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's recent research highlights a significant shift in employee benefits enrollment during the open enrollment season due to COVID-19. The findings show that 36% of U.S. workers plan to change their benefits, with 64% dedicating more time to understanding their options. Notably, 27% intend to increase life insurance coverage. Financial stress is prevalent, with 57% of workers expressing concerns about mental health. Virtual benefits education is on the rise, with 42% of employers opting for digital options for counseling. Despite this, many workers still spend less time reviewing benefits than on social media.
Unum (NYSE: UNM) announced the appointment of Mark Till as Executive Vice President of Unum International, effective April 1, 2021, with Mr. Till joining the company on February 1, 2021.
He succeeds Peter O'Donnell, who will remain until the end of Q1 2021 to ensure a smooth transition. O'Donnell intends to pursue a portfolio career after a decade with Unum, where he played a key role in expanding the company's presence in the UK and Poland.
Till's previous roles include Managing Director at Aegon and UK Marketing Director at Fidelity International.
Unum Group (NYSE: UNM) reported a third-quarter net income of $231.1 million ($1.13 per diluted share), a decline from $242.0 million ($1.16 per diluted share) year-over-year. Adjusted operating income fell to $245.9 million ($1.21 per share) from $282.7 million ($1.36 per share). The Unum US segment saw a significant drop in adjusted operating income by 28.0% to $188.2 million, while premium income decreased 1.2%. Despite challenges due to COVID-19, the company continues to manage effectively, anticipating better conditions as the economy improves.
On October 16, 2020, Unum Group (NYSE:UNM) announced a quarterly dividend of $0.285 per share, payable on November 20, 2020. Stockholders of record by October 30, 2020 will receive this dividend. In 2019, Unum reported revenues of $12 billion and paid out $7.5 billion in benefits. The company offers a range of financial protection benefits and is a leading provider of disability income protection globally, with operations in the US, UK, Poland, and through Colonial Life.
Breast cancer continues to be a significant cause of disability; however, data from Unum indicates that survivors are returning to work faster. In 2019, the average short-term disability claim duration for breast cancer was 64 days, compared to 78 days in 2010. Early detection, advances in medical treatment, and supportive employers play crucial roles in recovery. Unum paid $3.7 billion in disability benefits in 2019, aiding 275,000 individuals back to work. The report highlights the importance of employer support through flexible schedules and adjustments, especially amid COVID-19.
Unum Group (NYSE: UNM) will announce its third quarter 2020 results on October 27 at 4:15 p.m. Eastern time. The earnings release will be accessible in the Investors section of its website. A conference call to discuss the results is scheduled for October 28 at 8 a.m. Eastern time, inviting questions from participants. Interested listeners can join via phone or access a live webcast on the company's site. Unum Group provides various financial protection benefits and reported revenues of $12 billion in 2019, paying out $7.5 billion in benefits.
Unum (NYSE: UNM) released a survey indicating that 41% of U.S. adults have adjusted their financial management due to the coronavirus pandemic, with 22% considering increased life insurance coverage. The survey highlights that 45% of respondents lack knowledge about their life insurance status. Financial strain is anticipated for nearly half of the respondents in the event of a primary wage-earner's death, with particular interest in life insurance noted among families with children and minority groups.
Unum's recent study reveals that 55% of U.S. workers lack disability insurance, a critical safeguard for their income. Notably, 70% of Baby Boomers are without this coverage, despite representing 47% of long-term disability claims. Many cite reasons such as feeling healthy (33%), affordability concerns (29%), and lack of awareness (10%). With a 1 in 4 chance of facing disability before retirement, and amid the ongoing pandemic, the importance of income protection is underscored. Disability insurance typically replaces 60-70% of lost income, emphasizing its value for financial security.
Unum Group (NYSE: UNM) announced that its President & CEO, Rick McKenney, will present at the Barclays Global Financial Services Conference on September 16, 2020, at 11:15 a.m. Eastern. The conference will take place virtually. McKenney will discuss the company's business strategy and future growth prospects, with a live audio webcast available on the company's Investors section. Unum Group, a leader in disability income protection, reported $12 billion in revenues for 2019 and paid out $7.5 billion in benefits.
Unum (NYSE: UNM) has introduced a Student Debt Relief Program allowing its 9,500 U.S. employees to convert up to 40 hours of unused paid time off (PTO) into student loan repayments. This initiative resulted in $625,000 paid toward loan principal and interest in its first year, averaging $1,200 per participant. The program aims to alleviate financial stress as approximately 30% of Unum's workforce carries student debt. Additionally, employees benefit from a competitive PTO policy and various financial planning resources.
FAQ
What is the current stock price of Unum Group (UNM)?
What is the market cap of Unum Group (UNM)?
What types of insurance products does Unum offer?
Which market segments drive Unum's revenue?
How has Unum performed financially in recent quarters?
What recognition has Unum received for its commitment to ethics and innovation?
How does Unum leverage technology in its operations?
What is Unum's approach to social responsibility?
What are Unum's future growth objectives?
How does Unum support its customers?
What operational strategies contribute to Unum's success?
How does Unum ensure financial strength and stability?
