Icelandic insurer Sjóvá-Almennar tryggingar hf. raised its treasury holdings to 0.78% of issued shares after another week of buybacks under a program to reduce issued share capital or meet employee stock-option obligations.
Sjóvá bought 590,076 shares for 25,127,838 Icelandic krónur from Oct. 12 to Oct. 15, it said in an Oct. 19 announcement. Its holdings of its own shares rose from 8,515,550 to 9,105,626.
The trades were priced at either 42.40 or 42.60 krónur a share. In the preceding week, the insurer bought 419,752 shares for 17,785,634 krónur, according to its Oct. 12 notice.
Announced May 5, the program permits repurchases of up to 14 million shares, with total spending capped at 500 million krónur. Sjóvá said its own shares would account for no more than 1.21% of issued share capital under the plan. The purchases may be used to reduce issued share capital, meet obligations under employee stock options or both.
Sjóvá expects to complete the program by Sept. 12, 2027, or sooner if it reaches a purchase limit. Its next scheduled update is its third-quarter results, due after markets close Thursday, Oct. 22.
