The surge had an especially big effect in the South. The deaths in the third quarter were three times what we expected. U.S. deaths in the age group between 35 and 54 tripled, from a percentage perspective and most are younger workers.
Because of the age shift, the average life insurance claim per COVID-19-related death has increased to $60,000, from $55,000 in the second quarter. COVID-19 now appears to be leading to an increase in absence and short-term disability claims as well as an increase in life insurance claims.
Vaccines - Insurers believe one of the drivers affecting Prudential’s U.S. life insurance claims is the share of claims coming from places where COVID-19 vaccination rates are lower. Vaccine mandates at large employers could help future earnings.
Unum has large operations in the United Kingdom. Unum executives said they believe that COVID-19 mortality was lower there than in the United States partly because the United Kingdom has an adult vaccination rate over 90%. It’s that vaccine piece that’s making the biggest difference in mortality, and also in hospitalizations.
Unum has large operations in the United Kingdom. Unum executives said they believe that COVID-19 mortality was lower there than in the United States partly because the United Kingdom has an adult vaccination rate over 90%. It’s that vaccine piece that’s making the biggest difference in mortality, and also in hospitalizations.
Earnings - Prudential, Unum and Voya all reported profits for the third quarter, in spite of the effects of COVID-19 on life and disability claims.
Prudential is reporting $1.53 billion in net income for the third quarter on $20 billion in revenue, up from $1.49 billion in net income on $13 billion in revenue in the third quarter of 2020. Prudential’s U.S. businesses are reporting $1.1 billion in adjusted operating income before income taxes for the latest quarter on $13 billion in revenue, up from $848 million in adjusted operating income on $6.5 billion in revenue for the year-earlier quarter.
Unum is reporting $329 million in net income for the latest quarter on $3 billion in revenue, up from $231 million in net income on $3 billion in revenue for the year-earlier quarter. Commission spending fell to $144 million, from $146 million, at the Unum US division but increased to $80.5 million, from $79.9 million, at Colonial Life.
Voya is reporting $142 million in net income for the latest quarter on $2 billion in revenue, compared with a $333 million net loss on $2.1 billion in revenue for the year-earlier quarter.
Prudential is reporting $1.53 billion in net income for the third quarter on $20 billion in revenue, up from $1.49 billion in net income on $13 billion in revenue in the third quarter of 2020. Prudential’s U.S. businesses are reporting $1.1 billion in adjusted operating income before income taxes for the latest quarter on $13 billion in revenue, up from $848 million in adjusted operating income on $6.5 billion in revenue for the year-earlier quarter.
Unum is reporting $329 million in net income for the latest quarter on $3 billion in revenue, up from $231 million in net income on $3 billion in revenue for the year-earlier quarter. Commission spending fell to $144 million, from $146 million, at the Unum US division but increased to $80.5 million, from $79.9 million, at Colonial Life.
Voya is reporting $142 million in net income for the latest quarter on $2 billion in revenue, compared with a $333 million net loss on $2.1 billion in revenue for the year-earlier quarter.
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