Earnings Up, Revenue Down at Unum
PHOTO/JACQUELYN GUTC
The Unum Group building at the intersection of Foster and Mercantile streets in Worcester.
Profits jumped while revenue fell in the most recent quarter at Unum Group.
The Tennessee insurance provider, which employs 625 in Downtown Worcester, reported after-tax operating income of 85 cents per share, beating both analysts’ expectations of 82 cents and the third-quarter 2012 figure of 80 cents.
But Unum’s total revenue was down to $2.54 billion, below both experts predictions of $2.59 billion and the year-over-year figure of $2.63 billion.
“Although the current environment presents challenges to achieving our longer term growth expectations, I am very encouraged by the improved sales trends we saw in several of our markets,” president and CEO Thomas Watjen said in a statement.
Unum had investment losses and other liabilities of $18.9 million in the third quarter, lowering the company’s net income.
The company expects growth in after-tax operating earnings per share for all of 2013 to come in at the higher end of the outlook range announced in December 2012 of 0 percent to 6 percent, including the effect of expected share repurchases.
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