Unum posted operating income of $215.7 million, or 69 cents per share for the first quarter of 2011. Though overall income fell from first-quarter 2010 levels of 223.5 million, earnings per share actually rose because of the company's $1 billion share buyback program.

During the quarter, the company purchased $224 million of stock, according to Tom Watjen, president and CEO of Unum.

"While this environment remains challenging, our disciplined approach to the business continues to serve us well," Watjen said.

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