Unum swings to 4Q loss; Camden National, Penn National report profits

Unum Group reported a net loss of $425.4 million for the last quarter of 2011, compared to a profit of $225.8 million for the same period a year ago.

The Chattanooga, Tenn.-based company, which has a substantial presence in Maine, blamed much of the loss on an after-tax charge of $561.2 million Unum after it decided to drop new group long-term care sales

“I am very pleased with our continued ability to deliver strong underlying operating results,” said Thomas R. Watjen, president and CEO. “Exiting long-term care further sharpens our focus around businesses consistent with the strategic direction we have set for our company. Our disciplined approach is working, as even in this difficult environment we achieved solid operating earnings per share growth in 2011 and finished the year with our highest level of risk-based capital.”

Unum, a disability insurance provider, employs roughly 10,000 people worldwide and just over 3,000 in Maine. It was formed from the 1998 merger of Portland-based Unum Corp. and Tennessee-based Provident Corp.

In other recent earnings news:

Penn National, the parent company of Hollywood Casino Bangor, saw net revenues of $676.5 million in the fourth quarter, beating its estimates of $671.1 million. In the fourth quarter of 2010, the company made profits of $630.2 million.

Penn National saw net revenues in 2011 totaling $2.7 billion.

“Although widespread economic concerns and volatility in the capital markets prevailed throughout the quarter and full year, consumer spending at our facilities remained relatively stable and we continued to make progress across the organization in enhancing operating efficiencies and maintaining a disciplined approach to marketing,” said Peter M. Carlino, chairman and CEO.

And Camden National Corp. said it hit record profits of $26.2 million in 2011, compared with $24.8 million in 2010.

“While facing a challenging economic and interest rate environment, we’re proud of Camden National’s strength and perseverance in 2011, which helped generate record earnings of $26.2 million,” said President and CEO Gregory A. Dufour.  “This performance provided the company the opportunity to reward its shareholders with a special dividend in December, in addition to our normal dividend, while allowing us the ability to serve our customers’ needs on both an individual and community basis.”

Q4 revenue was down slightly year-over-year, hitting $5.8 million, compared to $6.4 million in the fourth quarter of 2010.

Camden National has 38 banking offices throughout Maine. Its Acadia Trust division offers investment management and fiduciary services with offices in Portland, Bangor and Ellsworth. And Camden Financial Consultants offers full-service brokerage and insurance services.