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. 24, 2019. This new authorization
replaces the previous authorization of $750 million that was scheduled
to expire on Nov. 25, 2018.
“This authorization is representative of not only the board’s confidence
in the consistent execution of our strategy, but also in the ability of
our core businesses to generate capital,” said Richard P. McKenney,
president and chief executive officer. “Our strong capital position
allows us to continue to invest in our businesses as well as deploy
capital to 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
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 $11.3
billion in 2017, and provided $6.9 billion in benefits.
For more information, visit us at www.unum.com
or connect with us at www.facebook.com/unumbenefits,
twitter.com/unumnews
and www.linkedin.com/company/unum.
SAFE HARBOR STATEMENT
Certain information in this news 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 future capital generation and deployment, 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
governmental programs; (3) unfavorable economic or business conditions,
both domestic and foreign, that may result in decreases in sales,
premiums, or persistency, as well as unfavorable claims activity; (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) execution risk related to our technology needs; (9) increased
competition from other insurers and financial services companies due to
industry consolidation, new entrants to our markets, or other factors;
(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 in the
broad array of our products that deviates from our assumptions used in
pricing, underwriting, and reserving; (13) changes in accounting
standards, practices, or policies; (14) effectiveness of our risk
management program; (15) contingencies and the level and results of
litigation; (16) availability of reinsurance in the market and the
ability of our reinsurers to meet their obligations to us; (17)
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; (18)
fluctuation in foreign currency exchange rates; (19) ability to generate
sufficient internal liquidity and/or obtain external financing; (20)
recoverability and/or realization of the carrying value of our
intangible assets, long-lived assets, and deferred tax assets; and (21)
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, 2017. The forward-looking
statements in this news release are being made as of the date of this
news 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: https://www.businesswire.com/news/home/20180524005714/en/
Unum Group
Investors:
Tom White, 423-294-8996
or
Media:
Jim
Sabourin, 423-294-6300
Source: Unum Group