Leadership Change at Colonial Life#
Unum Group, a major player in the insurance industry, has announced that Steve Jones will take over as president of Colonial Life starting June 8. He will succeed Tim Arnold, who is set to retire in July after a long tenure of 41 years with the company, including 11 years leading Colonial Life.
Steve Jones' Background#
Steve Jones joined Colonial Life in 2023 as the senior vice president of field and market development. He brings over 20 years of experience in the insurance sector, having previously held significant roles such as president of Cigna Supplemental Benefits and chief operating and chief financial officer at Aetna’s senior supplemental insurance division. In his new position, Jones will oversee Colonial Life’s business performance and long-term strategy, reporting directly to Unum Group's CEO, Rick McKenney.
Colonial Life’s Role in Unum Group#
Colonial Life is a key component of Unum Group’s growth strategy. McKenney expressed confidence in Jones's ability to lead the business forward, highlighting the importance of Colonial Life in the company's overall success. The subsidiary provides various workplace benefits, including disability, life, and accident insurance, serving around 95,000 businesses and 4 million workers. In 2025, Colonial Life paid over $730 million in benefits to its policyholders.
Unum Group's Financial Performance#
Unum Group has shown strong financial performance, reporting revenues of $13.1 billion in 2025 and paying $8.3 billion in benefits. The company has a market capitalization of $13 billion and has consistently raised its dividend for 17 consecutive years. Recently, Unum Group reported first-quarter 2026 earnings that exceeded analysts' expectations, with an earnings per share (EPS) of $2.14, surpassing the forecast of $2.05. Revenue also outperformed predictions, reaching $3.36 billion compared to an anticipated $2.98 billion, indicating a positive outlook for the company.