Unum Shareholders Meet, Elect Directors

PORTLAND, Maine--(BUSINESS WIRE)--May 12, 1995--At UNUM Corporation's (NYSE:UNM) annual meeting held here today, shareholders elected four directors and ratified the appointment of Coopers & Lybrand L.L.P. as the corporation's independent auditors.

Shareholders elected the following directors to three-year terms: Senator George J. Mitchell, former United States Senate majority leader from Maine and special counsel at Verner, Liipfert, Bernhard, McPherson & Hand; Lawrence R. Pugh, chairman and chief executive officer of VF Corporation; Lois Dickson Rice, guest scholar at The Brookings Institution; and John W. Rowe, president and chief executive officer of New England Electric System.

James F. Orr III, UNUM's chairman and chief executive officer, told shareholders that although 1994 was the most challenging year UNUM has faced since demutualizing in 1986, the company continues to take significant steps to put its performance back on the growth track. These actions include product design changes, strengthened risk management programs, and appropriate pricing actions in UNUM's core disability lines.

"We will always seek to balance short-term decisions with our long-term vision of leadership in disability and special risk insurance," Orr said. "One thing that differentiates UNUM from the competition is 147 years of longevity and institutional knowledge."

UNUM Corporation is a publicly held disability and special risk insurance holding company based in Portland, Maine. UNUM's affiliates include UNUM Life Insurance Company of America, the nation's leading provider of disability insurance and a provider of employee benefits, long term care and retirement products; First UNUM Life Insurance Company (New York state only); Commercial Life Insurance Company, a leader in special risk and professional association insurance marketing; UNUM Limited, the United Kingdom's leader in group disability insurance; Duncanson & Holt, Inc., a leading accident and health reinsurance underwriting manager; Colonial Life & Accident Insurance Company, a leader in payroll-deducted, voluntary employee benefits offered to employees at their worksites; and UNUM Japan Accident Insurance Company Limited. UNUM and its affiliates have more than 7,000 employees and have offices in the U.S., Canada, the U.K. and the Pacific Rim. UNUM Corporation assets at the end of first quarter 1995 totalled $13.4 billion.

CONTACT: Unum Corp.

MEDIA -

TRACY C. SHERMAN

(207) 770-4356

or

ANALYSTS -

KENT W. MOHNKERN

(207) 770-4392

COPYRIGHT 1995 Business Wire
COPYRIGHT 2004 Gale Group