Adjusted EBITDA was $73.5 million, exceeding the high end of outlook, with Progressive Leasing adjusted EBITDA at $69.7 million or 12.2% of revenue.
Four Technologies delivered over 200% revenue growth and 167% GMV growth year-over-year, achieving profitability in Q1 and Q2 2025.
Gross margin for Progressive Leasing was 32.4%, down 15 basis points year-over-year, impacted by increased 90-day purchase option utilization and Big Lots loss.
Non-GAAP EPS was $1.02, significantly exceeding the outlook range of $0.75 to $0.85 per share.
PROG Holdings delivered revenue and earnings above the high end of guidance in Q2 2025, with consolidated revenue of $604.7 million, representing low single-digit growth year-over-year.
Progressive Leasing segment GMV was $413.9 million, down 8.9% year-over-year due to Big Lots bankruptcy and tightening actions, but up approximately 1% excluding Big Lots impact.
SG&A expenses increased to $78.9 million or 13.8% of revenue, reflecting investments in technology and sales enablement.
Write-offs came in at 7.5%, 20 basis points better than last year, within the targeted annual range of 6% to 8%.
Capital returned to shareholders totaled $650 million year-to-date, including $150 million in dividends and $500 million in share repurchases, with plans to repurchase shares toward the upper end of the $500 million to $1 billion range for 2025.
Closed Block segment earnings declined significantly to $3.9 million from $24.4 million due to unfavorable Long-Term Care (LTC) benefits experience, with the LTC net premium ratio rising to 94.9%.
Colonial Life segment increased adjusted operating income slightly to $117.4 million from $116.9 million, with premium growth of 3.6% and a benefit ratio of 48.3%, producing an ROE of 18.6%.
Core operations premium growth was 4.6% in the quarter, driven by strong persistency and natural growth within the in-force block, keeping the company on track for its full year premium growth outlook of 3% to 6%.
Group disability benefit ratio was 62.2%, higher than the prior year due to lower recoveries but still within the low 60s expected range, with a robust ROE in excess of 25%.
Group life and AD&D benefit ratio increased to 69.7% from 65.4%, driven by higher average claim size, consistent with expectations of around 70%.
Holding company cash ended the quarter at $2 billion with a risk-based capital ratio of approximately 485%, well above targets.
International segment showed solid premium growth of 12% on a constant currency basis, with adjusted operating income slightly down to $41.6 million from $42.5 million, impacted by inflation differences.
Investment income from alternative assets yielded 7% annualized, slightly below the long-term target of 8% to 10%, with total alternative invested assets valued at $1.5 billion.
Unum Group reported second quarter 2025 adjusted after-tax operating income per share of $2.07, down from $2.16 in the same period last year, reflecting earnings pressure mainly from claims experience in group products and the Closed Block.
Unum U.S. supplemental and voluntary lines saw adjusted operating income increase to $123.2 million from $115.2 million, with a benefit ratio of 44.3%, improved from 45.1% due to favorable benefits experience.
Dafinchi