Unum Group has finished its purchase of Pramerica Życie TUiR SA, a life insurer in Poland. The transaction will support Unum’s long-term growth strategy of protecting more people.
„The purchase of Pramerica capitalizes on an opportunity to expand our footprint into Poland, an attractive market for the benefits we provide. 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”, said Unum President and CEO Rick McKenney.
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.
After the transaction 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. 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”, O’Donnell said.
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. Together, we’ll provide meaningful protection and innovative solutions for individuals and businesses in Poland”, said Aneta Podyma-Milczarek, president of Pramerica.
Pramerica will be marketed under the Unum name later in the year, following the change of the company’s legal name.
