CNO Financial gung-ho on share buybacks

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Shares of CNO Financial Group are up about 80 percent since last summer, although favorable financial performance might not be the only driver.

The Carmel-based financial services company said that, during the second quarter, it repurchased $59.4 million of its securities, including 4.4 million common shares for $50 million.

That makes $184 million in repurchases year-to-date. At June 30, CNO had 219 million outstanding shares, and authority to buy back up to an additional $166 million of its common stock.

Lately, its shares have traded around $14.50 vs. a low of $8 last summer.

On July 29, CNO said its second-quarter profits soared 17 percent, to $77.1 million.

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