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Fitch affirms ratings of Unum Group, units

Fitch Ratings affirmed the long-term issuer default rating of Unum Group at BBB+.

Fitch also affirmed the insurer financial strength ratings for all of the company's domestic operating subsidiaries at A. The subsidiaries include Unum Life Insurance Co. of America, Provident Life & Accident Insurance Co., Provident Life & Casualty Insurance Co., Paul Revere Life Insurance Co., Unum Insurance Co., First Unum Life Insurance Co. and Colonial Life & Accident Insurance Co.

The outlook is stable.

The affirmation of Unum Group's ratings reflects the company's continued strong, stable operating performance in its core businesses, moderate investment risk, solid capital and liquidity at both the insurance subsidiary and holding company levels, as well as the company's leadership position in the U.S. employee benefits market.

The company's ratings also reflect the impact of the ongoing low-interest-rate environment on the company's businesses, including legacy long-term care, competitive challenges in the company's core U.S. disability business, and continued modest improvement in the operating performance of its U.K. business.

The stable outlook reflects Fitch's belief that while Unum Group's premium growth and operating margins continue to be challenged by the uncertain economic environment and competitive market conditions, the company's overall profitability has been strong and stable, and will continue to support the current rating for the foreseeable future.