Unum income up, beats expectations

Unum income up, beats expectations

May 1st, 2013 by Dave Flessner in Local - Breaking News

The Unum headquarters in downtown Chattanooga.

Photo by John Rawlston/Times Free Press.

Unum Group boosted its operating earnings per share by 9.6 percent in the first quarter, beating analysts expectations by 2 cents per share.

But net income for the Chattanooga-based insurer still fell below year-ago levels due to adjustments from after-tax actuarial and investment returns.

Unum reported today that its first quarter net income was $212.6 million, or 79 cents per share. A year ago, Unum reported net income of $213.9 million, or 73 cents per share. Excluding non-recurring items, the company earned 80 cents per share, which exceeded most analysts forecasts for the quarter.

"The first quarter represented a good start to the year, with growth in operating earnings per share of 9.6 percent and an increase in book value per share of 12 percent," Unum CEO Tom Watjen said. "We are, however, maintaining a cautious outlook for 2013, and expect little near-term improvement in either employment growth, interest rates, or in general business confidence. While this may slow our ability to profitably grow our business in the short-term, we continue to believe we are well positioned to operate in this environment and deliver value for our customers and shareholders."