Unum earnings grow despite U.S. segment's dip
Unum, the insurance company that employs more than 600 in downtown Worcester, saw earnings continue to grow based on its core businesses United Kingdom and Colonial Life segments as its U.S. operations lag, the company reported.
The company reported overall net income of $221.1 million, or 87 cents per share, for the quarter compared to net income of $205.7 million, or 78 cents per share a year ago.
Operating income from the company’s U.S. outfit dipped 2.5 percent for the quarter from $219.8 million in the third quarter of 2013 to $214.3 million in the third quarter of 2014, it said Wednesday.
Premium income for the segment increased 3.4 percent to $1.16 billion in the third quarter of 2014, compared to premium income of $1.124 billion in the third quarter of 2013. Net investment income for the segment declined 7.1 percent to $216.6 million in the third quarter of 2014 from $233.1 million in the third quarter of 2013, primarily reflecting lower miscellaneous net investment income and lower yields on invested assets, the company said.
Meanwhile, its U.K. segment reported operating income of $33.5 million in the third quarter of 2014, an increase of 7 percent from $31.3 million in the third quarter of 2013, Unum said.
Unum’s Colonial Life reported a 3.2 percent increase in operating income to $71.2 million in the third quarter of 2014, compared to $69.0 million in the third quarter of 2013. Premium income for the third quarter of 2014 increased 3.3 percent to $319.4 million, compared to $309.1 million in 2013, driven by sales growth and generally stable persistency, the company said.
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