DES MOINES, Iowa (AP) — Shares of specialty insurer Unum Group fell Wednesday a day after the employee benefits and disability insurance provider reported its third-quarter profit fell and it missed analyst expectations by a penny per share.
THE SPARK: Unum Group, which provides disability insurance, group life insurance and other benefits, saw its profit fall on investment losses and lower income in its group disability business. Premiums fell and it paid out more in claims.
THE BIG PICTURE: The Chattanooga, Tenn., company said price competition and the weak employment situation contributed to the declines in its disability business. Premiums in its group life and accidental death and dismemberment business rose, while claims fell slightly. In the United Kingdom, higher disability claims caused income to fall. Sales of new policies fell sharply, the company said. Higher claims also hurt operating income in its Colonial Life segment.
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