Allmerica Reports $11 Million In 3Q Net Earnings

NU Online News Service, Oct. 27, 2003, 5:35 p.m. EST – Allmerica Financial Corp., Worcester, Mass., is reporting $11 million in net income for the third quarter on $788 million in revenue, up from a $313 million net loss on $855 million in revenue for the third quarter of 2002.

The company's Allmerica Financial unit is reporting a $5.8 million operating loss on $162 million in revenue for the latest quarter, compared with a $540 million operating loss on $204 million in revenue for the comparable quarter in 2002.

The Allmerica Financial loss for the third quarter of 2002 included a $556 million charge to cover the cost of discontinuing the production of variable products.