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 Nov. 25, 2018. This new authorization
replaces the previous authorization of $750 million that was scheduled
to expire on Nov. 26, 2017.
“This action reflects the board’s confidence in the consistent execution
of our strategy, as well as in our ability to generate capital,” said
Richard P. McKenney, president and chief executive officer. “With our
strong capital position, we can continue to invest in our businesses
while also deploying capital to further bolster shareholder value.”
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 GROUP
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Its primary businesses are Unum US,
Colonial Life, Starmount and Unum UK. Unum’s portfolio includes
disability, life, accident and critical illness, dental and vision
coverage, which help protect millions of working people and their
families in the event of an illness or injury. Unum also provides
stop-loss coverage to help self-insured employers protect against
unanticipated medical costs. The company reported revenues of $11
billion in 2016, and provided $6.9 billion in benefits.
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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 our outlook, future
operations, strategies, financial results, or other developments and
speak only as of the date made. These forward-looking statements,
including statements about continued investment in our businesses and
return of 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) sustained periods of low interest rates;
(2) fluctuation in insurance reserve liabilities and claim payments due
to changes in claim incidence, recovery rates, mortality and morbidity
rates, and policy benefit 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 our claims operational processes, and
changes in government programs; (3) unfavorable economic or business
conditions, both domestic and foreign; (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) a cyber attack or other
security breach could result in the unauthorized acquisition of
confidential data; (7) the failure of our business recovery and incident
management processes to resume our business operations in the event of a
natural catastrophe, cyber attack, or other event; (8) increased
competition from other insurers and financial services companies due to
industry consolidation, new entrants to our markets, or other factors;
(9) execution risk related to our technology needs; (10) changes in our
financial strength and credit ratings; (11) damage to our reputation due
to, among other factors, regulatory investigations, legal proceedings,
external events, and/or inadequate or failed internal controls and
procedures; (12) actual experience that deviates from our assumptions
used in pricing, underwriting, and reserving; (13) actual persistency
and/or sales growth that is higher or lower than projected; (14) 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;
(15) effectiveness of our risk management program; (16) contingencies
and the level and results of litigation; (17) availability of
reinsurance in the market and the ability of our reinsurers to meet
their obligations to us; (18) 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; (19) changes in accounting standards,
practices, or policies; (20) fluctuation in foreign currency exchange
rates; (21) ability to generate sufficient internal liquidity and/or
obtain external financing; (22) recoverability and/or realization of the
carrying value of our intangible assets, long-lived assets, and deferred
tax assets; and (23) terrorism, both within the U.S. and abroad, ongoing
military actions, and heightened security measures in response to these
types of threats.
For further discussion of risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking
statements, see Part 1, Item 1A “Risk Factors” of our annual report on
Form 10-K for the year ended December 31, 2016, and, to the extent
applicable, our subsequent quarterly reports on 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170525005575/en/
Unum Group
Investors:
Tom White, 423-294-8996
Matt
Barnett, 423-294-7498
or
Media:
Jim Sabourin,
423-294-6300, 886-750-8686
Source: Unum Group