Unum 2014 Annual Report Download - page 79
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UNUM • 2014 ANNUAL REPORT 77
We maintain an ongoing dialogue with the four rating agencies that evaluate us in order to inform them of progress we are making
regarding our strategic objectives and financial plans as well as other pertinent issues. A significant component of our communications
involves our annual review meeting with each of the four agencies. We hold other meetings throughout the year regarding our business,
including, but not limited to, quarterly updates.
On December 16, 2014, Fitch affirmed its A rating of our domestic insurance subsidiaries and affirmed the BBB issuer credit rating
for Unum Group following our 2015 Outlook Meeting held that day during which we discussed our expected long-term care reserve charge.
On December 19, 2014, AM Best also affirmed its A rating of our primary domestic insurance subsidiaries and affirmed the senior debt
rating of Unum Group at bbb. There have been no changes in any of the rating agencies’ outlook statements or ratings during 2014 or 2015
prior to the date of this filing.
Agency ratings are not directed toward the holders of our securities and are not recommendations to buy, sell, or hold our securities.
Each rating is subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be regarded as an
independent assessment, not conditional on any other rating. Given the dynamic nature of the ratings process, changes by these or other
rating agencies may or may not occur in the near-term. Based on our ongoing dialogue with the rating agencies concerning our insurance
risk profile, our financial flexibility, our operating performance, and the quality of our investment portfolio, we do not expect any negative
actions from any of the four rating agencies related to either Unum Group’s current issuer credit ratings or the financial strength ratings of
our insurance subsidiaries. However, in the event that we are unable to meet the rating agency specific guideline values to maintain our
current ratings, including but not limited to maintenance of our capital management metrics at the threshold values stated and maintenance
of our financial flexibility and operational consistency, we could be placed on a negative credit watch, with a potential for a downgrade to
both our issuer credit ratings and our financial strength ratings.
See “Ratings” contained in Item 1 and “Risk Factors” contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2014, for further discussion.