7th April 2004
Leading income protection provider, UnumProvident, has scored an 'A-' rating ('Strong') from Standard and Poor's Ratings Services, based on 'its good competitive position, its strong management team, and strong investment strategy and risk controls'.
In achieving the same rating as the US insurance subsidiaries within the UnumProvident Group, the UK company was deemed to have a good competitive position in the UK risk benefits market and is considered to be strategically important to its parent.
Standard and Poor's Credit Analyst, Paul Bradley said:
Standard and Poor's expects the company to maintain its number one market position in group income protection, and a top-three position in the group life market.
Jonathan Plumtree, Finance Director for UnumProvident, said:
We are delighted to have been assigned a 'Strong' rating which I believe appropriately reflects our financial strength, operational disciplines and clear strategic position. We obtained an independent assessment from Standard and Poors as part of our commitment to our customers, who need to be sure they are dealing with a strong insurer, as well as one dedicated to customer service.
ENDS