The Richmond, Va., insurance spinoff of
made $307 million, or 64 cents a share, in the quarter ended Dec. 31. That's down from the year-ago $346 million, or 70 cents a share. Excluding unusual items, latest-quarter net operating earnings rose to $300 million, or 62 cents a share, from the year-ago $254 million, or 52 cents a share. Analysts surveyed by Thomson First Call were looking for an operating profit of 61 cents.
Net operating earnings for the fourth quarter of 2005 included an after-tax increase of $19 million, or 4 cents a diluted share, in net investment income from an adjustment to commercial mortgage loan loss reserves resulting from a change in process for estimating credit losses.