Unum Group Hikes Dividend; Board Authorizes $750 Mln Share Repurchase

(RTTNews) - Unum Group (UNM) announced that its board has authorized an increase of 12 percent in the quarterly dividend paid on its common stock. The new rate of 18.5 cents per common share, or 74 cents per share on an annual basis, will be effective with the dividend expected to be paid in the third quarter of 2015.

The new quarterly dividend represents a 147 percent increase from the 7.5 cents per share the company was paying in 2007 and marks the seventh consecutive year in which Unum has raised its dividend.

Unum has also repurchased approximately $2.9 billion of its stock since the fourth quarter of 2007, reducing its outstanding share count by 33 percent.

In addition, Unum Group announced that its board has authorized the repurchase of up to $750 million of the company's outstanding common stock through November 21, 2016. This new authorization replaces the previous authorization of $750 million that was scheduled to expire on June 12, 2015.