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Jefferson-Pilot Reports 1% Increase In Net Income, Lower Fixed Annuity Sales

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NU Online News Service, Oct. 28, 2003, 5:19 p.m. EST – Jefferson-Pilot Corp., Greensboro, N.C., says its net income increased less than 1% in the third quarter.

The insurance and broadcasting company is reporting $126 million in net income for the quarter on $921 million in revenue, up from $125 million in net income on $884 million in revenue for the third quarter of 2002.

Revenue rose more than 10% at the Benefit Partners benefits unit, but it rose less than 10% at the individual life and the annuity and investment products units.

Annualized individual life sales fell to $51 million, from $59 million, in part because sales of bank-owned life insurance and corporate-owned life insurance fell to $2.2 million, from $7.3 million.

Jefferson Pilot generates little revenue from sales of variable annuities. Its annualized sales of fixed annuities fell to $188 million for the third quarter, down from $365 million for the comparable quarter in 2002, but sales were higher than in the second quarter of 2003, the company says.

Earnings on annuities and investment products increased to $20 million, from $19 million, because revenue was a little higher and expenses a little lower than in the third quarter of 2002.


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