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March 02, 2010 at 07:00 PM
A provider of life and supplemental health insurance says it plans to restart a plan to buy back the company’s stock.
Torchmark Corp., McKinney, Tex., has resumed its common stock repurchase program, which it suspended in the first quarter of 2009 in light of economic conditions at that time.
The company resumed the buyback program after an improvement in its capital position, including a higher-than-expected 355% consolidated risk-based capital ratio in its subsidiaries, Torchmark said.
The repurchases will happen “in amounts and at such times as management, in consultation with the board, determines to be in the best interest of the company,” according to a company statement.
The repurchase program has no expiration date or maximum amount of shares to be repurchased.
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