Post by CMF Newsman on Feb 8, 2012 9:04:20 GMT -5
Chattanooga-based Unum Group announced Monday it is ending sales of its group long-term care insurance in the midst of improved operating results in the fourth quarter.
Unum joins other insurers like MetLife which have halted long-term care sales, a market where payouts have become more expensive. Unum previously discontinued sales of individual long-term care insurance in 2009.
The move produced a net loss for Unum in the fourth quarter, but the insurance giant reported higher operating earnings from its core businesses. Earnings from operations in the fourth quarter were 78 cents per share, beating Wall Street expectations of 75 cents per share with after-tax operating income of $227.6 million.
timesfreepress.com/news/2012/feb/07/tn-unum-quits-long-term-care-field-takes-loss/
Unum joins other insurers like MetLife which have halted long-term care sales, a market where payouts have become more expensive. Unum previously discontinued sales of individual long-term care insurance in 2009.
The move produced a net loss for Unum in the fourth quarter, but the insurance giant reported higher operating earnings from its core businesses. Earnings from operations in the fourth quarter were 78 cents per share, beating Wall Street expectations of 75 cents per share with after-tax operating income of $227.6 million.
timesfreepress.com/news/2012/feb/07/tn-unum-quits-long-term-care-field-takes-loss/
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