Allmerica Financial Posts Quarterly Profit
NU Online News Service, Oct. 28, 11:16 a.m.EST?Allmerica Financial Corp. posted net income of $11.4million for the third quarter compared with a loss of $313.4million one year ago when it took charges for exiting the lifeinsurance and variable annuity business.
The insurer announced it is closing VeraVest Investments, itsbroker-dealer operation, taking a related charge of $7.2 millionfor the quarter. Commenting on its decision to close VeraVest,Allmerica said the move will help sharpen the insurer's focus onthe core property-casualty business.
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