November 4, 2013

Unum reports lower third-quarter income

Company officials say lower earnings were the result of investment losses and other liabilities.

Insurance provider Unum Group’s third-quarter profit and revenue fell compared to a year earlier, the company reported Monday.

Still, the company’s after-tax operating income, which many investors consider the true gauge of an insurance company’s health, showed improvement compared to third-quarter 2012.

Unum, which is based in Tennessee but has a large corporate presence in Portland, reported net income of $205.7 million for the third quarter, down 11 percent from $230.2 million for the same period of 2012.

That translates to earnings per share of 78 cents for the most recent quarter, compared with 83 cents per share for the same period a year earlier.

However, Unum’s after-tax operating income was 85 cents per share, up from 80 cents per share in third-quarter 2012.

The company reported revenue of $2.57 billion for the quarter, down about 2 percent from $2.61 billion for the third quarter of 2012.

Unum’s lower net income was primarily the result of investment losses and other liabilities totaling $18.9 million in the third quarter.

Shares of Unum, which trades on the New York Stock Exchange under the symbol UNM, closed at $31.76 Monday, up 25 cents from Friday’s close price of $31.51.

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