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