Unum Group UNM

FinancialsInsuranceUnited States of America

Last close 91.14 USD on Nov 1, 2026, +20.4% year to date

Quant rating

Quant rating B Rank 204 of 799 in Financials

Growth C 349 of 799
Valuation C 404 of 799
Quality B 311 of 799
Revisions C 328 of 799
Momentum B 183 of 799

Wall Street consensus Buy (2.00)Average target 98.38 USD +7.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 14.4B
Enterprise value: 18.0B
52-week range: 69.02 – 96.75
3-year range: 42.08 – 96.75
Dividend yield: 2.22%
Beta (5 years): 0.25
Shares outstanding: 158M
Next earnings: Nov 3, 2026

About the company

Unum Group is a provider of financial protection benefits in the United States and the United Kingdom. The Company offers disability, life, accident, critical illness, dental and vision, and other related services. Its segments include Unum US, Unum International, and Colonial Life. The Unum US segment comprises group disability, group life and accidental death and dismemberment, and supplemental and voluntary lines of business. It includes long-term and short-term disability, medical stop-loss, and fee-based service products. The Unum International segment includes insurance for group long-term disability, group life, and supplemental lines of business which include dental, individual disability, and critical illness products. The Colonial Life segment includes the accident, sickness, and disability product line, life product line, and cancer and critical illness product line. Its products are marketed to employees, on both a group and an individual basis.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,149	10,792	10,325	9,878	9,718	–
Revenue growth	3.3%	4.5%	4.5%	1.6%	1.2%	3.0%
EPS (basic, normalized)	8.13	8.44	7.66	6.21	4.35	–
EPS growth	−3.7%	10.2%	23.3%	42.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.6%	13.8%	10.4%	11.7%	8.2%	9.9%
ROE	12.7%	15.4%	16.1%	12.2%	8.0%	12.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	3,764
Net debt (mil)	–
Total equity (mil)	10,810
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	11,149	+3.3%	1.6x	67.11	+5.6%	1.4x	8.13	−3.7%	11.2x
2026	12,093	+8.5%	1.5x	74.26	+10.7%	1.2x	8.66	+6.6%	10.5x
2027	12,608	+4.3%	1.4x	78.94	+6.3%	1.2x	9.44	+8.9%	9.7x
2028	13,194	+4.6%	1.4x	84.61	+7.2%	1.1x	10.41	+10.3%	8.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,093	+0.7%	+0.8%	+1.5%	8.66	0.0%	−0.5%	−1.1%
2027	12,608	+0.5%	+0.5%	+1.3%	9.44	−0.2%	−1.2%	−3.1%
2028	13,194	+0.7%	+0.4%	+0.7%	10.41	−0.7%	−2.2%	−4.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,202	3,233	3,217	3,237	3,092	3,361	3,378	3,244	3,355	3,370
Sales mean (mil)	3,208	3,234	3,259	3,285	3,343	3,340	3,322	3,284	2,853	2,961
Surprise	−0.2%	0.0%	−1.3%	−1.5%	−7.5%	+0.6%	+1.7%	−1.2%	+17.6%	+13.8%
EPS reported	2.12	2.16	2.13	2.03	2.04	2.07	2.09	1.92	2.14	2.16
EPS mean	1.97	2.02	2.10	2.14	2.19	2.21	2.15	2.11	2.07	2.16
Surprise	+7.7%	+7.1%	+1.3%	−5.1%	−6.8%	−6.3%	−2.6%	−9.1%	+3.5%	+0.1%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
UNM Unum Group	14.4B	12.7%	5.6%	1.33x	10.5x	9.7x	1.2x	1.2x
CB Chubb Limited	139.1B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	134.0B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
MFC Manulife Financial Corporation	73.8B	16.5%	13.6%	1.95x	13.9x	12.3x	1.8x	2.0x
MRSH Marsh & McLennan Companies, Inc.	95.4B	33.4%	15.4%	6.50x	19.1x	17.5x	6.4x	5.5x
TRV The Travelers Companies, Inc.	81.2B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
Mean		22.7%	12.9%	3.07x	13.2x	13.1x	2.9x	2.7x
Median		18.7%	13.2%	2.37x	12.5x	12.5x	2.2x	2.1x

Technical analysis

1M+0.6%
3M+4.2%
1Y+24.9%
3Y+104.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Unum Group, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	11,149	10,792	10,325	9,878	9,718	9,602
Other revenue	1,926	2,095	2,061	2,106	2,290	3,560
Total revenue	13,076	12,887	12,386	11,984	12,008	13,162
Losses, benefits and adjustments	9,421	8,176	8,427	8,081	8,592	10,030
Amortization of policy acquisition costs	−170	−130	−151	−136	−71.1	29.9
Selling, general & administrative expenses	1,184	1,166	1,163	1,090	975	930
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	1,499	1,223	1,112	1,011	1,067	1,020
Operating income	1,142	2,452	1,835	1,938	1,446	1,152
Net interest income (expense)	−209	−201	−195	−188	−185	−188
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	934	2,251	1,640	1,750	1,261	964
Provision for taxes	195	472	356	343	280	171
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	738	1,779	1,284	1,407	981	793
Extraordinary items	–	–	–	–	–	–
Net income	738	1,779	1,284	1,407	981	793
Basic weighted average shares (mil)	173	187	197	201	204	204
Diluted weighted average shares (mil)	173	188	198	202	205	204
Basic EPS, normalized	8.13	8.44	7.66	6.21	4.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Unum Group, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	559	533	521	452	512	581
Goodwill	354	349	350	348	352	353
Intangibles	–	–	–	–	–	–
Insurance receivables	1,430	1,459	1,544	1,482	1,520	1,519
Long-term investments	43,521	45,706	45,962	43,712	52,150	52,684
Note receivable	–	–	–	–	0	72.7
Other long-term assets	79.5	370	649	586	–	–
Deferred policy acquisition costs	2,977	2,898	2,778	2,560	2,281	2,356
Other assets	14,441	10,482	11,304	11,890	13,225	12,863
Total assets	63,519	61,959	63,255	61,148	70,116	70,626
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	45,546	44,351	47,673	46,433	52,054	53,522
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	275	0	2.0	–	0
Long-term debt	3,768	3,465	3,430	3,428	3,442	3,346
Minority interest	–	–	–	–	–	–
Other liabilities	3,087	2,908	2,500	2,550	3,203	2,888
Total liabilities	52,400	50,998	53,604	52,414	58,699	59,755
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	19.6	19.5	19.4	30.8	30.7	30.7
Additional paid-in capital	1,593	1,490	1,548	2,441	2,408	2,376
Retained earnings (accumulated deficit)	13,345	12,914	11,432	13,141	11,853	11,270
Treasury stock	−2,030	−938	−39.3	−3,430	−3,230	−3,180
Other equity	−1,808	−2,524	−3,308	−3,448	354	374
Total equity	11,119	10,961	9,651	8,735	11,416	10,871
Total liabilities & shareholders' equity	63,519	61,959	63,255	61,148	70,116	70,626

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Unum Group, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	738	1,779	1,284	1,314	824	793
Depreciation, depletion & amortization	123	116	109	110	120	114
Deferred taxes	–	–	–	–	–	–
Non-cash items	−104	−236	−250	−231	−239	−37.0
Changes in working capital	−69.3	−146	59.7	225	682	−272
Cash from operations	688	1,513	1,203	1,419	1,388	598
Investing activities
Capital expenditures	−132	−126	−135	−102	−110	−119
Other investing cash flows	681	−219	−591	−854	−1,230	−149
Cash from investing	549	−344	−726	−956	−1,341	−268
Financing activities
Financing cash flow items	49.2	69.8	73.9	46.5	29.0	−3.5
Cash dividends paid	−306	−296	−277	−254	−239	−232
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−984	−925	−247	−211	41.5	18.5
Cash from financing	−1,241	−1,152	−450	−419	−169	−217
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−4.6	16.8	26.8	44.2	−122	113
Free cash flow	555	1,388	1,068	1,316	1,277	478

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.