Unum Group beat Wall Street expectations for the fourth quarter of 2014, improving profits year over year as well as from the previous quarter, if only by a couple cents per share.
The giant insurer headquartered in Chattanooga released its earnings after the markets closed today.
After-tax operating income for the quarter was $228.8 million, or 90¢ per share, compared to $223.8 million, or 85¢ per share, for the fourth quarter of 2013. Wall Street analysts had expected earnings of 88 cents per share. Earnings for the third quarter of 2014 had been 87 cents per share.
Still, Unum took a net loss of $279.1 million, or $1.11 per share, for the fourth quarter of 2014, compared to net income of $221.2 million, or $0.84 per share for the fourth quarter of 2013. That net loss was due in large part to an after-tax reserve charge of $453.8 million due to the company’s closed-block segment, which reflects policies the company no longer sells.
Contact staff writer Mitra Malek at mmalek@timesfreepress.comor 423-757-6406. Follow her on Twitter @MitraMalek.