Unum Group announced that its board of directors has approved a new share repurchase program, authorizing the company to repurchase up to $1 billion of its common stock. This program is scheduled to commence on April 1, 2025. The previous share repurchase program will terminate on March 31, 2025, with any unused amount expiring.
The timing and amount of these repurchases will be determined by management based on market conditions and other considerations. Repurchases may occur through open market transactions, privately negotiated transactions, or preset trading plans. This action reflects the company's disciplined capital allocation strategy and its commitment to enhancing shareholder value.
A share repurchase program of this magnitude signals management's confidence in the company's financial strength and future cash flow generation. It provides flexibility to return capital to shareholders, potentially reducing the number of outstanding shares and increasing earnings per share.
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