Unum Expands Broker Connect Partnership With Employee Navigator Mar 24, 2026 11:11 AM Eastern Daylight Time New billing capabilities automatically align premiums with coverage using current enrollment data, reducing reconciliation work and giving brokers greater confidence in billing accuracy. Unum also developed an automated eligibility* solution, eliminating manual file feeds and supporting easier onboarding and claims administration through a consistent, connected experience. The expansion also enables e ...

Unum Group (NYSE:UNM) is one of the 11 best insurance stocks to buy right now. As of the close of play on March 17, Unum Group (NYSE:UNM) carried a moderately bullish consensus sentiment. 6 of the 10 analysts who provided coverage assigned Buy ratings to the stock, while 4 gave Hold calls. With no Sell rating, it has an estimated 1-year median target price of $94.86, implying upside potential of more than 26%. Jirsak/Shutterstock.com On March 3, Bob Huang from Morgan Stanley reduced the price target on ...

Core Insights - Unum Group (NYSE:UNM) is recognized as one of the 13 Most Promising Long-Term Stocks to Buy according to Hedge Funds [1] Price Adjustments and Ratings - UBS has lowered its price target for Unum Group from $85 to $81 while maintaining a Neutral rating, reflecting a cautious outlook due to recent performance [2] - Evercore ISI also reduced its price target from $105 to $103, keeping an Outperform rating, citing a "rough disability quarter" and a 1% to 2% lower than expected guidance for 2026 [3] Financial Performance - In Q4 2025, Unum reported an adjusted EPS of $8.13, which declined from the previous year and fell short of expectations primarily due to higher-than-expected benefit costs [5] - Total premium growth for the year was approximately 4.5%, with Colonial Life growing by 3.1% and international operations achieving a stronger growth rate of 10% [5] Strategic Initiatives - CEO Richard McKenney emphasized disciplined execution across core businesses and ongoing investments in digital capabilities, which differentiate the company in the market [4] - The company has a strong financial position with $2.3 billion in cash at the holding company level and has returned significant capital to shareholders, including a 10% increase in dividends and $1 billion in share repurchases [6] Company Overview - Unum Group operates as an international provider of workplace benefits and services, offering a range of insurance products and services through its Unum and Colonial Life brands [7]

Core Insights - Unum Group operates in a stable insurance market, focusing on health, disability, and benefits coverage, resulting in a stock price increase of 180% over the past five years, outperforming the S&P 500's 75% return [1] Group 1: Company Performance - Unum's recent fourth-quarter 2025 earnings report revealed performance below expectations, leading to a stock decline of approximately 6% year-to-date [2] - Despite a temporary setback, the company is considered solid, presenting potential investment opportunities if certain conditions are met [3] Group 2: Future Growth Strategies - Unum plans to return 100% of projected free cash flow to shareholders in 2026 through buybacks and dividends, which may indicate that leadership views the stock as undervalued and could support share prices [4] - The strategy of buybacks is expected to enhance earnings per share (EPS) by reducing the outstanding share count, potentially attracting more investors [5] Group 3: Premium Growth Expectations - In 2025, Unum reported core premium growth of 4.4%, consistent with the previous year's 4.5% growth, and anticipates a growth range of 4% to 7% for 2026 [6] - Achieving premium growth above 7% could lead to increased revenue beyond analyst expectations, prompting positive revisions in ratings and price targets, which may attract more buyers [7]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-11294 Unum Group (Exact name of registrant as specified in its charter) Delaware 62-1598430 (State or other jurisdict ...

Core Viewpoint - The company is optimistic about its growth trajectory heading into 2026, with expectations for premium growth and earnings per share increases. Group 1: Financial Performance - The company anticipates premium growth in the range of 4% to 7% off a $10 billion base, indicating strong growth potential across various lines [2] - This premium growth is expected to translate into earnings per share growth of 8% to 12% for the year 2026, reflecting good margins [2] Group 2: Strategic Outlook - The company is focused on maintaining its growth momentum and is pleased with its current trajectory as it looks ahead to 2026 [2]

Unum Group 2026 Conference Call Summary Company Overview - **Company**: Unum Group (NYSE: UNM) - **Date**: February 09, 2026 - **Speakers**: Rick McKenney (CEO), Steve Zabel (CFO) Key Points 2026 Outlook - Unum expects top-line growth in premium between **4%-7%** off a **$10 billion** base, leading to an **earnings per share (EPS)** growth of **8%-12%** [2][3] - The company plans to return approximately **100%** of its earnings to shareholders through dividends and share repurchases [3][4] Group Disability Business - The group disability market is competitive but rational in pricing, with Unum's strong positioning due to investments in employer HRIS systems [6][7] - The benefit ratio for group disability was **62.5%** in 2025, with expectations to adjust prices leading to a target range of **62%-64%** for 2026 [9][10] - Historical benefit ratios were in the low **70s** pre-pandemic, with normalization expected around **65%** over the next **2-3 years** [11][12] Closed Block Strategy - Unum has fully closed its Closed Block, which will now be reported below the line as a special item, isolating core business performance [15][20] - The company maintains a **$2.2 billion** protection behind the Closed Block, with no additional capital planned for this segment [22][24] Leave Management - Unum has invested in leave management platforms, managing over **2 million** people on its leave platform, which integrates well with short-term and long-term disability offerings [35][36] - The proliferation of new leave types has created a demand for effective leave management solutions, positioning Unum favorably in the market [33][34] Technology and AI Integration - Unum has developed various technologies, including HR Connect and Agent Assist, to enhance customer experience and operational efficiency [39][40] - AI is being utilized to improve customer interactions and internal efficiencies, with ongoing investments in AI solutions [50][51] Capital Deployment - In 2025, Unum repurchased **$1 billion** in shares and paid **$300 million** in dividends, with plans for similar capital deployment in 2026 [71][72] - The company ended 2025 with a **440 RBC** and **$2.2 billion** in cash, indicating a strong capital position [73][78] Market Sentiment and Economic Outlook - Unum's growth is expected to continue despite potential economic headwinds, with a focus on maintaining a strong benefits package for employees [62][63] - The company anticipates a **4%-7%** top-line growth rate, driven by wage inflation and payroll growth [57][58] Competitive Dynamics - The competitive landscape in group life and AD&D remains stable, with Unum focusing on delivering comprehensive packages that include leave management and voluntary benefits [91][92] Future Growth Opportunities - Unum is exploring inorganic growth opportunities, particularly in the UK and Poland, to expand its scale and capabilities [90][87] - The company aims to leverage technology and services to enhance customer experience and drive growth [88][89] Conclusion Unum Group is positioned for steady growth in 2026, with a strong focus on capital return to shareholders, strategic investments in technology, and a commitment to enhancing its core business offerings. The company remains optimistic about its market position and growth potential despite economic uncertainties.

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Core Insights - Unum Group's fourth-quarter 2025 operating net income of $1.92 per share missed the Zacks Consensus Estimate by 9% and decreased 5.4% year over year [2] - The company's total operating revenues were $3.2 billion, nearly flat year over year, and missed the Zacks Consensus Estimate by 1.1% [3] Operational Update - Premiums increased by 2% year over year to $2.7 billion, matching estimates, while total benefits and expenses rose 8% year over year to $3 billion, primarily due to higher policy benefits and commissions [3] - The benefit ratio, excluding reserve assumption updates, was 77.9%, deteriorating by 580 basis points due to unfavorable experiences in group long-term disability products [6][9] Quarterly Segment Update - Unum U.S. reported premium income of $1.7 billion, up 1.6% year over year, but adjusted operating income declined 13.1% to $289.7 million, missing estimates [4] - Unum International's premium income increased by 17.1% year over year to $283.9 million, but adjusted operating income fell by 11.7% to $37.6 million [5] Full-Year Highlights - For the full year, operating net income was $8.13 per share, missing the Zacks Consensus Estimate of $8.31, while revenues increased by 2% to $13.2 billion, in line with estimates [12] Capital Management - As of December 31, 2025, the weighted average risk-based capital ratio for Unum Group's traditional U.S. insurance companies was approximately 440%, with holding company liquidity at $2.3 billion [13] - Book value per share grew by 9.3% year over year to $67.11, and the company repurchased shares worth $1 billion [13] 2026 Outlook - Premium growth is expected to be between 4% and 7%, with adjusted operating income per share projected to be between $8.60 and $8.90, indicating growth of about 8% to 12% [14]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted EPS was $8.13, down year-over-year and below expectations [6] - Adjusted operating income for Unum US was $289.7 million in Q4, a decrease of 13.1% year-over-year, and full-year adjusted operating income decreased 11.6% to $1.3 billion [20] - After-tax adjusted operating earnings for Q4 were $322.3 million, or $1.92 per share, and for the full year, it was $1.4 billion, or $8.83 per share [18] Business Line Data and Key Metrics Changes - Core operations premium grew nearly 4.5% for the year, with Colonial Life growing 3.1% and International growing 10% [8] - Group Disability reported a Benefit Ratio of 64.2% in Q4 and 62.4% for the full year, reflecting a normalization from a historically low Benefit Ratio of 59% in 2024 [20] - Colonial Life's adjusted operating income decreased 7.2% in Q4 to $113.9 million, while full-year adjusted operating income declined 0.7% to $463.6 million [24] Market Data and Key Metrics Changes - Persistency in US Group was reported at 90.2%, indicating strong customer retention [16] - International segment saw double-digit premium growth, with Q4 premiums growing 11.5% to $283.9 million and full-year premium increasing 10% to $1.1 billion [24] Company Strategy and Development Direction - The company is focused on digital capabilities to enhance customer experience and operational efficiency, with over one-third of core premium associated with digital tools [9] - The strategy includes organic growth and small acquisitions, with a commitment to return value to shareholders through dividends and share buybacks [11] - The company aims for top-line growth in the range of 4%-7% for 2026, supported by strong persistency and new sales [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting adjusted EPS growth of 8%-12% and a stable Benefit Ratio of 62%-64% for Group Disability [35] - The company is positioned to capitalize on opportunities with strong capital levels and a focus on reducing legacy exposures [13] - Management highlighted the importance of maintaining a disciplined approach to pricing and risk management in a competitive market [50] Other Important Information - The company completed a significant reinsurance transaction that ceded roughly 20% of long-term care reserves, reducing potential capital volatility [12] - The company plans to exclude Closed Block earnings from Adjusted Operating Earnings starting in Q1 2026, aiming for clearer financial reporting [29] Q&A Session Summary Question: Drivers of Group's Disability loss ratio and outlook for 2026 - Management discussed the favorable market conditions and pricing discipline that support confidence in maintaining strong loss ratios [50][51] Question: 2026 EPS outlook on an apples-to-apples basis - Management indicated expectations for higher top-line growth and consistent Benefit Ratio levels, leading to an 8%-12% EPS growth rate [60][61] Question: Competition in the market and pricing dynamics - Management acknowledged competitive pressures but emphasized their pricing discipline and strong market position [87]