Unum profit falls in 4th quarter due to $167.6 Million in investment losses

NEW YORK, Feb 3, 2009 - Unum Group said on Tuesday that net income fell sharply in the fourth quarter, hurt by investment losses, but operating earnings beat Wall Street expectations by a penny.

Unum, the largest long-term disability benefit insurer in the United States and Britain, said net earnings fell 74 percent to $41.8 million, or 13 cents a share, from $160.5 million, or 44 cents a share, in the year-earlier quarter.

Chattanooga, Tennessee-based Unum said it had $167.6 million in net realized investment losses, largely the result of writing down impaired investments.

Earnings from continuing operations, which analysts use to measure performance, were $209.4 million, or 63 cents a share, compared with $213.1 million, or 59 cents a share a year earlier.

Analysts, on average, had expected earnings of 62 cents a share, according to Reuters Estimates.

The company expects its earnings from continuing operations to be between $2.45 and $2.55 a share in 2009, shy of analysts’ average expectation of $2.63 a share.

The company said it is looking for a new chief financial officer to replace Robert Greving, who is retiring later this year, according to a separate statement.

Gregory Dell, a disability income attorney with Attorneys Dell & Schaefer stated, “despite Unum’s recent financial performance they have been actively pursuing lump-sum buyouts from individuals that are currently collecting long-term disability benefits.”

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FAQ

Do you help Unum claimants nationwide?

We represent Unum clients nationwide and we encourage you to contact us for a FREE immediate phone consultation with one of our experienced disability insurance attorneys.

Can you help with a Unum disability insurance policy?

Our disability insurance lawyers help policy holders seeking short or long term disability insurance benefits from Unum. We have helped thousands of disability insurance claimants nationwide with monthly disability benefits. With more than 40 years of disability insurance experience we have helped individuals in almost every occupation and we are familiar with the disability income policies offered by Unum.

How do you help Unum claimants?

Our lawyers help individuals that have either purchased a Unum long term disability insurance policy from an insurance company or obtained short or long term disability insurance coverage as a benefit from their employer.

Our experienced lawyers can assist with Unum:

  • ERISA and Non-ERISA Appeals of Disability Benefit Denials
  • ERISA and Non-ERISA Disability Benefit Lawsuits
  • Applying For Short or Long Term Disability Benefits
  • Daily Handling & Management of Your Disability Claim
  • Disability Insurance Lump-Sum Buyout or Settlement Negotiations

Do you work in my state?

Yes. We are a national disability insurance law firm that is available to represent you regardless of where you live in the United States. We have partner lawyers in every state and we have filed lawsuits in most federal courts nationwide. Our disability lawyers represent disability claimants at all stages of a claim for disability insurance benefits. There is nothing that our lawyers have not seen in the disability insurance world.

What are your fees?

Since we represent disability insurance claimants at different stages of a disability insurance claim we offer a variety of different fee options. We understand that claimants living on disability insurance benefits have a limited source of income; therefore we always try to work with the claimant to make our attorney fees as affordable as possible.

The three available fee options are a contingency fee agreement (no attorney fee or cost unless we make a recovery), hourly fee or fixed flat rate.

In every case we provide each client with a written fee agreement detailing the terms and conditions. We always offer a free initial phone consultation and we appreciate the opportunity to work with you in obtaining payment of your disability insurance benefits.

Do I have to come to your office to work with your law firm?

No. For purposes of efficiency and to reduce expenses for our clients we have found that 99% of our clients prefer to communicate via telephone, e-mail, fax, GoToMeeting.com sessions, or Skype. If you prefer an initial in-person meeting please let us know. A disability company will never require you to come to their office and similarly we are set up so that we handle your entire claim without the need for you to come to our office.

How can I contact you?

When you call us during normal business hours you will immediately speak with a disability attorney. We can be reached at 800-682-8331 or by email. Lawyer and staff must return all client calls same day. Client emails are usually replied to within the same business day and seem to be the preferred and most efficient method of communication for most clients.

Dell & Schaefer Client Reviews   *****

Jodi C.

Despite the fact that I work at a law firm who handles different types of cases, I had an incredibly difficult time finding a firm that would take my disability case against Northwestern Mutual. I was so pleased when Dell & Schaefer agreed to represent me. This has been an extremely stressful and difficult time trying to receive the benefits which I was owed, while also dealing with serious medical conditions and physical limitations. My main diagnosis is fibromyalgia syndrome, which has completely changed every aspect of my life. I could not ever have imagined that I would be so lucky as to find such a firm as Dell & Schaefer and an attorney like Alex Palamara.

From the very beginning, he and his staff were so very helpful, knowledgeable, kind, understanding and committed to me and my case. I have now learned that disability cases against private insurance carriers are very different than a social security disability claim. I had to completely rely on Alex Palamara’s professional knowledge and experience with my case. Alex, his firm and his staff went above and beyond to assist me in every way. They were very clear in explaining these types of cases, and my case in particular. Working in the legal field as a secretary, I know how frustrating it can be for clients when they don’t have regular communication with their attorney, or have questions that need to be answered.

Alex always immediately responded to me and answered every question I had. He also always made sure that I was given any update or new information regarding my case. I could not be happier with the representation I received from Alex Palamara and everyone at Dell & Schaefer. From the very beginning, through and including mediation, Alex was completely prepared regarding every aspect of my case, medical condition, limitations, extensive documentation, and my situation in every way. I truly do not know what I would have done had I not found Alex Palamara and Dell & Schaefer to represent me in this matter. I normally hesitate to recommend a professional to others, but not in this case. I would very highly recommend Dell & Schaefer, and especially Alex Palamara, to anyone with a disability claim in need of representation. Despite the awful personal situation that brought me to Alex and his firm, he and his staff made it as stress-free as possible, and brought my case to a close in a professional and respectful manner and timeframe.

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