Conseco Files to Formally Extend Due Date for Annual Report on Form 10-K to March 17 and Reschedules Earnings Release and Inv...( CARMEL Ind. March 4 /- In a filin...),Health

CARMEL, Ind., March 4 /PRNewswire-FirstCall/ -- In a filing with the SEC yesterday, Conseco, Inc. (NYSE: CNO), formally extended the due date of its Annual Report on Form 10-K to March 17, 2008. In the Form 12b-25 filing, the Company said it has not yet finalized its December 31, 2007 financial statements and is completing several items, including its analysis to determine the possible need to increase the deferred income tax asset valuation allowance. Conseco estimated that its net income (loss) for the three months ended December 31, 2007 will be approximately breakeven, including estimated net realized investment losses (after related amortization and taxes) of $25 million, but before any adjustments which may result from finalizing the incomplete items.

The Company also reported in its Form 12b-25 filing that it has been consulting with the staff of the SEC's Office of the Chief Accountant (the "SEC Staff") regarding its accounting policy for long-term care premium rate increases as described in the Summary of Significant Accounting Policies in its 2006 Form 10-K. On February 28, 2008, the SEC Staff informed Conseco of their view that the use of a method which prospectively changes reserve assumptions for long-term care policies based solely on changes in premium rates is not consistent with the guidance of Statement of Financial Accounting Standards No. 60, "Accounting and Reporting by Insurance Enterprises." The Company is continuing to evaluate the SEC Staff's view and has reflected the estimated effect in the estimated net income (loss) provided above.

As a result of these developments, the Company will report results for the fourth quarter of 2007 before the market opens on Monday, March 17 and will host its quarterl
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