PORTLAND – The marriage of Unum Corp. and The Provident Cos. three years ago was billed as a “merger of equals” that would benefit shareholders, customers and employees.

But so far, in terms of earnings and stock price, the performance of UnumProvident Corp. of Chattanooga, Tenn., hasn’t measured up to expectations. Prices for the company’s products have increased and employee morale has suffered.

J. Harold Chandler, the company’s CEO, says he remains convinced that combining the disability insurers was the right move, but he acknowledged the company needs to get Wall Street to recognize the virtues of its strategy.

“Obviously, I feel strongly about the strategy, having been one of the people who authored it,” Chandler said in a recent interview. “I accept the fact that over time we need to show continued financial improvement and we intend to do that.”

The company announced two weeks ago that its first-quarter operating earnings fell a penny a share short of analyst estimates. UnumProvident stock trades more than 20 percent lower than just a year ago and at roughly half its price just after the 1999 merger.

A recent article in Forbes named Chandler the third-worst chief executive in the nation. The magazine based its opinion on the return shareholders have gotten and Chandler’s average annual compensation, which Forbes calculated at $8.5 million the past six years.

The company noted that UnumProvident stock had outperformed the S&P 500 since November 1999, when Chandler, who had been president, assumed the roles of chairman and chief executive officer. His compensation package is set by a committee of the board’s directors, the company said.

Keeping morale up is another post-merger task that has been challenging at times, especially in Portland where some of the 3,600 employees have felt the old Unum culture and values were replaced by a more corporate atmosphere. The old Unum was affectionately known as “Mother Unum” and was famous for its worker-friendly environment.

UnumProvident announced earlier this month it will eliminate its $350,000 subsidy for a Portland day care center, which means employees will have to pay higher rates to have the day care provider watch their children while they work.

Chandler preached patience to shareholders, saying he thinks UnumProvident stock is undervalued.

The company last week announced plans to repurchase $100 million worth of stock, sending what executives said was a signal the company is in a strong capital position and is confident of its future.

The company has raised prices on its products roughly 5 percent to 9 percent the last two years, partly in response to an increase in claims by policyholders, Chandler said. Workers are more likely to file claims in a weak economy as they become worried about job security, Chandler said.

Low interest rates have hurt, driving down the return on UnumProvident’s $28 billion in investments.