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Bulletin: Unum Group Ratings Unaffected By Nonoperating Charges Feb 12
Standard & Poors, Feb 2012
Abstract
NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services said today that its ratings on Unum Group (BBB-/Positive/--) are unaffected by the recent announcement of approximately $1.0 billion of pretax nonoperating charges that the company took for the fourth quarter of 2011, most of which were related to its decision to exit the group long-term care insurance business (about $863 million) as well as reserve strengthening on its claim reserves supporting its individual disability insurance closed block business (about $184 million). Unum's 2011 pretax operating income (which excludes nonoperating charges and realized gains and losses) of $1.3 billion was consistent with our expectations. In addition, the nonoperating charges had minimal impact on the company's risk-adjusted capitalization as...
Companies mentioned in this report are: Unum Group
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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