Unum Group (UNM) 10-Year Financial Performance & Capital Metrics

UNM • • Insurance & Managed Care

Financial ServicesLife InsuranceGroup & Worksite Insurance ProvidersGroup Disability & Employee Benefits

AboutUnum Group, together with its subsidiaries, provides financial protection benefit solutions primarily in the United States, the United Kingdom, and Poland. It operates through Unum US, Unum International, Colonial Life, and Closed Block segments. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as individual disability, voluntary benefits, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products. It also provides group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other products. The company sells its products primarily to employers for the benefit of employees. Unum Group sells its products through field sales personnel, independent brokers, consultants, and independent contractor agency sales force. The company was founded in 1848 and is based in Chattanooga, Tennessee.Show more

Revenue $12.79B +3.9%
Combined Ratio 82.4% -4.9%
Net Income $1.78B +38.6%
Return on Equity 17.26% +23.6%
Medical Cost Ratio 62.91% -6.4%
Operating Margin 17.6% +32.1%
Net Margin 13.91% +33.4%
ROA 2.84% +37.7%
Equity / Assets 17.69% +15.9%
Book Value per Share 58.28 +19.3%
Tangible BV/Share 56.13 +20.1%
Debt/Equity 0.34 -4.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 82.4% combined ratio
✓19 consecutive years of dividend growth
✓Good 3Y average ROE of 15.1%
✓Healthy dividend yield of 2.0%
✓Share count reduced 4.8% through buybacks
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.97%

5Y1.3%

3Y2.61%

TTM2.14%

Profit (Net Income) CAGR

10Y16.03%

5Y10.09%

3Y21.95%

TTM-48.15%

EPS CAGR

10Y19.67%

5Y12.54%

3Y33.01%

TTM-44.48%

ROCE

10Y Avg2.13%

5Y Avg2.37%

3Y Avg2.97%

Latest3.6%

Peer Comparison

Group Disability & Employee Benefits

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRIPrimerica, Inc.	8.55B	267.79	19.53	12.39%	22.36%	31.42%	9.74%	0.86
UNMUnum Group	12.95B	77.39	8.18	3.91%	7.03%	8.37%	10.71%	0.34

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	10.73B	11.05B	11.29B	11.6B	11.99B	13.15B	11.84B	11.88B	12.31B	12.79B
Revenue Growth %	0.02%	0.03%	0.02%	0.03%	0.03%	0.1%	-0.1%	0%	0.04%	0.04%
Medical Costs & Claims+	7.69B	7.87B	8.02B	9.03B	8.57B	10.06B	8.52B	7.95B	8.28B	8.05B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	3.04B	3.18B	3.27B	2.57B	3.42B	3.09B	3.32B	3.93B	4.03B	4.74B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.29%	0.05%	0.03%	-0.21%	0.33%	-0.1%	0.07%	0.18%	0.03%	0.18%
Operating Expenses+	1.8B	1.83B	1.87B	1.94B	2.04B	2.12B	2.06B	2.18B	2.39B	2.49B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	99.5M	101.7M	103.4M	101.4M	110.1M	113.6M	119.8M	110.5M	108.8M	116.1M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.24B	1.35B	1.4B	627.8M	1.38B	964M	1.26B	1.75B	1.64B	2.25B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.28%	0.09%	0.04%	-0.55%	1.2%	-0.3%	0.31%	0.39%	-0.06%	0.37%
EBITDA+	1.34B	1.45B	1.51B	729.2M	1.49B	1.08B	1.38B	1.86B	1.75B	2.37B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	152.8M	166M	159.9M	167.3M	177.4M	188.2M	185M	188.5M	194.8M	201.1M
Non-Operating Income	-152.8M	-166M	-159.9M	-167.3M	-177.4M	-188.2M	-185M	-188.5M	-194.8M	-201.1M
Pretax Income+	1.24B	1.35B	1.4B	627.8M	1.38B	964M	1.26B	1.75B	1.64B	2.25B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	371.2M	416.3M	409.8M	104.4M	281.8M	171M	279.6M	342.8M	356.3M	472.2M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	867.1M	931.4M	994.2M	523.4M	1.1B	793M	981M	1.41B	1.28B	1.78B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.16%	0.07%	0.07%	-0.47%	1.1%	-0.28%	0.24%	0.43%	-0.09%	0.39%
EPS (Diluted)+	3.50	3.95	4.37	2.38	5.24	3.89	4.02	6.96	6.50	9.46
EPS Growth %	1.23%	0.13%	0.11%	-0.46%	1.2%	-0.26%	0.03%	0.73%	-0.07%	0.46%
EPS (Basic)	3.51	3.96	4.39	2.38	5.25	3.89	4.04	7.01	6.53	9.49
Diluted Shares Outstanding	247.9M	236M	227.3M	220.1M	209.85M	203.76M	204.85M	202.11M	197.6M	188.07M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	60.59B	61.94B	64.01B	61.88B	67.01B	70.63B	70.12B	61.15B	63.26B	61.96B
Asset Growth %	-0.03%	0.02%	0.03%	-0.03%	0.08%	0.05%	-0.01%	-0.13%	0.03%	-0.02%
Total Investment Assets+	50.02B	51.13B	53.04B	50.71B	55.76B	52.68B	46.11B	43.71B	45.96B	45.71B
Long-Term Investments	44.16B	45B	46.61B	43.98B	48.74B	45.61B	44.72B	36.24B	38.44B	38.17B
Short-Term Investments	44.16B	45B	46.61B	43.98B	48.74B	45.61B	1.39B	36.24B	38.44B	38.17B
Total Current Assets+	288.1M	377.9M	477.8M	7.34B	0	0	13.9B	0	0	0
Cash & Equivalents	112.9M	100.4M	77.4M	94M	84.1M	197M	75M	119.2M	146M	162.8M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-55.21B	-58.06B	4.37B	-47.44B	-49.24B	-48.09B
Goodwill & Intangibles+	254.9M	367M	366.5M	447M	440.4M	436.8M	425.3M	410.5M	413.8M	404.2M
Goodwill	230.9M	335.1M	338.6M	350.3M	351.7M	353M	352.2M	347.6M	349.9M	349.1M
Intangible Assets	24M	31.9M	27.9M	96.7M	88.7M	83.8M	73.1M	62.9M	63.9M	55.1M
PP&E (Net)	523.9M	500.6M	504.8M	546.9M	534.1M	498M	462.7M	451.7M	485.3M	487.6M
Other Assets	-44.92B	-45.83B	-47.46B	-20M	-49.71B	-46.54B	-144.5M	-37.1B	-39.34B	-39.06B
Total Liabilities	51.93B	52.97B	54.44B	53.25B	57.05B	59.75B	58.7B	52.41B	53.6B	51B
Total Debt+	2.83B	3B	2.94B	2.97B	3.73B	3.35B	3.44B	3.43B	3.43B	3.74B
Net Debt	2.71B	2.9B	2.86B	2.88B	3.64B	3.15B	3.37B	3.31B	3.28B	3.58B
Long-Term Debt	2.45B	3B	2.74B	2.97B	3.33B	3.35B	3.44B	3.43B	3.43B	3.47B
Short-Term Debt	352M	0	199.9M	0	399.7M	0	22.6M	2M	0	274.6M
Total Current Liabilities+	352.4M	-4.43B	199.9M	-4.51B	0	0	-11.51B	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-773.4M	-426.6M	-599M	-24M	-656.4M	0	-11.7B	-192.9M	-190M	-501.1M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	448.4M	49.97B	670.5M	50.28B	-3.42B	-3.76B	54.8B	-3.45B	-3.46B	-3.5B
Total Equity+	8.66B	8.97B	9.57B	8.62B	9.96B	10.87B	11.42B	8.73B	9.65B	10.96B
Equity Growth %	0.02%	0.04%	0.07%	-0.1%	0.16%	0.09%	0.05%	-0.23%	0.1%	0.14%
Shareholders Equity	8.66B	8.97B	9.57B	8.62B	9.96B	10.87B	11.42B	8.73B	9.65B	10.96B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	8B	8.74B	9.54B	9.86B	10.73B	11.27B	11.85B	13.14B	11.43B	12.91B
Common Stock	30.3M	30.4M	30.5M	30.5M	30.6M	30.7M	30.7M	30.8M	19.4M	19.5M
Accumulated OCI	16.1M	-51M	127.5M	-814.2M	37.3M	374.2M	354.1M	-3.45B	-3.31B	-2.52B
Return on Equity (ROE)	0.1%	0.11%	0.11%	0.06%	0.12%	0.08%	0.09%	0.14%	0.14%	0.17%
Return on Assets (ROA)	0.01%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	0.02%	0.02%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.33x	0.33x	0.31x	0.34x	0.37x	0.31x	0.30x	0.39x	0.36x	0.34x
Book Value per Share	34.95	38.00	42.12	39.17	47.49	53.35	55.73	43.22	48.84	58.28
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.29B	1.12B	1.15B	1.54B	1.74B	597.5M	1.39B	1.42B	1.2B	1.51B
Operating CF Growth %	0.06%	-0.14%	0.03%	0.34%	0.13%	-0.66%	1.32%	0.02%	-0.15%	0.26%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	867.1M	931.4M	994.2M	523.4M	1.1B	793M	824.2M	1.31B	1.28B	1.78B
Depreciation & Amortization	99.5M	101.7M	103.4M	101.4M	110.1M	113.6M	119.8M	110.5M	108.8M	116.1M
Stock-Based Compensation	23.8M	21.9M	29.5M	26.3M	26.6M	30.4M	35.4M	52.7M	0	0
Deferred Taxes	0	0	0	0	-26.6M	-30.4M	-35.4M	-52.7M	0	0
Other Non-Cash Items	45.9M	-144.3M	-187.3M	-164.1M	-133.2M	-2.32B	-693.3M	-151.4M	-160.2M	-159.8M
Working Capital Changes	255.8M	227.3M	253.8M	1.08B	664.4M	2.01B	1.14B	145.4M	-29.6M	-222.2M
Cash from Investing+	-713M	-710M	-484.6M	-930.1M	-1.39B	-267.7M	-1.34B	-955.9M	-725.9M	-344.4M
Capital Expenditures	-100.2M	-85M	-105.3M	-144.1M	-150.9M	-119.1M	-110.3M	-102.2M	-134.8M	-125.7M
Acquisitions	-54.3M	-129.2M	-2.55B	-145.4M	0	0	0	0	0	0
Purchase of Investments	-4.71B	-3.95B	-3.65B	-4.75B	-4.59B	-3.74B	-4.71B	-3.34B	-3.49B	-3.16B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	512.2M	6.3M	2.55B	200.5M	-371.4M	314.5M	-50.7M	-50.8M	-98.3M	251.8M
Cash from Financing+	-568.7M	-418.6M	-687.8M	-589.8M	-358M	-216.9M	-168.9M	-418.6M	-450.1M	-1.15B
Dividends Paid	-174.2M	-182.6M	-196M	-215.6M	-229.2M	-231.9M	-239.4M	-254.2M	-277.1M	-296.5M
Share Repurchases	-417.9M	-405.2M	-401.8M	-356.2M	-400.3M	0	-50M	-200.1M	-250.1M	-972.9M
Stock Issued	6.4M	8.5M	10.8M	4.6M	6.1M	4.4M	3.4M	4M	5.2M	6M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K
Other Financing	-21.7M	-25.9M	-37.3M	-48.7M	-57.5M	-3.5M	91.8M	46.5M	73.9M	69.8M
Net Change in Cash+	10.4M	-12.5M	-23M	16.6M	-9.9M	112.9M	-122M	44.2M	26.8M	16.8M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	102.5M	112.9M	100.4M	77.4M	94M	84.1M	197M	75M	119.2M	146M
Cash at End	112.9M	100.4M	77.4M	94M	84.1M	197M	75M	119.2M	146M	162.8M
Free Cash Flow+	1.19B	1.03B	1.04B	1.39B	1.59B	478.4M	1.28B	1.32B	1.07B	1.39B
FCF Growth %	0.07%	-0.13%	0.01%	0.33%	0.14%	-0.7%	1.67%	0.03%	-0.19%	0.3%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	4.81	4.37	4.59	6.33	7.58	2.35	6.23	6.51	5.4	7.38

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	88.46%	87.8%	87.56%	94.59%	88.48%	92.67%	89.35%	85.26%	86.68%	82.4%
Medical Cost Ratio	71.68%	71.24%	71.02%	77.82%	71.46%	76.52%	71.98%	66.91%	67.24%	62.91%
Return on Equity (ROE)	10.09%	10.56%	10.72%	5.75%	11.84%	7.61%	8.8%	13.97%	13.96%	17.26%
Return on Assets (ROA)	1.41%	1.52%	1.58%	0.83%	1.71%	1.15%	1.39%	2.14%	2.06%	2.84%
Equity / Assets	14.3%	14.48%	14.96%	13.93%	14.87%	15.39%	16.28%	14.28%	15.26%	17.69%
Book Value / Share	34.95	38	42.12	39.17	47.49	53.35	55.73	43.22	48.84	58.28
Debt / Equity	0.33x	0.33x	0.31x	0.34x	0.37x	0.31x	0.30x	0.39x	0.36x	0.34x
Revenue Growth	1.96%	2.94%	2.18%	2.76%	3.4%	9.63%	-9.96%	0.32%	3.65%	3.91%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Unum US	-	5.24B	-	5.74B	6.02B	6.02B	6.08B	7.13B	7.44B	7.75B
Unum US Growth	-	-	-	-	4.88%	0.04%	0.98%	17.32%	4.33%	4.19%
Closed Block	-	1.17B	-	1.08B	1.03B	994.4M	995.8M	2.07B	2.03B	2.08B
Closed Block Growth	-	-	-	-	-4.05%	-3.78%	0.14%	108.16%	-1.86%	2.31%
Colonial Life	-	1.42B	-	1.6B	1.69B	1.71B	1.69B	1.86B	1.88B	1.95B
Colonial Life Growth	-	-	-	-	5.06%	1.60%	-1.27%	9.80%	1.35%	3.65%
Unum International	-	-	-	568.8M	630.5M	652.8M	717M	889.8M	964M	1.08B
Unum International Growth	-	-	-	-	10.85%	3.54%	9.83%	24.10%	8.34%	12.02%
Corporate and Other	28.5M	-	24.3M	-	-	-	-	57.3M	103.1M	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	79.93%	-
Unum UK	-	529.3M	-	-	-	-	-	-	-	-
Unum UK Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Unum Group (UNM) has a price-to-earnings (P/E) ratio of 8.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Unum Group (UNM) grew revenue by 3.9% over the past year. Growth has been modest.

Yes, Unum Group (UNM) is profitable, generating $913.1M in net income for fiscal year 2024 (13.9% net margin).

Dividend & Returns

Yes, Unum Group (UNM) pays a dividend with a yield of 2.04%. This makes it attractive for income-focused investors.

Unum Group (UNM) has a return on equity (ROE) of 17.3%. This is reasonable for most industries.

Industry Metrics

Unum Group (UNM) has a combined ratio of 82.4%. A ratio below 100% indicates underwriting profitability.

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