"The purchase of Pramerica capitalizes on an opportunity to expand our footprint into Poland, an attractive market for the benefits we provide," said Unum President and CEO Rick McKenney. "It also allows us to broaden the reach of Unum's products and services and grow the number of people whose financial stability we protect."
Unum is a leading provider of financial protection products and services in the United States and United Kingdom, and the global leader in disability income protection insurance. Pramerica is a growing life insurance company with a strong network of dedicated, full-time agents and brokers. The two companies are aligned in strategy, culture, and values.
Pramerica will remain a standalone business reporting to Peter O'Donnell, executive vice president of Unum Group and CEO of Unum UK, who will become the chair of Pramerica's supervisory board.
"We are excited to welcome Pramerica to the Unum family and support them as they build on their current momentum in the Polish market," O'Donnell said. "Pramerica will continue to offer its existing individual and group products, and we'll leverage Pramerica's strong network of agents and brokers with Unum's knowledge and expertise to further expand its financial protection offering."
Unum plans to accelerate Pramerica's current strategy, including investment in the individual and group business segments, and explore opportunities to introduce new digital capabilities and financial protection products.
"We look forward to marrying Unum's heritage and expertise with our reputation for quality products and customer service," said Aneta Podyma-Milczarek, president of Pramerica. "Together, we'll provide meaningful protection and innovative solutions for individuals and businesses in Poland."
Pramerica will be marketed under the Unum name later in the year, following the change of the company's legal name.
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Pramerica Zycie TUiR SA is a group and individual risk protection provider based in Poland. The scope of coverage in life insurance products the company offers in Poland is among the most extensive on the market. Pramerica has been awarded the title of Ethical Company (2016), Customer Friendly Company (2017) and Friendly Insurance Company (2017). In 1H2018, Pramerica ranked 18th on the Polish life insurance market, with a 1.14% market share and GWP of EUR 29.1 million. In 2017, the company wrote gross premiums worth EUR 62.7 million and indemnities of EUR 18.2 million.
Unum Group is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, and Unum UK. Unum's portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of USD 11.3 billion in 2017 and provided nearly USD 7 billion in benefits.