Unum Addresses Improving Environment and Growth Trajectory at Annual Meeting
Board Authorizes 10 Percent Dividend Increase
Company Expects to Continue Share Repurchases throughout 2022
CHATTANOOGA, Tenn., May 26, 2022 /PRNewswire/ -- At its annual shareholder's meeting today, Unum Group (NYSE:UNM) President and CEO Rick McKenney expressed confidence in Unum's future given an improving business environment.
As announced earlier this morning, Unum's board of directors authorized an increase of 10 percent in the quarterly dividend paid on its common stock. The new rate of 33.0 cents per common share, or $1.32 per share on an annual basis, will be effective with the dividend expected to be paid in the third quarter of 2022.
"Our disciplined execution in 2021 delivered ongoing profitability in a difficult environment that allowed us to aggressively invest in growing our business and return greater value to shareholders," McKenney said. "We saw that performance accelerate in the first quarter, as strong sales results and continued premium growth provide a good foundation for a successful 2022."
In 2021, Unum paid $8.2 billion in benefits across a broad range of financial protection products while investing in capabilities to enhance the employee experience and solutions to help employers navigate the complex leave and benefits administration environment.
"Our corporate purpose of helping the working world thrive throughout life's moments has never been more relevant, and our team of more than 10,000 employees in the U.S. and Europe are committed every day to making a difference in the lives of those who count on us," said McKenney.
Based on preliminary voting results, Unum shareholders elected 12 directors for terms expiring in 2023: Theodore Bunting, Jr., Susan Cross, Susan DeVore, Joseph Echevarria, Cynthia Egan, Kevin Kabat, Timothy Keaney, Gale King, Gloria Larson, Rick McKenney, Ronald O'Hanley and Francis Shammo; approved, on an advisory basis, the compensation of Unum's named executive officers; ratified the appointment of the company's auditors; and approved the Unum Group 2022 Stock Incentive Plan. Unum expects to publish the final voting results in a Form 8-K filing with the SEC within the next four business days.
Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Unum Group and its subsidiaries. Unum Group's actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in Part 1, Item 1A (Risk Factors) of Unum Group's Annual Report on Form 10-K for the year ended December 31, 2021. The forward-looking statements in this release speak only as of the date of this release, and Unum Group does not undertake to update any particular forward-looking statement included in this release.
Unum (NYSE: UNM), an international provider of workplace benefits and services, has been helping workers and their families for more than 170 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2021, Unum reported revenues of $12.0 billion and paid $8.2 billion in benefits. The Fortune 500 company is one of the 2022 World's Most Ethical Companies, recognized by Ethisphere®.
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SOURCE Unum Group