CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum Group (NYSE: UNM) announced today that its Board of Directors has
authorized the repurchase of up to $750 million of the Company’s
outstanding common stock through Jan. 31, 2014. This new authorization
replaces the previous authorization of $1 billion that was scheduled to
expire on Aug. 2, 2012.
“This action by our board to renew our authorization provides us with
the flexibility to execute our capital management plans through next
year. In addition to funding growth initiatives, returning capital to
shareholders through dividends and share repurchases continues to be a
key element of our outlook,” said Richard P. McKenney, executive vice
president and chief financial officer.
The timing and amount of any share repurchases under the new
authorization, which may be made in the open market or in privately
negotiated transactions, including accelerated share repurchase
transactions, will be determined by management based on market
conditions and other considerations. The program may be modified,
extended, or terminated by the board at any time.
ABOUT UNUM GROUP
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services and the largest provider of disability insurance products in
the United States and the United Kingdom.
SAFE HARBOR STATEMENT
Certain information in this press release constitutes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those not based on
historical information, but rather relate to future operations,
strategies, financial results, or other developments and speak only as
of the date made. These forward-looking statements, including statements
about the Company’s plans and ability to return capital to shareholders
through dividends and share repurchases, are subject to numerous
assumptions, risks, and uncertainties, many of which are beyond our
control. The following factors, in addition to other factors mentioned
from time to time, may cause actual results to differ materially from
those contemplated by the forward-looking statements: (1) unfavorable
economic or business conditions, both domestic and foreign; (2)
legislative, regulatory, or tax changes, both domestic and foreign,
including the effect of potential legislation and increased regulation
in the current political environment; (3) sustained periods of low
interest rates; (4) changes in claim incidence, recovery rates,
mortality rates, and offsets due to, among other factors, the rate of
unemployment and consumer confidence, the emergence of new diseases,
epidemics, or pandemics, new trends and developments in medical
treatments, the effectiveness of claims management operations, and
changes in government programs; (5) fluctuation in insurance reserve
liabilities; (6) investment results, including, but not limited to,
realized investment losses resulting from defaults, contractual terms of
derivative contracts, and impairments that differ from our assumptions
and historical experience; (7) the lack of appropriate investments in
the market which can be acquired to match our liability cash flows and
duration; (8) changes in interest rates, credit spreads, and securities
prices; (9) increased competition from other insurers and financial
services companies due to industry consolidation or other factors; (10)
changes in demand for our products due to, among other factors, changes
in societal attitudes, the rate of unemployment, and consumer
confidence; (11) changes in accounting standards, practices, or
policies; (12) changes in our financial strength and credit ratings;
(13) rating agency actions, state insurance department market conduct
examinations and other inquiries, other governmental investigations and
actions, and negative media attention; (14) effectiveness in managing
our operating risks and the implementation of operational improvements
and strategic growth initiatives; (15) actual experience that deviates
from our assumptions used in pricing, underwriting, and reserving; (16)
actual persistency and/or sales growth that is higher or lower than
projected; (17) effectiveness of our risk management program; (18) the
level and results of litigation; (19) currency exchange rates; (20)
ability of our subsidiaries to pay dividends as a result of regulatory
restrictions or changes in reserving or capital requirements; (21)
ability and willingness of reinsurers to meet their obligations; (22)
changes in assumptions related to intangible assets such as deferred
acquisition costs, value of business acquired, and goodwill; (23)
ability to recover our systems and information in the event of a
disaster or unanticipated event and to protect our systems and
information from unauthorized access and deliberate attacks; and (24)
events or consequences relating to political instability, terrorism, or
acts of war, both domestic and foreign.
For further discussion about risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking
statements, see Part I, Item 1A of our annual report on Form 10-K for
the year ended December 31, 2011 and our subsequently filed Form 10-Q.
The forward-looking statements in this press release are being made as
of the date of this press release, and the Company expressly disclaims
any obligation to update or revise any forward-looking statement
contained herein, even if made available on our website or otherwise.
Unum Group
Investors:
Tom White, 423-294-8996
or
Rob
Lockerman, 423-294-7498
or
Media:
Jim Sabourin,
423-294-6300 or 866-750-8686
Source: Unum Group