Unum Group's board of directors authorizes $750 million share repurchase
Business Wire 23-May-2019 9:25 AM
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. 23, 2020. This new authorization
replaces the previous authorization of $750 million that was scheduled
to expire on Nov. 24, 2019.
"This action is representative of the board's confidence in the
consistent execution of our strategy, as well as 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 return
value to our shareholders."
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 and the leading provider of disability
income protection in the world. Its primary businesses are Unum US,
Colonial Life, Unum UK, and Unum Poland. 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 $11.6
billion in 2018, and provided $7.2 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 anticipated growth in after-tax adjusted
operating income per share, 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) changes in or interpretations of laws and regulations, including tax
laws and regulations; (5) a cyber attack or other security breach could
result in the unauthorized acquisition of confidential data; (6) 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; (7) 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; (8) increased
competition from other insurers and financial services companies due to
industry consolidation, new entrants to our markets, or other factors;
(9) changes in our financial strength and credit ratings; (10) our
ability to execute on our technology system upgrades or replacements;
(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, 2018. The forward-looking
statements in this news release are being made as of the date of this
news release, and we expressly disclaim 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/20190523005421/en/
