Unum Group posted a $419.7 million third-quarter net loss after an $853 million pretax investment charge, while lower adjusted earnings and higher disability claims weighed on its insurance results.
Unum said the charge chiefly reflected write-downs on investments backing its planned Fortitude Re long-term care reinsurance transaction. The Closed Block segment also reported a $135.6 million pretax adjusted operating loss.
Unum recorded a loss of $2.65 per diluted common share, compared with net income of $39.7 million, or $0.23 per diluted common share, a year earlier. After-tax adjusted operating income, a non-GAAP measure, was $349 million, or $2.20 per diluted share, down from $479.4 million, or $2.81 per share, in the third quarter of 2025.
Premiums across core operations grew 4.7% on a constant-currency basis. McKenney said higher group disability claims outweighed support from the voluntary-benefits businesses, leaving underlying earnings below the company’s expectations.
Unum forecast full-year 2026 after-tax adjusted operating income of $8.30 to $8.50 per share. The company said the outlook includes about $0.33 per share from a notable reserve item recorded in the quarter.
Unum said it revised its adjusted operating income calculation after discussions with SEC staff during an ongoing comment-letter process. The change brings annual reserve assumption updates and refinements into the non-GAAP measure. For the third quarter, Unum reported a $53.2 million after-tax net reserve decrease, equal to $0.33 per diluted share. Assumption updates reduced reserves by $0.42 per share, while refinements partly offset the change with a $0.09 increase.
The Nov. 3 Form 8-K lists results under Item 2.02 and financial statements and exhibits under Item 9.01. The SEC filing index records Nov. 3 as both the filing date and period-of-report date.
