UNUM
This remains an unforgiving environment particularly for financial services companies. Many will not only struggle to regain their financial foothold, they will continue to battle to restore trust and confidence on the part of many of their stakeholders. Unfortunately, often there isn't a simple or immediate fix, and confidence is restored gradually over time through performance—performance achieved by getting back to the basics, focusing on customers, and developing a sustainable business plan-something that has served us well since 2003.
Because of these actions, we enter 2010 with a strong connection to our markets and sound business plans, as well as a continued focus on consistent, disciplined execution of these plans, a solid financial foundation and significant financial flexibility. We intend to stay with what has served us well throughout this challenging environment, including staying close to our customers and capitalizing on opportunities as they emerge. While there are some clear signs of an economic recovery, unemployment in both the U.S. and the U.K. remains high—which will certainly impact our ability to grow—yet I have never been more confident in our future.
We have delivered strong performance in some of the most uncertain times any of us have ever experienced, which gives me great confidence in our ability to capitalize on our position in the marketplace. To do so, though, we will need to continue to focus on the basics, a strategy that has served our customers, employees, and shareholders well, and includes:
- A commitment to maintaining a strategy focused on meeting the ever-changing needs of customers, regulators, and all of our stakeholders;
- A focus on discipline and risk management - something that has served us well and, when absent, has proven to be the downfall of many in this environment;
- Maintaining a "fortress" balance sheet able to support our business needs and a source of value to our shareholders; and
- Continuing to be a company noted for its commitment to do the right things - for customers, the communities in which we operate, our employees, and all those who put their faith in our company.
I want to close by thanking all of our employees for their continued dedication to delivering on our commitments to our stakeholders, to our board of directors for their wise counsel and support, and to our shareholders for continuing to show your support of the company. For our part, I'm confident that if we continue to execute on our business plans, we can build on the progress we've made over the last few years and continue to create long-term value for our stakeholders.
On behalf of all of us at Unum, I'd like to thank you for your continued support of our company.
Regards,
Thomas R. Watjen
President and Chief Executive Officer