Unum Group's Ratings Upgraded by Moody's

CHATTANOOGA, Tenn., June 4, 2024 /PRNewswire/ -- Unum Group (NYSE:UNM) announced today that its debt ratings and financial strength have been upgraded by Moody's Ratings (Moody's). The company's senior unsecured debt ratings were upgraded to Baa2 from Baa3, and the financial strength ratings of its rated domestic subsidiaries were upgraded to A2 from A3. 

"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 $12 billion and paid approximately $8 billion in benefits. The Fortune 500 company is recognized as one of the World's Most Ethical Companies by Ethisphere®.

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SOURCE Unum Group