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February 14, 2002 at 07:00 PM
NU Online News Service, Feb. 14, 4:15 p.m. – Minnesota Life Insurance Company, St. Paul, Minn., is reporting $70 million in net income for 2001 on $2.5 billion in sales revenue, compared with $235 million in net income on $2.3 billion in sales revenue for 2000.
The drop in earnings was caused by lower returns on stock investments, lower interest rates on bonds, and one-time charges for legal expenses, the company says.
Minnesota Life, a mutual insurer, does not publish the same sorts of detailed quarterly earnings updates that publicly traded insurers usually release.
But net income fell to $29 million for the fourth quarter of 2001, from $33 million for the fourth quarter of 2000.
