New York, NYThe first quarter profit for Tennessee-based disability insurer Unum Group fell below most Wall Street estimates, largely due to poor results from its UK unit, Reuters reports.
According to the news source, the UK segment's operating income dropped 19.6 percent during the first quarter to $48.7 million.
The Wall Street Journal reports that the company's overall first quarter earnings decreased 1.9 percent, continuing a string of recent sub-par quarters. High jobless numbers have reportedly hurt the company, which sells disability insurance to workers, the news source said.
Earnings in the company's US business reportedly grew by 5 percent, with its premium income increasing 0.3 percent, according to the news provider.
Overall, the company posted a profit of $225.4 million, down from last year's total of $229.8 million.
In addition to the high unemployment rate, Unum has been dogged by a number of insurance lawsuits, with plaintiffs claiming they were unfairly denied disability benefits.
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