New York, August 17 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service upgrade the credit ratings of Unum Group (NYSE: UNM) from Baa3 to Baa2 and the insurance financial strength (IFS) ratings of UNM’s US life insurance subsidiaries from A3 to A2. The outlook on the ratings has been stable.
In a research note published yesterday, the analysts mention that UNM’s ratings indicates the company’s leading market share in the group long term and individual disability markets and the company’s established position in the voluntary benefits market.
The ratings also benefit from the company’s access to a huge claims data base, focus on claims management and return work programs and its solid position in the group life market.
The company has a good quality and liquid investment portfolio, minimal exposure to structured securities, including non-agency RMBS securities as well as below average investment concentration in commercial mortgages.
Despite the improvement in business diversification, a sizeable amount of UNM’s product risk profile and earnings have been still associated with the disability business in both US and UK. Moody’s views the disability product risk profile as one of the higher in the life insurance industry as this is a long tailed business and claims development can be influenced in unexpected ways by a variety of economic and societal factors, the analysts say.
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