Unum authorises repurchase of $750 million common stock

The board of directors of insurance firm Unum Group has authorised the repurchase of up to $750 million of the company’s outstanding common stock through November 26 2017.

This replaces the previous authorisation of $750 million that was scheduled to expire on November 21 2016.

Under the new authorisation, the timing and amount of any share repurchases, which may be made in the open market or in privately negotiated transactions, including accelerated share repurchase transactions, will be determined by management based on market conditions and other considerations.

The board can modify, extend or terminate the programme at any time.

Richard McKenney, president and chief executive officer of Unum Group, said: “This authorisation reflects the board’s confidence in the consistent execution of our strategy, as well as the ability of our core businesses to generate capital,”

“With this strong capital position, we can continue to invest in our businesses while also deploying capital to bolster shareholder value.”