UnumProvident sees earnings hit estimates

CHATTANOOGA, Tenn. – UnumProvident Corp., the nation’s largest disability insurer, reported Wednesday that earnings dropped slightly in the third quarter, but were still in line with expectations.

UnumProvident reported third-quarter net income of $109.2 million, or 45 cents per share, compared to $127.1 million, or 52 cents per share, for the same quarter in 2001.

Excluding after-tax investment losses of $45.8 million and other unique items, UnumProvident had net income of $155 million, or 64 cents per share. That compares with $148.6 million, or 61 cents per share a year ago. The operational results matched the consensus forecast of analysts surveyed by Thomson First Call.

The company, which is based in Chattanooga, Tenn. and Portland, Maine, earlier announced huge investment losses in Enron Corp. and WorldCom, the bankrupt energy and telecommunications companies.

Quarterly revenue was $2.5 billion, up from $2.4 billion a year earlier.