CHATTANOOGA, Tenn. (AP) _ Unum Group (UNM) on Monday reported first-quarter profit of $161 million.
On a per-share basis, the Chattanooga, Tennessee-based company said it had net income of 79 cents. Earnings, adjusted for investment costs, came to $1.35 per share.
The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The insurance company posted revenue of $2.87 billion in the period. Its adjusted revenue was $3.02 billion, which also fell short of Street forecasts. Nine analysts surveyed by Zacks expected $3.06 billion.
Unum shares have fallen 42% since the beginning of the year, while the Standard & Poor's 500 index has decreased 12%. In the final minutes of trading on Monday, shares hit $17, a decline of 53% in the last 12 months.