UNUM
I am very pleased with the results that we delivered in 2009 in what remained a challenging business and economic environment. The foundational principles that we laid out more than six years ago, as we began our own restructuring efforts, have served us well and also provide a roadmap for continued success in the future.
We had four overarching goals for the year—goals that haven't changed significantly over the last few years: consistently execute on our operating plans; remain focused on disciplined, profitable growth; work diligently to better leverage our leadership positions; and continue to invest in our business and our people. I'm pleased to say that we made solid progress on each of these goals in 2009, and, as a result, our market leadership remains intact, our financial position remains strong, and our company continues to be held in high regard by key stakeholders.
Our plan has been, and remains, a back-to-basics approach to business. First and foremost, we intensified our focus on our customers in everything we did, which also forced us to better define the businesses to which we could add the most value. Those in which we couldn't perform as well or add value, we either repositioned or exited.
We also took steps to better position our operations to be responsive and responsible in our chosen markets, which included instilling greater discipline in the pricing and underwriting of our business. This has significantly reduced the risk in our business plan. We have also worked to build a "fortress balance sheet" with a well-positioned investment portfolio and a flexible capital position that supports the business and creates shareholder value, not dilutes it.
Last, and perhaps most importantly, we wanted to be sure that through our values, culture, and business practices, we are known as a company that does the right thing. This is always important, but never more so than in an environment like today's, where consumers, regulators and often shareholders have lost confidence in business.
This back-to-basics approach has served us very well, and I'm sure as others rebuild their businesses in response to the economic and financial crisis, they may find that elements of our simple plan have application to them also.
The improvements we've made haven't come easily, and they would not have been possible without the hard work and support of our 10,000 dedicated employees. I am extremely thankful for what they have done—and continue to do—to position us for a bright future.