Carmel-based CNO Financial Group Inc. (NYSE: CNO) is reporting first quarter operating earnings of $60.1 million, compared to $59.9 million the previous year. The company is also reporting a dramatic turnaround in net income, which Chief Executive Officer Ed Bonach says shows the “resiliency and strength of our distribution channels.”
April 29, 2015
Carmel, Ind. — CNO Financial Group, Inc. (NYSE: CNO) today announced first quarter of 2015 operating earnings (1) of $60.1 million, or 30 cents per diluted share, compared to $59.9 million, or 27 cents per diluted share, in the first quarter of 2014.
“The resiliency and strength of our distribution channels showed through in the quarter as we achieved overall sales and recruiting gains,” said Ed Bonach, CEO of CNO. “While again increasing earnings and maintaining financial strength, we continued to grow our customer base, improve customer service and our business benefited from strong persistency.”
First Quarter 2015 Highlights
Sales, as defined by total new annualized premium (“NAP”) (2): $105.3 million, up 3% from 1Q14
Collected premium from our continuing operating segments (3): $808.0 million down 1% from 1Q14
Net income (loss) per diluted share: 26 cents in 1Q15 compared to $(1.03) in 1Q14 (including $(1.35) from the loss on the sale of Conseco Life Insurance Company (“CLIC”))
Net operating income (1) per diluted share: up 11% to 30 cents in 1Q15 compared to 27 cents in 1Q14
Unrestricted cash and investments held by our holding company were $311 million at March 31, 2015
Common stock repurchases, dividends and debt payments were $113.4 million in 1Q15
Consolidated risk-based capital ratio was estimated at 428% at March 31, 2015, reflecting estimated statutory operating earnings of $79 million and insurance company dividends to the holding company of $75.5 million during the first three months of 2015
Source: CNO Financial Group Inc.