Unum beats Wall Street, continues stock buyback

photo One of the Unum office buildings is seen from the Lookout Street parking garage in downtown Chattanooga.

Chattanooga-based Unum Group beat Wall Street estimates in the second quarter by three cents per share, posting after-tax operating income of $225.3 million, or 79 cents per share.

Some of the per-share gains were from a $1 billion stock buyback during the year, which boosted the price of shares even as earnings slipped by $10 million from the second quarter of 2011.

Those declines stemmed from higher claims throughout Unum's big business units, according to the company's earnings release.

Bolstered by the success of its stock buyback program which was set to expire, the world's biggest disability insurer announced it would spend another $750 million from its war chest to purchase additional stock through Jan.