Disability insurance provider Unum Group achieved record profits in 2016, according to the company’s fourth-quarter earnings report released Wednesday.
The Chattanooga, Tennessee-based company, which employs about 3,000 workers in Maine, reported net income of $248 million, or $1.07 per share, for the fourth quarter, up 9.7 percent from $226.1 million, or $0.93 per share, for the fourth quarter of 2015.
It reported net income of $931.4 million for the year, up 7.4 percent from $867.1 million for 2015.
“We achieved record net income in 2016, ending the year with very strong fourth-quarter results,” said Unum President and CEO Richard McKenney in a news release. “Our performance continues to be anchored by market-leading positions in employee benefits, which drives solid premium growth in our core business operations and strong profits. 2016 was a year that saw us deliver a combination of growth, disciplined execution and return of capital to our shareholders. We are well positioned strategically and financially to carry this momentum into 2017.”
Unum’s total revenue for the fourth quarter was $2.8 billion, compared with $2.72 billion for the fourth quarter of 2015. Its revenue for the full year in 2016 was $11.05 billion, compared with $10.73 billion the previous year.
Unum is a publicly traded company listed on the New York Stock Exchange under the symbol UNM. The company’s stock price closed Wednesday at $45.77, up 34 cents for the day, prior to the earnings report’s release.
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