CNO Financial tops quarterly earnings expectations

CNO Financial Group Inc. on Wednesday reported second-quarter profit of $46.8 million, down 40 percent from the same quarter of 2014.

On a per-share basis, the Carmel-based company said it had profit of 24 cents. Earnings, adjusted to extinguish debt, were 35 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The insurance holding company posted revenue of $959.5 million in the period, down from nearly $1.1 billion a year ago.

CNO shares closed at $18.98 each prior to Wednesday's earnings release. They are up 10 percent this year and 14 percent over the last 12 months.

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