Unum Group reports higher quarterly gain

Posted Feb. 02, 2011, at 7:54 p.m.

The Unum Group on Tuesday reported profits of $225.8 million for the fourth quarter of 2010 compared with $199.4 million in the same period the year before.

Unum, a disability insurance provider, employs roughly 10,000 people worldwide and just over 3,000 in Maine. It was formed from the 1998 merger of Portland-based Unum Corp. and Tennessee-based Provident Corp.

“We are generally pleased with our fourth quarter results, and although not all of our businesses met our expectations, we again benefited from our diverse business portfolio,” said Thomas Watjen, president and CEO, in a written statement. “We enter 2011 with a solid business plan and significant financial flexibility as indi-cated today by our board of directors’ decision to authorize an additional $1 billion for share repurchases over the next 18 months.”

According to a MarketWatch report from the Wall Street Journal, the company saw operating profits of 66 cents a share, falling short of analysts’ expectations of 69 cents a share.

Unum, which trades on the New York Stock Exchange under the UNM symbol, closed the day at $25.14, down 1.95 percent.

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