Company Overview of Colonial Life & Accident Insurance Company
Colonial Life & Accident Insurance Company provides supplemental insurance products. Its products include accident, disability, cancer, critical illness, and life and hospital confinement coverage. Colonial also offers claims, policyholder, and account services. The company was founded in 1939 and is based in Columbia, South Carolina. Colonial Life & Accident Insurance Company operates as a subsidiary of Unum Group.
1200 Colonial Life Boulevard West
Columbia, SC 29202-1365
Founded in 1939
Key Executives for Colonial Life & Accident Insurance Company
Senior Vice President of Finance and Risk Management
Chief Executive Officer- Colonial Supplemental Insurance and President - Colonial Supplemental Insurance
Senior Vice President of Customer Service and Information Technology
Senior Vice President of Customer Acquisition Services
Compensation as of Fiscal Year 2015.
Colonial Life & Accident Insurance Company Key Developments
Colonial Life & Accident Insurance Company Announces Newest Short-Term Disability Insurance Plan
Sep 4 15
Colonial Life & Accident Insurance Company announced that America's workers have a new affordable way to help protect their families and lifestyles with its newest short-term disability insurance plan. The new features of the individual disability product include: Coverage available to age 74, important since more workers are staying on the job longer; More competitive pricing that keeps coverage affordable; More options when coverage starts so employees can limit gaps in financial protection; Ability to increase coverage amounts at subsequent enrollments without health questions. The company said that employers also have more options to tailor disability coverage for the needs of their workforce. They can choose to offer plans that cover psychiatric and psychological conditions, and plans that provide disability benefits from the first day of a hospital stay. Colonial Life's plan also includes: Options to cover employees disabled at work as well as off the job; Coverage for employees unable to perform their own job, not just any job; Monthly benefits that replace up to 60% of an employee's income, up to $6,500 per month; Payment of a portion of benefits when employees with a disability can work part-time; Coverage that employees can take with them to new jobs without a rate increase. The new individual short-term disability product is available now in 31 states, with additional states coming in the future.
Colonial Life Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015
Apr 29 15
Colonial Life reported unaudited earnings results for the first quarter ended March 31, 2015. The company reported a 1.9% decline in operating income to $77.6 million in the first quarter of 2015 compared to $79.1 million in the first quarter of 2014. Premium income increased 5.0% to $332.2 million compared to $316.4 million in the first quarter of 2014, driven by sales growth and favorable persistency. The benefit ratio in the first quarter of 2015 was 51.3% compared to 50.5% in the first quarter of 2014, primarily reflecting a less favorable benefit ratio in the life product line. Sales increased 7.6% to $77.5 million in the first quarter of 2015 from $72.0 million in the first quarter of 2014, with favorable sales trends in both the core commercial and public sector market segments.
Colonial Life Announces Earnings Results for the Third Quarter of 2014 and Sales Results for the Nine Months of 2014
Oct 30 14
Colonial Life announced earnings results for the third quarter of 2014 and sales results for the nine months of 2014. The company generated another strong quarter at $71.2 million of operating earnings compared to $69 million a year ago. The underlying profitability remains excellent, producing an operating ROE of 16% for the quarter. Sales increased 13% for the third quarter compared to the same period in 2013.
Sales increased 9% for the year-to-date compared to the same period in 2013.
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