Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Economy & Markets > Fixed Income

Jefferson-Pilot Reports Lower 2nd Quarter Net Income

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, July 30, 1:31 p.m. – Jefferson-Pilot Corp., Greensboro, N.C., is reporting $131 million in net income for the second quarter on $878 million in revenue, compared with $140 million in net income on $828 million in revenue for the second quarter of 2001.

Many competitors are recording big investment losses for the quarter, but Jefferson-Pilot is recording a $4.4 million gain.

Jefferson-Pilot sells individual life insurance, annuities and employee benefits along with broadcast station advertising time.

The individual life unit is reporting $75 million in operating income for the latest quarter on $451 million in revenue, compared with $77 million in operating income on $426 million in revenue for the comparable quarter in 2001.

Annualized sales increased to $71 million, from $43 million.

The annuity unit, which focuses mainly on selling fixed annuities, is reporting $19 million in operating income on $171 million in revenue, compared with $19 million in operating income on $159 million in revenue.

Annualized fixed-annuity sales increased 13%, to $255 million, but the difference between the rate Jefferson-Pilot pays on the annuities and the rate it earns on its own investments fell to 1.82%, from 1.94%.

The benefits unit, Benefit Partners, is reporting $13 million in operating income on $177 million in revenue, up from $11 million in operating income on $144 million in revenue.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.