The board of StanCorp Financial Group Inc. (NYSE:SFG) has agreed to let managers repurchase 3 million more shares of the company's common stock.
StanCorp, Portland, Ore., is expanding an existing stock repurchase program. The company has a stock buyback program in place every year since becoming a public company in 1999, according to Greg Ness, the company's president.
The expanded buyback program will run through Dec. 31, 2011.
Before StanCorp added the new repurchase capacity, managers had the ability to buy back about 1.3 million shares.
StanCorp is the parent of Standard Insurance Company and Standard Life Insurance Company of New York.
