Welcome to our dedicated page for Unum Group news (Ticker: UNM), a resource for investors and traders seeking the latest updates and insights on Unum Group stock.
Unum Group (NYSE: UNM) is a Fortune 500 company and a leader in disability, group life, and voluntary benefits. For over 175 years, Unum has been committed to helping workers and their families thrive. The company offers a broad range of insurance products such as disability, life, accident, critical illness, dental, vision, and stop-loss insurance, as well as leave and absence management support and behavioral health services through its Unum and Colonial Life brands.
Unum Group operates through three primary business segments: Unum US, which generates the majority of the company's revenue, Unum International, and Colonial Life. These segments serve diverse markets across the United States, the United Kingdom, Poland, and other countries.
In 2022, Unum reported revenues of approximately $12 billion and paid $8 billion in benefits. The company has been recognized as one of the World's Most Ethical Companies by Ethisphere and continues to be a socially responsible organization with a strong commitment to community service and positive change.
Unum's recent achievements reflect its financial and operational strength. In 2023, the company reported net income of $330.6 million ($1.69 per diluted common share) for the fourth quarter, compared to $289.2 million ($1.44 per diluted common share) for the same period in 2022. The company's strong performance was driven by robust premium and sales growth, effective cost management, and a strategic focus on technology and digital transformation.
Furthermore, Unum's financial strength and debt ratings have been upgraded by leading rating agencies, affirming the company's solid financial position and operational execution. Unum's technology initiatives have also earned accolades, with the company being named one of America's Most Innovative Companies by Forbes and receiving several prestigious technology awards.
Unum's strategic focus includes investing in technology to enhance customer experiences by providing high-quality, digital-first services. The company's leadership in this area has been recognized with awards for innovation and digital transformation. Unum's robust capital position and consistent profitability enable it to return significant capital to shareholders while also investing in future growth opportunities.
Unum Group remains well-positioned to achieve its earnings growth objectives, driven by favorable market conditions and strong demand for its comprehensive suite of insurance products and services. The company's commitment to innovation, customer satisfaction, and financial strength ensures it continues to provide valuable benefits and support to its diverse customer base.
Unum Group (UNM) reported strong Q3 2024 results with net income of $645.7 million ($3.46 per share), compared to $202.0 million ($1.02 per share) in Q3 2023. After-tax adjusted operating income was $398.0 million ($2.13 per share). Core operations premium growth increased 4.6% on a constant currency basis. The company maintains a strong balance sheet with holding company liquidity of $1.4 billion and a weighted average risk-based capital ratio of 470%. Book value per share grew 20.4% to $59.36 year-over-year. The company completed annual GAAP reserve assumption updates, resulting in a before-tax net reserve decrease of $357.4 million.
Unum Group (NYSE: UNM) has announced a quarterly dividend of $0.420 per share on its common stock. The dividend will be paid on November 15, 2024, to stockholders of record as of October 25, 2024. This decision was made by the Unum Group Board of Directors, effective October 11, 2024. The announcement demonstrates Unum's commitment to providing regular returns to its shareholders.
Unum Group (NYSE: UNM) has announced the release date for its third quarter 2024 financial results. The company will disclose its earnings on October 29, 2024, at approximately 4:15 p.m. ET. Investors can access the earnings release and financial supplement through the company's website at https://investors.unum.com.
Following the release, Unum Group's senior management will host a conference call on October 30, 2024, at 8:00 a.m. ET to discuss the third quarter operations results. This call will provide an opportunity for stakeholders to gain insights into the company's performance and future outlook.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a+' (Excellent) for the core U.S. life/health insurance subsidiaries of Unum Group (NYSE: UNM). The outlook for these ratings is stable. The ratings reflect Unum's strong balance sheet, strong operating performance, favorable business profile, and appropriate enterprise risk management.
Key factors include Unum's strongest level of risk-adjusted capitalization, adequate liquidity, and a conservatively managed investment portfolio. The company has shown strong sales and retention strategies in its core product lines, particularly in accident & health. AM Best notes Unum's innovative capabilities in the HR space but cautions that a weakening economy could impact growth. The agency will continue to monitor Unum's closed block of long-term care business for potential balance sheet impacts.
Unum Group (NYSE: UNM) has announced its participation in the 2024 KBW Insurance Conference. President & CEO Rick McKenney and EVP and CFO Steve Zabel will represent the company at the event. They are scheduled to speak on Wednesday, September 4, 2024, at 2:50 p.m. ET.
During their presentation, McKenney and Zabel will discuss Unum's business strategy and future growth prospects. For those interested in following the event, a live audio webcast of the presentation will be available on the Investors section of Unum's website, specifically on the News and Events page at www.investors.unum.com.
Unum Group (NYSE: UNM) reported a net income of $389.5 million ($2.05 per diluted common share) for Q2 2024, compared to $392.9 million ($1.98 per diluted common share) in Q2 2023. Adjusted operating income was $411.4 million ($2.16 per diluted common share).
Key highlights include:
- Premium growth of 5.4% in core operations.
- Full-year 2024 adjusted operating earnings per share outlook increased to 10%-15%.
- Holding company liquidity of $1.3 billion and risk-based capital ratio of approximately 470%.
- New $1 billion share repurchase program effective August 1, 2024.
- Book value per common share of $55.63, an increase of 18.2% year-over-year.
- Segment highlights include growth in premium income and net investment income in Unum US, Unum International, Colonial Life, and Closed Block segments.
Unum Group (NYSE: UNM) has announced a significant $1 billion share repurchase program, authorized by its board of directors. The program is set to commence on August 1, 2024, replacing the current repurchase program, which will be terminated on July 31, 2024. This strategic move allows Unum to repurchase its common stock from time to time, with the timing and amount of repurchases to be determined by management based on market conditions and other factors.
The repurchases may be executed through various methods, including open market transactions, privately negotiated deals, accelerated share repurchase programs, or other means compliant with federal securities laws. Importantly, the board retains the flexibility to suspend, modify, or terminate the program at any time, ensuring adaptability to changing market dynamics.
Unum Group (NYSE: UNM) has announced a quarterly dividend of $0.420 per share on its common stock, as declared by its Board of Directors on July 12, 2024.
The dividend is scheduled to be paid on August 16, 2024, to shareholders who are on record as of July 26, 2024. This reflects Unum Group's continued commitment to returning value to its shareholders.
Unum Group (NYSE: UNM) announced the sale of its Medical Stop Loss business to Amynta Group, a leading insurance services provider. The Stop Loss Business will operate under Amynta Risk Solutions as a full-service managing general underwriter. The acquisition allows Unum to focus on its core enterprise priorities, while Amynta plans to invest in the business to foster growth and innovation. The financial terms of the deal were not disclosed, and the transaction is expected to close in Q3 2024 after customary conditions are met. Piper Sandler & Co. and Faegre Drinker Biddle & Reath LLP advised Unum on the deal.
Unum Group (NYSE: UNM) announced it will release its second quarter 2024 results on July 30, 2024, at 4:15 p.m. ET. These results will be accessible on the company's investor website. Following the release, Unum's senior management will host a conference call on July 31, 2024, at 8:00 a.m. ET to discuss the operational results of the second quarter. Key points of interest in the call will likely include financial performance, earnings, and other relevant metrics impacting shareholders. Investors can access the call details through the company's website.
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