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It is not possible via the UI. There is a open question about that:
There is a workaround but it's only for jira server here the link :
Hope this helps.
@sivakumar You can now rename groups from the new admin.atlassian.com experience. More details are here: https://community.atlassian.com/t5/Atlassian-Access-articles/Org-admins-can-now-rename-groups-in-cloud/ba-p/2276321