Unum Group's Ratings Upgraded by Moody's
Rhea-AI Summary
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Upgrade in senior unsecured debt ratings from Baa3 to Baa2.
- Financial strength ratings of rated domestic subsidiaries improved from A3 to A2.
- Reflects strong execution and robust financial position.
- Continuation of positive rating momentum over the past year.
Negative
- No explicit negative factors identified in the PR.
News Market Reaction – UNM
On the day this news was published, UNM declined 0.92%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"The upgrade is a testament to our strong execution, the robust financial position we've been able to achieve in recent years and a continuation of the positive rating momentum we have experienced over the past year," said Steve Zabel, executive vice president and chief financial officer.
Moody's 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 strong regulatory capital levels, a reduction in asset risk, increasing profitability in the core business and an improved long-term care position.
The Moody's ratings upgrades follow upgrades from AM Best and Fitch during 2023.
About Unum Group
Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and their families thrive for more than 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 2023, Unum Group reported revenues of more than
Visit the Unum Group newsroom for more information, and connect with us on LinkedIn, Facebook and Instagram.
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SOURCE Unum Group