this month, the insurer said.

The dividend, one share for every share held, will be distributed July 26 to shareholders of record July 12, doubling the number of EXEL ordinary shares.

EXEL currently has 45 million shares outstanding and there will be about 90 million shares outstanding after the stock dividend.

The company also said it will re-purchase up to 2.5 million ordinary shares after its current share repurchase plan is completed. After stock dividend distribution, the number of shares to be re-purchased will be five million.

Also on Friday, the company announced a quarterly dividend of 50 cents per share payable on the ordinary shares, before the stock dividend, July 26 to shareholders of record July 12.

The future quarterly dividend rate has been set at 25 cents per share following the stock dividend.