NU Online News Service, April 30, 5:06 p.m. – Jefferson-Pilot Corp., Greensboro, N.C., is reporting $146 million in net income for the first quarter on $885 million in revenue, compared with $155 million in net income on $857 million in revenue for the first quarter of 2001.
Jefferson-Pilot sells annuities, life insurance and employee benefits, and it also owns radio and television stations.
Excluding large bank-owned life insurance policies, new life sales increased to $15 million for the latest quarter, up from $9 million for the comparable quarter in 2001.
New sales of fixed and variable annuities fell 31%, to $48 million, but Jefferson-Pilot notes that a decrease in the surrender rate for fixed annuities helped increase fixed-annuity assets 15%, to $7.5 billion.
Sales of group life, group dental, and other group benefits increased 21%, to $14 million.
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