Unum 2013 Annual Report Download - page 80
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Management’s Discussion and Analysis of
Financial Condition and Results of Operations
78 / UNUM 2013 ANNUAL REPORT
Cash used to repurchase shares of Unum Group’s common stock during 2013, 2012, and 2011 was $317.2 million, $496.7 million,
and $619.9 million, respectively. During 2013, 2012, and 2011, we paid dividends of $146.5 million, $133.8 million, and $121.0 million,
respectively, to holders of Unum Group’s common stock.
See “Debt” and Notes 8 and 10 of the “Notes to Consolidated Financial Statements” contained herein for further information on our
financing cash flows.
Ratings
AM Best, Fitch, Moody’s, and S&P are among the third parties that assign issuer credit ratings to Unum Group and financial strength
ratings to our insurance subsidiaries. We compete based in part on the financial strength ratings provided by rating agencies. A downgrade
of our financial strength ratings can be expected to adversely affect us and could potentially, among other things, adversely affect our
relationships with distributors of our products and services and retention of our sales force, negatively impact persistency and new sales,
particularly large case group sales and individual sales, and generally adversely affect our ability to compete. A downgrade in the issuer
credit rating assigned to Unum Group can be expected to adversely affect our cost of capital or our ability to raise additional capital.
The table below reflects the issuer credit ratings for Unum Group and the financial strength ratings for each of our traditional insurance
subsidiaries as of the date of this filing.
AM Best Fitch Moody’s S&P
Issuer Credit Ratings bbb (Good) BBB (Good) Baa2 (Adequate) BBB (Adequate)
Financial Strength Ratings
Provident Life and Accident A (Excellent) A (Strong) A2 (Good) A (Strong)
Provident Life and Casualty A (Excellent) A (Strong) Not Rated Not Rated
Unum Life of America A (Excellent) A (Strong) A2 (Good) A (Strong)
First Unum Life A (Excellent) A (Strong) A2 (Good) A (Strong)
Colonial Life & Accident A (Excellent) A (Strong) A2 (Good) A (Strong)
Paul Revere Life A (Excellent) A (Strong) A2 (Good) A (Strong)
Paul Revere Variable B++ (Good) A (Strong) A2 (Good) Not Rated
Unum Limited Not Rated Not Rated Not Rated A- (Strong)
We maintain an ongoing dialogue with the four rating agencies that evaluate us in order to inform them of progress we are making
regarding our strategic objectives and financial plans as well as other pertinent issues. A significant component of our communications
involves our annual review meeting with each of the four agencies. We hold other meetings throughout the year regarding our business,
including, but not limited to, quarterly updates.