CHATTANOOGA, Tenn., July 30, 2024 /PRNewswire/ -- Unum Group (NYSE: UNM) today reported net income of $389.5 million ($2.05 per diluted common share) for the second quarter of 2024, compared to net income of $392.9 million ($1.98 per diluted common share) for the second quarter of 2023. "Our team delivered another strong quarter as we continued to execute against our growth strategy, with contributions from across the company and particularly strong results in our Group Life business. As a result of our bet ...

Core Points - Unum Group's board of directors has approved a new share repurchase program allowing the company to buy back up to $1 billion of its common stock starting August 1, 2024 [1] - The current share repurchase program will be terminated as of July 31, 2024 [1] - The timing and amount of repurchases will be determined by management based on market conditions and other factors [2] Company Overview - Unum Group is a leading international provider of workplace benefits and services, operating for over 175 years [4] - The company offers a range of insurance products including disability, life, accident, critical illness, dental, vision, and stop-loss insurance, as well as leave and absence management support and behavioral health services [4] - In 2023, Unum Group reported revenues exceeding $12 billion and paid approximately $8 billion in benefits [4]

Unum Group (UNM) is slated to report second-quarter 2024 earnings on Jul 30, after market close. The insurer's earnings beat estimates in three of the last four reported quarters and missed in one. Premium in the second quarter is likely to have benefited from solid persistency in the in-force business, better pricing and improved sales in most of the business segments. The Zacks Consensus Estimate is pegged at $2.6 billion. Our estimate is pegged at $2.5 billion, indicating an increase of 4.2% from the yea ...

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Zacks Consensus Estimate Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. So, ...

Company Overview - Unum (UNM) is based in Chattanooga and operates in the Finance sector, with shares experiencing an 18.6% price change this year [2] - The company currently pays a dividend of $0.37 per share, resulting in a dividend yield of 2.72%, which is higher than the Insurance - Accident and Health industry's yield of 2.16% and the S&P 500's yield of 1.53% [2] Earnings and Growth - For the fiscal year 2024, the Zacks Consensus Estimate for Unum's earnings is projected at $8.25 per share, indicating a year-over-year growth rate of 7.70% [3] - Unum's current annualized dividend of $1.46 has increased by 5% from the previous year, with an average annual increase of 6.37% over the last five years [5] Dividend Policy - The company's current payout ratio is 18%, meaning it distributes 18% of its trailing 12-month earnings per share as dividends [5] - Unum has increased its dividend four times on a year-over-year basis over the last five years, reflecting a commitment to returning value to shareholders [5] Investment Perspective - Unum is considered a compelling investment opportunity due to its strong dividend profile and growth potential, currently holding a Zacks Rank of 3 (Hold) [6] - The company is positioned as a more secure dividend option compared to high-growth firms or tech start-ups, which typically do not offer dividends [6]

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About Unum Group Visit the Unum Group newsroom for more information, and connect with us on LinkedIn, Facebook and Instagram. CHATTANOOGA, Tenn., July 12, 2024 /PRNewswire/ -- Effective July 12, 2024, the Unum Group (NYSE:UNM) Board of Directors declared a quarterly dividend of $0.420 per share on its common stock to be paid August 16, 2024, to stockholders of record as of July 26, 2024. Unum Group (NYSE: UNM), a leading international provider of workplace benefits and services, has been helping workers and ...

Group 1: Amynta Group and Unum Group - Amynta Group has acquired Unum's Medical Stop Loss business, which will operate as a full-service managing general underwriter under Amynta Risk Solutions, enhancing its product portfolio and client service capabilities [2][8] - John Doucette, CEO of Amynta Risk Solutions, emphasized the strong expertise and capabilities brought by Unum's stop-loss business, indicating continued investment to drive growth and innovation in the medical stop loss market [4] Group 2: Unum Group's Strategic Focus - Unum Group is divesting its Medical Stop Loss business to focus on strategic growth priorities, with the divestiture expected to be completed in the third quarter of 2024 [8] - The company aims to leverage enhanced capabilities to drive top-line growth and achieve high single-digit bottom-line growth in 2024, supported by healthy in-force block growth, higher sales, and strong persistency in group lines [9] Group 3: Earnings Estimates and Performance - The Zacks Consensus Estimate for PRA's 2024 and 2025 earnings suggests significant growth of 371.4% and 72.6% year-over-year, respectively [3] - HCI Group is projected to have earnings growth of 57.6% and 4.3% for 2024 and 2025, respectively, with a notable stock rally of 45.1% over the past year [6][10] - Palomar Holdings is expected to see earnings growth of 26% and 18% for 2024 and 2025, respectively, with a stock surge of 45.5% in the past year [7][11] - ProAssurance's earnings have shown mixed results, with a stock decline of 28.1% over the past year [12]

"We are pleased to enter into an agreement to sell our Stop Loss operations to Amynta," said Marco Forato, senior vice president and chief strategy officer at Unum Group. "This transaction places the future of the Stop Loss business in capable hands and poised for strong growth while enabling Unum to continue its focus on key enterprise priorities." Piper Sandler & Co. served as financial advisor and Faegre Drinker Biddle & Reath LLP served as legal advisor to Unum Group. Visit theUnum Group newsroomfor mor ...