Unum - UNM STOCK NEWS

Unum (NYSE: UNM) has introduced a new paid caregiver leave benefit for its U.S. employees, providing five consecutive business days of leave for those caring for a seriously ill spouse, child, or parent. This initiative aims to support employees' physical, emotional, and financial wellbeing, addressing the significant toll of caregiving, as highlighted by Unum's research. The company also offers various work-life balance resources, including flexible work policies and employee assistance programs. This move aligns with a growing trend, with 44% of companies planning to enhance paid leave benefits in 2021.

Unum Group (NYSE: UNM) announced a reinsurance agreement involving a substantial portion of its Closed Individual Disability Insurance Block, backed by approximately $7.1 billion in reserves, with Global Atlantic's subsidiary. This transaction, which aims to release $600 million in capital for greater financial flexibility, is expected to have minimal impact on the weighted average risk-based capital ratio and statutory operating earnings. The first phase, covering 75% of the in-force IDI block, is set to close in December 2020, with the second phase expected in Q1 2021.

Unum's research reveals the top three employee benefits desired by U.S. workers are paid time off, flexibility or remote work options, and paid family leave. Despite a decline in travel due to COVID-19, paid time off remains the most sought-after perk for the third consecutive year, with the national average at 10 days per year for U.S. workers. Additionally, female employees prioritize paid family leave more than males. 44% of companies intend to enhance paid leave benefits in the upcoming year, indicating a shift in workplace benefit expectations.

Unum Group (NYSE: UNM) will host a virtual annual investor meeting on December 17, 2020, starting at 8:00 AM EST and concluding by 10:00 AM EST. Participants can register online and will have access to an audio and video webcast. The presentation slides will be available on the company's website for a year post-event. Unum provides a wide range of financial protection benefits, reporting revenues of $12.0 billion in 2019 and delivering $7.5 billion in benefits.

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.