CNO Financial Group Inc. on Tuesday reported third-quarter results that exceeded analyst expectations despite a 45 percent decline in profit.
The Carmel-based insurance holding company turned a profit of $18.6 million, or 11 cents per share, compared with $33.8 million, or 18 cents per share, in the same quarter of 2015.
Earnings, adjusted for non-recurring costs, came to 37 cents per share, topping the average estimate of 35 cents per share by three analysts surveyed by Zacks Investment Research.
The company posted revenue of $1.02 billion in the period, up from $904.5 million a year ago.
CNO collected $900 million in premiums in the latest quarter, up 2 percent from the same quarter of 2015. First-year collected premiums rose 7 percent, to $337.6 million, in the quarter.
Adjusted earnings rose from $79.8 million to $88.1 million at CNO's Bankers Life subsidiary but fell from $30.6 million to $25.2 million at Washington National.
CNO shares closed at $15.06 each Tuesday, a drop of 24 percent in the last 12 months. They were up 7.2 percent Wednesday morning, to $16.16 each.