© UFS

08

William J. Mullaney

President

Institutional Business

2

2008 Institutional Highlights

• Excellent top-line growth

• Solid core earnings

• Aggressively managed expenses

• Completed DHMO acquisition

3

Institutional: 2008 Results and 2009 Plan

See Appendix for non-GAAP financial information definitions and/or reconciliations.

($ Millions)2007 2008E 2009P

Premiums, Fees & Other 13,920 16,485 - 16,730 17,285 - 17,685Operating Earnings 1,967 1,655 - 1,675 1,600 - 1,660Operating ROE 20.6% 16.5% - 16.7% 15.1% - 15.7%

2009 DriversTempering top-line growth in certain product linesLower variable net investment incomeAggressively manage expenses

4

Institutional Business – Top-Line Growth

$0

$4,000

$8,000

$12,000

$16,000

$20,000

2005 2006 2007 2008E 2009P

Group Life Non-Medical Health Retirement & Savings

$12,812 $13,327 $13,920

$17,285 - $17,685$16,485 - $16,73005-08 CAGR: +9.0%1 08-09 Growth: +5.3%1

($ Millions)

1Calculated using 2008E/2009P mid-point.

Premiums, Fees & Other

5

External Forces Impacting Benefits

Financial strength and expertise is

more important than ever to our

customers

Recession leading to reduction in payrolls

Cost pressure impacting benefit spending

Equity market volatility affecting pension plan funding

6

Minimizing the Recession Impact: Disability

• Slowed growth through disciplined new business underwriting

• Factored in an increase in incidence in renewal pricing

• Expected loss ratio consistent with prior years

• Focused resources on business fundamentals

2006 2007 2008E

-22.2%

Long Term Disability Case Load

7

Managing Institutional for Long-term Growth

• Unmatched customer relationships

• Careful risk selection

• Disciplined pricing

• Sophisticated asset-liability management

8

Group Life – Differentiation and Discipline

• Comprehensive set of products and services

• Consultative approach

• Continuous innovation and investment

• Sound pricing and underwriting

9

$400$426

$463

$525-$545

$50

$150

$250

$350

$450

$550

2005 2006 2007 2008E

$6,444

$6,754

$7,100

$7,555-$7,585

$5,000

$6,000

$7,000

$8,000

2005 2006 2007 2008E

Group Life – Differentiation and Discipline

Growing faster than the market; strong ROE

5.5% CAGR1

($ Millions)($ Millions)

10.2% CAGR1

See Appendix for non-GAAP financial information definitions and/or reconciliations.

Operating EarningsPremiums, Fees & Other

1Calculated using 2008E mid-point.

10

Growth in the Dental Business

• Double digit top-line growth

• High ROE

• Broader product portfolio– Preferred Provider Organization (PPO)– Dental Health Maintenance Organization (DHMO)– Voluntary– Retiree

• Significant opportunities for continued growth

11

Leveraging Opportunities for Growth

• Purchase of DHMO capabilities in CA, FL and TX

• Integrated product offering

• Expanded distribution$0

$100

$200

$300

2007 2008E 2009P

PPO DHMO

$122$149

$202

See Appendix for non-GAAP financial information definitions and/or reconciliations.

CA/FL/TX Dental Sales

($ Millions)

12

Pension Closeouts

• Heightened plan sponsor awareness of risks in managing pensions

• Greater appreciation for guarantees

• Expertise even more important

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2006 2007 2008E

$208 $147

$1,425 - $1,585($ Millions)

See Appendix for non-GAAP financial information definitions and/or reconciliations.

Closeout Sales (U.S./U.K.)

13

Institutional Operational Excellence Initiatives

• Market segmentation • Broker penetration strategy

Distribution enhancements

Small market strategy

Operational re-engineering

• Process automation• Sourcing of work

• Process re-engineering• Deployment of workflow capabilities

14

Institutional Business: Focus for 2009

• Maintain strong business fundamentals

• Invest in long-term growth opportunities

• Aggressively manage expenses

• Continue to tell our story in the market