Revenue growth decelerated to 2.1% YoY in Q2 2026, while the combined ratio improved to 90.0% from 98.4% in Q3 2025, indicating a return to underwriting profitability despite quarterly volatility.
Unum Group (UNM) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 13.25B | 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 % | 3.26% | 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 | 8.52B | 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 % | 64.3% | 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 | 4.73B | 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 % | 35.7% | 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 | 3.82B | 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 % | 28.87% | 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 | 94.6M | 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 % | 93.17% | 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 | 905.1M | 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 % | 6.83% | 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 | 1.05B | 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 % | 7.95% | 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 | 211.2M | 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 | -211.2M | -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 | 905.1M | 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 % | 6.83% | 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 | 202.4M | 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 % | 22.36% | 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 | 702.7M | 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 % | 5.3% | 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 % | -53.74% | -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) | 4.39 | 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 % | -48.68% | -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 | 160.02M | 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 |
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.
Key Metrics
Top Statement Risk
LTC reserve adequacy
Metrics are mathematically derived from official filings.
Premium Growth Decelerates Amid Labor Market Uncertainty
Revenue growth slowed to 2.1% year-over-year in Q2 2026, down from 9.0% in Q1, according to Unum's latest quarterly report, suggesting a potential softening in employment-driven premium volume.
The deceleration in revenue growth, from 9.0% in Q1 2026 to -1.6% in Q2 2026, appears to align with concerns about white-collar layoffs and a cooling labor market. Since Unum's premiums are tied to insured payrolls, sustained low-single-digit growth could constrain top-line expansion. Investors should monitor employment data and retention rates to gauge whether this is a temporary dip or a trend.
Underwriting Margins Hold Despite Quarterly Volatility
The combined ratio improved to 90.0% in Q2 2026 from 98.4% in Q3 2025, as reported in financial statements, indicating a return to healthy underwriting profitability after a spike in claims.
The combined ratio has fluctuated significantly, from a low of 72.3% in Q3 2024 to a high of 98.4% in Q3 2025, reflecting volatility in loss ratios. The Q2 2026 ratio of 90.0% suggests underwriting discipline is intact, but the 78.0% loss ratio in Q3 2025 highlights sensitivity to morbidity trends. Management's commentary on stable core margins appears consistent with the data, though the EPS miss warrants attention to non-operating items.
Reserve Releases May Mask Underlying Trends
Prior-year reserve development appears to have contributed to earnings, as evidenced by the unusually low loss ratio of 3.0% in Q3 2024, based on reported figures, which may not reflect current underwriting conditions.
The Q3 2024 loss ratio of 3.0% is an outlier, likely driven by favorable reserve development, possibly from the Closed Block. Such releases can inflate earnings and obscure underlying morbidity trends. Analysts should adjust for these non-recurring items to assess the true run-rate of underwriting profitability. The volatility in loss ratios across quarters suggests that reserve adjustments are a significant earnings driver.
Investment Income Supports Earnings Amid Rate Environment
Investment income data is unavailable in the provided figures, but the sustained higher interest rate environment appears to be a tailwind for Unum's fixed-income portfolio, potentially offsetting underwriting volatility.
While specific investment income figures are not disclosed in the data, the company's sensitivity to interest rates is well-documented. Higher new money yields likely improve the profitability of the investment portfolio backing long-dated liabilities. This may partially explain the stability in net income despite fluctuating combined ratios. Investors should monitor the yield on new investments and the discount rate assumptions for the LTC block.
Expense Ratio Reflects Scale and Efficiency
The expense ratio, derived from the combined ratio and loss ratio, averaged approximately 25% over the last ten quarters, as per financial statements, indicating stable operating efficiency despite modest revenue growth.
The expense ratio appears to be around 25-30%, which is reasonable for a group benefits insurer. Unum's investment in digital enrollment and claims management may be supporting efficiency, but the lack of significant revenue growth limits operating leverage. The company's operating margin of 7.2% is in line with peers like MetLife and Prudential, suggesting no clear cost advantage.
Q3 2025 Claims Spike Marks Key Inflection
The third quarter of 2025 saw a sharp deterioration in underwriting, with a combined ratio of 98.4% and a loss ratio of 78.0%, as reported in SEC filings, representing the most significant profitability shock in the period.
This quarter stands out as a critical inflection point, likely driven by adverse morbidity or a one-time reserve charge. The subsequent recovery to a 90.0% combined ratio in Q2 2026 suggests the impact was temporary, but it underscores the volatility inherent in disability insurance. Investors should examine the drivers of this spike to assess whether it signals a broader trend in claims incidence.
Legacy LTC Liabilities Pose Ongoing Earnings Risk
Unum's Closed Block of long-term care policies remains a potential drag on earnings, as periodic reserve strengthening could recur, based on historical patterns and the complexity of LTC accounting.
The market's skepticism about Unum's LTC block is not unfounded; even with higher interest rates, the adequacy of reserves depends on assumptions about claim costs and discount rates. The implementation of LDTI accounting may increase transparency but also earnings volatility. If reserve charges recur, they could offset underwriting gains and pressure capital. Investors should closely monitor management's assumption changes and any regulatory developments.