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Unum Group
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.
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