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. 21, 2016. This new authorization
replaces the previous authorization of $750 million that was scheduled
to expire on June 12, 2015.
“Our capital position remains strong, giving us the flexibility to both
support the needs of our business while also returning capital to
shareholders,” said Richard P. McKenney, president. “This new
authorization for share repurchases reflects the board’s confidence in
our business plan and our ability to continue to generate capital.”
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 and Unum UK. 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 2014, and provided
$6.7 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 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 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) 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) the failure of cyber or other information security
systems, as well as the occurrence of events unanticipated in our
disaster recovery systems; (7) increased competition from other insurers
and financial services companies due to industry consolidation, new
entrants to our markets, or other factors; (8) changes in our financial
strength and credit ratings; (9) damage to our reputation due to, among
other factors, regulatory investigations, legal proceedings, external
events, and/or inadequate or failed internal controls and procedures;
(10) actual experience that deviates from our assumptions used in
pricing, underwriting, and reserving; (11) actual persistency and/or
sales growth that is higher or lower than projected; (12) 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; (13)
effectiveness of our risk management program; (14) contingencies and the
level and results of litigation; (15) availability of reinsurance in the
market and the ability of our reinsurers to meet their obligations to
us; (16) 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; (17) changes in accounting standards, practices, or
policies; (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 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, 2014 and, to the extent applicable, Part II,
Item 1A of 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.
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