UNM

A month has gone by since the last earnings report for Unum (UNM). Shares have added about 9.4% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Unum due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts. UNM Q2 Earnings and Revenues Beat Estimates on Solid Premium GrowthUnum Group’s second-quarter 2026 operating net income of $2.16 per share surpassed the Zacks Consensus Estimate by 1%. The bottom line increased 4.4% year over year. The quarterly results benefited from premium growth across core businesses, improved performance in Unum U.S. and Colonial Life, and strong sales momentum. However, lower net investment income, higher total costs and weaker Closed Block results partly offset these gains. Total operating revenues of Unum Group were $3.4 billion, down 0.1% year over year. The top line surpassed the Zacks Consensus Estimate by 14.3%.Premium increased 2.5% from the prior-year quarter to $2.8 billion, which was higher than our estimate of $2.5 billion. The Zacks Consensus Estimate was pegged at $2.6 billion. Net investment income declined 14.7% year over year to $478.4 million, primarily due to lower returns from alternative investments. Total benefits and expenses increased 3.3% year over year to $3 billion, largely attributable to higher policy benefits, commissions and other expenses. The figurewas higher than our estimate of $2.5 billion. Unum U.S.: Premium income was $1.86 billion, up 3.3% year over year.Adjusted operating income decreased 22.8% year over year to $261 million, primarily due to less favorable disability experience and higher benefit costs. It excluded the amortization of the deferred gain on reinsurance of $4.4 million and the impact of non-contemporaneous reinsurance of $0.7 million. Our estimate was $314 million. The group disability line of business reported a 17.4% decrease in adjusted operating income while the group life and accidental death and dismemberment line of business reported a 32.8% increase. The supplemental and voluntary line of business reported an increase of 8.2%.Unum International: Premium income of $289.3 million increased 6.7% year over year.  Adjusted operating income was $24.3 million, down 41.6% year over year. Our estimate was $51.7 million.The Unum U.K. line of business premium income totaled £175.5 million, up 5.2% from the year-ago quarter, primarily due to in-force block growth, sales and favorable persistency. Adjusted operating income, in local currency, was £15.3 million, down 48% year over year. The benefit ratio, excluding the reserve assumption updates, was 82.2%, which deteriorated 720 basis points (bps), primarily due to higher average claim size and increased claim incidence in the group long-term disability business. Sales decreased 14.9% to £32.6 million. Persistency decreased in the supplemental product line, the group long-term disability and the group life product line.Colonial Life: Premium income increased 3.3% from the prior-year figure to $477.4 million, driven by stable overall persistency and prior period sales. Sales increased 0.9% from the year-ago figure to $106.3 million. Adjusted operating income increased 11.9% from the prior-year period to $131.4 million. Our estimate was $113.4 million. Persistency was 78.2% for the first half of 2026, improved 30 bps year over year. The benefit ratio, excluding the reserve assumption updates, improved 300 bps year over year to 46.7%.Closed Block: Premium income decreased 10.8% to $192.9 million. The segment reported an adjusted operating loss of $61.2 million, compared with a loss of $10.8 million in the year-ago quarter. The decrease was primarily due to lower net investment income and the amortization of the cost of reinsurance. Our estimate for loss was $55 million.Corporate: The segment incurred an adjusted operating loss of $44.5 million, wider than the year-ago quarter’s loss of $31.7 million, primarily due to decreased net investment income. Our estimate for loss was $45.1 million. As of June 30, 2026, the weighted average risk-based capital ratio for Unum Group’s traditional U.S. insurance companies was approximately 480%.Unum Group exited the second quarter with holding company liquidity worth $1.5 billion. Book value per share grew 3.8% year over year to $68.28 as of June 30, 2026. UNM repurchased approximately $200 million of common shares and paid $73.5 million in common stock dividends during the second quarter. UNM expects that after-tax adjusted operating income per share will increase to 22.2% from 21.2% in the year-ago period. Management expects 2026 EPS of $8.60-$8.90, implying 8-12% growth. Since the earnings release, investors have witnessed a downward trend in estimates revision. At this time, Unum has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the top 40% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Unum has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Unum Group (UNM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the life insurance industry, including Unum Group (NYSE:UNM) and its peers. Life insurance companies collect premiums from policyholders in exchange for providing a future death benefit or retirement income stream. Interest rates matter for the sector (and make it cyclical), with higher rates allowing insurers to reinvest their fixed-income portfolios at more attractive yields and vice versa. Additionally, favorable demographic shifts, such as an aging population, are driving strong demand for retirement products while AI and data analytics offer significant opportunities to improve underwriting accuracy and operational efficiency. Conversely, the industry faces headwinds from persistent competition from agile insurtechs that threaten traditional distribution models. The 12 life insurance stocks we track reported a mixed Q2. As a group, revenues missed analysts’ consensus estimates by 8.2%. In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results. Tracing its roots back to 1848 when financial security for workers was virtually non-existent, Unum Group (NYSE:UNM) provides workplace financial protection benefits including disability, life, accident, critical illness, dental and vision insurance primarily through employers. Unum Group reported revenues of $2.96 billion, down 12.3% year on year. This print fell short of analysts’ expectations by 2%. Overall, it was a slower quarter for the company with a significant miss of analysts’ book value per share estimates and EPS in line with analysts’ estimates. “We delivered another solid performance in the second quarter across multiple dimensions,” said Richard P. McKenney, president and chief executive officer. Unum Group delivered the slowest revenue growth among its peers. Interestingly, the stock is up 4.1% since reporting and currently trades at $91.51. Read our full report on Unum Group here, it’s free. Founded in 1945 and named after the 19th-century education reformer known as the "father of American public education," Horace Mann Educators (NYSE:HMN) is an insurance company that specializes in providing auto, property, life, and retirement products tailored for educators and other public service employees. Horace Mann Educators reported revenues of $443.5 million, up 7.7% year on year, in line with analysts’ expectations. The business had a very strong quarter with a beat of analysts’ EPS estimates. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.7% since reporting. It currently trades at $51.21. Is now the time to buy Horace Mann Educators? Access our full analysis of the earnings results here, it’s free. Spun off from MetLife in 2017 to focus specifically on retail financial products, Brighthouse Financial (NASDAQ:BHF) provides annuity contracts and life insurance products designed to help individuals protect wealth, generate income, and transfer assets. Brighthouse Financial reported revenues of $2.10 billion, down 2.4% year on year, falling short of analysts’ expectations by 2%. It was a softer quarter as it posted a significant miss of analysts’ book value per share estimates and a significant miss of analysts’ EPS estimates. As expected, the stock is down 9.7% since the results and currently trades at $55.88. Read our full analysis of Brighthouse Financial’s results here. Founded in 1863 by a group of New York businessmen during the Civil War era, MetLife (NYSE:MET) is a global financial services company that provides insurance, annuities, employee benefits, and asset management services to individuals and businesses worldwide. MetLife reported revenues of $19.08 billion, up 6.4% year on year. This print lagged analysts’ expectations by 2.2%. It was a slower quarter as it also logged a significant miss of analysts’ book value per share estimates. The stock is flat since reporting and currently trades at $96.21. Read our full, actionable report on MetLife here, it’s free. With a sales force of over 140,000 licensed representatives operating on an independent contractor model, Primerica (NYSE:PRI) provides term life insurance, investment products, and other financial services to middle-income households in the United States and Canada. Primerica reported revenues of $863.4 million, up 8.5% year on year. This number met analysts’ expectations. More broadly, it was a mixed quarter as it also produced a decent beat of analysts’ book value per share estimates but a significant miss of analysts’ net premiums earned estimates. The stock is down 3.3% since reporting and currently trades at $309.93. 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Interested in Unum Group? Here are five stocks we like better. Unum reaffirmed its full-year outlook for adjusted operating EPS of $8.60–$8.90 after second-quarter adjusted operating EPS rose 4.9% to $2.16. Core premium growth remained on track for the company’s 4%–7% target, while return on equity reached 15.9%. Strong results from Colonial Life, group life and AD&D offset pressure in disability operations. U.S. group disability benefit ratios rose to 65.8% because of elevated short-term disability and PFML claims, prompting double-digit pricing increases; U.K. income-protection results also weakened. Unum plans to close a fourth-quarter reinsurance transaction covering $3.8 billion of long-term-care reserves and remains on track to return about $1.3 billion to shareholders in 2026. The company repurchased $200 million of stock and paid $275 million to shareholders during the quarter. The “Duck Stock” Keeps Quietly Making Money for Shareholders Unum Group (NYSE:UNM) reported second-quarter after-tax adjusted operating earnings per share of $2.16, up 4.9% from a year earlier, while year-to-date adjusted operating EPS rose 7.5%. The insurer reaffirmed its full-year adjusted operating EPS outlook of $8.60 to $8.90 despite pressure in paid family and medical leave business in the United States and group income protection in the United Kingdom. President and CEO Rick McKenney said the quarter reflected “continued attractive returns, generally stable persistency, and favorable performance across several of our core businesses.” He said underlying premium growth was roughly 5% after adjusting for the runoff of the stop-loss business and prior transactions, while U.S. sales under the Unum brand increased 7.4% in the quarter and 14% year to date. → Microsoft Just Flipped the AI Spending Narrative Overnight These 3 Insurance Stocks Made New 52-Week Highs: Still Time to Buy? Chief Financial Officer Steven Zabel said consolidated adjusted operating return on equity was 15.9% for the quarter and 16% year to date, within the company’s outlook range. Core earned premium grew 3.6% in the second quarter, or just over 5% after the specified adjustments. Unum said it expects to achieve its full-year core premium growth target of 4% to 7%. Unum U.S. produced adjusted operating income of $329.6 million, compared with $318.2 million a year earlier. Earnings were helped by group life and accidental death and dismemberment, as well as supplemental and voluntary products, but were partially offset by higher benefit costs in group disability. → 2 Unique Space ETFs That Could Upend the Industry 3 Dividend Stocks Defying the Market Downturn Amid the Iran Conflict The group disability benefit ratio was 65.8%, above Unum’s 62% to 64% expectation. Zabel said elevated short-term disability claims represented about two percentage points of the benefit-ratio pressure, with paid family and medical leave, or PFML, accounting for an estimated 60% to 70% of that impact. The company said newer PFML states have experienced higher claims activity. Management said it has started implementing double-digit pricing increases for new business and renewals, noting that its initial PFML pricing generally does not include multiyear rate guarantees. → MarketBeat Week in Review – 07/27- 07/31 McKenney said PFML remains strategically important because it is connected to Unum’s leave-management offering. About half of the Unum U.S. in-force block, excluding individual disability insurance, is tied to HR Connect, Total Leave or Broker Connect. Premium and fees associated with those capabilities have increased nearly 70% since the end of 2023, according to McKenney. Management expects group disability benefit ratios to remain elevated near recent-quarter levels until revised PFML rates are fully incorporated into the block. Still, Zabel said the company continues to view a 65% group disability benefit ratio as sustainable over the longer term, as higher PFML pricing takes effect and other pricing adjustments are made. Group life and AD&D results were favorable, with adjusted operating income of $93.2 million, up from $70.2 million in the prior-year quarter. The benefit ratio improved to 66% from 69.7%, driven by lower claim incidence. Zabel said the company expects the favorable mortality pattern to continue through the second half. Colonial Life reported record quarterly adjusted operating income of $131.4 million, up from $117.4 million a year earlier. Its benefit ratio was 46.7%, better than both the prior-year result of 48.3% and the company’s expected 48% to 50% range. Premium income increased to $477.4 million, and sales rose 6% to $134.1 million. Steve Jones, president of Colonial Life, said the business saw growth from both new and existing clients. Sales from new clients increased 10%, while sales to clients with more than 500 employees grew 15%. He also said the company was recruiting agents at a pace 6% ahead of last year’s level. Unum International adjusted operating income declined to $24.3 million from $41.6 million a year earlier. The segment benefit ratio rose to 78.4% from 72.4%, largely due to unfavorable experience in the U.K. group income protection business. U.K. adjusted operating income was £15.3 million, down from £29.4 million a year earlier, as elevated average claim values continued. Zabel said the higher costs were associated with a greater proportion of claims from higher-income employees. The company expects U.K. pressure to moderate in the second half from current elevated levels, though broader pricing actions will take time to affect results because two- to three-year rate guarantees are common in that market. U.K. premium grew 5.2%, while Poland premium increased 8.8%. Mark Till, who leads Unum International, said U.K. sales were down about 14% in the second quarter as the company made pricing decisions that made it more selective on new business. Unum also discussed its planned reinsurance of $3.8 billion in long-term care statutory reserves from its Fairwind closed-block business. The transaction, expected to close in the fourth quarter, represents about 26% of the company’s total long-term care block and 52% of its individual long-term care business. Following the transaction, Fairwind is expected to retain about $7.1 billion of group long-term care statutory reserves, supported by approximately $1.9 billion of protections. Zabel said sensitivities across key Fairwind assumptions would decline by 28% to 42% after the deal closes. The company expects the amortization of upfront transaction costs and non-contemporaneous reinsurance impacts from the deal to total approximately $30 million to $40 million per quarter. Including prior closed-block reinsurance transactions, those items are expected to initially total about $90 million to $100 million per quarter and decline over time. Unum said group long-term care case terminations continued to reduce exposure. About 3% of cases closed during the second quarter, reducing long-term exposure by more than 20,000 lives. Since the end of 2025, about 10% of group long-term care cases have closed, representing more than 50,000 lives. Holding-company liquidity stood at $1.5 billion and traditional risk-based capital was 480% at quarter-end. Unum expects to finish the year within its targets of 400% to 425% RBC and $1.5 billion to $2 billion in holding-company liquidity. The company repurchased approximately $200 million of stock during the quarter. Including dividends, Unum returned about $275 million to shareholders in the quarter and approximately $750 million year to date. Management said it remains on track to deploy about $1.3 billion to shareholders during 2026. Unum Group (NYSE: UNM) is a leading provider of employee benefits in the United States and selected international markets, specializing in disability, life, accident and critical illness insurance. Through both fully insured and self-funded arrangements, the company offers group coverage designed to protect income and mitigate financial hardship for employees and their families. Its portfolio includes short-term and long-term disability plans, group life and accidental death & dismemberment (AD&D) policies, as well as critical illness and hospital indemnity products. In addition to its core product lines, Unum Group markets voluntary benefits under its Colonial Life brand, allowing employees to purchase supplemental insurance such as accident, cancer, and dental coverage directly through payroll deductions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Unum Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

In the past quarter, Unum Group reported Q2 2026 revenue of US$3,370.0 million versus US$3,361.4 million a year earlier, while net income declined to US$256.9 million from US$335.6 million, and the company continued returning capital through buybacks and dividends. Unum also completed a US$600.68 million repurchase of 7,885,258 shares and highlighted a pending long-term care reinsurance deal aimed at improving the risk profile of its Closed Block segment, giving investors a clearer view of how management is balancing earnings pressure with balance sheet and capital management actions. Next, we’ll examine how Unum’s earnings softness alongside substantial share repurchases and planned long-term care reinsurance affect its investment narrative. Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. To own Unum Group, you need to be comfortable with a story centered on steady employee benefits demand, disciplined underwriting, and careful balance sheet management. The latest quarter showed modest revenue growth but weaker net income, while capital returns through buybacks and dividends continued, so the near term earnings softness does not appear to materially change the key catalyst around de-risking the long-term care block or the main risk of elevated benefit ratios and long-term care volatility. The most relevant development here is Unum’s agreement to reinsure a large long-term care block to Fortitude Re, which management expects to close later in 2026. Together with ongoing buybacks and higher dividends, this helps frame how Unum is reshaping its risk profile while still returning cash, even as investors weigh the trade off between lower long-term care exposure and potential earnings volatility from claims trends in the core businesses. Yet investors should still pay attention to how any renewed pressure on benefit ratios could... Read the full narrative on Unum Group (it's free!) Unum Group's narrative projects $13.3 billion revenue and $1.5 billion earnings by 2029. This implies fairly flat yearly revenue growth and roughly a $700 million earnings increase from $781.4 million today. Uncover how Unum Group's forecasts yield a $102.23 fair value, a 22% upside to its current price. Three Simply Wall St Community fair value estimates for Unum range from US$102.15 to US$177.66 per share, underscoring how far apart individual views can be. You can weigh these against the recent earnings softness and long term care reinsurance plans, which together may influence how you think about Unum’s future resilience and return potential. Explore 3 other fair value estimates on Unum Group - why the stock might be worth just $102.15! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Unum Group research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Unum Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Unum Group's overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: Uncover the next big thing with 20 elite penny stocks that balance risk and reward. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 29 best rare earth metal stocks of the very few that mine this essential strategic resource. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include UNM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed solid second quarter performance to the breadth of the diversified employee benefits franchise, where strong results in Group Life and Colonial Life balanced elevated claims in specific disability segments. The company reported underlying premium growth of approximately 5%, supported by stable persistency and successful digital connectivity investments like HR Connect and Total Leave. U.S. Group Disability results were pressured by elevated short-term disability experience, primarily driven by higher claims activity in newer Paid Family and Medical Leave (PFML) markets. Management characterized PFML as a developing market where they chose to participate early to support broader leave management capabilities, despite maturing claim data. International performance was impacted by elevated average claim values in the U.K. Group Income Protection business, specifically among high-income employees. The recently announced reinsurance transaction for $3.8 billion of long-term care (LTC) reserves was framed as a critical step in simplifying the Closed Block and reducing overall corporate risk volatility. Operational efficiency improved through technology investments, with over 70% of Colonial Life agents now utilizing the Agent Assist productivity platform. Full-year after-tax adjusted operating EPS guidance was reaffirmed at $8.60 to $8.90, assuming continued strength in Group Life and Colonial Life to offset disability headwinds. Management is implementing double-digit rate adjustments for PFML new business and renewals, expecting these actions to gradually improve the benefit ratio over time. The U.K. segment is expected to see continued pressure in the second half of 2026, though at a lower level as pricing and underwriting actions begin to take effect. The LTC reinsurance transaction is expected to close in the fourth quarter, resulting in ongoing GAAP earnings impacts of approximately $90 million to $100 million per quarter from amortization and reinsurance accounting. Capital deployment plans remain on track to return approximately $1.3 billion to shareholders in 2026 through dividends and share repurchases, funded by robust free cash flow. The Closed Block experienced approximately 3% of group LTC case terminations in the quarter, reducing long-term exposure by more than 20,000 lives as employers reassess benefit programs. A $31 million charge for strategic actions was recorded, reflecting real estate valuation adjustments and employee-related costs from operating model changes. The effective tax rate is expected to be approximately 22% for the remainder of 2026, influenced by the impact of U.K. results on the international tax profile. Alternative investment yields for the LTC portfolio were 6.1% in the quarter, falling below the long-term expectation of 8% to 10%. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that PFML pricing generally lacks multiyear rate guarantees, allowing for faster adjustments as experience emerges. Significant pricing actions are targeted for the January 1, 2027, renewal cycle, which is a major volume period for the block. The 66% benefit ratio in Group Life is considered sustainable for the back half of the year due to consistently lower incidence rates. Management does not intend to aggressively lower prices in this segment, preferring to maintain margins within the bundled product strategy. Terminations are driven by management's decision to stop allowing new entrants into certain group plans and implementing rate increases. These actions force employers to evaluate the role of LTC in their benefit packages, effectively reducing Unum's long-term risk through natural runoff. Management remains open to further risk transfer but noted that the Group LTC block has different dynamics than individual LTC, including younger ages and longer durations. The recent 10% lapse in the group block changes the valuation and must be factored into any future discussions with reinsurers.

For the quarter ended June 2026, Unum (UNM) reported revenue of $3.38 billion, down 0.1% over the same period last year. EPS came in at $2.16, compared to $2.07 in the year-ago quarter. The reported revenue represents a surprise of +14.26% over the Zacks Consensus Estimate of $2.95 billion. With the consensus EPS estimate being $2.14, the EPS surprise was +0.94%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Unum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Other Expense Ratio - Unum US Group Life and Accidental Death & Dismemberment: 12.6% compared to the 12.4% average estimate based on three analysts. Other Expense Ratio - Colonial Life Segment: 20% versus 20.1% estimated by three analysts on average. Benefit Ratio - Colonial Life Segment: 46.7% versus the three-analyst average estimate of 49%. Other Expense Ratio - Unum US Supplemental and Voluntary: 21.1% versus the three-analyst average estimate of 22.4%. Revenue- Premium Income: $2.82 billion versus the four-analyst average estimate of $2.62 billion. The reported number represents a year-over-year change of +2.5%. Revenue- Net investment income: $478.4 million compared to the $268.51 million average estimate based on four analysts. The reported number represents a change of -14.7% year over year. Revenue- Other income: $79 million versus $66.4 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +12.2% change. Adjusted Operating Revenue- Unum US Group Disability- Total: $962.1 million versus the three-analyst average estimate of $951.59 million. The reported number represents a year-over-year change of +3.7%. Adjusted Operating Revenue- Unum US Group Life and Accidental Death & Dismemberment- Total Premium Income: $553.5 million versus the three-analyst average estimate of $543.77 million. The reported number represents a year-over-year change of +6.6%. Adjusted Operating Revenue- Unum US Group Life and Accidental Death & Dismemberment- Net Investment Income: $23.3 million compared to the $23.36 million average estimate based on three analysts. The reported number represents a change of +10.4% year over year. Adjusted Operating Revenue- Unum US Group Life and Accidental Death & Dismemberment- Other Income: $0.3 million versus $0.57 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -25% change. Adjusted Operating Revenue- Unum US Group Life and Accidental Death & Dismemberment- Total: $577.1 million compared to the $567.69 million average estimate based on three analysts. The reported number represents a change of +6.7% year over year. View all Key Company Metrics for Unum here>>> Shares of Unum have returned -3.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Unum Group (UNM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Unum Group (UNM) is back in focus after its latest quarterly report and buyback update. The company posted second quarter 2026 earnings and also completed a sizeable share repurchase program. See our latest analysis for Unum Group. Unum Group’s latest earnings and buyback activity come after a steady run for the stock, with the share price up 13.85% year to date and a 5 year total shareholder return of 275.26%. The recent 8.17% 3 month share price return suggests momentum has been building again around the US$87.93 level as investors react to ongoing capital returns and updates on its long term care risk profile. If Unum Group’s recent move has you thinking about where else capital might work hard, it could be worth scanning 18 top founder-led companies After a strong multi year run and a recent bump around US$87.93, Unum Group now prompts a simple question: Do the current earnings profile and buybacks still leave enough upside for buyers once the risks are priced in? At a last close of $87.93 against a narrative fair value of $102.23, Unum Group is framed as undervalued, with that gap resting heavily on a few key long term assumptions. Read the complete narrative. Want to see what sits underneath that LTC derisking story? The narrative refers to stable revenue growth, improved margins, rising earnings and ongoing share repurchases to describe its fair value path. Result: Fair Value of $102.23 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Unum Group’s story can quickly change if long term care reserves behave worse than expected or if benefit ratios remain elevated and begin to pressure capital. Find out about the key risks to this Unum Group narrative. The analyst narrative frames Unum Group as undervalued relative to a fair value of $102.23, yet the current P/E of 18x tells a different story. That multiple sits above both peers at 17.5x and the US insurance industry at 12.4x, and also above a fair ratio of 14.4x. Put simply, the share price already bakes in richer earnings expectations than both sector averages and the modelled fair ratio. For investors, that raises a practical question: Is the extra price tag a reasonable trade off for Unum Group’s current earnings and buyback profile, or is it time to demand a wider margin of safety? See what the numbers say about this price — find out in our valuation breakdown. Does the mixed tone on Unum Group’s valuation and LTC risk leave you on the fence? Take a closer look at the balance of concerns and potential upsides by reviewing the 3 key rewards and 2 important warning signs. If Unum Group has sharpened your focus on quality opportunities, do not stop here. Put your watchlist to work by testing fresh ideas with targeted stock lists. Target dependable income by reviewing high yielding companies in the 8 dividend fortresses that prioritise regular cash returns to shareholders. Spot potential value opportunities by scanning the screener containing 20 high quality undiscovered gems that many investors may not be watching yet. Reduce portfolio stress by assessing companies in the 83 resilient stocks with low risk scores that score well on resilience and financial strength. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include UNM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Unum Group’s UNM second-quarter 2026 operating net income of $2.16 per share surpassed the Zacks Consensus Estimate by 1%. The bottom line increased 4.4% year over year. The quarterly results benefited from premium growth across core businesses, improved performance in Unum U.S. and Colonial Life, and strong sales momentum. However, lower net investment income, higher total costs and weaker Closed Block results partly offset these gains. Unum Group price-consensus-eps-surprise-chart | Unum Group Quote Total operating revenues of Unum Group were $3.4 billion, down 0.1% year over year. The top line surpassed the Zacks Consensus Estimate by 14.3%. Premium increased 2.5% from the prior-year quarter to $2.8 billion, which was higher than our estimate of $2.5 billion. The Zacks Consensus Estimate was pegged at $2.6 billion. Net investment income declined 14.7% year over year to $478.4 million, primarily due to lower returns from alternative investments. Total benefits and expenses increased 3.3% year over year to $3 billion, largely attributable to higher policy benefits, commissions and other expenses. The figurewas higher than our estimate of $2.5 billion. Unum U.S.: Premium income was $1.86 billion, up 3.3% year over year. Adjusted operating income decreased 22.8% year over year to $261 million, primarily due to less favorable disability experience and higher benefit costs. It excluded the amortization of the deferred gain on reinsurance of $4.4 million and the impact of non-contemporaneous reinsurance of $0.7 million. Our estimate was $314 million. The group disability line of business reported a 17.4% decrease in adjusted operating income while the group life and accidental death and dismemberment line of business reported a 32.8% increase. The supplemental and voluntary line of business reported an increase of 8.2%. Unum International: Premium income of $289.3 million increased 6.7% year over year. Adjusted operating income was $24.3 million, down 41.6% year over year. Our estimate was $51.7 million. The Unum U.K. line of business premium income totaled £175.5 million, up 5.2% from the year-ago quarter, primarily due to in-force block growth, sales and favorable persistency. Adjusted operating income, in local currency, was £15.3 million, down 48% year over year. The benefit ratio, excluding the reserve assumption updates, was 82.2%, which deteriorated 720 basis points (bps), primarily due to higher average claim size and increased claim incidence in the group long-term disability business. Sales decreased 14.9% to £32.6 million. Persistency decreased in the supplemental product line, the group long-term disability and the group life product line. Colonial Life: Premium income increased 3.3% from the prior-year figure to $477.4 million, driven by stable overall persistency and prior period sales. Sales increased 0.9% from the year-ago figure to $106.3 million. Adjusted operating income increased 11.9% from the prior-year period to $131.4 million. Our estimate was $113.4 million. Persistency was 78.2% for the first half of 2026, improved 30 bps year over year. The benefit ratio, excluding the reserve assumption updates, improved 300 bps year over year to 46.7%. Closed Block: Premium income decreased 10.8% to $192.9 million. The segment reported an adjusted operating loss of $61.2 million, compared with a loss of $10.8 million in the year-ago quarter. The decrease was primarily due to lower net investment income and the amortization of the cost of reinsurance. Our estimate for loss was $55 million. Corporate: The segment incurred an adjusted operating loss of $44.5 million, wider than the year-ago quarter’s loss of $31.7 million, primarily due to decreased net investment income. Our estimate for loss was $45.1 million. As of June 30, 2026, the weighted average risk-based capital ratio for Unum Group’s traditional U.S. insurance companies was approximately 480%. Unum Group exited the second quarter with holding company liquidity worth $1.5 billion. Book value per share grew 3.8% year over year to $68.28 as of June 30, 2026. UNM repurchased approximately $200 million of common shares and paid $73.5 million in common stock dividends during the second quarter. UNM expects that after-tax adjusted operating income per share will increase to 22.2% from 21.2% in the year-ago period. Management expects 2026 EPS of $8.60-$8.90, implying 8-12% growth. UNM currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Selective Insurance Group, Inc. SIGI reported second-quarter 2026 operating earnings of $1.95 per share, which beat the Zacks Consensus Estimate by 13.4%. The bottom line increased 48.9% year over year. Revenues of $1.37 billion rose 4.5% from the year-ago quarter and topped the consensus estimate by 0.7%. Net premiums written declined 5% year over year to $1.22 billion due to a 6% decrease in Standard Commercial Lines, an 8% fall in Standard Personal Lines, and a 2% decline in Excess and Surplus Lines. Our estimate was $1.33 billion. Net premiums earned increased 2.3%. Direct new business fell to $206.1 million from $248.1 million. Renewal pure price increases averaged 6.5%, down from 9.9% in the prior-year quarter. Chubb Limited CB reported second-quarter 2026 core operating earnings of $7.26 per share, which beat the Zacks Consensus Estimate of $6.63 by 9.5%. The bottom line increased 18.2% year over year. Revenues rose 2.7% year over year to $15.77 billion but missed the consensus mark of $15.90 billion by 0.8%. Stronger P&C underwriting, record investment income, and higher life insurance income supported results. Net premiums earned increased 5.8% to $13.89 billion. P&C underwriting income increased 18.8% year over year to $1.94 billion. The combined ratio improved 180 basis points to 83.8%, reflecting a lower share of premiums consumed by claims and expenses. Our estimate was $1.15 billion. Principal Financial Group, Inc.’s PFG second-quarter 2026 operating earnings of $2.50 per share beat the Zacks Consensus Estimate by 7.3%. The bottom line increased 16% year over year. Revenues rose 6.4% year over year to $3.99 billion, which missed the consensus mark of $4.09 billion by 2.4%. Total expenses increased 7.6% year over year to $3.41 billion. Benefits, claims and settlement expenses rose 8.3% to $1.99 billion, while operating expenses increased 8.1% to $1.40 billion. Non-GAAP operating earnings climbed 12% to $547 million. Excluding significant variances, operating earnings advanced 13% to $528.7 million, reflecting growth across the operating segments. Net income attributable to PFG declined 1% to $403.4 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Unum Group (UNM) : Free Stock Analysis Report Chubb Limited (CB) : Free Stock Analysis Report Principal Financial Group, Inc. (PFG) : Free Stock Analysis Report Selective Insurance Group, Inc. (SIGI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Unum (UNM) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $2.14 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +0.94%. A quarter ago, it was expected that this insurance company would post earnings of $2.07 per share when it actually produced earnings of $2.14, delivering a surprise of +3.38%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Unum, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $3.38 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.26%. This compares to year-ago revenues of $3.38 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Unum shares have added about 11.5% since the beginning of the year versus the S&P 500's gain of 8.3%. While Unum has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Unum was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.22 on $2.96 billion in revenues for the coming quarter and $8.74 on $11.92 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Aflac (AFL), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This insurer is expected to post quarterly earnings of $1.77 per share in its upcoming report, which represents a year-over-year change of -0.6%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. Aflac's revenues are expected to be $4.19 billion, down 7.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Unum Group (UNM) : Free Stock Analysis Report Aflac Incorporated (AFL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net income of $256.9 million ($1.61 per diluted common share) for the second quarter of 2026; after-tax adjusted operating income was $346.0 million ($2.16 per diluted common share). Sustained core operations top-line trends, with 3.6 percent premium growth on a constant currency basis; strong core operations margins, including 21.4 percent adjusted operating return on equity, and solid traditional U.S. life insurance company statutory operating earnings of $330.9 million. Robust capital return in the quarter with approximately $200 million of shares repurchased, and $73.5 million of common stock dividends, bringing year-to-date capital return to approximately $750 million. Strong balance sheet with holding company liquidity of $1.5 billion and weighted average risk-based capital ratio of approximately 480 percent, well above target levels. Book value per common share of $68.28 grew 3.8 percent over the year-ago quarter; book value per common share excluding accumulated other comprehensive income (AOCI) of $80.10 grew 3.2 percent over the year-ago quarter. CHATTANOOGA, Tenn., July 28, 2026--(BUSINESS WIRE)--Unum Group (NYSE: UNM) today reported net income of $256.9 million ($1.61 per diluted common share) for the second quarter of 2026, compared to net income of $335.6 million ($1.92 per diluted common share) for the second quarter of 2025. Included in net income for the second quarter of 2026 is a before-tax net investment loss on the Company’s investment portfolio of $5.2 million, strategic actions impact of $30.7 million before tax, and the Closed Block segment before-tax adjusted operating loss of $75.4 million, as well as the tax benefit on these items of $22.2 million. Included in net income for the second quarter of 2025 is a before-tax net investment loss on the Company’s investment portfolio of $17.7 million and the Closed Block segment before-tax adjusted operating loss of $10.8 million, as well as the tax benefit on these items of $3.9 million. Excluding the items above, after-tax adjusted operating income was $346.0 million ($2.16 per diluted common share) in the second quarter of 2026, compared to $360.2 million ($2.06 per diluted common share) in the second quarter of 2025. We applied updates throughout this document which reflects changes to prior year reported information to align to current year presentation. See "Non-GAAP Financial Measures" beginning on page 4 for more information regarding this update. "We delivered another solid performance in the second quarter across multiple dimensions," said Richard P. McKenney, president and chief executive officer. "Our top-line saw steady growth in premiums with increasing sales and good retention, while operating margins remain healthy in our core operations. We remain on track to close the recently announced long-term care reinsurance transaction in the second half of the year, further improving the risk profile of the Closed Block. The strong cashflow profile of our businesses have allowed us to return substantial capital to shareholders with year-to-date share repurchases of $600 million and dividends of $150 million. Our diversified employee benefits business model and strong capital position enable us to stay focused on executing our strategy and delivering long-term value for shareholders." RESULTS BY SEGMENT We measure and analyze our segment performance on the basis of "segment adjusted operating income" or "segment adjusted operating loss", which differ from income before income tax as presented in our consolidated statements of income due to the exclusion of investment gains or losses, reserve assumption updates, and certain other items as specified in the reconciliations below. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Reserve assumption updates may result in increases or decreases to earnings. These performance measures are in accordance with U.S. generally accepted accounting principles (GAAP) guidance for segment reporting, but they should not be viewed as a substitute for income before income tax, net income, or net loss. Unum US Segment Unum US reported an increase of 3.6 percent in segment adjusted operating income to $329.6 million in the second quarter of 2026, compared to $318.2 million in the second quarter of 2025. Premium income increased 3.3 percent to $1,858.2 million in the second quarter of 2026, compared to $1,798.6 million in the second quarter of 2025. Net investment income increased 0.5 percent to $155.8 million in the second quarter of 2026, compared to the $155.1 million in the second quarter of 2025. Sales increased 7.4 percent to $281.8 million in the second quarter of 2026, compared to $262.4 million in the second quarter of 2025. Within the Unum US operating segment, the group disability line of business reported a 17.4 percent decrease in segment adjusted operating income to $103.1 million in the second quarter of 2026, compared to $124.8 million in the second quarter of 2025. Premium income for the group disability line of business was $827.5 million in the second quarter of 2026, which increased compared to $797.1 million in the second quarter of 2025, due primarily to sales and higher persistency, partially offset by the expected run off in medical stop-loss premium. Net investment income was $74.5 million in the second quarters of both 2025 and 2026. The benefit ratio for the second quarter of 2026 was 65.8 percent, compared to 62.2 percent in the second quarter of 2025, due to higher incidence in the short-term disability product line, primarily related to our paid family and medical leave products. Also contributing to the higher benefit ratio in the second quarter of 2026 compared to the second quarter of 2025 were prior period pricing actions. Persistency in the group long-term disability product line was 91.1 percent for the first half of 2026, compared to 90.6 percent for the first half of 2025. Persistency in the group short-term disability product line was 91.1 percent for the first half of 2026, compared to 88.2 percent for the first half of 2025. The group life and accidental death and dismemberment line of business reported a 32.8 percent increase in segment adjusted operating income to $93.2 million in the second quarter of 2026, compared to $70.2 million in the second quarter of 2025. Premium income for this line of business increased 6.6 percent to $553.5 million in the second quarter of 2026, compared to the $519.2 million in the second quarter of 2025, due to sales and higher persistency. Net investment income increased 10.4 percent to $23.3 million in the second quarter of 2026, compared to $21.1 million in the second quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets. The benefit ratio in the second quarter of 2026 was 66.0 percent, compared to 69.7 percent in the second quarter of 2025, due to lower claim incidence in the group life and accidental death and dismemberment product lines, partially offset by higher average claim size in the accidental death and dismemberment product line. Persistency in the group life product line was 92.2 percent for the first half of 2026, compared to 89.7 percent for the first half of 2025. Persistency in the accidental death and dismemberment product line was 92.0 percent for the first half of 2026, compared to 88.3 percent for the first half of 2025. The supplemental and voluntary line of business reported an increase of 8.2 percent in segment adjusted operating income to $133.3 million in the second quarter of 2026, compared to $123.2 million in the second quarter of 2025. Premium income for the supplemental and voluntary line of business decreased 1.1 percent to $477.2 million in the second quarter of 2026, compared to $482.3 million in the second quarter of 2025, due primarily to the impact of ceding a portion of the individual disability product line as a part of the 2025 Fortitude Re reinsurance transaction, partially offset by sales in all product lines. Net investment income was $58.0 million in the second quarter of 2026, which was generally consistent compared to $59.5 million in the second quarter of 2025. The benefit ratio was 47.4 percent in the second quarter of 2026, compared to 48.5 percent in the second quarter of 2025, primarily due to lower incidence in the individual disability product line, partially offset by higher incidence in the voluntary benefits product line. Persistency in the voluntary benefits product line was 76.0 percent for the first half of 2026, compared to 76.4 percent for the first half of 2025. Persistency in the individual disability product line was 87.8 percent for the first half of 2026, compared to 88.0 percent for the first half of 2025. Persistency in the dental and vision product line was 78.9 percent for the first half of 2026, compared to 82.4 percent for the first half of 2025. Unum International Segment The Unum International segment reported segment adjusted operating income of $24.3 million in the second quarter of 2026, a decrease of 41.6 percent from $41.6 million in the second quarter of 2025. Premium income increased 6.7 percent to $289.3 million in the second quarter of 2026, compared to $271.1 million in the second quarter of 2025. Net investment income decreased 8.7 percent to $42.2 million in the second quarter of 2026, compared to $46.2 million in the second quarter of 2025. Sales decreased 19.4 percent to $52.4 million in the second quarter of 2026, compared to $65.0 million in the second quarter of 2025. The Unum UK line of business reported segment adjusted operating income, in local currency, of £15.3 million in the second quarter of 2026, a decrease of 48.0 percent from £29.4 million in the second quarter of 2025. Premium income was £175.5 million in the second quarter of 2026, an increase of 5.2 percent from £166.9 million in the second quarter of 2025, due primarily to in-force block growth in the group life and supplemental product lines. Net investment income was £28.6 million in the second quarter of 2026, a decrease of 10.3 percent from £31.9 million in the second quarter of 2025, due to lower income from inflation index-linked bonds. The benefit ratio was 82.2 percent in the second quarter of 2026, compared to 75.0 percent in the second quarter of 2025, due primarily to higher average claim size in the group long-term disability product line. Sales decreased 14.9 percent to £32.6 million in the second quarter of 2026, compared to £38.3 million in the second quarter of 2025. Persistency in the group long-term disability product line was 90.4 percent for the first half of 2026, compared to 92.3 percent for the first half of 2025. Persistency in the group life product line was 87.1 percent for the first half of 2026, compared to 89.9 percent for the first half of 2025. Persistency in the supplemental product line was 92.8 percent for the first half of 2026, compared to 93.0 percent for the first half of 2025. Colonial Life Segment Colonial Life reported segment adjusted operating income of $131.4 million in the second quarter of 2026, an 11.9 percent increase compared to $117.4 million in the second quarter of 2025. Premium income increased 3.3 percent to $477.4 million in the second quarter of 2026, compared to $462.1 million in the second quarter of 2025, due to prior period sales. Net investment income increased 17.6 percent to $50.1 million in the second quarter of 2026, compared to $42.6 million in the second quarter of 2025, due to higher miscellaneous income, an increase in the allocation of net investment income from our corporate owned excess assets, and an increase in the yield on invested assets. The benefit ratio was 46.7 percent in the second quarter of 2026, compared to 48.3 percent in the second quarter of 2025, primarily due to claims experience in the life and cancer and critical illness product lines. Sales increased 6.0 percent to $134.1 million in the second quarter of 2026, compared to $126.5 million in the second quarter of 2025. Persistency in the Colonial Life segment was 78.2 percent for the first half of 2026, compared to 78.5 percent in 2025. Corporate Segment The Corporate segment reported a segment adjusted operating loss of $44.5 million in the second quarter of 2026, which excludes the strategic actions impact of $30.7 million, an increase compared to a segment adjusted operating loss of $31.7 million in the second quarter of 2025, due primarily to lower net investment income, which was driven by a decrease in miscellaneous investment income. Closed Block Segment The Closed Block segment reported a segment adjusted operating loss of $75.4 million in the second quarter of 2026, an increase compared to segment adjusted operating loss of $10.8 million in the second quarter of 2025, driven primarily by lower net investment income and the amortization of the cost of reinsurance related to the 2025 Fortitude Re reinsurance transaction. As a result of benefits experience during the second quarter of 2026, the net premium ratio increased to 97.8 percent from 97.6 percent as of March 31, 2026. Results also reflect robust protections at our Fairwind entity, measured by statutory reserves and excess capital above our best estimate reserves, at approximately $2.2 billion, and continued risk management actions including approximately 15 percent achievement of our current premium rate approval program. OTHER INFORMATION Shares Outstanding The Company’s weighted average number of shares outstanding, assuming dilution, was 160.0 million for the second quarter of 2026, compared to 174.4 million for the second quarter of 2025. Shares outstanding totaled 158.3 million at June 30, 2026. During the second quarter of 2026, the Company repurchased 2.5 million shares at a total cost of $202.1 million. Capital Management At June 30, 2026, the weighted average risk-based capital ratio for the Company’s traditional U.S. insurance companies was approximately 480 percent, and the holding companies had available holding company liquidity of $1,536.5 million. Book Value Book value per common share as of June 30, 2026 was $68.28, compared to $65.76 at June 30, 2025. Book value per common share excluding AOCI as of June 30, 2026 was $80.10, compared to $77.62 at June 30, 2025. Effective Income Tax Rate The effective income tax rate used to determine after-tax adjusted operating income was 21.5 percent in the second quarter of 2026. The effective income tax rate used to determine after-tax adjusted operating income was 19.1 percent in the second quarter of 2025, which differed from the U.S. statutory tax rate of 21 percent primarily due to tax credits. Outlook Full-year 2026 outlook for after-tax adjusted operating income per share of $8.60 to $8.90 which represents growth of approximately 8 percent to 12 percent when comparing to our redefined full-year 2025 result of $7.93 per share. NON-GAAP FINANCIAL MEASURES We analyze our performance using non-GAAP financial measures which exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We believe the following non-GAAP financial measures are better performance measures and better indicators of the revenue and profitability and underlying trends in our business: After-tax adjusted operating income or loss, which excludes investment gains or losses, Closed Block segment after-tax adjusted operating income or loss, reserve assumption updates, and certain other items; Book value per common share, which is calculated excluding AOCI; Premium income in constant currency, which excludes the impact of fluctuations in exchange rates between the U.S. dollar and the local currencies in which our Unum International segment is conducted. Given volatility in foreign currency exchange markets, exchange rates can fluctuate between periods. We believe translating prior period results using current period local currency exchange rates provides a more comparable view of our results; and Adjusted operating return on equity, which is calculated using our core operating segments' after-tax segment adjusted operating income or loss and our core operating segments' equity adjusted to exclude the unrealized gain or loss on securities, the effect of change in discount rate assumptions on the liability for future policy benefits, and net gain or loss on derivatives. After-tax segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable. We measure and analyze our segment performance on the basis of "segment adjusted operating revenue" and "segment adjusted operating income" or "segment adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the following items: Segment adjusted operating income or loss, which excludes investment gains or losses and reserve assumption updates, as well as certain other items, as applicable. Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, impairment losses, and gains or losses on derivatives. Investment gains or losses and unrealized gains or losses on securities depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our Company. We believe after-tax adjusted operating income is a better performance measure and better indicator of the profitability and underlying trends in our business. Book value per common share excluding AOCI provides a more comparable and consistent view of our results, as AOCI tends to fluctuate depending on market conditions and general economic trends. We have completed reinsurance transactions to exit significant portions of our Closed Block businesses and we are no longer accepting new enrollments on existing group long-term care policies. As a result of these actions and the continued run-off of the Closed Block business, Closed Block segment earnings are less relevant to our financial results and as such, we exclude the results of the Closed Block segment from after-tax adjusted operating income. As part of this update, we also determined that it is no longer necessary to adjust after-tax adjusted operating income to exclude the amortization of the cost of reinsurance, the amortization of the deferred gain on reinsurance, and the impact of non-contemporaneous reinsurance, because the majority of these items are included in Closed Block segment results. Prior period financial information has been adjusted to conform to this updated presentation. Cash flow assumptions used to calculate our liability for future policy benefits are reviewed at least annually and updated, as needed, with the resulting impact reflected in net income. While the effects of these assumption updates are recorded in the reporting period in which the review is completed, these updates reflect experience emergence and changes to expectations spanning multiple periods. We believe that by excluding the impact of reserve assumption updates we are providing a more comparable and consistent view of our results. We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability. CONFERENCE CALL INFORMATION Members of Unum Group senior management will host a conference call on Wednesday, July 29, 2026, at 8:00 am (Eastern Time) to discuss the results of operations for the second quarter of 2026. Topics may include forward-looking information, such as the Company’s outlook on future results, trends in operations, and other material information. To receive dial in information for the call, please register in advance by using the following URL: https://registrations.events/direct/Q4I330796029. Upon registration you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will also be available at www.investors.unum.com in a listen-only mode. It is recommended that webcast viewers access the "Investors" section of the Company’s website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. A replay of the webcast will be available on the Company's website. A replay of the call will also be available through Wednesday, August 5, 2026 by using the registration URL noted above. In conjunction with today’s earnings announcement, the Company’s Statistical Supplement for the second quarter of 2026 is available on the "Investors" section of the Company’s website. ABOUT UNUM GROUP Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, and vision insurance; leave and absence management support; and behavioral health services. In 2025, Unum Group reported revenues of $13.1 billion and paid $8.3 billion in benefits. The Fortune 500 company is recognized as one of the World’s Most Ethical Companies by Ethisphere®. Visit the Unum Group newsroom (https://www.unumgroup.com/newsroom) for more information, and connect with us on LinkedIn (https://www.linkedin.com/company/unum), Facebook (https://www.facebook.com/unumbenefits/), and Instagram (https://www.instagram.com/unumbenefits/). SAFE HARBOR STATEMENT Certain information in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those not based on historical information, but rather relate to our outlook, future operations, strategies, financial results, or other developments and speak only as of the date made. These forward-looking statements, including statements about anticipated after-tax adjusted operating income per share, are subject to numerous assumptions, risks, and uncertainties, many of which are beyond our control. The following factors, in addition to other factors mentioned from time to time, may cause actual results to differ materially from those contemplated by the forward-looking statements: (1) fluctuation in insurance reserve liabilities, claim payments, and pricing due to changes in claim incidence, recovery rates, mortality and morbidity rates, and policy benefit offsets due to, among other factors, the rate of unemployment and consumer confidence, the emergence of new diseases, epidemics, or pandemics, new trends and developments in medical treatments, the effectiveness of our claims operational processes, and changes in governmental programs; (2) sustained periods of low interest rates; (3) unfavorable economic or business conditions, both domestic and foreign, that may result in decreases in sales, premiums, or persistency, as well as unfavorable claims activity or unfavorable returns on our investment portfolio; (4) changes in, or interpretations or enforcement of, laws and regulations; (5) a cybersecurity attack or other security breach resulting in compromised data or the unauthorized acquisition of confidential data; (6) the failure of our business recovery and incident management processes to resume our business operations in the event of a natural catastrophe, cybersecurity attack, or other event; (7) increased competition from other insurers and financial services companies due to industry consolidation, new entrants to our markets, or other factors; (8) investment results, including, but not limited to, changes in interest rates, defaults, changes in credit spreads, impairments, and the lack of appropriate investments in the market which can be acquired to match our liabilities; (9) ineffectiveness of our derivatives hedging programs due to changes in forecasted cash flows, the economic environment, counterparty risk, ratings downgrades, capital market volatility, collateral requirements, changes in interest rates, and/or regulation; (10) our ability to develop digital capabilities or execute on our technology systems upgrades or replacements; (11) our use of artificial intelligence technology, as well as changes in artificial intelligence laws and regulations; (12) the impact of pandemics and other public health issues on our business, financial position, results of operations, liquidity and capital resources, and overall business operations; (13) changes in our financial strength and credit ratings; (14) the ability of our reinsurers to meet their obligations to us and availability of reinsurance in the market; (15) our ability to hire and retain qualified employees; (16) disruptions to our business or our ability to access data caused by the use and reliance on third party vendors, including vendors providing web and cloud-based applications; (17) ability to generate sufficient internal liquidity and/or obtain external financing; (18) damage to our reputation due to, among other factors, regulatory investigations, legal proceedings, social issues, third-party vendors, external events, and/or cyber or other information security incidents; (19) recoverability and/or realization of the carrying value of our intangible assets, long-lived assets, and deferred tax assets; (20) effectiveness of our risk management program; (21) contingencies and the level and results of litigation; (22) fluctuation in foreign currency exchange rates; and (23) our ability to meet sustainability standards and expectations of investors, regulators, customers, and other stakeholders. For further discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Part 1, Item 1A "Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2025. The forward-looking statements in this news release are being made as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statement contained herein, even if made available on our website or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728687656/en/ Contacts Media: Emily Downing-Baer ([email protected])Investors: Matt Royal ([email protected])