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Unum's earnings climb.
Byline: Edward D. Murphy
Nov. 1--Unum said Wednesday that adjusted earnings increased nearly 40 percent for the third quarter and the company announced a $700 million stock buyback plan.
The disability insurer said profit, excluding investment losses and one-time items, was $217 million for the period ending Sept. 30, compared to $155.8 million for the same period in 2006. On a per-share basis, adjusted income was 60 cents a share, compared to 46 cents a share a year ago.
Analysts surveyed by Thomson Financial Network had expected earnings of 51 cents a share.
Unum said it had strong results for all of its operating segments and also said it has substantially completed reviewing past rejected claims, a process that resulted from a settlement with insurance regulators looking into allegations that the company turned down legitimate claims. The company denied the allegations, but agreed to review thousands of rejected claims ...
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