Aflac boosts stock buyback program by 40 million shares

Aflac Inc. said on Thursday that it was increasing its stock repurchase program by 40 million shares. At Thursday's closing price of $64.17, the value of the increased authorization would be $2.57 billion. Including the 16 million shares that remained under the previous program, the insurer is now authorized to buy back up to 56 million shares, or about 13% of the shares outstanding, according to FactSet. "Whether we're talking about our operations in Japan or the U.S., as an insurance company, our primary mission is to fulfill our obligations to our policyholders," said Chief Executive Daniel Amos. "At the same time, we are listening to our shareholders and understand the importance of capital deployment." The stock, which edged up 0.4% in after-hours trade, had gained 5% year to date, compared with the 1.2% rise in the S&P 500.

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