Artificial Intelligence 

Productivity accelerator. Innovation catalyst. Creative collaborator. Whatever your vision for AI, Unisys provides the solutions, expertise and tools to realize the full business potential of your organization.
Explore

Logistics Optimization

Keep cargo moving — despite disruptions. Discover how patent-pending AI models using real-time data can save time and boost revenue by improving capacity utilization, route planning and inventory management.
Explore

Consulting

The nature of work is changing. Let's evolve your business together. Future-proof your organization with consulting services from Unisys and advance as a digital-first entity.
Explore

Industries

Your industry sets you apart. You see the road ahead clearly. Let's join forces and turn that vision into reality. Unisys brings the tech know-how to complement your deep expertise.
Explore

Client Stories

Explore videos and stories where Unisys has helped businesses and governments improve the lives of their customers and citizens.
Explore

Research

Embark on a journey toward a resilient future with access to Unisys' comprehensive research, developed in collaboration with top industry analysts and research firms.
Explore

Resource Center

Find, share and explore assets in support of your key operational objectives.
Explore

Careers

Curiosity, creativity, and a constant desire to improve. Our associates shape tomorrow by going beyond expertise to bring solutions to life.
Explore

Investor Relations

We're a global technology solutions company that's dedicated to driving progress for the world's leading organizations.
Explore

Partners

We collaborate with an ecosystem of partners to provide our clients with cutting-edge products and services in many of the largest industries in the world.
Explore

Language Selection

Your selected language is currently:

English

Unisys Transfers a Portion of its U.S. Defined Benefit Pension Obligations to F&G Through a nearly $265 Million Annuity Contract

This agreement marks the third U.S. retiree buyout since 2021 and reflects continuation of efforts to reduce pension liabilities, volatility and cost while securing retiree pension benefits with highly-rated insurance companies

BLUE BELL, Pa., March 23, 2023Unisys Corporation (NYSE: UIS) today announced it has closed agreements with F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”) to purchase group annuity contracts totaling approximately $265 million through which Unisys will transfer projected benefit obligations valued slightly less than this amount related to certain retirees under one of the company’s U.S. pension plans to F&G.

Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $193 million. Because the purchase will be made by the pension trust, there will be no impact on the company’s cash position.

This action brings the value of U.S. defined benefit pension obligations removed from the company’s balance sheet since 2020 to over $1 billion and global pension obligations to over $1.7 billion.

“Purchasing these annuity contracts demonstrates the company’s continued commitment to de-risking its pension obligations,” said Unisys Chief Financial Officer Deb McCann.

As part of the transfer, F&G’s insurance subsidiaries, Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, will assume responsibility for pension benefits for approximately 8,650 retirees and beneficiaries with monthly benefits lower than certain thresholds. There will be no changes to the gross amount, timing, or form of the monthly pension payments. 

About Unisys

Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – digital workplace; cloud, applications & infrastructure; enterprise computing; and business process – help our clients challenge the status quo and create new possibilities. To learn how we deliver breakthroughs for our clients, visit unisys.com.

Follow Unisys on Twitter and LinkedIn.

About F&G

F&G Annuities & Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa.

Forward-Looking Statements

Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Additional discussion of factors that could affect Unisys future results is contained in our periodic filings with the Securities and Exchange Commission.

Contacts:

Investors: Michaela Pewarski, Unisys, 215-274-1254
 
Media: Patricia Gonzalez, Unisys, 817-816-7662

###

 

RELEASE NO.: 0323/9902

Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

UIS-C