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CNO Financial reports profitable first quarter

April 29, 2015

CNO Financial Group Inc. saw a decline in revenue, but rebounded from a year-ago loss in the first quarter.

The Carmel-based insurance holding company on Wednesday reported first-quarter profit of $52.8 million, or 26 cents per share, up from a loss of $228 million, or $1.03 per share, a year ago.

CNO reported revenue of $978.3 million in the period, down from almost $1.1 billion in the first quarter of 2014.

Revenue fell because CNO no longer owns Conseco Life Insurance Co., which it sold in July to Wilton Reassurance Co. for about $220 million.

Operating earnings for the most recent quarter were $60.1 million, or 30 cents per share, compared to $59.9 million, or 27 cents per share, a year ago.

Earnings, adjusted for non-recurring costs, were 31 cents per share, barely missing the average estimate of analysts by one cent.

CNO shares rose 5 cents Wednesday, to $17.99 each, prior to the release of the earnings report.
 

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