CHATTANOOGA, Tenn. – Insurer UnumProvident Corp. on Wednesday said first-quarter earnings fell by more than half as the company booked a charge to adjust claim reserves and operating earnings missed Wall Street estimates.

Net income dropped 52 percent to $73.4 million, or 23 cents per share, from $152.2 million, or 49 cents per share, in the year-ago period.

The latest quarter was hampered by the adjustment charge of $55.9 million, or 17 cents per share, while the year-ago period contained a gain of $32 million, or 10 cents per share, related to a reversal of tax liabilities.

The claim reserve adjustment came at the company’s U.S. brokerage unit, which sells income protection insurance, or disability insurance.