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Allmerica Reports Lower 1st Quarter Net Income

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NU Online News Service, April 29, 2003, 3:33 p.m. EDT – Allmerica Financial Corp., Worcester, Mass., is reporting $37 million in net income for the first quarter on $850 million in revenue, compared with $48 million in net income on $849 million in revenue for the first quarter of 2002.

Allmerica sells life insurance and related products as well as property-casualty insurance. Income at the life unit fell to $2.4 million, from $30 million, but risk-based capital at Allmerica Financial Life Insurance and Annuity Company, the lead life subsidiary, increased to 266% at the end of the first quarter, from 244% at the end of 2002.