CNO exceeds expectations with third-quarter earnings

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CNO Financial Group Inc. on Wednesday reported a third-quarter profit that exceeded Wall Street expectations

The Carmel-based insurance holding company said it turned a profit of $100.8 million, or 59 cents per share, in the third quarter, topping the $18.6 million, or 11 cents per share, it earned in the same quarter of 2016.

Earnings, adjusted for non-recurring gains, came to 45 cents per share, easily topping the 39-cent average estimate of three analysts surveyed by Zacks Investment Research.

CNO posted revenue of $1.08 billion in the period, up from $1.02 billion in the year-ago period.

“The company's earnings for the third quarter reflect the continued strength of our enterprise,” CEO Ed Bonach said in written remarks. “We had notable increases in net income and book value per share, while enhancing our capital position and flexibility.”

CNO said total collected premiums were $882.4 million, down 2 percent from last year’s third quarter.

Shares in CNO closed at $24.82 each Wednesday before the quarterly financial announcement, a climb of 65 percent in the last year.

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