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CHATTANOOGA, Tenn. – Fitch Ratings of New York placed UnumProvident Corp. on its negative rating watch list on Thursday, a day after the company reported a fourth-quarter net loss of $347.2 million. The loss, which amounted to $1.18 per diluted share, reflected efforts to build…
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CHATTANOOGA, Tenn. – Fitch Ratings of New York placed UnumProvident Corp. on its negative rating watch list on Thursday, a day after the company reported a fourth-quarter net loss of $347.2 million.
The loss, which amounted to $1.18 per diluted share, reflected efforts to build reserves in anticipation of higher claims. It compared to earnings of $102.2 million, or 42 cents a diluted share, during the same period last year.
UnumProvident has been struggling under the weight of hundreds of claims-handling lawsuits and regulator investigations in 40 states.
Fitch said it would conduct a detailed review of UnumProvident’s reserves before lowering or affirming its rating of the company.
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