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July 29, 2017 at 11:07 AM
Unum, an insurer best known for its group disability insurance units, says it’s continuing to add agents and territories to the distribution force at its Colonial Life worksite marketing unit.
Recent sales growth at Colonial Life has been “a result of getting a lot more feet on the street,” Rick McKenney, the company’s president, said Friday, during a conference call with securities analysts that was streamed live on the web.
Tim Arnold, the Colonial Life’s chief executive officer, said the unit opened three new territory offices in the first half of the year, bringing the total number of territory offices to 45.
(Related: Unum Happy With New Colonial Life Reps)
Colonial Life hopes to increase the number of territory offices to the “upper 50s” in the next few years, Arnold said.
Unum executives talked about the Colonial Life unit and other operations while going over second-quarter earnings.
The Chattanooga, Tennessee-based company is reporting $245 million in net income for the quarter on $2.8 billion in revenue, up from $237 million in net income on $2.8 billion in revenue.
Spending on commissions increased to $261 million, from $255 million.
The U.S. group disability unit is reporting $92 million in operating income on $596 million in premium revenue for the latest quarter, compared with $74 million in operating income on $589 million in premium revenue for the year-earlier quarter.
Group long-term disability insurance sales fell 1.7%, to $47 million, and group short-term disability insurance sales increased 10%, to $27 million.
Colonial Life sales increased 7.5%, to $117 million, with life insurance sales showing the strongest growth. Life sales increased 15%, to $25 million.
