New York, August 16, 2012 — Moody’s Investors Service has upgraded the acclaim ratings of Unum Accumulation (Unum; NYSE: UNM; chief debt to Baa2 from Baa3), and the allowance banking backbone (IFS) ratings of the company’s U.S. activity allowance subsidiaries to A2 from A3. The ratings angle on Unum and all of its allowance affiliates is stable.
Moody’s has additionally assigned ratings to Unum’s accepted shelf allotment (senior apart debt at (P)Baa2), which was filed on November 10, 2011 (for a complete account of ratings, see below).
Commenting on the appraisement upgrade, Moody’s Vice President Ann Perry said, “Unum’s acclaim contour has adequate over the accomplished brace of years and has authentic to be acceptable as approved by its bigger business about-face and banking flexibility, and bulk balance accept remained abiding in animosity of the continuing bendable economy.” Moody’s acclaimed that Unum’s balance about-face has bigger as autonomous benefits, which accommodate assorted non-disability accompanying products, are accidental a growing allocation of the company’s earnings. In addition, because account ratios in the company’s bulk connected appellation affliction (LTD) business accept remained almost abiding throughout the bread-and-butter slowdown, Moody’s expects bound downside accident from an dispatch of claims beneath its abject book of a connected apathetic bread-and-butter recovery.
The appraisement bureau said that Unum’s ratings reflect the company’s arch bazaar allotment in the accumulation abiding and alone affliction markets and the company’s accustomed position in the autonomous allowances market. The ratings additionally account from the company’s admission to a huge claims abstracts base, focus on claims administration and return-to-work programs, and its able position in the accumulation activity market. That said, the inherent risks of the company’s cogent focus on its affliction lines, as discussed below, will tend to absolute advancement appraisement burden at the accepted ratings level.
According to Moody’s, Unum additionally has a acceptable affection and aqueous beforehand portfolio, basal acknowledgment to structured securities, including non-agency RMBS securities, as able-bodied as beneath boilerplate beforehand absorption in bartering mortgages. During the banking crisis, Unum’s impairments as a percent of invested assets were amid the everyman in the industry. The appraisement bureau added that it expects approaching beforehand losses will abide to be acquiescent about to Unum’s balance accommodation and capital.
Commenting on the challenges adverse Unum, Moody’s said that admitting beforehand in business diversification, a abundant bulk of Unum’s artefact accident contour and balance are still associated with the affliction business in both the U.S. and UK. Moody’s angle the affliction artefact accident contour as one of the college in the activity allowance industry, as this is a long-tailed business and claims development can be afflicted in abrupt means by a array of bread-and-butter and civic factors. With the apathetic accretion and assiduous unemployment, the appraisement bureau said that claims could admission if there were a bifold dip recession or unemployment ante increased. In addition, the appraisement bureau acclaimed that Unum has accomplished weaker balance in its UK accumulation affliction and accumulation activity operations, and will charge to abode accretion accident ratios through amount increases and operational improvements.
The multi-security shelf allotment allows Unum to affair chief apart debt, subordinated debt, and adopted stock. The shelf allotment additionally allows for the arising of adopted balance by Unum Accumulation Costs Trusts I/II, which are approved business trusts accustomed by the aggregation alone for the purpose of adopting costs for Unum. Adopted balance issued by the Unum Accumulation Costs Trusts I/II (rated (P)Baa3) will be assuredly and actually affirmed by Unum and will rank pari passu with the company’s subordinated debt.
Moody’s said that although the company’s focus on its affliction curve will tend to absolute advancement appraisement movement, the afterward could abode advancement burden on Unum’s ratings: 1) a abiding circumscribed NAIC RBC arrangement of at atomic 375%; 2) connected appraisement conduct and deepening of accident ratios (i.e., abiding U.S. accumulation affliction accident arrangement of not greater than 80%); 3) adapted banking advantage consistently beneath 20%; and 4) banknote breeze and balance advantage are maintained at levels of at atomic 6 times and 9 times, respectively. Conversely, the afterward could abode bottomward burden on Unum’s ratings: 1) abiding U.S. accumulation affliction accident arrangement of over 85%; 2) authoritative assets avalanche beneath a 325% NAIC RBC ratio; 3) adapted banking advantage exceeds 25%; or 4) cash-flow and balance advantage abatement beneath 4 times and 7 times, respectively.
The afterward ratings accept been upgraded with a abiding outlook:
Unum Group: Chief apart debt to Baa2, from Baa3;
UNUM Corporation: Chief apart debt to Baa2, from Baa3; backed chief apart MTN to (P)Baa2, from (P)Baa3;
Provident Companies, Inc.: Chief apart debt to Baa2, from Baa3;
Provident Costs Trust I: Adopted banal to Baa3 (hyb), from Ba1 (hyb);
UnumProvident Finance Aggregation plc: Chief apart debt to Baa2, from Baa3;
UNUM Activity Allowance Aggregation of America: Allowance banking backbone to A2, from A3;
First UNUM Activity Allowance Company: Allowance banking backbone to A2, from A3;
Colonial Activity & Accident Allowance Company: Allowance banking backbone to A2, from A3;
Provident Activity and Accident Allowance Co.: Allowance banking backbone to A2, from A3;
Paul Revere Activity Allowance Company: Allowance banking backbone to A2, from A3;
Paul Revere Variable Annuity Allowance Co.: Allowance banking backbone to A2, from A3.
The afterward conditional ratings accept been assigned, with a abiding outlook:
Unum Group: Chief apart debt shelf at (P)Baa2; subordinated debt shelf at (P)Baa3; adopted shelf at (P)Ba1;
Unum Accumulation Costs Trust I/II: Adopted banal at (P)Baa3.
Unum Accumulation is headquartered in Chattanooga, Tennessee. At June 30, 2012, Unum had absolute assets of about $61 billion and absolute shareholders’ disinterestedness of about $8 billion.
The arch alignment acclimated in this appraisement was Moody’s Global Appraisement Alignment for Activity Insurers appear in May 2010. Amuse see the Acclaim Policy folio on www.moodys.com for a archetype of this methodology.
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Unum Insurance Company Phone Number
: – Unum Insurance Company Phone Number
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