# Unum Group

Unum Group is an Insurance based in Chattanooga, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Chattanooga, United States
- **Region:** North America
- **Address:** 1 Fountain Square, Chattanooga, TN 37402, United States
- **Founded:** 1848
- **Assets under management:** $40.0B – $50.0B (Altss estimate)
- **Website:** unum.com

## Regulatory record

- **Reports private funds:** No

## About

Unum Group, founded in 1856, provides comprehensive employee benefits solutions through the workplace. These solutions help employers build their business and employees protect their families, finances, and futures. The company focuses on employee benefits, insurance products, leave and care solutions, and HR technology integrations.

## Sectors

- Private Credit
- Real Estate
- Infrastructure
- Hedge Funds

## Offices

- Portland, ME, United States
- Columbia, SC, United States
- Atlanta, GA, United States
- Dorking, Surrey, United Kingdom

## People

- Richard P. McKenney — President and Chief Executive Officer
- Steven A. Zabel — Executive Vice President and Chief Financial Officer
- Martha Davies Leiper — Executive Vice President and Chief Investment Officer
- Lisa G. Iglesias — Executive Vice President and General Counsel

## Questions

### Who runs investment decisions at Unum Group?

Martha Davies Leiper has served as Executive Vice President and Chief Investment Officer since 2018. She oversees the general account investment portfolio, which exceeds $40 billion and supports the company's group disability, life, and supplemental health reserves. Leiper reports directly to CEO Richard P. McKenney and manages a team responsible for asset-liability matching, credit research, and commercial mortgage origination.

### How is Unum's investment portfolio structured given its insurance liabilities?

The portfolio is managed on a liability-driven basis, with asset allocations designed to match the duration and cash-flow profile of Unum's long-tail disability and life insurance claims. Investment-grade corporate bonds represent the largest allocation, followed by commercial mortgage loans, private placements, and structured securities. The firm benchmarks against liability cash flows rather than market indices, reflecting a statutory accounting framework where carrying value and book yield take priority over mark-to-market returns.

### Does Unum allocate to alternative assets, and if so, in what form?

Yes, though alternatives represent a smaller portion of the general account relative to fixed income. Unum participates in private credit, middle-market direct lending, real estate equity, and limited partnership interests in select alternative funds. The commercial mortgage loan portfolio — a significant allocation — is originated directly by the firm's internal real estate team, targeting stabilized, income-producing industrial and multifamily properties.

### How does Unum Group's status as a regulated insurer affect its investment posture?

As a state-regulated insurer governed by NAIC risk-based capital rules and rating agency surveillance, Unum must maintain specific capital ratios and asset quality thresholds. This regulatory framework creates a buy-and-maintain orientation: the firm acts as a steady, price-insensitive provider of private placement and commercial mortgage capital, prioritizing durable income and credit quality over total-return volatility.

### Does Unum Group co-invest alongside external asset managers?

Public filings indicate Unum participates in limited partnerships and private placement transactions alongside other institutional investors, though explicit co-investment programs — where the firm invests in individual deals alongside a GP outside of a fund structure — are not prominently disclosed. The direct commercial mortgage origination program functions as the firm's primary vehicle for deal-level investment discretion.

## Related profiles

- [UNLV Foundation](https://altss.com/profile/unlv-foundation)
- [Unum Provident Corporation Pension Plan](https://altss.com/profile/unum-provident-corporation-pension-plan)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/unum-group-unm

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