Unum Group receives credit ratings upgrades from Fitch Ratings based on strong financial position
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®.
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SOURCE Unum Group
