Welcome to our dedicated page for Unum news (Ticker: UNM), a resource for investors and traders seeking the latest updates and insights on Unum 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 (NYSE: UNM) will release its Q2 2021 results on August 3, 2021, at approximately 4:15 PM EST. The earnings release will be available on the company's website. A conference call is scheduled for August 4, 2021, at 8 AM EST, where management will discuss operational results and provide forward-looking guidance. Participants can join via phone or listen to a live webcast.
Unum reported $13.2 billion in revenues in 2020, offering a range of financial protection benefits globally.
Unum's internal data reveals that COVID-19 was the third-leading cause of short-term disability among U.S. workers in 2020, significantly impacting the manufacturing sector where it ranked first. In 2020, Unum processed over a million disability claims, attributing this surge to the pandemic and increased demand for financial protection. Behavioral health claims rose to represent 6% of total claims, with mental health issues affecting half of U.S. workers. Unum disbursed $6.2 billion in benefits and emphasized the need for improved mental health support in the workplace.
Unum (NYSE: UNM) has appointed Polly Nicholas as Senior Vice President of Unum Solutions, effective June 15, 2021. Nicholas brings over 20 years of experience in growth and operational improvement, aiming to drive the expansion of Unum's fee-based businesses. Mike Simonds, Unum's Chief Operating Officer, expressed confidence in her ability to enhance existing relationships and innovate across their solutions. Prior to joining Unum, Nicholas held senior roles at Alight Solutions and has expertise in digital analytics and benefits administration. Unum reported revenues of $13.2 billion in 2020, paying out $7.6 billion in benefits.
Unum Group (NYSE: UNM) announced the completion of a $600 million senior notes offering due in 2051, featuring a 4.125% annual interest rate. The proceeds will primarily be used to redeem the company's 4.500% senior notes due 2025, with a redemption date set for June 29, 2021. The redemption price will be based on the greater of the principal plus accrued interest or the present value of the remaining payments, facilitated by The Bank of New York Mellon. Unum reported revenues of $13.2 billion in 2020, providing $7.6 billion in benefits.
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.
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