Carmel-based CNO Financial Group Inc. (NYSE: CNO) is reporting net income of $409 million in 2019, compared to a loss of $315 million the previous year. Chief Executive Officer Gary Bhojwani says the company delivered measured growth by exercising discipline and profitability.
CNO is also reporting fourth-quarter net income of $278 million, compared to $28 million during the same period a year ago.
“As a result, operating earnings per share were up 4%, excluding significant items, despite a 7% decline in net investment income due to a challenging low interest rate environment,” said Bhojwani.
Last month, CNO announced it was restructuring its business model that included job cuts. The company said the structure changes will make it leaner, more agile and more integrated by the consolidation of business units and reducing overhead
“Rigorous expense control, including benefits from our recently announced corporate transformation and strategic IT partnership, will mitigate the interest rate impact and position us well for the future,” Bhojwani said.
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