Unum board authorizes $750 million stock repurchase

May 25--Unum Group's board of directors has authorized the repurchase of up to $750 million of the company's outstanding common stock through Nov. 25, 2018, the company announced today.

This new authorization by the Chattanooga-based insurer replaces a previous one of $750 million that was scheduled to expire on Nov. 26, 2017.

"This action reflects the board's confidence in the consistent execution of our strategy, as well as in our ability to generate capital," said Richard P. McKenney, president and chief executive officer, in a statement. "With our strong capital position, we can continue to invest in our businesses while also deploying capital to further bolster shareholder value."

At the company's annual meeting in Chattanooga, McKenney said 2016 was "a very good year" and one of "disciplined growth."

The company reported $916 million in after-tax operating earnings in the year, up 3.7 percent. Revenues were more than $11 billion in 2016, the company said.

Also, non-executive Chairman Thomas R. Watjen took part in his last Unum annual meeting with the company after 23 years, including 12 as chief executive.

Watjen, 62, who is retiring, turned over the board chairmanship to Kevin Kabat, retired vice chairman and CEO of Fifth Third Bancorp.

See more in Friday's Times Free Press.

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