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Unum's Colonial Life Unit to Expand Agent Force, Open New Offices

August 9, 2017

Major disability insurer Unum plans to put more agents on the ground for its Colonial Life unit across more territories, ThinkAdvisor writes.

Columbia, S.C.-based Colonial Life has opened three new territory offices in the first six months of the year, Tim Arnold, the life insurance group's CEO, said in a recent conference call with securities analysts, according to ThinkAdvisor.

Unum wants to grow the total number of Colonial Life offices from 45 to the upper 50s over the new few years, according to the publication. And Rick McKenney, Unum’s president and CEO, told the analysts that Colonial Life’s recent increase in sales was "a result of getting a lot more feet on the street," according to ThinkAdvisor.

Sales at Colonial Life grew 7.5% to $117 million in the second quarter, the publication writes. Life insurance sales did particularly well, growing 15% to $25 million, ThinkAdvisor writes.

Meanwhile, Chattanooga, Tenn.-based Unum has posted $245 million in net income in the second quarter, up from $237 million the year prior, according to the publication.

Colonial Life offers life, accident, disability insurance and other products. The Unum business unit has set a goal of serving 5 million customers by 2020 and has invested heavily in digital technology during the past year, the firm’s annual report states.

By Alex Padalka
  • To read the ThinkAdvisor article cited in this story, click here.
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