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 June 12, 2015. This new authorization
replaces the previous authorization of $750 million that was scheduled
to expire on Jan. 31, 2014.
“This action by our Board of Directors reflects the confidence we have
in our business plan, including our ability to continue to generate
capital,” said Thomas R. Watjen, president and chief executive officer.
“As has been the case in the past, we will seek to deploy that capital
in the best way possible for our shareholders, and share repurchases
will remain an important part of our capital management strategy.”
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 can be modified,
extended, or terminated by the board at any time.
ABOUT UNUM
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Unum’s portfolio includes disability,
life, accident and critical illness coverage, which help protect
millions of working people and their families in the event of an illness
or injury. The company reported revenues of $10.5 billion in 2012, and
its subsidiaries – Unum US, Colonial Life and Unum UK – provided $6.3
billion in benefits last year.
For more information visit us at www.unum.com
or connect with us at www.facebook.com/unumbenefits,
www.twitter.com/unumnews
and www.linkedin.com/company/unum
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 outlook, future operations,
strategies, financial results, or other developments and speak only as
of the date made. These forward-looking statements, including statements
about our ability to generate capital, 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)
sustained periods of low interest rates; (3) fluctuation in insurance
reserve liabilities and claim payments due to 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; (4)
legislative, regulatory, or tax changes, both domestic and foreign,
including the effect of potential legislation and increased regulation
in the current political environment; (5) investment results, including
but not limited to, changes in interest rates, defaults, changes in
credit spreads, impairments and the lack of appropriate investments in
the market which can be acquired to match our liabilities; (6) effects
of business disruption or economic contraction due to disasters such as
terrorist attacks, cyber attacks, other hostilities, or natural
catastrophes, including any related impact on the value of our
investment portfolio, our disaster recovery systems, cyber or other
information security systems, and business continuity planning; (7)
ineffectiveness of our derivatives hedging programs due to changes in
the economic environment, counterparty risk, ratings downgrades, capital
market volatility, changes in interest rates, and/or regulation; (8)
increased competition from other insurers and financial services
companies due to industry consolidation or other factors; (9) changes in
our financial strength and credit ratings; (10) damage to our reputation
due to, among other factors, regulatory investigations, legal
proceedings, external events, and/or inadequate or failed internal
controls and procedures; (11) actual experience that deviates from our
assumptions used in pricing, underwriting, and reserving; (12) actual
persistency and/or sales growth that is higher or lower than projected;
(13) changes in demand for our products due to, among other factors,
changes in societal attitudes, the rate of unemployment, consumer
confidence, and/or legislative and regulatory changes, including
healthcare reform; (14) effectiveness of our risk management program;
(15) the level and results of litigation; (16) changes in accounting
standards, practices, or policies; (17) fluctuation in foreign currency
exchange rates; (18) ability to generate sufficient internal liquidity
and/or obtain external financing; (19) availability of reinsurance in
the market and the ability of our reinsurers to meet their obligations
to us; and (20) recoverability and/or realization of the carrying value
of our intangible assets, long-lived assets, and deferred tax assets.
For further information 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 Dec. 31, 2012 and any subsequently filed Forms 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.
Investors
Tom White, 423-294-8996
Rob Lockerman, 423-294-7498
or
Media
Jim
Sabourin, 423-294-6300
866-759-8686
Source: Unum Group