NU Online News Service, May 8, 11:30 a.m. – UnumProvident Corp., Portland, Maine, is reporting $74 million in net income for the first quarter on $2.4 billion in operating revenue, compared with $182 million in net income on $2.3 billion in operating revenue for the first quarter of 2001.
The company’s operating income, which excludes $77 million in investment losses, a $35 million tax benefit, and other unusual items, increased to $151 million, from $148 million.
? Employee benefits: Operating income increased 0.5%, to $87 million. Group disability claims were higher and group life earnings were lower, but new group long-term disability sales increased 14%, to $20 million, new group short-term disability sales increased 34%, to $9 million, and new group life, accident and long-term care insurance sales increased 16%, to $17 million.