Unum Group reported net income of $189.1 million, or $1.06 per diluted common share, for the first quarter of 2025, a decrease from $395.2 million, or $2.04 per diluted common share, in the first quarter of 2024. After-tax adjusted operating income also declined to $365.5 million, or $2.04 per diluted common share, compared to $409.9 million, or $2.12 per diluted common share, in the prior year's quarter. This decline was primarily influenced by a net after-tax investment loss of $163.4 million.
Despite the decline in overall income, core operations premium growth was solid at 4.2 percent on a constant currency basis. The company maintained a strong balance sheet, with holding company liquidity of $2.2 billion and a weighted average risk-based capital ratio of approximately 460 percent. Unum also continued its capital deployment strategy, repurchasing 3.3 million shares at a total cost of $202.6 million during the quarter.
Segment performance was mixed, with Unum US adjusted operating income decreasing 14.6 percent to $329.1 million, largely due to higher incidence in Group Disability. Unum International and Colonial Life segments reported increases in adjusted operating income of 3.5 percent and 1.8 percent, respectively. The Closed Block segment's adjusted operating income remained consistent at $24.4 million, with long-term care premium income generally stable.
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