Aflac Inc. says it is taking back about $142 million it had allocated for buying company stock.
Aflac, Columbus, Ga., also will take early delivery of about 11 million common shares already purchased through a previously announced repurchase agreement, the company says.
Aflac believes it will do well this year and in 2009, and it still wants to use excess capital to buy back shares, according to Aflac Chairman Daniel Amos.
But, “given the uncertainties in the marketplace, we felt it was best to take early delivery of the shares and terminate the agreement at this time,” Amos says in a statement.
CORRECTED: An earlier version of this article gave an incorrect description of the status of Aflac’s stock repurchase program.