CARMEL, Ind., Nov. 5 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today reported results for the third quarter of 2008. "We are pleased with the performance of our core businesses during the quarter," said Conseco CEO Jim Prieur, "with income before net realized investment losses, corporate interest and taxes of $106.6 million. This slightly exceeds the favorable end of the estimated ranges we provided in our October 23 announcement. All business lines contributed to earnings, and Bankers Life returned to its expected level of profitability, reflecting, in part, measures implemented to improve its long-term care business. Sales grew across all segments, with quarter-over-prior year quarter increases in new annualized premium of 16% at Bankers Life, 6% at Colonial Penn, and 5% at Conseco Insurance Group."
Third quarter 2008 results:
-- Total New Annualized Premium ("NAP") (1): $97.0 million, up 13% from 3Q07 ($92.3 million, excluding Private-Fee-For-Service, up 6 percent from 3Q07)
-- Income (loss) before net realized investment losses, losses related to the proposed transfer of Senior Health Insurance Company of Pennsylvania ("Senior Health," formerly known as Conseco Senior Health Insurance Company prior to its name change in October 2008) to an independent trust, corporate interest and taxes ("EBIT") (2): $106.6 million, compared to $(17.4) million in 3Q07
-- Net operating income (loss) (3): $58.9 million, compared to $(21.7) million in 3Q07
-- Net operating income (loss) per diluted share: 32 cents, compared to (12) cents in 3Q07
-- Net loss applicable to common stock: $182.0 million, compared to $52.7 million in 3Q07 (including $240.9 million of net realized investment losses and losses related to the proposed transfer of Senior Health to an independent trust, in 3Q08 vs. $31.0 million of net realized investment losses in 3Q07)
-- Net loss per diluted share: 98 cents, compared to 28 cents in 3Q07
|SOURCE Conseco, Inc.|
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