NU Online News Service, April 30, 11:38 a.m. – Allmerica Financial Corp., Worcester, Mass., is reporting $48 million in net income for the first quarter on $849 million in revenue, up from $23 million in net income on $846 million in revenue for the first quarter of 2001.
Allmerica sells life insurance and annuities to individuals through its Allmerica Financial Services unit, and to institutions through its Allmerica Asset Management unit.
Results were flat at Allmerica Financial because of the volatile stock market, but the unit managed to increase variable universal life insurance product fee revenue to $25 million, from $22 million, and it increased individual annuity investment income to $21 million, from $14 million.
At Allmerica Asset Management, guaranteed investment contract assets fell to $2.3 billion at the end of the quarter, from $2.8 billion a year earlier, because withdrawals were up and contributions were down.
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