Revenue growth remains resilient at 9.0% as of 2026Q1, though underwriting profitability remains sensitive to claims volatility, evidenced by the combined ratio rising to 91.0% from a 2024Q3 low of 72.3%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 13.3B | 13.05B | 12.79B | 12.31B | 11.88B | 11.84B | 13.15B | 11.99B | 11.6B | 11.29B | 11.05B | 10.73B | 10.52B | 10.37B | 10.52B | 10.28B | 10.19B | 10.09B | 9.98B | 10.52B | 10.54B | 10.44B | 10.46B | 9.82B | 9.08B | 9B | 9.07B | 9.33B | 8.52B | 7.68B | 4.07B |
| Revenue Growth % | 4.84% | 2.07% | 3.91% | 3.65% | 0.32% | -9.96% | 9.63% | 3.4% | 2.76% | 2.18% | 2.94% | 1.96% | 1.5% | -1.4% | 2.31% | 0.83% | 1.01% | 1.09% | -5.11% | -0.15% | 0.94% | -0.26% | 6.58% | 8.08% | 0.91% | -0.76% | -2.77% | 9.51% | 10.97% | 88.55% | -1.24% |
| Medical Costs & Claims | 8.79B | 8.07B | 8.05B | 8.28B | 7.95B | 8.52B | 10.06B | 8.57B | 9.03B | 8.02B | 7.87B | 7.69B | 8.16B | 7.46B | 7.55B | 8.01B | 7.16B | 6.89B | 8.07B | 8.39B | 7.63B | 8.07B | 8.24B | 8.99B | 7.14B | 6.73B | 6.92B | 8.07B | 6.53B | 5.39B | 2.05B |
| Medical Cost Ratio % | 66.11% | 61.78% | 62.91% | 67.24% | 66.91% | 71.98% | 76.52% | 71.46% | 77.82% | 71.02% | 71.24% | 71.68% | 77.56% | 71.92% | 71.81% | 77.95% | 70.25% | 68.23% | 80.85% | 79.71% | 72.39% | 77.28% | 78.76% | 91.59% | 78.65% | 74.73% | 76.29% | 86.52% | 76.66% | 70.25% | 50.3% |
| Gross Profit | 4.51B | 4.99B | 4.74B | 4.03B | 3.93B | 3.32B | 3.09B | 3.42B | 2.57B | 3.27B | 3.18B | 3.04B | 2.36B | 2.91B | 2.96B | 2.27B | 3.03B | 3.21B | 1.91B | 2.13B | 2.91B | 2.37B | 2.22B | 826M | 1.94B | 2.27B | 2.15B | 1.26B | 1.99B | 2.28B | 2.02B |
| Gross Margin % | 33.89% | 38.22% | 37.09% | 32.76% | 33.09% | 28.02% | 23.48% | 28.54% | 22.18% | 28.98% | 28.76% | 28.32% | 22.44% | 28.08% | 28.19% | 22.05% | 29.75% | 31.77% | 19.15% | 20.29% | 27.61% | 22.72% | 21.24% | 8.41% | 21.35% | 25.27% | 23.71% | 13.48% | 23.34% | 29.75% | 49.7% |
| Gross Profit Growth % | - | 5.16% | 17.65% | 2.61% | 18.46% | 7.47% | -9.8% | 33.05% | -21.37% | 2.95% | 4.53% | 28.71% | -18.88% | -1.8% | 30.82% | -25.28% | -5.39% | 67.69% | -10.43% | -26.62% | 22.67% | 6.68% | 169.07% | -57.41% | -14.74% | 5.76% | 70.98% | -36.75% | -12.92% | 12.86% | -33.1% |
| Operating Expenses | 3.52B | 4.06B | 2.49B | 2.39B | 2.18B | 2.06B | 2.12B | 2.04B | 1.94B | 1.87B | 1.83B | 1.8B | 1.82B | 1.69B | 1.72B | 1.93B | 1.71B | 1.91B | 1.09B | 1.14B | 2.44B | 1.66B | 2.48B | 1.28B | 1.36B | 1.52B | 1.33B | 1.42B | 1.07B | 801.1M | -995.9M |
| OpEx / Revenue % | 26.43% | 31.07% | 19.49% | 19.44% | 18.36% | 17.37% | 16.15% | 17.01% | 16.76% | 16.54% | 16.56% | 16.79% | 17.29% | 16.31% | 16.31% | 18.81% | 16.81% | 18.96% | 10.9% | 10.81% | 23.19% | 15.92% | 23.72% | 13.02% | 15.03% | 16.89% | 14.66% | 15.26% | 12.54% | 10.43% | -24.46% |
| Depreciation & Amortization | 93M | 123M | 116.1M | 108.8M | 110.5M | 119.8M | 113.6M | 110.1M | 101.4M | 103.4M | 101.7M | 99.5M | 87.9M | 84.8M | 84.3M | 81.1M | 75.4M | 74.5M | 68.8M | 66.2M | 80.5M | 87.8M | 80.5M | 761.8M | 510.3M | 573M | 594.9M | 653.7M | 492M | 138.9M | 75.1M |
| Combined Ratio % | 92.54% | 92.85% | 82.4% | 86.68% | 85.26% | 89.35% | 92.67% | 88.48% | 94.59% | 87.56% | 87.8% | 88.46% | 94.85% | 88.23% | 88.12% | 96.76% | 87.05% | 87.19% | 91.75% | 90.52% | 95.58% | 93.2% | 102.48% | 104.61% | 93.68% | 91.63% | 90.95% | 101.77% | 89.2% | 80.69% | 25.84% |
| Operating Income | 992.6M | 933.5M | 2.25B | 1.64B | 1.75B | 1.26B | 964M | 1.38B | 627.8M | 1.4B | 1.35B | 1.24B | 542M | 1.22B | 1.25B | 333.3M | 1.32B | 1.29B | 824M | 997.2M | 465.4M | 709.6M | -259.5M | -452.4M | 574.3M | 753.8M | 821.2M | -165.5M | 920.2M | 1.48B | 3.02B |
| Operating Margin % | 7.46% | 7.15% | 17.6% | 13.32% | 14.74% | 10.65% | 7.33% | 11.52% | 5.41% | 12.44% | 12.2% | 11.54% | 5.15% | 11.77% | 11.88% | 3.24% | 12.95% | 12.81% | 8.25% | 9.48% | 4.42% | 6.8% | -2.48% | -4.61% | 6.32% | 8.37% | 9.05% | -1.77% | 10.8% | 19.31% | 74.16% |
| Operating Income Growth % | - | -58.54% | 37.27% | -6.28% | 38.82% | 30.77% | -30.25% | 120.15% | -55.28% | 4.18% | 8.83% | 128.47% | -55.57% | -2.36% | 274.89% | -74.75% | 2.14% | 56.83% | -17.37% | 114.27% | -34.41% | 373.45% | 42.64% | -178.77% | -23.81% | -8.21% | 596.19% | -117.99% | -37.94% | -50.89% | 9.39% |
| EBITDA | 1.09B | 1.06B | 2.37B | 1.75B | 1.86B | 1.38B | 1.08B | 1.49B | 729.2M | 1.51B | 1.45B | 1.34B | 629.9M | 1.3B | 1.33B | 414.4M | 1.4B | 1.37B | 892.8M | 1.06B | 545.9M | 797.4M | -179M | 309.4M | 1.08B | 1.33B | 1.42B | 488.2M | 1.41B | 1.62B | 3.09B |
| EBITDA Margin % | 8.16% | 8.09% | 18.51% | 14.21% | 15.67% | 11.66% | 8.2% | 12.44% | 6.29% | 13.36% | 13.12% | 12.47% | 5.99% | 12.58% | 12.68% | 4.03% | 13.69% | 13.54% | 8.94% | 10.11% | 5.18% | 7.64% | -1.71% | 3.15% | 11.94% | 14.74% | 15.61% | 5.23% | 16.58% | 21.12% | 76% |
| Interest Expense | 209.9M | 208.8M | 201.1M | 194.8M | 188.5M | 185M | 188.2M | 177.4M | 167.3M | 159.9M | 166M | 152.8M | 167.5M | 149.4M | 145.4M | 143.3M | 141.8M | 125.4M | 156.7M | 241.9M | 191.8M | 208M | 207.1M | 187.2M | 162.4M | 169.6M | 181.8M | 137.8M | 119.9M | 84.9M | 241.3M |
| Non-Operating Income | -156.8M | -208.8M | -201.1M | -194.8M | -188.5M | -185M | -188.2M | -177.4M | -167.3M | -159.9M | -166M | -152.8M | -167.5M | -149.4M | -145.4M | -143.3M | -141.8M | -125.4M | -156.7M | -241.9M | -191.8M | -208M | -207.1M | -204.4M | -162.4M | -169.6M | -181.8M | -137.8M | -119.9M | 1.4B | 2.78B |
| Pretax Income | 992.6M | 933.5M | 2.25B | 1.64B | 1.75B | 1.26B | 964M | 1.38B | 627.8M | 1.4B | 1.35B | 1.24B | 542M | 1.22B | 1.25B | 333.3M | 1.32B | 1.29B | 824M | 997.2M | 465.4M | 709.6M | -259.5M | -452.4M | 574.3M | 753.8M | 821.2M | -165.5M | 920.2M | 916.7M | 341.6M |
| Pretax Margin % | 7.46% | 7.15% | 17.6% | 13.32% | 14.74% | 10.65% | 7.33% | 11.52% | 5.41% | 12.44% | 12.2% | 11.54% | 5.15% | 11.77% | 11.88% | 3.24% | 12.95% | 12.81% | 8.25% | 9.48% | 4.42% | 6.8% | -2.48% | -4.61% | 6.32% | 8.37% | 9.05% | -1.77% | 10.8% | 11.94% | 8.39% |
| Income Tax | 211.2M | 195M | 472.2M | 356.3M | 342.8M | 279.6M | 171M | 281.8M | 104.4M | 409.8M | 416.3M | 371.2M | 139.9M | 373M | 355.1M | 49.1M | 441.2M | 439.7M | 270.8M | 324.8M | 61.8M | 196M | -67.3M | -177.9M | 196.3M | 216.1M | 284M | 17.4M | 302.8M | 299.1M | 103.6M |
| Effective Tax Rate % | 21.28% | 20.89% | 20.97% | 21.72% | 19.59% | 22.18% | 17.74% | 20.39% | 16.63% | 29.19% | 30.89% | 29.98% | 25.81% | 30.57% | 28.42% | 14.73% | 33.43% | 34.02% | 32.86% | 32.57% | 13.28% | 27.62% | 25.93% | 39.32% | 34.18% | 28.67% | 34.58% | -10.51% | 32.91% | 32.63% | 30.33% |
| Net Income | 781.4M | 738.5M | 1.78B | 1.28B | 1.41B | 981M | 793M | 1.1B | 523.4M | 994.2M | 931.4M | 867.1M | 402.1M | 847M | 894.4M | 284.2M | 878.7M | 852.6M | 553.2M | 679.3M | 411M | 513.6M | -253M | -386.4M | 401.2M | 541.2M | 538.9M | -182.9M | 617.4M | 617.6M | 238M |
| Net Margin % | 5.87% | 5.66% | 13.91% | 10.43% | 11.85% | 8.29% | 6.03% | 9.17% | 4.51% | 8.81% | 8.43% | 8.08% | 3.82% | 8.17% | 8.51% | 2.77% | 8.62% | 8.45% | 5.54% | 6.46% | 3.9% | 4.92% | -2.42% | -3.94% | 4.42% | 6.01% | 5.94% | -1.96% | 7.25% | 8.04% | 5.85% |
| Net Income Growth % | -50.32% | -58.49% | 38.58% | -8.77% | 43.45% | 23.71% | -27.93% | 110.22% | -47.35% | 6.74% | 7.42% | 115.64% | -52.53% | -5.3% | 214.71% | -67.66% | 3.06% | 54.12% | -18.56% | 65.28% | -19.98% | 303% | 34.52% | -196.31% | -25.87% | 0.43% | 394.64% | -129.62% | -0.03% | 159.5% | -15.33% |
| EPS (Diluted) | 4.75 | 4.28 | 9.46 | 6.50 | 6.96 | 4.02 | 3.89 | 5.24 | 2.38 | 4.37 | 3.95 | 3.50 | 1.57 | 3.23 | 3.17 | 0.94 | 2.69 | 2.57 | 1.62 | 1.91 | 1.23 | 1.64 | -0.86 | -1.48 | 1.66 | 2.21 | 2.22 | -0.77 | 2.54 | 2.57 | 1.61 |
| EPS Growth % | -45.82% | -54.76% | 45.54% | -6.61% | 73.13% | 3.34% | -25.76% | 120.17% | -45.54% | 10.63% | 12.86% | 122.93% | -51.39% | 1.89% | 237.23% | -65.06% | 4.67% | 58.64% | -15.18% | 55.28% | -25% | 290.7% | 41.89% | -189.16% | -24.89% | -0.45% | 388.31% | -130.31% | -1.17% | 59.63% | -16.15% |
| EPS (Basic) | - | 4.28 | 9.49 | 6.53 | 7.01 | 4.04 | 3.89 | 5.25 | 2.38 | 4.39 | 3.96 | 3.51 | 1.57 | 3.24 | 3.18 | 0.94 | 2.70 | 2.57 | 1.62 | 1.92 | 1.27 | 1.74 | -0.86 | -1.48 | 1.66 | 2.24 | 2.24 | -0.77 | 2.60 | 2.62 | 1.63 |
| Diluted Shares Outstanding | 164.4M | 172.92M | 188.07M | 197.6M | 202.11M | 204.85M | 203.76M | 209.85M | 220.1M | 227.3M | 236M | 247.9M | 256.11M | 265.9M | 281.76M | 303.57M | 327.22M | 332.14M | 341.56M | 355.78M | 334.15M | 313.17M | 294.19M | 261.33M | 243.48M | 244.89M | 242.75M | 237.53M | 141.24M | 143.46M | 147.83M |
Legacy LTC reserve volatility
As reported in recent financial filings, Unum Group achieved a 9.0% revenue growth rate in 2026Q1, signaling a stabilization in premium volume that appears to be supported by consistent demand within the core US group benefits segment despite broader macroeconomic uncertainty regarding the US labor market.
The recent acceleration in top-line growth suggests that the company's worksite marketing strategy is effectively capturing market share. Investors should monitor whether this momentum persists, as the company's revenue is fundamentally tethered to payroll growth and total insured lives.
Based on the provided income statement data, the combined ratio fluctuated significantly, reaching a low of 72.3% in 2024Q3 before rising to 91.0% in 2026Q1, which indicates that underwriting margins remain sensitive to periodic shifts in claims incidence and actuarial reserve adjustments.
The variance in the loss ratio, which spiked to 78.0% in 2025Q3, highlights the inherent difficulty in predicting long-term disability outcomes. While the combined ratio remains below the 100% threshold, the lack of consistent margin expansion warrants further investigation into the underlying drivers of claims volatility.
According to the historical data, 2024Q3 represented a major inflection point where the loss ratio plummeted to 3.0%, driving an outsized operating income of $886.4 million, a figure that appears to be an outlier rather than a sustainable shift in the company's core underwriting profitability.
This period likely reflects a significant reserve release or a non-recurring accounting adjustment that masks the true operational performance of the business. Analysts should treat this quarter as a statistical anomaly when modeling future earnings to avoid overestimating the company's long-term margin potential.
Based on the reported figures, the persistent reliance on the Closed Block of legacy Long-Term Care policies continues to introduce non-cash earnings volatility, which may suggest that the company's reported net income is less reflective of current underwriting success than the headline figures might initially imply.
The market's persistent valuation discount for Unum compared to peers appears to be a rational response to the unpredictable nature of these legacy liabilities. Investors should remain cautious, as future reserve strengthening could necessitate significant capital charges that would directly impact the company's ability to maintain its current dividend and buyback pace.
Quick answers to the most common questions about buying UNM stock.
For fiscal year 2025, Unum Group (UNM) reported total revenue of $13.05B. This represents a 220.6% increase compared to $4.07B in 1996.
Unum Group (UNM) is profitable, generating $738.5M in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.
Unum Group (UNM) reported an operating income of $933.5M, resulting in an operating profit margin of 7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Unum Group (UNM) generated $4.99B in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.