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

xed benefits reported at estimated fair value in accordance with

accounting requirements, including a $.8 million charge in the first

quarter of 2008 related to the adoption of SFAS 157).

In our Other Business in Run-off segment, we recognized a pre-tax operating loss of $1.3 million in the first quarter of 2008, compared to a loss of $26.1 million in the first quarter of 2007. Results for the first quarter of 2008 were positively affected by an increase in earnings of $22 million resulting from a decrease in the interest-adjusted benefit ratio on the long-term care policies included in this segment. During the first quarter of 2007, we recorded a $22 million charge that increased insurance policy benefits following improvements to our methodologies to estimate losses for claims on certain policies with lifetime and inflation benefits.

The Corporate Operations segment includes our investment advisory subsidiary and corporate expenses.

The Company recognized net realized investment losses of $26.5 million (net of related amortization and taxes) in the first quarter of 2008. Gross realized losses (before related amortization and taxes) included $41.3 million of writedowns for securities we determined were subject to other-than- temporary declines in market values, primarily consisting of certain mortgage- backed securities. We made the determination that the related securities were impaired based on a variety of factors, including: the extent to which the market value of these securities was less than the cost basis; the length of time the market value had been below the cost basis; and our judgment as to the likelihood of a recovery in market value in the reasonably near-term.

Sales results

In addition to the sales of proprietary products, Bankers Life, through a partnership with Coventry, distributes Medicare PDP and private-fee-for- service plan (PFFS) through Bankers career agents.

At Bankers Life (career
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SOURCE Conseco, Inc.
Copyright©2008 PR Newswire.
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