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