Unum - UNM STOCK NEWS

Unum Group (NYSE: UNM) announced the sale of its Medical Stop Loss business to Amynta Group, a leading insurance services provider. The Stop Loss Business will operate under Amynta Risk Solutions as a full-service managing general underwriter. The acquisition allows Unum to focus on its core enterprise priorities, while Amynta plans to invest in the business to foster growth and innovation. The financial terms of the deal were not disclosed, and the transaction is expected to close in Q3 2024 after customary conditions are met. Piper Sandler & Co. and Faegre Drinker Biddle & Reath LLP advised Unum on the deal.

Unum Group (NYSE: UNM) announced it will release its second quarter 2024 results on July 30, 2024, at 4:15 p.m. ET. These results will be accessible on the company's investor website. Following the release, Unum's senior management will host a conference call on July 31, 2024, at 8:00 a.m. ET to discuss the operational results of the second quarter. Key points of interest in the call will likely include financial performance, earnings, and other relevant metrics impacting shareholders. Investors can access the call details through the company's website.

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.