Unum Group (UNM)

Unum Group reported second-quarter 2026 net income of $256.9 million, or $1.61 per diluted share, on 28 July 2026, down from $335.6 million a year earlier 3.

Its Closed Block segment, the old long-term care business that is no longer sold, lost $75.4 million before tax in the quarter, against $10.8 million a year earlier 3.

The core businesses held up better: after-tax adjusted operating income, the company's measure that leaves out investment gains and losses and one-off items, was $346.0 million 3. Premiums grew 3.6 percent at constant currency 3.

The open question is a second long-term care reinsurance deal with Fortitude Re, which the company expects to close in the second half of 2026 32.

The board has authorized up to $1 billion of share repurchases starting 1 September 2026 4.

Unum sells insurance through the workplace, and the company says it has been helping workers for more than 175 years 4.

Revenue grew from $12,385.9 million in 2023 to $12,887.3 million in 2024 and $13,075.5 million in 2025 1.

The company stopped selling individual long-term care in 2009 and group long-term care in 2012, and those policies now sit in the Closed Block 1.

Medical stop-loss, which protects self-insured employers when employees' medical claims pass agreed thresholds, was no longer marketed from the third quarter of 2024 1.

Net income was $738.5 million in 2025, down from $1,779.1 million in 2024 1.

A swing in reserve assumptions, the company's estimates of future claims, was one reason: a net reserve increase of $478.5 million before tax in 2025 followed a net reserve decrease of $357.4 million in 2024 1.

Adjusted operating income, which leaves out such items, was $1,406.0 million in 2025 against $1,588.2 million a year earlier 1.

A settlement loss of $103.8 million before tax also came from the annuity purchase for the U.S. pension plan 1.

In 2025, Colonial Life sales rose 5.3 percent and Unum International sales rose 5.5 percent in U.S. dollars 1.

In July 2025 the company closed a reinsurance deal with Fortitude Re, in which another insurer takes on part of the risk, covering about 21 percent of Closed Block long-term care future benefits 1.

In February 2026 it stopped new enrollments on existing group long-term care policies 1.

During the year it also repurchased 13.6 million of its own shares at a cost of $1,011.7 million 1.

Unum US

Unum US is the largest segment, at 65.4 percent of premium income in 2025 1.

It sells group disability, group life and accidental death and dismemberment, and supplemental and voluntary cover through employers 1. Group disability pays part of an employee's income when illness or injury keeps them from work 1.

Group disability was 44.4 percent of the segment's premium income in 2025, and group life and accidental death and dismemberment was 29.2 percent 1.

In the second quarter of 2026 premium income rose 3.3 percent to $1,858.2 million, and sales rose 7.4 percent to $281.8 million 3.

In group disability the benefit ratio, the share of premium paid out in claims, was 65.8 percent against 62.2 percent a year earlier 3. The company points to higher short-term disability claims tied to paid family and medical leave products 3.

Colonial Life

Colonial Life sells accident, sickness, disability, life, and cancer and critical illness policies to employees at work through an independent contractor agent sales force 1.

It was 17.0 percent of premium income in 2025 1. Its second-quarter 2026 segment adjusted operating income rose 11.9 percent to $131.4 million 3.

Unum International

Unum International covers Unum UK, which sells group long-term disability, group life and supplemental cover, and Unum Poland, which sells individual and group life 1.

The segment was 10.0 percent of premium income in 2025 1. Its second-quarter 2026 segment adjusted operating income fell 41.6 percent to $24.3 million 3.

The UK benefit ratio rose to 82.2 percent from 75.0 percent, which the company ties to a higher average claim size in group long-term disability 3.

Closed Block

The Closed Block holds long-term care and other insurance products that are no longer actively sold 1.

The company says protections at its Fairwind entity, measured by statutory reserves and excess capital above best estimate reserves, are approximately $2.2 billion 3.

People and size

At 31 December 2025 Unum employed 10,910 people, and about 84 percent were in the United States 1.

Richard P McKenney is president and chief executive officer 3.

The umbrella, in words

The company sells through the Unum and Colonial Life brands 4.

The subsidiary exhibit lists Colonial Life & Accident Insurance Company, Provident Life and Accident Insurance Company, The Paul Revere Life Insurance Company and Unum Life Insurance Company of America 5. It also names Unum Limited in England and Wales 5.

The same list names Unum Zycie Towarzystwo Ubezpieczen i Reasekuracji Spolka Akcyjna in Poland 5. Fairwind Insurance Company, a Vermont company, is an affiliated captive reinsurer 51.

The home office is at 1 Fountain Square in Chattanooga, Tennessee 3.

The company expects its second long-term care deal with Fortitude Re to close in 2026, subject to regulatory approvals 2.

It would cover about 28 percent of total Closed Block long-term care future policy benefits, effective April 2026 2.

The company plans to transfer fixed maturity securities and cash with a fair value of $5,659.0 million at closing, subject to adjustment 2.

At closing, Provident would also provide an experience volatility cover, a backstop for gaps between actual and expected claims, with a maximum payment of $125.0 million 2.

A new share repurchase program of up to $1 billion starts on 1 September 2026 4. The board may suspend, modify or end it at any time 4.

Fortitude Re intends to pass the biometric risk on the reinsured block on to a highly rated global reinsurer, called the Retrocessionaire 2.

The company reported about 15 percent achievement of its current premium rate approval program for long-term care 3.

The company expects payments for employee-related costs of $12.7 million from its updated operating model to run through 2027 2.