UTG Inc. Board of Directors Reinstates $23 Million Stock Repurchase Program

UTG Inc. (OTCMKTS: UTGN) announced in a recent SEC filing the reinstatement of its stock repurchase program. The company’s Board of Directors reauthorized the repurchase of shares of its common stock in the open market or through privately negotiated transactions.

Originally suspended on November 1, 2024, as stated in the Company’s Form 10-Q for the quarter ending September 30, 2024, the repurchase program was reconsidered and reinstated during meetings held on December 11 and 27, 2024. The Board of Directors allocated an additional $1,000,000 for share repurchases, bringing the total authorization to $23 million.

As of December 26, 2024, UTG Inc. has spent approximately $20,839,555 acquiring 1,380,820 shares, leaving $2,160,445 available for additional repurchases under the program. Furthermore, the Board also approved a trading plan for the open market repurchase of common stock under Rule 10b5-1. A selected broker has been granted the authority to repurchase shares on the Company’s behalf according to the constraints specified in the plan.

The Board highlighted that the repurchase program may be altered or terminated at its discretion without prior notice. The company is not obligated to repurchase any specific number or value of shares. The current trading plan is set to expire on December 31, 2025, but can be modified or ceased by UTG Inc. at any time.

The adoption of the stock repurchase program and trading plan reflects the company’s commitment to enhancing shareholder value and maintaining a flexible capital allocation strategy. UTG Inc.’s Senior Vice President and Chief Financial Officer, Theodore C. Miller, signed the report on behalf of the Registrant on December 27, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read UTG’s 8K filing here.

About UTG

UTG, Inc, an insurance holding company, provides individual life insurance products and services in the United States. Its individual life insurance includes servicing of existing insurance business in-force; the acquisition of other companies in the insurance business; and the administration processing of life insurance business for other entities.