Unum cedes $3.8B long-term care block to Fortitude Re, reducing total LTC exposure by 26%

Filed July 6, 2026 · Period ending July 2, 2026 · ~2 min read

Key Changes

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  Unum transfers $3.8B in statutory reserves (52% of individual LTC, 26% of total LTC) to Fortitude Re for $5.7B in assets, representing a $1.9B premium to offload legacy risk. Combined with 2025 transaction, cumulative LTC reserve reduction reaches 40%.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Transaction priced at 12% above best estimate reserves ($4.5B), with $620M in economic benefits from capital release ($130M) and tax benefits ($490M) partially offsetting the net cost of $540M.

  Exhibit 99.2 verify on EDGAR →
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  Remaining LTC block now 70% group policies with materially lower risk sensitivities: 28%-42% reductions in exposure to rate increases, lapses, claim incidence, and interest rate movements.

  Exhibit 99.2 verify on EDGAR →