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UnumProvident Reports Lower 4th Quarter Net Income

By Staff Writer

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NU Online News Service, Feb. 6, 5:24 p.m. – UnumProvident Corp., Portland, Maine, is reporting $124 million in net income for the fourth quarter of 2000 on $2.3 billion in revenue, compared with $150 million in net income on $2.3 billion in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $19 million in investment losses and a $5.4 million write-off of goodwill connected with operations in Argentina, the company says.

Excluding unusual losses and charges, operating income would have increased to $151 million, from $149 million, UnumProvident says.

The employee benefits unit, which sells group disability insurance, group life insurance and other benefits products, generated $147 million in operating earnings on $1.1 billion in revenue, up from $81 million on $1 billion in revenue.

New sales increased to $287 million, from $238 million, for group disability sales; to $98 million, from $86 million, for voluntary benefits; and to $42 million, from $32 million, for individual disability insurance, according to company figures.

New individual long-term care insurance sales increased to $15 million, from $14 million.

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