NU Online News Service, July 30, 12:43 p.m. – Allmerica Financial Corp., Worcester, Mass., is reporting a $56 million net loss for the second quarter on $798 million in revenue, compared with $13 million in net income on $795 million in revenue for the second quarter of 2001.
The operating loss, which excludes $64 million in investment losses for the latest quarter and a $142 million write-off of deferred policy acquisition costs, was $28 million, down from operating income of $59 million for the comparable quarter in 2001.
Allmerica sells life insurance and investment products along with property-casualty insurance.