Unum approves $750 million stock buyback

Unum Group said Friday that its board approved a plan to buy up to $750 million of its own stock by mid-June 2015.

By The Associated Press | December 16, 2013 at 05:16 AM

Unum Group said Friday that its board approved a plan to buy up to $750 million of its own stock by mid-June 2015.

The insurance company said that the new share repurchase program replaces one for $750 million that expires on Jan. 31.

Companies typically buy back stock to help support the company's share price and earnings per share.

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Shares of Chattanooga, Tenn.-based Unum rose 18 cents to $33.96 in afternoon trading Friday. The stock has rallied 63 percent in the year to date.

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