** Shares of insurer Unum Group UNM.N jump 6% to $81.95
** UNM announces $3.4 billion reinsurance deal with Fortitude Re, as the firm looks to reduce its exposure to the long-term care $(LTC)$ business
** LTC insurance is considered a high-risk business, as it involves coverage for people with chronic or disabling condition needing constant care
** Transaction, expected to close in 2025, could drive in $100 million capital benefit to UNM
** Transaction would shift UNM's focus towards company's more capital efficient, higher-returning core businesses - CEO Richard McKenney
** While the deal is negative for earnings due to lost income from the individual disability business, it should be more than offset by an uptick in the firm's valuation - J.P.Morgan analyst Jimmy Bhullar
** As of last close, UNM stock up 5.8% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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