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Conseco Reports First Quarter Results
Date:5/7/2008

ed from the

change in the value of the embedded derivative related to future

indexed benefits reported at estimated fair value in accordance with

accounting requirements, including a $2.0 million charge in the first

quarter of 2008 related to the adoption of Statement of Financial

Accounting Standards No. 157 "Fair Value Measurements" ("SFAS 157"));

and

-- a reduction in earnings of approximately $6 million related to Company-

owned life insurance policies which were purchased to fund the

segment's deferred compensation plan for certain agents (such variance

resulted from a $2.7 million death benefit recognized as income in the

first quarter of 2007 and a decrease in the estimated fair value of

investments underlying such policies in the first quarter of 2008).

In our Colonial Penn segment, the pre-tax operating earnings were $3.7 million in the first quarter of 2008, compared to $4.6 million in the first quarter of 2007. Results for the first quarter of 2008 were affected by higher marketing expenses related to our growth initiatives, net of the positive income impacts following the recapture of a modified coinsurance agreement in the fourth quarter of 2007.

In our Conseco Insurance Group segment, pre-tax operating earnings were $23.3 million in the first quarter of 2008, compared to $33.5 million in the first quarter of 2007. Results for the first quarter of 2008 were affected by:
-- a reduction in earnings of approximately $4 million resulting from an

increase in the interest-adjusted benefit ratio on specified disease

policies primarily driven by lower policy terminations; and

-- a reduction in earnings of approximately $2 million related to equity-

indexed annuity products (such variance primarily resulted from the

change in the value of the embedded derivative related to future

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SOURCE Conseco, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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Related medicine news :

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3. Conseco Sets Earnings Release Date
4. Bischof Promoted to Vice President, Enterprise Risk Management at Conseco
5. Conseco Reports Fourth Quarter and Year-End Results
6. Conseco Files 10-K and Sets Earnings Release Date
7. Conseco Reports Preliminary Fourth Quarter and Year-End Results
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