Unum Group Q3 2026 Earnings Recap

Unum shares fell 17.8% after earnings, as elevated disability claims in US group insurance and the UK pushed results below management’s earnings expectations. The pressure is especially concerning in long-term disability, where the company has not determined whether the jump in claims is sustained; pricing actions will take time to affect results.

Key Takeaways

• Adjusted operating earnings were $2.20 per share, including $0.33 of favorable notable items, primarily from the annual reserve assumption review.
• Higher disability claim submissions drove elevated benefit experience across US group disability products, with particular pressure in long-term disability; short-term disability and paid family and medical leave were also elevated.
• In the UK, group income protection claims remained high, reflecting more large claims and higher overall submissions. Renewal pricing increases are being phased in, so the benefit will take time to work through the block.
• Core operations premium grew nearly 5% on a constant-currency basis, with growth across Unum US, international and Colonial Life. Sales declined year over year against a strong third quarter of 2025, but were up 4% year to date.
• Management said it is implementing double-digit rate increases for paid family and medical leave, while taking customer-level pricing actions in US group and pricing, underwriting and expense measures in the UK.