessment process described beginning on page 55 (for a discussion of the individual NEO performance assessments for 2016 that determined the individual performance percentage for these 2017 grants, see page 50 of our 2017 Proxy Statement); and

•	Multiplying each NEO’s long-term incentive target by his or her individual performance percentage.

•	The 2017 long-term incentive award was divided evenly between PBRSUs (50%) and PSUs (50%) for each NEO; and

•	The PBRSUs vest based on each NEO’s continued service over a three-year period. The PSUs vest based on the achievement of three-year pre-established goals (2017-2019) for average adjusted operating return on equity and average adjusted operating earnings per share, modified by relative total shareholder return as previously described.

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(1)	Mr. McKenney’s target was set as a dollar amount, rather than as a percentage of salary as for the other NEOs.

(2)	The grant date fair value of the long-term incentive grant (as reported in the Summary Compensation Table on page 76) was calculated based on the Monte Carlo PSU valuation. The long-term incentive granted in March 2017 was calculated based on the closing stock price of the grant date.

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•	The effect of unplanned debt issuance; favorable conditions in debt markets allowed us to accelerate debt issuance that was planned for the future which was an advantage to shareholders;

•	The effect of revaluation of the net deferred tax liability as a result of tax reform;

•	The effect of unplanned acquisition expenses and operating earnings related to Starmount Life Insurance Company, National Dental Plan Limited and associated companies, Pramerica Życie TUiR SA and other acquisition expenses;

•	The effect of a reserve increase related to the settlement with a third party regarding unclaimed death benefits (UDB);

•	The effect of a change to the presentation of the Company's prior period adjusted operating earnings as a result of the inclusion of amortization of prior period actuarial gains or losses, a component of net periodic benefit cost for our pension and other postretirement benefit plans;

•	The effect of an unplanned reinsurance treaty;

•	The impact of a loss from a guaranty fund assessment;

•	The effect of differences between actual stock repurchases and the amount assumed in the financial plan; and

•	The effect of differences between actual foreign currency rates and the exchange rates assumed in the financial plan.

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•	A 5% match contribution (for elected deferrals provided through the 401(k) and Non-Qualified Plans);

•	A 4.5% contribution (provided through the 401(k) and Non-Qualified Plans); and

•	For employees who meet certain age and service requirements, a 3.5% transition contribution on covered earnings and an additional 3.5% transition contribution for covered earnings above $70,000 (provided through the 401(k) Plan and, for those eligible employees whose earnings exceed the qualified plan limits, the Non-Qualified Plan).

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One of our largest employee locations is in Tennessee, which has no state income tax. Due to the frequency of travel between our corporate offices and other locations, employees often incur non-resident state taxes in multiple states. Therefore, when any employee travels to other company locations outside of his or her primary state of employment and incurs state income tax based on another state’s law, we provide a tax gross-up for the non-resident state taxes.

•	The company has entered into an aircraft time-sharing agreement with Mr. McKenney effective as of May 21, 2015, pursuant to which he agrees to reimburse the company for the costs of his personal use of the corporate aircraft. Mr. McKenney did not use this benefit during 2017.

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A tax gross-up is provided to employees who incur income on company-sponsored events where attendance is expected, including a limited number of events we host each year to recognize the contributions of various employees. These functions serve specific business purposes, and in some cases the attendance of an NEO and his or her spouse or guest is expected. If so, we attribute income to the NEO for these costs when required under Internal Revenue Service regulations. For more information, see the All Other Compensation table on page 77.

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•	Hold a multiple of the officer’s base salary in Unum shares (including unvested restricted stock units) throughout employment; and

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Retain a fixed percentage of the net shares (shares after the payment of taxes and the costs of exercise and commissions) received as compensation for a specified period of time. These holding period requirements apply to shares acquired upon the exercise of options and the vesting of PBRSUs and PSUs even if the stock ownership requirements have been met. Exceptions to this requirement may be made only by the Board.

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(1)	Amount includes shares held in certificate form, brokerage accounts, and 401(k) Plan accounts. Shares were valued using a closing stock price of $54.89 on December 29, 2017, the last trading day of the year.

(2)	Shares/units were valued using a closing stock price of $54.89 on December 29, 2017, the last trading day of the year. Performance-based restricted stock units (PBRSUs) vest over three years (see the Vesting Schedule for Unvested Restricted Stock Units table on page 81).

(3)	Retention percentage is the net percentage of shares to be held after the payment of taxes and the costs of exercise and commissions. Retention requirements apply to shares acquired upon the exercise of options and the vesting of PBRSUs and PSUs.

(4)	After this holding period, the officer would then be able to sell the shares as long as his or her ownership requirement is met or would be reached in the time period allotted.

•	The senior officer has committed or engaged in fraud or willful misconduct that resulted, either directly or indirectly, in the need to make such restatement; and

•	Such performance-based compensation paid or awarded to the senior officer would have been a lesser amount if calculated using the restated financial results.

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(1)

Mr. McKenney was named President in April 2015 and subsequently assumed the role of CEO following Mr. Watjen's retirement in May 2015. Before that, he served as Unum's Executive Vice President and Chief Financial Officer. Mr. McGarry, who had previously served as President and Chief Executive Officer of the Closed Block Operations, succeeded Mr. McKenney as Chief Financial Officer in April 2015. As a result of these promotions, the Committee approved adjustments to their compensation packages to reflect their new responsibilities. Their compensation for 2016 reflects their first full year of compensation in their current positions, whereas the compensation for 2015 reflects pro-ration of payments based on the portion of the year that they held their current and prior positions.

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(2)

"Stock Awards" consists of performance share units (PSUs) and performance-based restricted stock units (PBRSUs). The number of shares payable under the PSU awards will be based on the actual performance, modified (+/- 20%) based on relative total shareholder return, and may result in the ultimate award of 40-180% of the initial number of PSUs issued, with the potential for no award if company performance goals are not achieved during the three-year performance period. The value of PSUs, assuming the highest possible outcomes of performance conditions (180%) to which 2017 awards are subject, determined based on the award amount at the time of grant and thus excluding dividend equivalent units that accrue during the performance period, would be: $4,949,961 for Mr. McKenney; $899,993 for Mr. McGarry; $899,993 for Mr. Simonds; $428,098 for Ms. Farrell; and $556,886 for Ms. Iglesias.

(3)

These awards were comprised of 50% PSUs and 50% PBRSUs granted on March 1, 2017 for performance in 2016. The grant date fair value of stock awards for the PSUs was calculated in accordance with FASB ASC Topic 718 – Compensation – Stock Compensation (ASC 718) as the number of units multiplied by the Monte Carlo simulation value of $53.85 on the grant date. The grant date fair value of stock awards for the PBRSUs was calculated in accordance with ASC 718 as the number of units multiplied by the closing market price of $49.86 on the grant date.

(4)	Amounts reflect the annual incentive awards paid in March 2018 for performance in 2017. These are discussed in further detail beginning on page 65 under the Annual Incentive Awards heading.

(5)

The amounts shown reflect the actuarial present value increases from December 31, 2016 through December 31, 2017. Pension values may fluctuate from year-to-year depending on a number of factors, including age at benefit commencement and the assumptions used to determine the present value, such as the discount rate and mortality rate. The assumptions used by the company in calculating the change in pension value are described beginning on page 84 and are consistent with those set forth in Note 9 of our Consolidated Financial Statements in Part II, Item 8 of our 2017 Form 10-K, except as otherwise provided in footnotes to the Pension Benefits table on page 84.

(6)	"All Other Compensation" amounts are set forth in the following table.

(a)

Spouses or guests sometimes accompany the NEO at company business functions. When their attendance is expected, a tax gross up payment is provided. Where applicable, these payments have been included under "Tax Reimbursement Payments." Additionally, when these trips included travel on the corporate aircraft, the incremental cost was calculated to determine amounts to be reported. For purposes of compensation disclosure, the use of company aircraft is valued using an incremental cost that takes into account fuel costs, landing fees, parking, weather monitoring and maintenance fees per hour of flight. Crew travel expenses are included based on the actual amount incurred for a particular trip. Fixed costs that do not change based on usage, such as pilot salaries and depreciation of the aircraft, are excluded. Amounts represent the imputed income each NEO incurred for such attendance plus the incremental cost of the aircraft when the aircraft was used.

(b)	Amounts represent those provided through our Matching Gifts Program, available to all full-time employees and non-employee directors. During 2017, the company matched eligible gifts from a minimum of $50 to an aggregate maximum gift

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(c)

Amounts represent the aggregate matching contributions into our 401(k) Plan as well as matching contributions into our Non-Qualified Plan. Matching contributions under our 401(k) Plan are provided to all eligible employees participating in the plan as described beginning on page 71 in the Retirement and Workplace Benefits section. The company matched contributions dollar-for-dollar up to 5% of eligible earnings in 2017. Matching contributions under our Non-Qualified Plan are provided to eligible officers participating in the plan as described beginning on page 71 in the Retirement and Workplace Benefits section. The company matched contributions dollar-for-dollar up to 5% of eligible earnings in 2017.

(d)

Many of our employees are required to travel to other company locations outside of their primary state of employment. While working in a state other than their primary state of employment, employees may become subject to state income taxes in that state if days worked or earnings accrued exceed an amount specified under state law. When this happens, we pay the state income tax on behalf of those employees (including our NEOs) and gross up the income amount for FICA and Medicare taxes (gross ups on these amounts are included in "Tax Reimbursement Payments"). The employee remains responsible for any taxes they would have incurred had they worked only in their primary state of employment.

(e)

These amounts represent the aggregate of company and transition contributions under our 401(k) and Non-Qualified Plans as described beginning on page 71 in the Retirement and Workplace Benefits section. Full-time employees with one year of service with the company receive 4.5% of their salary and annual incentive contributed into their 401(k) Plan. Full-time employees who, as of December 31, 2013, had either: (i) reached a minimum of 60 points (age plus service) and at least 15 years of service or (ii) reached the age of 50 with 10 years of service with the company, receive an additional contribution into their 401(k) and Non-Qualified Plans through the transition contributions, as disclosed above in the Retirement and Workplace Benefits section.

(f)	Amounts represent tax payments made by us on behalf of each NEO relating to Employee and Spouse/Guest Attendance at Company Business Functions and Non-Resident State Taxes. In 2017, Mr. McGarry also received a tax reimbursement payment related to his foreign assignment, which ended in 2012.

(g)

This amount includes tax equalization and foreign tax preparation benefits. We provided expatriate tax benefits to Mr. McGarry in connection with his non-permanent relocation, at the company's request, to the United Kingdom, consistent with the company's expatriate assignment policy. Under the company's expatriate assignment policy, the employee is responsible for the amount of taxes he would have incurred if he had continued to live and work in his home country. These taxes were paid in British Pounds and have been converted to U.S. dollars at a rate of GBP£1 = US$1.2347. Additionally, we provide all expatriate employees (including executives) foreign tax preparation services while they are on assignment outside their home countries and for the three-year period after they return. Mr. McGarry was the only NEO to receive this benefit in 2017.

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(1)

These amounts reflect the threshold, target, and maximum award under the annual incentive plan. The threshold is 25% of the amount shown in the Target column and reflects the payout that would have been earned based on threshold achievement of each of the performance measures. Target amounts are based on the individuals’ earnings for 2017 and their annual incentive target. The maximum award is 187.5% of such target (150% plan maximum multiplied by 125% individual maximum).

(2)

Mr. McGarry’s performance-based restricted stock units (PBRSUs) and performance share units (PSUs) are no longer subject to risk of forfeiture because he met the age and years of service requirements for retirement eligibility under the plans from which the awards were granted. His PBRSUs will continue to vest ratably over the three-year vesting period on each anniversary of the grant date. The actual amount of PSUs that will vest will be determined based on the achievement of the three-year performance goals, modified by relative TSR, as described in further detail in the Long-term Incentive Targets section beginning on page 61.

(3)

The vesting of PSUs ranges from 40% to 180% of target based on the performance and market conditions described beginning on page 61. The grant date fair value of each PSU was calculated in accordance with Accounting Standards Codification (ASC) 718 using a Monte Carlo simulation based on historical volatility, risk-free rates of interest, and pairwise correlation coefficients. The actual amount that will be issued will be determined based on the achievement of the three-year performance goals (2017-2019), modified by relative TSR, as described in further detail in the Long-Term Incentive Targets section beginning on page 61.

(4)	The grant of PBRSUs made on March 1, 2017 for Messrs. McKenney, McGarry, and Simonds as well as Mses. Farrell and Iglesias were based on the achievement of a threshold of statutory after-tax operating earnings and individual performance

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(5)	The grant date fair value of stock awards for the PBRSUs granted on March 1, 2017 was calculated as the number of units multiplied by the closing market price of $49.86 on the grant date.

(6)	As noted above, the grant date fair value of PSUs granted on March 1, 2017 was calculated in accordance with ASC 718 using a Monte Carlo simulation based on historical volatility, risk-free rates of interest, and pairwise correlation coefficients as of March 1, 2017. The Monte Carlo valuation per share was $53.85.

(1)	The amounts in this column represent the aggregate value of performance-based restricted stock units (PBRSUs), including dividend equivalents, shown in the "Number of Shares or Units of Stock That Have Not Vested" column based on the closing price of $54.89 on December 29, 2017, the last trading day of the year.

(2)

This column reflects PSU awards that were granted on February 23, 2016 and March 1, 2017. They vest at the end of the respective performance period, subject to the level of achievement of applicable performance targets. In accordance with Instruction 3 to Regulation S-K Item 402(f)(2), the values for these awards in the "Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested" and the "Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested" columns are reported at maximum levels since the company’s performance and relative total shareholder return for 2016 and 2017 awards exceeded the target. Actual shares to be issued under PSUs granted in connection with the 2016-2018 and 2017-2019 performance periods are not yet determinable and may differ from the performance level required to be disclosed in this table. The PSUs that were granted in 2015 (for the 2015-2017 performance period) vested on December 31, 2017 and are shown in the "2017 Option Exercises and Stock Vested" table.

(3)	The amounts in this column represent the aggregate value of PSUs (including dividend equivalents) shown in the "Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested" column based on the closing price of $54.89 on December 29, 2017, the last trading day of the year.

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(1)	These performance-based restricted stock units (PBRSUs) include dividend equivalents earned through December 31, 2017.

(2)	Mr. McGarry’s PBRSUs are no longer subject to the risk of forfeiture because he meets the age and years of service requirement for retirement eligibility.

(1)	A portion of the underlying shares were withheld to cover taxes due upon exercise.

(2)	The amount is calculated as the number of shares acquired multiplied by the market price at the time of exercise less the option exercise/strike price.

(3)	Reflects the performance-based restricted stock units (PBRSUs) and performance share units (PSUs) that vested during 2017.

(4)	Includes the total number of unrestricted shares acquired upon the vesting of PBRSUs and PSUs. A portion of these shares were withheld to cover taxes due upon vesting.

(5)

The amount is calculated as the number of vested PBRSUs and PSUs multiplied by the closing price on the vesting date (based on the closing stock price of $54.89 on December 29, 2017, the last trading day of the year). Included in the amounts for Messrs. McKenney, McGarry, and Simonds as well as Ms. Farrell are PSUs which were granted in 2015 (for the 2015-2017 performance period) and which vested on December 31, 2017 and were distributed on February 20, 2018 on which date the closing stock price was $52.34 per share.

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(1)	Can range from 3%, if the sum of an employee’s age and years of credited service is less than 30, to 8%, if the sum equals or exceeds 95.

(2)	Equal to 9.0 for retirement at age 65 and increased by 0.2 for each whole year retirement occurs prior to age 65.

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(1)	No amounts are shown for Ms. Iglesias because the plans were frozen to further accruals on December 31, 2013, before her employment began.

(2)

The "Present Value of Accumulated Benefits" is based upon a measurement date of December 31, 2017, which is the same measurement date used for financial statement reporting purposes for the company’s audited financial statements as found in Note 9 to the Consolidated Financial Statements contained in the company’s 2017 Form 10-K. All calculations utilize credited service and pensionable earnings as of the pension freeze date, December 31, 2013, in addition to the following assumptions:

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(1)	Mr. McGarry has a balance under one inactive deferred compensation plan. This plan is a non-qualified defined contribution plan and includes 100% Unum stock to be paid out in cash. The change in market value and dividends earned is included in the "Aggregate Earnings in Last FY" amount. The value of the balance is shown in the "Aggregate Balance at Last FYE" column.

(2)	These amounts are included in the Summary Compensation Table in the "Salary" and "Non-Equity Incentive Plan Compensation" columns for 2017 for each NEO.

(3)	These amounts represent company contributions through our Non-Qualified Plan, as described in the Retirement and Workplace Benefits section beginning on page 71. The amounts are included in the "All Other Compensation" column of the Summary Compensation Table for 2017 for each NEO.

(4)	These amounts were not included in the Summary Compensation Table because investment earnings were not preferential or above market. The investment options under the non-qualified retirement plans are the same choices available to all employees that are eligible to participate in the 401(k) Plan and NEOs do not receive preferential earnings on their investments.

(5)

This column includes amounts that were reported in prior year’s Summary Compensation Table in the "Salary," "Non-Equity Incentive Plan Compensation," or "All Other Compensation" columns, as applicable, to the extent that the NEO was an NEO at the time. These amounts are as follows: $686,925 for Mr. McKenney; $403,380 for Mr. McGarry; $329,239 for Mr. Simonds; $326,556 for Ms. Farrell; and $110,893 for Ms. Iglesias.

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•	Three times the sum of his annual base salary and the average annual incentive paid to him in the three years prior to the date of termination for Mr. McKenney; two times the sum of annual base salary and annual incentive (the greater of the current year target or the prior year annual incentive paid) for the remaining NEOs;

•	Prorated annual incentive through the date of termination of employment;

•	Health and welfare benefits for up to three years for Mr. McKenney and up to two years for the remaining NEOs;

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•	Payment of all deferred compensation;

•	Outplacement services (20% of base salary, maximum of $50,000);

•

Vesting of equity awards as follows: A change in control would not trigger the vesting of grants unless a termination of employment for death or, disability, by the company without cause, or by the executive for good reason were to occur within two years following the change in control. Upon termination, the stock options would remain exercisable until the earlier of the expiration date or the 90th day after termination of employment;

•	Grants of performance share units would be deemed earned at target performance and be settled at the earlier of the end of the performance period or a termination of employment due to death, disability, or retirement, by the company without cause or by the executive for good reason within two years after the change in control; and

•	In the event of a change in control and termination, the change in control payments would be reduced if such reduction would result in greater after-tax proceeds to the executive absent such a reduction. Otherwise, the executive officer receives payment of all change in control benefits and is responsible for paying any excise tax imposed on the payment.

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(1)

If Mr. McKenney is terminated without cause or resigns with good reason, he will receive severance of two times the sum of his annual base salary and the average annual incentive paid to him in the three years prior to the date of termination, or if applicable, such lesser number of calendar years ending after April 1, 2015, with the bonus for the first calendar year annualized. Other NEOs who are terminated without cause will receive eighteen months of base salary. See the following table for termination benefits related to a change in control.

(2)	Annual incentive will be prorated based on the date of termination of employment. For all NEOs other than Mr. McKenney, the NEO will be eligible for prorated annual incentive in the event of death, disability, or retirement only if such termination occurs on or after the last pay period in March.

(3)

If Mr. McKenney is terminated without cause, a prorated portion of his unvested equity awards, with the exception of his performance share units (PSUs) will accelerate vesting under the terms of the award agreements. In the event of his death, disability, or retirement or if he is terminated without cause or resigns for good reason, Mr. McKenney would be eligible to receive a prorated portion of the PSUs based on actual performance at the end of the three-year performance cycle. For the remaining NEOs, absent a change in control their unvested equity will accelerate only in the event of death, disability, or retirement (if eligible); however, they will be eligible to continue to vest in outstanding PSUs upon such a termination.

(4)	If Mr. McKenney is terminated without cause or resigns with good reason, he will receive health and welfare benefits for up to 2 years.

(5)	Outplacement services are equal to 20% of base salary (maximum of $50,000).

(6)	Monthly benefits from the company’s long-term disability plan until the earlier of age 65 or death.

(7)	Group life insurance benefits are $50,000 for each full-time employee; Corporate owned life insurance benefits as applicable (if Mr. McGarry is an active employee on the date of his death, his beneficiaries as defined in the policy will receive $200,000).

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(1)	In these scenarios, per the terms of Mr. McKenney’s severance agreement, he would be entitled to a prorated annual incentive. The amount is to be calculated using the average annual bonuses paid for the three most-recent calendar years, or if applicable, such lesser number of calendar years ending after his promotion, with such bonus for the first calendar year annualized.

(2)

In the event of job elimination, the prorated early vesting of equity awards would be as follows: Mr. McKenney $4,881,093, Mr. Simonds $1,001,029, Ms. Farrell $469,858, and Ms. Iglesias $1,124,751. These NEOs would also be eligible to receive a prorated portion of their unvested PSUs in the event of job elimination or requalification. The prorated amount would be calculated based on their termination date and the vesting of those units would be based on achievement of the prospective three-year goals, modified by relative total shareholder return. Assuming a job elimination date of December 31, 2017, the prorated number of units that each NEO would be eligible to receive would be as follows: Mr. McKenney 82,358.33, Mr. Simonds 15,127.31, Ms. Farrell 7,136.27, and Ms. Iglesias 9,972.67. Mr. McGarry is eligible for retirement status under the

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(3)

The amounts reported include PBRSUs and PSUs that would accelerate vesting in the event of disability, death or retirement. The PSUs granted in 2016 and 2017 may be fully earned, in the event of disability, death or retirement, based on the satisfaction of the performance goals. In each of these scenarios the awards would not be payable until the end of the applicable performance period. In accordance with Regulation S-K, Item 402(j), the PSUs reported in connection with the PSU awards granted in 2016 and 2017 are reported at target levels since the company’s performance and relative shareholder return to date for these awards is not yet determinable.  Actual shares to be issued under PSUs granted in connection with the 2016 and 2017 awards may differ from the performance level required to be disclosed in this table.

(4)	Defined Contribution (DC) enhancement is a lump sum payment representing the amount resulting from multiplying the company’s non-contributory retirement plan contributions times two additional years of eligible earnings for Mr. McKenney, Mr. McGarry, Mr. Simonds, and Ms. Farrell.

(5)	Messrs. McKenney, McGarry, and Simonds as well as Mses. Farrell and Iglesias did not meet the eligibility criteria for retirement status under the terms of the Annual Incentive Plan as of December 31, 2017 and therefore would not have been eligible for a prorated annual incentive payment in the event of retirement.

(6)

Mr. McGarry has the age and service to be eligible for retirement under the terms of the Stock Incentive Plan of 2012 and the Stock Incentive Plan of 2017 and therefore would be entitled to the accelerated vesting of equity in the event of retirement. Mr. McKenney, Mr. Simonds, Ms. Farrell and Ms. Iglesias did not meet the eligibility criteria as of December 31, 2017. The amounts shown in the table represent the value of the shares at a market price of $54.89, the closing price of our stock on the last trading day of the year.

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(1)	Includes shares credited to the accounts of certain current and former executive officers, including Mr. McGarry – 3,098 shares, under the company’s 401(k) Plan. Does not include shares credited to the accounts of certain executive officers under an inactive non-qualified defined contribution plan because, though measured in share value, they will be settled only in cash.

(2)	Represents the number of shares underlying stock options that may be exercised within 60 days after March 15, 2018.

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(3)

Represents the number of shares underlying deferred share rights and RSUs payable solely in shares (including dividend equivalent rights accrued on such rights or units) that may be settled within 60 days after March 15, 2018, including deferred share rights and RSUs that may be settled upon the termination of a director’s service on the Board. For each non-employee director other than Ms. DeVore, Mr. Echevarria, Ms. Egan, Mr. O’Hanley and Mr. Shammo, the amount includes shares underlying unvested RSUs that would vest upon retirement because the director meets the years of service requirement. Also does not include shares underlying RSUs (including dividend equivalent rights accrued thereon) that will not vest or cannot be settled within 60 days after March 15, 2018.

(4)	As of March 15, 2018, the total number of shares underlying deferred share rights (including dividend equivalent rights accrued thereon) held by our non-employee directors, including those rights which cannot be settled in shares or within 60 days after March 15, 2018 and thus are not deemed to be beneficially owned for purposes of this table, was as follows:

(5)	As of March 15, 2018, the total number of shares underlying RSUs (including dividend equivalent rights accrued thereon) held by our directors and executive officers, including those units which will not vest, or be settleable in shares, within 60 days after March 15, 2018 and thus are not deemed to be beneficially owned for purposes of this table, was as follows:

(1)

This information is based on the Schedule 13G/A filed with the Securities and Exchange Commission by The Vanguard Group, Inc. on February 9, 2018, which reflects beneficial ownership as of December 31, 2017. The Vanguard Group, Inc. reported that, in its capacity as investment adviser, it had sole voting power with respect 319,032 shares of our common stock, shared voting power with respect to 42,265 shares of our common stock, sole dispositive power with respect to 24,384,527 shares of our common stock, and shared dispositive power with respect to 350,205 shares of our common stock.

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(2)

This information is based on the Schedule 13G/A filed with the Securities and Exchange Commission by FMR LLC on February 13, 2018, which reflects beneficial ownership as of December 31, 2017. FMR LLC reported that, in its capacity as a parent holding company, it had sole voting power with respect to 2,527,816 shares of our common stock, sole dispositive power with respect to 19,504,945 shares of our common stock, and shared voting and dispositive power with respect to none of our shares. The Schedule 13G/A includes shares beneficially owned by subsidiaries controlled by or through FMR LLC, Abigail P. Johnson, Director, Vice Chairman and Chief Executive Officer of FMR LLC, and/or members of the family of Abigail P. Johnson, and Fidelity Low-Priced Stock Fund.

(3)

This information is based on the Schedule 13G/A filed with the Securities and Exchange Commission by BlackRock, Inc. on January 23, 2018, which reflects beneficial ownership as of December 31, 2017. BlackRock, Inc. reported that, in its capacity as the parent holding company or control person of the subsidiaries listed therein, it had sole voting power with respect to 14,215,103 shares of our common stock, sole dispositive power with respect to 16,736,174 shares of our common stock, and shared voting and dispositive power with respect to none of our shares.

(4)

This information is based on the Schedule 13G/A filed with the Securities and Exchange Commission by State Street Corporation on February 13, 2018, which reflects beneficial ownership as of December 31, 2017. State Street Corporation reported that, in its capacity as the parent holding company or control person of the subsidiaries listed therein, it had shared voting power with respect to 11,606,825 shares of our common stock, shared dispositive power with respect to 11,606,825 shares of our common stock, and sole voting and dispositive power with respect to none of our shares.

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•	Removal of Directors. Currently, Article Fifth of the certificate of incorporation provides that a director may be removed from office only by a supermajority vote of shareholders. The Board proposes to amend this section to provide for a simple majority voting standard.

•	Amendments to Bylaws. Currently, Article Sixth of the certificate of incorporation requires a supermajority vote for shareholders to amend the bylaws of the company. The Board proposes to amend this section to provide for a simple majority voting standard.

•	Certain Business Combinations. Currently, Article Seventh of our certificate of incorporation provides that approval of certain business combinations requires a supermajority vote. The Board proposes to eliminate this section to provide for simple majority voting standard.

•	Amendments to the Certificate of Incorporation. Currently, Article Ninth of our certificate of incorporation requires a supermajority vote for shareholders to amend any section of the certificate of incorporation that requires a supermajority vote. The Board proposes to eliminate this section and provide for simple majority voting standard for any amendments to the certificate of incorporation.

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•	In person – Attend the 2018 Annual Meeting and vote in person.

•	Mail – If you received a paper copy of our proxy materials, mark, date and sign the proxy card and mail it to Proxy Services, c/o Computershare Investor Services, P.O. Box 43126, Providence, Rhode Island 02940-5138, using the accompanying pre-addressed, stamped envelope, so that it is received no later than the close of business on May 23, 2018.

•	Internet or telephone – Visit www.envisionreports.com/unm to vote over the Internet or call toll free 1-800-652-VOTE (8683) to vote using a touchtone telephone, in either case no later than 2:00 a.m. Eastern Daylight Time, May 24, 2018. You will need the control number found on the Notice of Internet Availability or the proxy card.

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•	After-tax adjusted operating income or loss and adjusted operating earnings per share, which excludes realized investment gains or losses, and certain other items, which are discussed in "Executive Summary" in Part II Item 7 of our Annual Report on Form 10-K for the respective years ended December 31, 2017 and 2016, as applicable;

•	Adjusted operating return on equity, which is calculated using after-tax adjusted operating income or loss and excludes from equity the unrealized gain or loss on securities and net gain on cash flow hedges; and

•	Book value per common share, which is calculated excluding accumulated other comprehensive income (AOCI).

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