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.
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a' (Excellent) for Unum Insurance Group's subsidiaries. The FSR for Starmount Life Insurance Company was upgraded to A (Excellent). The ratings reflect strong balance sheet strength and operating performance. Despite experiencing increased claims due to COVID-19, Unum's profitability remains strong. The company is expected to see a gradual return to historical profitability levels as the pandemic subsides.
Unum Group's CEO, Rick McKenney, expressed optimism during the annual shareholder meeting held on May 27, 2021, highlighting confidence in the company's future as the U.S. economy recovers from the pandemic. The board approved a 5.3% increase in the quarterly dividend to 30.0 cents per share, effective Q3 2021. Unum paid $7.6 billion in benefits in 2020 and aims to resume share repurchases in the latter half of 2021. The company re-elected 11 directors and expects to publish final voting results soon.
Unum Group (NYSE:UNM) has increased its quarterly dividend by 5.3%, raising it to 30.0 cents per share, translating to $1.20 annually. This change will take effect with the dividend expected to be paid in the third quarter of 2021. The company reported $13.2 billion in revenue for 2020 and distributed $7.6 billion in benefits. Today, Unum will also hold its Annual Meeting of Shareholders virtually at 10 a.m. EST.
Unum (NYSE: UNM) has appointed Tamas Glanz as the new Head of Mergers & Acquisitions, effective May 25, 2021. With over 18 years in the insurance industry, Glanz will enhance Unum's M&A strategy, assessing transactions to bolster long-term growth. Previously, he served as Vice President of Global M&A at MetLife and has extensive experience at Morgan Stanley's Investment Banking Division. This strategic appointment aims to fortify Unum's acquisition capabilities as the company seeks to capitalize on growth opportunities.
Unum Group (NYSE: UNM) reported net income of $153 million ($0.75 per diluted share) for Q1 2021, down from $161 million ($0.79 per diluted share) in Q1 2020. The loss from the Closed Block individual disability reinsurance transaction was $56.7 million. Adjusted operating income was $212 million ($1.04 per share), compared to $274.1 million ($1.35 per share) last year. Premium income remained stable at $1.5 billion. Group disability adjusted operating income fell by 16%, while Unum International segment saw a 36.1% rise in adjusted operating income. The company anticipates a strong recovery in the latter half of 2021.
Unum Group (NYSE:UNM) has declared a quarterly dividend of $0.285 per share on its common stock, effective April 16, 2021. The dividend will be payable on May 21, 2021, to stockholders of record on April 30, 2021. In 2020, Unum reported revenues of $13.2 billion and provided $7.6 billion in benefits, positioning itself as a leading provider of financial protection benefits globally.
Unum Group will announce its first quarter 2021 results on May 5, 2021, at 4:15 p.m. Eastern time. The earnings release will be accessible on the company's Investor website. A conference call to discuss the results is scheduled for May 6, 2021, at 8 a.m. EST, where management will address operational insights and forward-looking information. Interested participants can join via U.S. and international numbers provided in the release. Unum, a leader in financial protection benefits, reported revenues of $13.2 billion in 2020.
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