Unum (UNM) UBS Financial Services Conference 2026 summary

2026 outlook and financial performance

• Projecting 4%-7% premium growth and 8%-12% EPS growth for 2026, supported by strong capital generation and plans to return 100% of earnings to shareholders via dividends and share repurchases.

• Momentum from Q4 2025 is expected to continue, leveraging recent investments and strong employer relationships.

• Capital position remains robust, with 440 RBC and $2.2 billion in cash, enabling continued flexibility in capital deployment.

• Statutory cash generation and margins are expected to remain consistent into 2026, supporting ongoing high levels of shareholder returns.

Group disability and benefit ratio trends

• Group disability benefit ratio normalized to 62.5% in 2025, with guidance for 62%-64% in 2026 and a long-term target of 65% over 2-3 years, driven by pricing adjustments.

• Consistent claim experience and improved recovery rates underpin confidence in future performance.

• Unemployment fluctuations are not expected to significantly impact benefit ratios, with growth supported by wage inflation and payroll trends.

Closed Block strategy and reporting changes

• Closed Block, including long-term care, will be reported below the line as a special item to better highlight core business performance.

• No changes to investment, risk management, or the strategy to reduce the Closed Block; protections behind the block stand at $2.2 billion.

• No additional capital will be allocated to the Closed Block, maintaining the commitment made three years ago.