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Unum Group (UNM) investor relations material
Unum Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net income for Q3 2025 was $39.7 million ($0.23 per diluted share), down from $645.7 million ($3.46 per share) in Q3 2024, mainly due to a significant after-tax net reserve increase from annual GAAP reserve assumption updates and a major reinsurance transaction.
After-tax adjusted operating income for Q3 2025 was $357.1 million ($2.09 per share), compared to $398.0 million ($2.13 per share) in Q3 2024, with core operations showing 2.9% premium growth and a 21.4% adjusted operating return on equity.
Closed Block long-term care and Unum US individual disability reinsurance transaction with Fortitude Re closed in July 2025, impacting results and capital structure.
Approximately $980 million was returned to shareholders year-to-date, including $253.3 million in Q3 share repurchases and $78.3 million in dividends.
Technology initiatives, high persistency rates, and digital investments are supporting growth and retention across segments.
Financial highlights
Total revenue for Q3 2025 was $3.38 billion, up from $3.22 billion in Q3 2024; premium income rose to $2.69 billion, up 2.3% year-over-year.
Net investment income was $476.8 million, down 9.7% year-over-year, mainly due to lower invested assets post-reinsurance transaction.
Adjusted after-tax operating income per share was $2.09, down from $2.13 year-over-year, mainly due to closed block volatility.
Book value per share excluding AOCI was $77.39 at 9/30/2025, up from $74.15 at 9/30/2024.
Nearly $1 billion returned to shareholders in nine months: $750 million in share repurchases, $230 million in dividends.
Outlook and guidance
Management expects continued positive operating trends in core businesses for 2025, with premium growth and stable claim experience.
Confident in ending the year with RBC above 425% and holding company liquidity above $2 billion.
On track to return approximately $1.3 billion to shareholders in 2025.
Group Disability benefit ratio expected to remain around 62% in Q4 and into 2026.
Lower alternative investment income and impacts from the annual assumption review reduced Q3 after-tax adjusted operating earnings by ~$0.10 per share, with a similar effect expected in Q4.
LTC assumption update: strategic rationale?
Capital deployment with Q4 earnings headwinds?
Address declining persistency in core US group lines.
Rationale for stopping profitable LTC new employee adds?
NPR increase impact on Closed Block earnings volatility?
Core premium growth sustainability given labor market?
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Next Unum Group earnings date
Q4 20254 Feb, 2026
Next Unum Group earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Unum Group, provides financial protection benefit solutions in the United States and internationally. It operates in two segments, the Product segment and the International segment. The Product segment provides various employee benefits such as group disability insurance, group life insurance, accidental death and dismemberment insurance, individual critical illness insurance, and voluntary market products; supplemental health insurance; and welfare benefits; as well as annuity products to employer groups in the manufacturing, construction, energy, automotive retailing, government services, staffing/recruiting services, and transportation industries. This segment sells its products directly to employer groups through independent agents.
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