CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
UnumProvident Corporation (NYSE:UNM), one of the leading employee
benefits providers in the United States and the United Kingdom, today
said it intends to change its name to Unum Group as part of a larger
branding initiative the company is undertaking. The new name follows
several years of operational and financial restructuring and signals a
transition to a period of building and growing the company's business.
"Given the progress we have made both operationally and
financially in recent years, UnumProvident has essentially become a
new company," said Thomas R. Watjen, president and CEO. "We are
stronger today than we've ever been, and we believe we are well
positioned to withstand the challenges and capitalize on the many
opportunities that lie ahead. The time is right for us to signal this
change, but to do so in a way that does not lose sight of the
tremendous name and brand equity we've built in the marketplace over
many years. Going forward we will be known as Unum."
The change to Unum Group will be effective pending necessary
approvals. In the meantime, the company will begin using the name Unum
in the marketplace. Unum's three primary business units will be known
as Unum US, Unum UK and Colonial. The names of the company's insurance
entities used to market and sell its products, including Unum Life
Insurance Company of America, Provident Life and Accident Insurance
Company, The Paul Revere Life Insurance Company, and Colonial Life &
Accident Insurance Company will not change.
"We have a rich history in the many names that have formed our
company - including Provident, Colonial, Paul Revere, Unum and Unum
Limited - each of which has a proud heritage and holds significant
value to certain stakeholders," added Watjen. "The name Unum will
allow us to bring greater focus to our emerging brand and reinforce
our commitment to being a leader in the group benefits industry."
Unum (www.unum.com), formerly UnumProvident, is the largest
provider of group and individual income protection insurance, and one
of the leading providers of employee benefits products and services in
the United States and the United Kingdom. Through its subsidiaries,
Unum insures more than 21 million people and provided $6 billion in
total benefits to customers in 2006.
Source: Unum Group