A Chattanooga, Tenn., insurer turned its performance around in the fourth quarter of 2004 despite a drop in new product sales.[@@]
The insurer, UnumProvident Corp., is reporting $135 million in net income for the latest quarter on $2.7 bilion in revenue, compared with a net loss of $347 million on $2.5 billion in revenue for the fourth quarter of 2003.
The latest net income figure includes a charge of $117 million for a multistate market conduct settlement. Net annualized sales fell 18% for individual disability, to $27 million; 32% for group long-term disability, to $104 million; and 52% for group short-term disability, to $29 million. But sales in the brokerage voluntary life line rose to $17 million, from $14 million.