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Jefferson-Pilot Reports Lower 2nd Quarter Net Income

By Staff Writer

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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.

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