# Unum Group (UNM.US)

Canonical: https://gigainvestors.com/s/UNM

Analysis as of: 2026-10-16T07:32:44.285Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $92.41 per share; close as of 2026-10-15.

Estimated value: low $70.22 per share, central $87.78 per share, high $117.04 per share. Buy at or below the central value $87.78 per share. Valuation as of 2026-10-16T07:32:44.285Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.31×

Chart: Net income; fiscal year observations.

- FY2016: $931M

- FY2017: $994M

- FY2018: $523M

- FY2019: $1.1B

- FY2020: $793M

- FY2021: $824M

- FY2022: $1.3B

- FY2023: $1.3B

- FY2024: $1.8B

- FY2025: $739M

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 10.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 10.4%

- FY2017: 10.4%

- FY2018: 6.1%

- FY2019: 11.0%

- FY2020: 7.3%

- FY2021: 13.7%

- FY2022: 15.0%

- FY2023: 13.3%

- FY2024: 16.2%

- FY2025: 6.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 9.1%

- Book return interval: 10 years

- Starting book value per share: $34.96

- Ending book value per share: $64.30

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 10.9%

- FY2017: 13.1%

- FY2018: -4.7%

- FY2019: 24.0%

- FY2020: 14.8%

- FY2021: -42.6%

- FY2022: 51.0%

- FY2023: 16.3%

- FY2024: 22.6%

- FY2025: 13.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -3.2%

- Share growth excluding flagged crisis recapitalisations: -3.5%

- Five-year share growth excluding flagged crisis recapitalisations: -3.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.63×

- Book value created per share: $29.35

- Earnings retained per share after dividends and buybacks: $18.04

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 95

- FY2017: 92

- FY2018: 89

- FY2019: 85

- FY2020: 82

- FY2021: 83

- FY2022: 82

- FY2023: 80

- FY2024: 76

- FY2025: 70

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.2% a year forever · "Unum's conservative pricing and reservation practices have contributed to overall profitability." (finance.yahoo.com, Aug 2025) · net income -58.5%

Story as of 2026-10-16T09:59:45.989Z; price observation 2026-10-15.

The price assumes profits grow 6.2% a year forever

- 2025-04-30: Unum Group Q1 Earnings Miss Estimates on Higher Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/unum-group-q1-earnings-miss-134100391.html))

- 2025-08-13: UNM Q2 Deep Dive: Claims Pressure and Lower Investment Income Impact Profitability ([finance.yahoo.com](https://finance.yahoo.com/news/unm-q2-deep-dive-claims-040222295.html))

- 2025-09-30: Unum Group to Benefit From Growing Premium Amid Cost Woes ([finance.yahoo.com](https://finance.yahoo.com/news/unum-group-benefit-growing-premium-143000620.html))

- 2025-11-04: Unum Group Q3 Earnings Miss on Higher Expenses, Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/unum-group-q3-earnings-miss-143500680.html))

- 2026-02-05: Unum Group (NYSE:UNM) Reports Sales Below Analyst Estimates In Q4 CY2025 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/news/unum-group-nyse-unm-reports-215406745.html))

### Net income · FY2025

net income -58.5%; source https://www.sec.gov/Archives/edgar/data/5513/000000551326000008/unm-20251231.htm; observed 2026-02-17.

- FY2016: $931M 

- FY2017: $994M 

- FY2018: $523M 

- FY2019: $1.1B 

- FY2020: $793M 

- FY2021: $824M 

- FY2022: $1.3B 

- FY2023: $1.3B 

- FY2024: $1.8B 

- FY2025: $739M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are USD 13.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/5513/000000551326000008/unm-20251231.htm#000000551326000008 (filed 2026-02-17); FY2025: revenue 13075500000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNM.US: Unum Group, together with its subsidiaries, provides financial protection benefit solutions in the United States, the United Kingdom, and Poland. It operates through Unum US, Unum International, Colonial Life, and Closed Block segments. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as voluntary benefits, individual disability, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products. It also provides group pensions, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other miscellaneous products. The company sells its products to employers for the benefit of employees. It sells its products through field sales personnel, independent brokers, consultants, and independent contractor agent sales force and brokers. Unum Group was formerly known as UnumProvident Corporation and changed its name to Unum Group in March 2007. The company was founded in 1848 and is based in Chattanooga, Tennessee.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on tangible equity observations [[2016,0.10385816235504014],[2017,0.10383398260034048],[2018,0.060706580992368184],[2019,0.11041645760160562],[2020,0.07294637107901757],[2021,0.13659490545086925],[2022,0.15045220377790497],[2023,0.13301697163105872],[2024,0.16231035206320535],[2025,0.06641724600012591]]; median 0.10713730997832288. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,182600000],[2017,196000000],[2018,215600000],[2019,229200000],[2020,231900000],[2021,239400000],[2022,254200000],[2023,277100000],[2024,296500000],[2025,306200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/5513/000000551326000008/unm-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 1010300000 USD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UNM.US SharesStats.PercentInsiders = 1.002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Price 92.41; FX 1; original perpetual distributable cash 3.5110502417986726; discount 0.1; growth 0.062005732693445816. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $35.40 per share

- 2016-11: $42.27 per share

- 2016-12: $43.93 per share

- 2017-01: $45.43 per share

- 2017-02: $48.83 per share

- 2017-03: $46.89 per share

- 2017-04: $46.33 per share

- 2017-05: $44.98 per share

- 2017-06: $46.63 per share

- 2017-07: $50.13 per share

- 2017-08: $48.18 per share

- 2017-09: $51.13 per share

- 2017-10: $52.04 per share

- 2017-11: $56.62 per share

- 2017-12: $54.89 per share

- 2018-01: $53.19 per share

- 2018-02: $50.96 per share

- 2018-03: $47.61 per share

- 2018-04: $48.38 per share

- 2018-05: $38.81 per share

- 2018-06: $36.99 per share

- 2018-07: $39.73 per share

- 2018-08: $36.88 per share

- 2018-09: $39.07 per share

- 2018-10: $36.26 per share

- 2018-11: $35.91 per share

- 2018-12: $29.38 per share

- 2019-01: $34.76 per share

- 2019-02: $37.36 per share

- 2019-03: $33.83 per share

- 2019-04: $36.92 per share

- 2019-05: $31.49 per share

- 2019-06: $33.55 per share

- 2019-07: $31.95 per share

- 2019-08: $25.41 per share

- 2019-09: $29.72 per share

- 2019-10: $27.54 per share

- 2019-11: $30.74 per share

- 2019-12: $29.16 per share

- 2020-01: $26.69 per share

- 2020-02: $23.31 per share

- 2020-03: $15.01 per share

- 2020-04: $17.45 per share

- 2020-05: $15.15 per share

- 2020-06: $16.59 per share

- 2020-07: $17.23 per share

- 2020-08: $18.48 per share

- 2020-09: $16.83 per share

- 2020-10: $17.66 per share

- 2020-11: $22.23 per share

- 2020-12: $22.94 per share

- 2021-01: $23.23 per share

- 2021-02: $26.48 per share

- 2021-03: $27.83 per share

- 2021-04: $28.26 per share

- 2021-05: $30.97 per share

- 2021-06: $28.40 per share

- 2021-07: $27.40 per share

- 2021-08: $26.62 per share

- 2021-09: $25.06 per share

- 2021-10: $25.47 per share

- 2021-11: $23.10 per share

- 2021-12: $24.57 per share

- 2022-01: $25.38 per share

- 2022-02: $27.92 per share

- 2022-03: $31.51 per share

- 2022-04: $30.52 per share

- 2022-05: $36.45 per share

- 2022-06: $34.02 per share

- 2022-07: $32.19 per share

- 2022-08: $37.85 per share

- 2022-09: $38.80 per share

- 2022-10: $45.59 per share

- 2022-11: $42.18 per share

- 2022-12: $41.03 per share

- 2023-01: $42.03 per share

- 2023-02: $44.55 per share

- 2023-03: $39.56 per share

- 2023-04: $42.20 per share

- 2023-05: $43.45 per share

- 2023-06: $47.70 per share

- 2023-07: $48.61 per share

- 2023-08: $49.19 per share

- 2023-09: $49.19 per share

- 2023-10: $48.90 per share

- 2023-11: $43.00 per share

- 2023-12: $45.22 per share

- 2024-01: $48.34 per share

- 2024-02: $49.45 per share

- 2024-03: $53.66 per share

- 2024-04: $50.70 per share

- 2024-05: $53.86 per share

- 2024-06: $51.11 per share

- 2024-07: $57.53 per share

- 2024-08: $55.49 per share

- 2024-09: $59.44 per share

- 2024-10: $64.18 per share

- 2024-11: $76.90 per share

- 2024-12: $73.03 per share

- 2025-01: $76.25 per share

- 2025-02: $82.29 per share

- 2025-03: $81.46 per share

- 2025-04: $77.66 per share

- 2025-05: $81.71 per share

- 2025-06: $80.76 per share

- 2025-07: $71.81 per share

- 2025-08: $69.86 per share

- 2025-09: $77.78 per share

- 2025-10: $73.42 per share

- 2025-11: $75.97 per share

- 2025-12: $77.50 per share

- 2026-01: $75.97 per share

- 2026-02: $71.73 per share

- 2026-03: $73.03 per share

- 2026-04: $80.38 per share

- 2026-05: $83.23 per share

- 2026-06: $89.40 per share

- 2026-07: $86.11 per share

- 2026-08: $93.22 per share

- 2026-09: $87.73 per share

- 2026-10: $92.41 per share

## Annual estimated value (USD per share)

- FY2016: low $30.51 per share, central $38.14 per share, high $50.85 per share

- FY2017: low $36.06 per share, central $45.07 per share, high $60.10 per share

- FY2018: low $33.07 per share, central $41.34 per share, high $55.12 per share

- FY2019: low $40.74 per share, central $50.92 per share, high $67.89 per share

- FY2020: low $42.87 per share, central $53.58 per share, high $71.45 per share

- FY2021: low $24.57 per share, central $30.72 per share, high $40.96 per share

- FY2022: low $39.52 per share, central $43.47 per share, high $48.30 per share

- FY2023: low $45.95 per share, central $50.55 per share, high $56.16 per share

- FY2024: low $58.27 per share, central $72.84 per share, high $97.12 per share

- FY2025: low $64.29 per share, central $80.36 per share, high $107.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/5513/000000551326000008/unm-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.