Unum Group

Unum US Segment

Unum US reported a decrease of 35.2 percent in segment adjusted operating income to $315.3 million in the third quarter of 2026, compared to $486.8 million in the third quarter of 2025. Premium income increased 5.2 percent to $1,846.6 million in the third quarter of 2026, compared to $1,755.4 million in the third quarter of 2025. Net investment income increased 8.6 percent to $164.9 million in the third quarter of 2026, compared to $151.9 million in the third quarter of 2025. Sales decreased 8.5 percent to $163.9 million in the third quarter of 2026, compared to $179.1 million in the third quarter of 2025.

Within the Unum US operating segment, the group disability line of business reported a 60.4 percent decrease in segment adjusted operating income to $94.8 million in the third quarter of 2026, compared to $239.3 million in the third quarter of 2025. Premium income for the group disability line of business increased 4.0 percent to $816.6 million in the third quarter of 2026, compared to $785.2 million in the third quarter of 2025, due primarily to sales and higher persistency. Net investment income increased 5.8 percent to $79.7 million in the third quarter of 2026, compared to $75.3 million in the third quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets and higher miscellaneous investment income. The benefit ratio for the third quarter of 2026 was 67.1 percent, compared to 47.8 percent in the third quarter of 2025, due to less favorable reserve assumption updates and refinements in the third quarter of 2026 compared to prior year, higher incidence, prior period pricing actions, and higher average claim size in the long-term disability product line. Persistency in the group long-term disability product line was 91.4 percent for the first nine months of 2026, compared to 90.6 percent for the first nine months of 2025. Persistency in the group short-term disability product line was 90.9 percent for the first nine months of 2026, compared to 88.6 percent for the first nine months of 2025.

The group life and accidental death and dismemberment line of business reported a 14.3 percent decrease in segment adjusted operating income to $78.2 million in the third quarter of 2026, compared to $91.2 million in the third quarter of 2025. Premium income for this line of business increased 6.6 percent to $551.4 million in the third quarter of 2026, compared to $517.2 million in the third quarter of 2025, due to higher persistency and sales. Net investment income increased 17.5 percent to $24.9 million in the third quarter of 2026, compared to $21.2 million in the third quarter of 2025, due to an increase in the allocation of net investment income on corporate owned excess assets as well as an increase in yield on invested assets. The benefit ratio in the third quarter of 2026 was 68.8 percent, compared to 65.4 percent in the third quarter of 2025, due to unfavorable waiver of premium experience, where premiums are waived

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while a group life insured is on a disability claim, and higher average claim size in the accidental death and dismemberment product line. Persistency in the group life product line was 92.3 percent for the first nine months of 2026, compared to 89.8 percent for the first nine months of 2025. Persistency in the accidental death and dismemberment product line was 91.9 percent for the first nine months of 2026, compared to 88.6 percent for the first nine months of 2025.

The supplemental and voluntary line of business reported a decrease of 9.0 percent in segment adjusted operating income to $142.3 million in the third quarter of 2026, compared to $156.3 million in the third quarter of 2025. Premium income for the supplemental and voluntary line of business increased 5.7 percent to $478.6 million in the third quarter of 2026, compared to $453.0 million in the third quarter of 2025, due primarily to prior period sales in the voluntary benefits and dental and vision product lines, partially offset by lower persistency across all product lines. Net investment income increased 8.8 percent to $60.3 million in the third quarter of 2026, compared to $55.4 million in the third quarter of 2025, due to an increase in the yield on invested assets and higher miscellaneous income, partially offset by a decrease in the level of invested assets. The benefit ratio was 45.4 percent in the third quarter of 2026, compared to 40.3 percent in the third quarter of 2025, primarily due to less favorable reserve assumption updates and refinements. Persistency in the voluntary benefits product line was 75.9 percent for the first nine months of 2026, compared to 76.5 percent for the first nine months of 2025. Persistency in the individual disability product line was 87.4 percent for the first nine months of 2026, compared to 87.7 percent for the first nine months of 2025. Persistency in the dental and vision product line was 78.4 percent for the first nine months of 2026, compared to 83.1 percent for the first nine months of 2025.