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May 04, 2006 at 01:20 PM
The biggest U.S. disability insurer says sales of disability insurance to core small and midsize employers were strong during the first quarter.
UnumProvident Corp., Chattanooga, Tenn., is reporting $73 million in net income for the latest quarter on $2.6 billion in revenue, compared with $152 million in net income on $2.6 billion in revenue for the first quarter of 2005.
Net earnings rose even though they included $66 million in charges related to state efforts to change the company’s procedures for evaluating and administering disability insurance claims.
Although sales of short-term disability insurance coverage to large employers fell and sales of long-term disability coverage to large employers increased only modestly, STD sales to small and midsize employers were up slightly and LTD sales to small and midsize employers rose about 22%, UnumProvident says.
Group life sales increased 5%, to $33 million.
In other earnings news:
- Prudential Financial Inc., Newark, N.J., is reporting $733 million in consolidated net income for the first quarter on $7.9 billion in revenue, compared with $929 million in net income on $7.7 billion in revenue for the first quarter of 2005.
