Unum Group (UNM) Accused of Making False Statements About Its Long-Term Care Reserves

According to the class action complaint, throughout the class period, Unum Group (UNM) failed to disclose that the company was experiencing a higher claims incidence and less favorable policy terminations in connection with its long-term care business.  Unum revealed the extent of its troubles on May 1, 2018, when the company reported that its first quarter 2018 loss ratio for its long-term care business was a disappointing 96.6%, compared to only 88.6% for the first quarter of 2017.  During a conference call on May 2, 2018, Unum officials elaborated on the substandard results, stating that new claim incidence ran much higher than expected and that the higher loss ratio was negatively impacted by a lower level of policy terminations.  On this news, Unum's stock fell nearly 17% to close at $39.78 per share on May 2, 2018.

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