Jun 2026 (Q2 FY26) — Jul 29, 2026
Unum Group Q2 FY26 — Strong Core Performance Offset by PFML and UK Group Income Protection Pressures
Read the full callUnum Group (UNM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Unum Group earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,370 | +0.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 257 | −23.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 12 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year group disability benefit ratio (FY26) | 62% to 64% | Dec 2025 | Group disability reported a second quarter benefit ratio of 65.8% compared to our 62% to 64% expectation. | Revised Down |
| Full-year adjusted EPS growth (FY26) | $8.60 to $8.90 (approximately 8% to 12% growth over redefined FY25 base of $7.93) | Dec 2025 | we are reaffirming our full year outlook for after-tax adjusted operating income per share of $8.60 to $8.90. | On Track |
3 of Unum Group's 20 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Underlying premium growth of roughly 5% (adjusted for runoff/transactions).
- Unum U.S. sales grew 7.4% in the quarter, with year-to-date sales growth of 14%.
- Colonial Life sales grew 6% and achieved a record adjusted operating ROE of 19.4%.
- Group Life and AD&D benefit ratio was 66%, reflecting favorable mortality trends.
- Returned approximately $275 million to shareholders through dividends and share repurchases in Q2, totaling $750 million year-to-date towards a $1.3 billion target.
Qualified
- U.S. Group Disability benefit ratio was 65.8%, pressured by elevated short-term disability experience, primarily from newer paid family and medical leave (PFML) states.
- Unum International adjusted operating income was $24.3 million, below expectations, with a benefit ratio of 78.4% due to unfavorable experience in the U.K. Group Income Protection business.
- U.K. Group Income Protection business saw elevated average claim values, leading to an 82.2% benefit ratio.
- Closed Block earnings remained volatile, reflecting a 3% (20,000 lives) reduction in group LTC cases due to terminations in Q2, and 10% (50,000 lives) year-to-date.
- Alternative investment portfolio supporting LTC generated an annualized yield of 6.1% in the quarter, below the long-term expectation of 8% to 10%.
Price
$91.77 −0.50% · −$0.46
Performance +21.6% 1Y
1Y: $75.46 on 17 Oct 2025 → $91.77. High $96.57 (3 Sept 2026), low $70.66 (3 Mar 2026).
- Previous close
- $92.23
- 52-week range
- $70.66 – $96.57
- One year
- +21.23%
Overview
- Symbol
- UNM
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 12 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year group disability benefit ratio (FY26) | 62% to 64% | Dec 2025 | Group disability reported a second quarter benefit ratio of 65.8% compared to our 62% to 64% expectation. | Revised Down |
| Full-year adjusted EPS growth (FY26) | $8.60 to $8.90 (approximately 8% to 12% growth over redefined FY25 base of $7.93) | Dec 2025 | we are reaffirming our full year outlook for after-tax adjusted operating income per share of $8.60 to $8.90. | On Track |
Claimed
- Underlying premium growth of roughly 5% (adjusted for runoff/transactions).
- Unum U.S. sales grew 7.4% in the quarter, with year-to-date sales growth of 14%.
- Colonial Life sales grew 6% and achieved a record adjusted operating ROE of 19.4%.
- Group Life and AD&D benefit ratio was 66%, reflecting favorable mortality trends.
- Returned approximately $275 million to shareholders through dividends and share repurchases in Q2, totaling $750 million year-to-date towards a $1.3 billion target.
Qualified
- U.S. Group Disability benefit ratio was 65.8%, pressured by elevated short-term disability experience, primarily from newer paid family and medical leave (PFML) states.
- Unum International adjusted operating income was $24.3 million, below expectations, with a benefit ratio of 78.4% due to unfavorable experience in the U.K. Group Income Protection business.
- U.K. Group Income Protection business saw elevated average claim values, leading to an 82.2% benefit ratio.
- Closed Block earnings remained volatile, reflecting a 3% (20,000 lives) reduction in group LTC cases due to terminations in Q2, and 10% (50,000 lives) year-to-date.
- Alternative investment portfolio supporting LTC generated an annualized yield of 6.1% in the quarter, below the long-term expectation of 8% to 10%.
The full ledger
Open Unum Group’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Unum Group Q1 FY26 — Strong Start with Capital Deployment and LTC Risk Reduction
Read the full callEvery analysed call
Unum Group earnings calls (UNM)
Financials
What the filings say
Net profit, year on year: −23% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,217 | 3,237 | 3,092 | 3,361 | 3,378 | 3,244 | 3,355 | 3,370 |
| Operating profit | 502 | — | — | — | — | — | — | — |
| Operating margin | 15.6% | — | — | — | — | — | — | — |
| Profit before tax | 815 | 446 | 244 | 417 | 55 | 218 | 303 | 330 |
| Tax rate | 20.7% | 21.7% | 22.4% | 19.5% | 27.2% | 20.3% | 23.4% | 22.0% |
| Net profit | 646 | 349 | 189 | 336 | 40 | 174 | 232 | 257 |
| EPS ($ per share) | 3.46 | — | 1.06 | 1.93 | 0.23 | — | 1.41 | 1.61 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 31 | 31 | 31 | 31 | 31 | 19 | 20 | 20 |
| Reserves | 9,863 | 10,729 | 11,270 | 11,989 | 13,141 | 11,432 | 12,914 | 13,345 |
| Total liabilities | 53,254 | 57,048 | 59,755 | 58,699 | 52,414 | 53,604 | 50,998 | 52,400 |
| Fixed assets | 547 | 534 | 498 | 463 | 452 | 485 | 488 | 504 |
| Total assets | 61,876 | 67,013 | 70,626 | 70,116 | 61,149 | 63,255 | 61,959 | 63,519 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,537 | 1,607 | 469 | 1,388 | 1,419 | 1,203 | 1,513 | 688 |
| Cash from investing | -930 | -1,393 | -268 | -1,341 | -956 | -726 | -344 | 549 |
| Cash from financing | -590 | -223 | -89 | -169 | -419 | -450 | -1,152 | -1,241 |
| Net cash flow | — | — | 113 | -122 | 44 | 27 | 17 | -5 |
| Capital expenditure | -144 | -151 | -119 | -110 | -102 | -135 | -126 | -132 |
| Free cash flow | 1,392 | 1,456 | 350 | 1,277 | 1,317 | 1,068 | 1,388 | 555 |
UNM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Persistency US Group | 92%Leading the way our group -- our US group business had a standout quarter with sales up 22% and persistency is strong at 92%.Source: earnings call transcript | 91.5%Total US group persistency remained strong at 91.5%, up nearly 2 percentage points from the prior year.Source: earnings call transcript | -0.5 pt |
| Risk-based capital ratio | 460%with RBC at 460%, which is over 100 points above our target range and holding company liquidity is strong at approximately $1.7 billion.Source: earnings call transcript | 480%Holding company liquidity stood at $1.5 billion, and traditional RBC at 480%, both above our long-term targets and consistent with our expectations.Source: earnings call transcript | +20 pt |
| Benefit ratio Unum US Group Disability | 63.7%Group disability adjusted operating earnings of $106.6 million in the first quarter of 2026 reflect a benefit ratio of 63.7% compared to 61.8% in the year ago period and an improvement from 64.2% in the fourth quarter of last year.Source: earnings call transcript | 65.8%Group disability reported a second quarter benefit ratio of 65.8% compared to our 62% to 64% expectation.Source: earnings call transcript | +2.1 pt |
| Benefit ratio Unum International | 71%The International segment's benefit ratio was 71% compared to 66.5% in the year ago period driven by unfavorable experience in the UK business.Source: earnings call transcript | 78.4%Segment's benefit ratio was 78.4% compared to 72.4% in prior year quarter, driven primarily unfavorable experience in the UK Adjusted operating income for Unum UK business was GBP 15.3 million in the second quarter compared to GBP 29.4 million in the second quarter of 2025.Source: earnings call transcript | +7.4 pt |
| Benefit ratio Unum UK | 72.9%The results reflect underlying claims performance, including a benefit ratio of 72.9% compared to 76.1% a year ago.Source: earnings call transcript | 82.2%The UK benefit ratio was 82.2% compared to 75% a year ago.Source: earnings call transcript | +9.3 pt |
| Net premium ratio Closed Block Long-Term Care | 97.6%Combined with the underlying benefits experience, the NPR increased 10 basis points to 97.6% on a sequential basis.Source: earnings call transcript | 97.8%The net premium ratio increased 20 basis points sequentially to 97.8%, with most of the increase driven by group LTC case terminations.Source: earnings call transcript | +0.2 pt |
| Alternative investment portfolio annualized yield Closed Block | 6.7%Then lastly, for the closed block, our alternative investment portfolio, which mainly supports LTC and and an annualized yield of 6.7% in the quarter, below our long-term expectation of 8% to 10%.Source: earnings call transcript | 6.1%Lastly, the alternative investment portfolio that primarily supports LTC and generated an annualized yield of 6.1% in the quarter, below our long-term expectation of 8% to 10%.Source: earnings call transcript | -0.6 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
74 filings between Nov 7, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.49M
11 sales by 7 insiders
Compensation
not trading decisions- 22
- Award — granted as compensation
- 35
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Ahmed Elizabeth Claire | — | $961.7K | Apr 30, 2026 |
| Keaney Timothy F | — | $730.9K | Sep 10, 2026 |
| Pyne Christopher W | — | $663.8K | Mar 16, 2026 |
| Egan Cynthia | — | $657.0K | Feb 18, 2026 |
| IGLESIAS LISA G | — | $633.2K | Sep 9, 2026 |
| Zabel Steven Andrew | — | $572.9K | Nov 19, 2025 |
| Rice Walter Lynn JR | — | $272.5K | Sep 10, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Rice Walter Lynn JR SVP, Chief Accounting Officer | Sale | 2,188 | $206.4K |
| Sep 10, 2026 | Keaney Timothy F Director | Sale | 4,300 | $404.3K |
| Sep 10, 2026 | Rice Walter Lynn JR SVP, Chief Accounting Officer | Gift | 239 | $0 |
| Sep 9, 2026 | IGLESIAS LISA G EVP, General Counsel | Sale | 4,000 | $377.7K |
| Jul 31, 2026 | Walker Andrew D EVP, Chief Cust. Ops. Officer | Tax withheld | 1,819 | $156.6K |
| May 26, 2026 | Egan Cynthia Director | Award | 2,191 | $0 |
| May 26, 2026 | KING GALE V. Director | Award | 2,191 | $0 |
| May 26, 2026 | Echevarria Joseph Director | Award | 1,540 | $0 |
| May 26, 2026 | Keaney Timothy F Director | Award | 2,191 | $0 |
| May 26, 2026 | Matus Kristi Ann Director | Award | 2,191 | $0 |
| May 26, 2026 | Lefebvre Mojgan M Director | Award | 2,191 | $0 |
| May 26, 2026 | DeVore Susan D. Director | Award | 2,191 | $0 |
| May 26, 2026 | O HANLEY RONALD P Director | Award | 2,191 | $0 |
| May 26, 2026 | Echevarria Joseph Director | Award | 2,191 | $0 |
| May 26, 2026 | KABAT KEVIN T Director | Award | 2,191 | $0 |
| May 26, 2026 | KABAT KEVIN T Director | Award | 1,333 | $0 |
| May 26, 2026 | O HANLEY RONALD P Director | Award | 1,777 | $0 |
| May 26, 2026 | Cross Susan Lee Director | Award | 2,191 | $0 |
| May 1, 2026 | Anderson Shelia Danette EVP, Chief Info & Digital Off. | Tax withheld | 1,817 | $146.9K |
| Apr 30, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Sale | 12,000 | $961.7K |
| Mar 16, 2026 | Pyne Christopher W EVP, Group Benefits | Sale | 4,852 | $351.6K |
| Mar 12, 2026 | Till Mark Paul EVP & CEO, Unum International | Gift | 1,607 | $0 |
| Mar 9, 2026 | IGLESIAS LISA G EVP, General Counsel | Sale | 3,500 | $255.5K |
| Mar 1, 2026 | McKenney Richard P President and CEO | Tax withheld | 8,374 | $600.7K |
| Mar 1, 2026 | McKenney Richard P President and CEO | Tax withheld | 13,235 | $949.3K |
| Mar 1, 2026 | McKenney Richard P President and CEO | Tax withheld | 12,423 | $891.1K |
| Mar 1, 2026 | IGLESIAS LISA G EVP, General Counsel | Award | 7,685 | $0 |
| Mar 1, 2026 | Till Mark Paul EVP & CEO, Unum International | Tax withheld | 803 | $57.6K |
| Mar 1, 2026 | Till Mark Paul EVP & CEO, Unum International | Tax withheld | 772 | $55.4K |
| Mar 1, 2026 | McKenney Richard P President and CEO | Award | 78,768 | $0 |
| Mar 1, 2026 | Pyne Christopher W EVP, Group Benefits | Award | 12,460 | $0 |
| Mar 1, 2026 | IGLESIAS LISA G EVP, General Counsel | Tax withheld | 818 | $58.7K |
| Mar 1, 2026 | IGLESIAS LISA G EVP, General Counsel | Tax withheld | 1,309 | $93.9K |
| Mar 1, 2026 | Pyne Christopher W EVP, Group Benefits | Tax withheld | 1,168 | $83.8K |
| Mar 1, 2026 | Pyne Christopher W EVP, Group Benefits | Tax withheld | 1,161 | $83.3K |
| Mar 1, 2026 | Zabel Steven Andrew EVP, Chief Financial Officer | Award | 17,840 | $0 |
| Mar 1, 2026 | Zabel Steven Andrew EVP, Chief Financial Officer | Tax withheld | 3,090 | $221.6K |
| Mar 1, 2026 | Zabel Steven Andrew EVP, Chief Financial Officer | Tax withheld | 2,430 | $174.3K |
| Mar 1, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Award | 6,814 | $0 |
| Mar 1, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Tax withheld | 788 | $56.5K |
| Mar 1, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Tax withheld | 1,141 | $81.8K |
| Mar 1, 2026 | Zabel Steven Andrew EVP, Chief Financial Officer | Tax withheld | 1,857 | $133.2K |
| Mar 1, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Tax withheld | 245 | $17.6K |
| Mar 1, 2026 | Ahmed Elizabeth Claire EVP, People & Communications | Tax withheld | 1,131 | $81.1K |
| Mar 1, 2026 | Arnold Timothy Gerald EVP, VB & President, Colonial | Award | 6,695 | $0 |
| Mar 1, 2026 | Pyne Christopher W EVP, Group Benefits | Tax withheld | 1,198 | $85.9K |
| Mar 1, 2026 | Arnold Timothy Gerald EVP, VB & President, Colonial | Tax withheld | 705 | $50.6K |
| Mar 1, 2026 | Arnold Timothy Gerald EVP, VB & President, Colonial | Tax withheld | 1,208 | $86.6K |
| Mar 1, 2026 | Arnold Timothy Gerald EVP, VB & President, Colonial | Tax withheld | 906 | $65.0K |
| Mar 1, 2026 | IGLESIAS LISA G EVP, General Counsel | Tax withheld | 1,244 | $89.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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