Unum Group receives credit ratings upgrades from Fitch Ratings based on strong financial position

Rhea-AI Summary

Unum Group (NYSE: UNM) has received upgraded financial strength and debt ratings from Fitch Ratings, with its domestic subsidiaries' financial strength rating upgraded to 'A' and senior debt rating to 'BBB'. The company's ratings outlooks are Stable, reflecting strong capital metrics and overall improvement in financial fundamentals.

Positive

• Upgraded financial strength and debt ratings from Fitch Ratings
• Stable rating outlooks
• Strong capital metrics and profitability
• Improvements to LTC reserve adequacy

Negative

• None.

CHATTANOOGA, Tenn., Nov. 28, 2023 /PRNewswire/ -- Unum Group (NYSE: UNM) announced today that its financial strength and debt ratings have been upgraded by Fitch Ratings. The company's financial strength rating for its domestic subsidiaries has been upgraded to an 'A' from an 'A-' and its senior debt rating has been upgraded to 'BBB' from 'BBB-'. Fitch's rating outlooks for all of Unum Group's ratings are Stable.

"We are proud of this acknowledgment of our strong financial position and consistent operational execution," said Unum Group EVP and CFO, Steve Zabel. "We continue to successfully pursue our strategy and are well-poised to continue to grow and serve the ever-changing needs of the working world."

Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Unum Group's upgrade reflects an improvement in the company's financial fundamentals and overall strength. Fitch cited strong capital metrics, including a return to pre-pandemic levels of profitability and improvements to Unum Group's LTC reserve adequacy.

The Fitch Ratings upgrades follow the August 2023 A.M. Best announcement of credit rating upgrades of Unum Group.

Learn more about Unum Group's credit rating upgrade from Fitch Ratings here.

ABOUT UNUM 

Unum Group (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for 175 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2022, Unum reported revenues of about $12 billion and paid $8 billion in benefits. The Fortune 500 company is one of the 2023 World's Most Ethical Companies, recognized by Ethisphere®.

Visit the Unum newsroom for more information, and connect with us on LinkedIn, Facebook, and Instagram.

 

   

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SOURCE Unum Group

FAQ

What are the upgraded financial strength and debt ratings for Unum Group from Fitch Ratings?

Unum Group's domestic subsidiaries' financial strength rating has been upgraded to 'A' and its senior debt rating has been upgraded to 'BBB'.

What is the rating outlook for Unum Group's ratings from Fitch Ratings?

The ratings outlook for all of Unum Group's ratings from Fitch Ratings is Stable.

What factors led to the upgrades in Unum Group's ratings by Fitch Ratings?

The upgrades reflect an improvement in the company's financial fundamentals, strong capital metrics, and a return to pre-pandemic levels of profitability.

What was the previous financial strength rating for Unum Group's domestic subsidiaries?

The previous financial strength rating was 'A-'.

What did Fitch Ratings cite as reasons for the upgrades in Unum Group's ratings?

Fitch cited strong capital metrics, improvements to Unum Group's LTC reserve adequacy, and a return to pre-pandemic levels of profitability.