CNO Financial Group, Inc. announced that its Board of Directors has approved an additional $300 million to repurchase the company's outstanding common stock, warrants and convertible debentures.
According to a release, CNO has repurchased 7,554,416 shares of its common stock in the fourth quarter of 2012 at an average price of $9.32 per share. With the additional authorization, total repurchase capacity under the buyback program is now approximately $360 million. The repurchase program is intended to be implemented through purchases made from time to time in the open market, through private transactions or by a tender offer, in accordance with Securities and Exchange Commission requirements. The amount and timing of the securities repurchases (if any) will be based on business and market conditions and other factors.
CEO Ed Bonach said, "We are focused on driving shareholder value as we continue to invest in organic growth, generate excess capital, improve the customer experience and capitalize on our unique marketplace positioning."
CNO is a holding company with insurance subsidiaries principally Bankers Life and Casualty Company, Washington National Insurance Company and Colonial Penn Life Insurance Company, which serve pre- retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement.
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