Unum Group (UNM) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $256.9 million ($1.61 per diluted share), down from $335.6 million ($1.92 per share) in Q2 2025, primarily due to investment losses and higher Closed Block segment losses.

• After-tax adjusted operating income for Q2 2026 was $346.0 million ($2.16 per share), up from $2.06 per share in Q2 2025, reflecting strong core operations and premium growth.

• Premium growth of 3.6% in Q2 and 3.7% YTD, with robust capital return to shareholders totaling $750 million year-to-date.

• Strategic actions in Q2 2026 resulted in $30.7 million in pre-tax expenses, including real estate and employee-related costs.

• Book value per share grew 3.8% year-over-year to $68.28; excluding AOCI, book value per share rose 3.2% to $80.10.

Financial highlights

• Total revenue for Q2 2026 was $3.37 billion, up 0.3% year-over-year; six-month revenue was $6.73 billion, up 4.2%.

• Net investment loss was $5.2 million in Q2, improved from $17.7 million loss in Q2 2025.

• After-tax adjusted operating income per share was $2.16, up 4.9% year-over-year; YTD EPS growth was 7.5%.

• Consolidated adjusted operating ROE was 15.9% for Q2 and 16% YTD; core segments ROE was 21.4%.

• Premium income grew 2.5% in Q2 and 3.0% for the six months, driven by higher sales and persistency in core segments.

Outlook and guidance

• Full-year 2026 after-tax adjusted operating income per share is projected at $8.60 to $8.90, representing 8% to 12% growth over 2025.

• Expect to achieve full-year core premium growth of 4%-7%, with growth rate accelerating in H2 2026.

• Management expects to close a long-term care reinsurance transaction in the second half of 2026, further improving risk profile.

• Effective tax rate expected to be approximately 22% for the remainder of 2026.

• Rising interest rates may benefit new investment yields but could increase unrealized losses; derivatives will be used to manage interest rate risk.