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Mar 31, 2025
Unum Q1 2025 Earnings Report
Unum reported a decline in net income but posted strong adjusted earnings and maintained a robust capital position in Q1 2025.
Key Takeaways
Unum Group delivered solid adjusted operating results in Q1 2025 with $365.5 million in adjusted income, despite a drop in GAAP net income driven by investment losses. The company showed steady revenue growth and strengthened its balance sheet.
Adjusted operating income was $365.5 million, supported by premium growth and favorable persistency trends.
GAAP net income declined to $189.1 million, impacted by a $163.4 million after-tax investment loss.
Book value per share excluding AOCI rose 10.8% YoY to $76.17.
The risk-based capital ratio remained strong at approximately 460% with $2.2 billion in holding company liquidity.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Unum expects full-year 2025 adjusted operating income per share to grow 6% to 10% over 2024.
Positive Outlook
- Premium growth across core operations.
- Strong liquidity position supports strategic flexibility.
- Improved book value metrics.
- Solid capital buffer with 460% RBC ratio.
- Favorable claims and persistency trends in several product lines.
Challenges Ahead
- Decrease in net income due to investment losses.
- Persistency declines in several group product lines.
- Sales drop in group disability and Unum International segments.
- Net investment income slightly declined in key areas.
- Increased benefit ratios in some products due to higher claims incidence.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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