Unum Stock Price, News & Analysis

Unum (NYSE: UNM) has appointed Polly Nicholas as Senior Vice President of Unum Solutions, effective June 15, 2021. Nicholas brings over 20 years of experience in growth and operational improvement, aiming to drive the expansion of Unum's fee-based businesses. Mike Simonds, Unum's Chief Operating Officer, expressed confidence in her ability to enhance existing relationships and innovate across their solutions. Prior to joining Unum, Nicholas held senior roles at Alight Solutions and has expertise in digital analytics and benefits administration. Unum reported revenues of $13.2 billion in 2020, paying out $7.6 billion in benefits.

Unum Group (NYSE: UNM) announced the completion of a $600 million senior notes offering due in 2051, featuring a 4.125% annual interest rate. The proceeds will primarily be used to redeem the company's 4.500% senior notes due 2025, with a redemption date set for June 29, 2021. The redemption price will be based on the greater of the principal plus accrued interest or the present value of the remaining payments, facilitated by The Bank of New York Mellon. Unum reported revenues of $13.2 billion in 2020, providing $7.6 billion in benefits.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a' (Excellent) for Unum Insurance Group's subsidiaries. The FSR for Starmount Life Insurance Company was upgraded to A (Excellent). The ratings reflect strong balance sheet strength and operating performance. Despite experiencing increased claims due to COVID-19, Unum's profitability remains strong. The company is expected to see a gradual return to historical profitability levels as the pandemic subsides.

Unum Group's CEO, Rick McKenney, expressed optimism during the annual shareholder meeting held on May 27, 2021, highlighting confidence in the company's future as the U.S. economy recovers from the pandemic. The board approved a 5.3% increase in the quarterly dividend to 30.0 cents per share, effective Q3 2021. Unum paid $7.6 billion in benefits in 2020 and aims to resume share repurchases in the latter half of 2021. The company re-elected 11 directors and expects to publish final voting results soon.

Unum Group (NYSE:UNM) has increased its quarterly dividend by 5.3%, raising it to 30.0 cents per share, translating to $1.20 annually. This change will take effect with the dividend expected to be paid in the third quarter of 2021. The company reported $13.2 billion in revenue for 2020 and distributed $7.6 billion in benefits. Today, Unum will also hold its Annual Meeting of Shareholders virtually at 10 a.m. EST.

Unum (NYSE: UNM) has appointed Tamas Glanz as the new Head of Mergers & Acquisitions, effective May 25, 2021. With over 18 years in the insurance industry, Glanz will enhance Unum's M&A strategy, assessing transactions to bolster long-term growth. Previously, he served as Vice President of Global M&A at MetLife and has extensive experience at Morgan Stanley's Investment Banking Division. This strategic appointment aims to fortify Unum's acquisition capabilities as the company seeks to capitalize on growth opportunities.

Unum Group (NYSE: UNM) reported net income of $153 million ($0.75 per diluted share) for Q1 2021, down from $161 million ($0.79 per diluted share) in Q1 2020. The loss from the Closed Block individual disability reinsurance transaction was $56.7 million. Adjusted operating income was $212 million ($1.04 per share), compared to $274.1 million ($1.35 per share) last year. Premium income remained stable at $1.5 billion. Group disability adjusted operating income fell by 16%, while Unum International segment saw a 36.1% rise in adjusted operating income. The company anticipates a strong recovery in the latter half of 2021.