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CNO sees higher profit, revenue in fourth quarter

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CNO Financial Group Inc. on Tuesday announced improved profit and revenue in the fourth quarter.

The Carmel-based insurance company reported profit of $106 million, or 47 cents per share, up from $101.2 million, or 41 cents per share, in the same quarter of 2012.

Revenue increased to $1.16 billion from $1.06 billion.

Operating earnings for the quarter were $75.4 million, or 33 cents per share, exceeding the expectations of 10 analysts polled by Thomson Reuters by 4 cents per share.

On a yearly basis, CNO had a profit of $478 million, or $2.06 per share, in 2013, compared with $221 million, or 83 cents per share, in 2012. Revenue rose to $4.47 billion from $4.34 billion

CNO health and life insurance subsidiary Washington National reported sales from new premiums of $26.2 million in the fourth quarter, up 15 percent from the previous year.

Life insurance unit Colonial Penn had sales from new premiums of $14 million in the fourth quarter, up 3 percent from the previous year.

CNO shares closed at $17.28 Tuesday prior to the earnings announcement, up 26 cents on the day.
 

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