Unum Group’s board of directors authorizes $750 million share repurchase

Managed Care Weekly Digest

By a News Reporter-Staff News Editor at Managed Care Weekly Digest -- Unum Group (NYSE:UNM) announced that its board of directors has authorized the repurchase of up to $750 million of the company's outstanding common stock through Nov. 24, 2019. This new authorization replaces the previous authorization of $750 million that was scheduled to expire on Nov. 25, 2018 (see also Unum Group).

"This authorization is representative of not only the board's confidence in the consistent execution of our strategy, but also in the ability of our core businesses to generate capital," said Richard P. McKenney, president and chief executive officer. "Our strong capital position allows us to continue to invest in our businesses as well as deploy capital to bolster shareholder value."

The timing and amount of any share repurchases under the new authorization, 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 program can be modified, extended, or terminated by the board at any time. ABOUT UNUM Unum Group (www.unum.com) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life, Starmount and Unum UK. Unum's portfolio includes disability, life, accident and critical illness, dental and vision coverage, which help protect millions of working people and their families in the event of an illness or injury. Unum also provides stop-loss coverage to help self-insured employers protect against unanticipated medical costs. The company reported revenues of $11.3 billion in 2017, and provided $6.9 billion in benefits.

Keywords for this news article include: Business, Unum Group, Banking and Finance.