Core underwriting profitability remains susceptible to episodic volatility, as evidenced by the combined ratio fluctuating from a low of 72.3% in 2024Q3 to 91.0% in 2026Q1.
| 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
According to recent financial disclosures, Unum Group achieved a 9.0% revenue growth rate in 2026Q1, suggesting that the company's core disability and supplemental benefit segments are successfully navigating the current labor market environment while maintaining consistent demand for workplace-based insurance products across its primary US operations.
The revenue trajectory appears stable, supported by the company's ability to capture recurring premiums despite broader economic uncertainties. Investors should monitor whether this growth is driven by new policy acquisition or inflationary adjustments to existing benefit levels, as the latter may mask underlying volume stagnation.
As reported in quarterly filings, the combined ratio fluctuated significantly, reaching a low of 72.3% in 2024Q3 before normalizing to 91.0% in 2026Q1, which indicates that while core underwriting remains profitable, the company is susceptible to episodic spikes in claims activity that pressure operating margins.
The variance in the loss ratio suggests that morbidity experience remains the primary variable impacting profitability. The company's ability to maintain a combined ratio consistently below the 100% threshold implies effective risk pricing, though the volatility warrants caution regarding the predictability of future underwriting gains.
Based on the provided income statement data, the 2024Q3 period serves as a clear inflection point where a sharp decline in claims to $95.6 million drove an anomalous quarterly net income of $645.7 million, highlighting the outsized impact of reserve adjustments on the company's reported financial results.
This period underscores the difficulty in assessing core operational performance when legacy liabilities are subject to significant actuarial revaluation. Analysts should treat such quarters as non-recurring events rather than evidence of a structural improvement in the underlying disability insurance business model.
Financial statements indicate that the loss ratio reached 78.0% in 2025Q3, a notable deviation from the more stable ranges observed in other periods, which may suggest that the company's long-term disability reserves are sensitive to shifting claim duration trends that could challenge future earnings stability.
The potential for post-viral syndromes or other long-term health trends to extend claim durations poses a risk to the current reserve assumptions. Investors should investigate whether the company is adequately accounting for these emerging morbidity risks or if current profitability is being flattered by overly optimistic actuarial modeling.
Quick answers to the most common questions about buying UNMA stock.
For fiscal year 2025, Unum Group 6.250% JR NT58 (UNMA) reported total revenue of $13.05B. This represents a 220.6% increase compared to $4.07B in 1996.
Unum Group 6.250% JR NT58 (UNMA) is profitable, generating $738.5M in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.
Unum Group 6.250% JR NT58 (UNMA) 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 6.250% JR NT58 (UNMA) 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.