Unum sees profits dip in Q1

Unum Group on Tuesday reported profits of $213.9 million in the first quarter, a 4.3 percent drop from the same period a year ago.

The company’s United States segments did well in the quarter, Unum reported, but its British business group fared a bit more poorly.

“The solid performance in our Unum US and Colonial Life operations buffered the weaker than expected results in Unum UK and the Closed Block and allowed us to grow operating earnings per share by 4.3 percent. I am also very encouraged by the top line growth we are seeing in our target markets, with strong sales and stable persistency levels,” said Thomas R. Watjen, president and chief executive officer, in a release.

“Our strong cash flow, investment portfolio, and capital position continue to provide us with significant financial flexibility.”

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.

The company said it expects growth in after-tax operating income per share for the year to be at the low end of 6 percent to 12 percent.