Carmel-based CNO Financial Group Inc. (NYSE: CNO) is reporting a fourth quarter net loss of $70.9 million, compared to net income of $234 million during the same quarter the previous year. The company says the recently-passed Tax Cuts and Jobs Act had a "one-time unfavorable impact" on the results.
CNO is also reporting full-year net income of $176 million in 2017, down from $358.2 million in 2016. Despite the affects of the Tax Reform Act last year, the company says the bill will serve as an ongoing benefit for the company.
Chief Executive Officer Gary Bhojwani says he expects CNO’s ongoing improvements to its income will offset any one-time accounting impacts.
"CNO had another strong quarter, capping off a solid year highlighted by a double digit increase in operating earnings," said Bhojwani. "We experienced good asset growth in our accumulation businesses and saw improvements in nearly all of our Growth Scorecard measures across the firm. We are well positioned to build on our momentum as we continue to implement strategic initiatives that we expect will accelerate growth in our key production metrics."
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