CNO Financial's profit, revenue up in third quarter

October 28, 2013

CNO Financial Group Inc. on Monday reported a third-quarter profit of $283 million, a significant jump from the money-losing quarter it experienced a year ago.

The Carmel-based insurance holding company earned $1.23 per share in the most recent quarter, up from a loss of $5 million, or 2 cents per share, in the third quarter of 2012.

Revenue rose by about $800,000, to almost $1.1 billion.

Third-quarter financials were dragged down in 2012 by a $176.4 million after-tax charge related to refinancing of debt earlier in the year.

Company officials said earnings were "significantly impacted by various favorable tax items."

CNO, the parent of insurers Bankers Life, Washington National and Colonial Penn, had sales of $101.8 million as measured in new annualized premiums in the most recent quarter, an increase of 8 percent from the same time last year.

CNO’s biggest unit, Chicago-based Bankers Life, posted quarterly sales of $62.5 million, up 9 percent from a year ago. Sales at Washington National grew 12 percent, to $23.9 million.

Colonial Penn sales grew 2 percent, to $15.4 million.

CNO shares fell 4 percent Monday before the quarterly report was released, then rose 17 cents in after-hours trading, to $14.95 each.


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