Unum Group
UNMFinancial Snapshot
ticker: UNM step: 04 generated: 2026-05-13 source: quick-research
Unum Group (UNM) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $11.984B | $12.386B | $12.887B | +4.1% |
| Net Income | ~$1.406B | $1.284B | $1.779B | +38.6% |
| EPS (approx.) | — | — | ~$10.50 | — |
FY2025: Revenue $13.1B (+1.7%); benefits paid $8.3B; net income LTM Sept 2025 $0.913B (-48% — driven by elevated group disability claims and/or LTC assumption review). Analyst EPS estimates FY2025: $8.48, FY2026: $9.25 (reflecting claims headwinds). 2026 guidance: 4–7% core premium growth; disability benefit ratio target 62–64% (vs. elevated recent levels); 100% free cash flow returned to shareholders (buybacks + dividends).
Cash Flow & Balance Sheet
| Metric | Value |
|---|---|
| Benefits Paid | $8.3B (FY2025) |
| Premium Growth Target | 4–7% (FY2026) |
| Disability Benefit Ratio Target | 62–64% (FY2026) |
| Capital Return Plan | 100% of FCF (FY2026) |
| Long-Term Care (LTC) | Closed block; legacy liability; GAAP assumption review risk |
Unum's balance sheet carries a legacy long-term care (LTC) insurance block — policies sold decades ago before claims experience proved far more expensive than actuarial assumptions. The LTC block is closed to new business but represents ongoing GAAP reserve risk: if incidence rates (how many people file LTC claims) rise or if people live longer on claim, Unum must strengthen reserves, creating one-time charges. This is the primary GAAP earnings volatility risk.
Key Ratios (approximate)
- P/E: ~7–8x (FY2025 adj. EPS ~$8.48; current ~$60–65/share)
- Revenue Growth: +4.1% (FY2024); +1.7% (FY2025 — slowing)
- Net margin: ~13.8% (FY2024); ~7% (LTM Sept 2025 — elevated claims year)
- Analyst median PT: $92 (+30–40% from ~$65 current)
Growth Profile
Unum is a steady, slow-growth insurer: revenue growing 3–5% annually driven by premium rate increases and modest volume growth. Net income is more volatile — driven by claims experience (disability benefit ratio) and LTC reserve adjustments. FY2024 net income of $1.779B (+39%) reflected favorable claims; the LTM 2025 decline reflects normalization or adverse experience reverting. The 2026 plan targeting 100% FCF return and 4–7% premium growth with stable disability ratios would generate $9+ EPS — implying 30–40% upside to consensus target.
Forward Estimates
- FY2025 EPS: ~$8.48 (vs. ~$10.50 in FY2024 — elevated claims headwind)
- FY2026 EPS: ~$9.25 (+9% recovery as disability ratios normalize)
- Analyst median PT: $92 (20 analysts; range $76–$108; Buy consensus)
- Management guidance: 4–7% premium growth; disability benefit ratio 62–64%; 100% FCF return
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $UNM.