Unum Group sets $250M stock buyback
Unum Group (NYSE: UNM), the disability insurer and group benefits provider with a large presence in Maine, said it has authorized the repurchase of up to $250 million of the company’s common stock through Dec. 31, 2022.
Shares of Unum have risen about 26% so far this year. Shares closed on Tuesday at $27.72 on the New York Stock Exchange. In the past year, the stock has traded as high at $31.98 and as low at $15.93.
The Chattanooga, Tenn.-based company said the timing and amount of share repurchases will be based on market conditions and other considerations. The repurchase program may be suspended, modified or terminated at any time.
The company's roots date to the 1848 founding of Union Mutual Life Insurance Co. in Portland. The company was headquartered until 2002 in Maine, and still employs 2,400 in the Portland area.
The insurer reports third-quarter earnings on Nov. 3.
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