Conseco profit at high end of estimates

August 4, 2009
Conseco Inc. recorded profit at the high-end of its preliminary estimates, the company announced today.

In its official second-quarter financial report, the Carmel-based insurer said it earned 22 cents per share, excluding investment losses, which met its and analysts' estimates. The company earned 13 cents per share, before investment losses, in the same quarter a year ago.

Its net income, excluding investment losses, was $27.6 million. On July 28, Conseco predicted it would earn from $16 million to $28 million for the quarter.

In the same quarter a year ago, Conseco earned $8 million, excluding investment losses.

Conseco realized $16.3 million in losses, before taxes, in the second quarter. A year ago, it recorded $30.5 million in losses. It also took restructuring charges of nearly $500 million last year.

"We are pleased to report that Conseco's second quarter results are at the high end of the preliminary earnings range we announced last week," said CEO Jim Prieur in a statement.

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