Unum Group Profit Falls during First Quarter

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.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">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.