CHATTANOOGA, Tenn.—Disability insurer UnumProvident Corp. recorded a net loss of $253.0 million in 2004, compared with a loss of $386.4 million in 2003.

The 2004 loss stemmed mainly from $701.0 million in first-quarter charges related to the restructuring of an old block of individual disability business, according to a spokesman for Chattanooga, Tenn.-based UnumProvident.

Also contributing to the loss was an aftertax charge of $87.8 million related to UnumProvident’s settlement of a multistate investigation of its claims practices (BI, Dec. 6, 2004).

For the fourth quarter, though, UnumProvident recorded net income of $134.5 million, compared with a net loss of $347.2 million in the prior-year period.

Total revenues for 2004 were $10.46 billion, up 4.7% over the prior year.