Unum Group’s Q4 2025 operating net income was $1.92 per share, missing consensus estimates by 9% and falling 5.4% from a year earlier. Total operating revenues held steady at $3.2 billion, while total benefits and expenses rose 8% to $3 billion, largely due to increased policy benefits, commissions and other expenses.

Unum U.S. adjusted operating income declined 13.1% to $289.7 million on $1.7 billion of premiums (+1.6%). International premiums jumped 17.1% to $283.9 million but operating income fell 11.7% to $37.6 million. Colonial Life saw premiums up 3.2% to $463.2 million and sales +10% to $203.9 million, yet income dropped 7.2% to $113.9 million. Closed Block premiums declined 10.1% to $196.4 million, with income down 23.8% to $21.1 million, and Corporate posted a $51.1 million operating loss.

For full-year 2025, Unum’s operating net income rose 3.7% to $8.13 per share but missed the $8.31 estimate, with revenues up 2% to $13.2 billion and premiums up 3.2%. As of December 31, the weighted average risk-based capital ratio was ~440%, holding company liquidity was $2.3 billion, book value per share grew 9.3% to $67.11, and the company repurchased $1 billion of shares.

Unum expects 2026 premium growth of 4%–7% and adjusted operating income per share between $8.60 and $8.90, implying year-over-year earnings growth of roughly 8%–12%.