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 (NYSE: UNM) has introduced Unum Broker Connect for Employee Navigator, enhancing its decade-long partnership with the benefits administration platform. This advanced integration model aims to improve efficiency and value for Unum's broker partners.
The new system features streamlined implementation, automated plan setup, embedded evidence of insurability (EOI), and seamless data exchange. These capabilities, released in early 2024, have already contributed to significant increases in sales with both new and existing clients. Brokers can find more details on Unum's website and are encouraged to contact local sales teams for demonstrations.
Unum Group (NYSE: UNM) announced the completion of a $400 million senior note offering due in 2054 with a 6.00% annual coupon rate. The proceeds will repay $350 million of outstanding debt and associated costs, with any remaining funds allocated for general corporate purposes. Joint book-running managers included Goldman Sachs, HSBC, PNC Capital Markets, and Truist Securities. Further details are available in the prospectus supplement from June 5, 2024, on the SEC's website.
Unum Group (NYSE:UNM) has announced an upgrade in its debt and financial strength ratings by Moody's. The company’s senior unsecured debt ratings were increased from Baa3 to Baa2, while the financial strength ratings of its rated domestic subsidiaries moved up from A3 to A2. Steve Zabel, the Executive Vice President and CFO, attributed this upgrade to strong execution and a robust financial position achieved in recent years. This reflects a continuation of positive rating momentum for the company over the past year.
Unum Group, a leading provider of financial protection benefits, has launched Unum Pet Insurance in partnership with Nationwide. The pet insurance offering aims to provide coverage for pets' accidents, illnesses, wellness, and preventative care, addressing the rising costs of pet ownership. With seamless integration into Unum's voluntary benefits portfolio, the program enhances overall employee engagement and satisfaction. Unum Pet Insurance also covers emergency boarding costs, lost pet support, mortality expenses, and offers optional wellness coverage. Nationwide, with over 40 years of experience, supports the initiative, making pet insurance an attractive benefit for today's workforce.
Unum Group (UNM) has announced a 15% increase in the quarterly dividend paid on its common stock, resulting in a new rate of 42 cents per share or $1.68 annually, effective for the third quarter of 2024.
Unum Group reported a strong start to 2024 with net income of $395.2 million ($2.04 per diluted common share), marking a 13.9% growth in book value per common share over the year-ago quarter. The company increased capital deployment, accelerated share repurchases, and raised the common stock dividend by 15%. Unum US reported a 23.3% increase in adjusted operating income, with strong performance in group disability and group life businesses. Unum International saw a slight decrease in adjusted operating income. Colonial Life reported a 21.1% increase in adjusted operating income. The Closed Block segment's adjusted operating income decreased. The outlook for full-year 2024 anticipates a 7-9% increase in after-tax adjusted operating income per share compared to 2023.
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