Briefcase
From staff and news services
November 5, 2009
Unum third-quarter profit more than double 2008's
Employee benefits and disability insurance provider Unum Group, which has major operations in Portland, is reporting its third-quarter profit more than doubled because investments performed better than they did a year ago.
Unum reported a profit of $221.1 million, or 66 cents per share, compared with $108 million, or 32 cents per share, a year ago. The company gained $9.5 million, or 2 cents per share, from investments this year, and lost $108.9 million, or 32 cents per share, from investments in the third quarter of 2008.
Unum said its revenue edged up 3 percent, to $2.52 billion from $2.44 billion. That fell short of the $2.56 billion analysts were expecting.
The company said Unum U.S. premium revenue fell 2 percent to $1.22 billion. Unum U.K. results were hurt by volatile exchange rates, and premium revenue fell 25 percent to $169.7 million.
Premium revenue for the Colonial Life business rose 3 percent to $253.5 million.
For the full year, Unum backed its profit forecast of $2.50 to $2.60 per share for the year. Analysts expect $2.56 per share.
Maine heating oil rises 1 cent to $2.56 a gallon
Maine energy officials say the average cash price for home heating oil has risen a penny a gallon since last week, to $2.56.
The Governor's Office of Energy Independence and Security said rising crude oil prices over the last two weeks are reflected in the heating fuel prices.
The energy office survey shows heating oil prices vary around the state, from a low of $2.25 per gallon in the southwestern region to a high of $2.85 in eastern Maine.