A major Chattanooga, Tenn., insurer says its third-quarter results show it’s serious about demanding realistic prices.[@@]
In the past, some critics have accused UnumProvident Corp. of trying too hard by using low rates to win low-quality business.
The company, best known as a leader in the individual and group disability insurance markets, is reporting $168 million in net income for the latest quarter on $2.7 billion in revenue, up from $109 million in net income on $2.6 billion in revenue for the third quarter of 2003.
The company also is reporting drops in sales in some product lines.
Annualized sales at the company’s Colonial Life worksite benefits unit fell only slightly, to $61.2 million, from $61.8 million for the third quarter of 2003.