Unum Group Offloads $3.8 Billion in Long-Term Care Policies

The transaction encompasses approximately 50,000 individual policies, representing $3.8 billion in statutory reserves and $4.5 billion in best estimate reserves. Once the deal closes, Unum Life Insurance Company of America will hold roughly $11 billion in remaining statutory reserves, with group coverage accounting for about 70% of that total.

Chief Executive Richard McKenney framed the agreement as a logical extension of the company’s closed block strategy. By offloading these policies, the firm aims to diminish the risk profile of its older business lines. This latest move builds on a series of similar reinsurance transactions executed over the past several years, signaling a continued commitment to reducing the company's long-term exposure to this specific insurance sector.