CNO Profit Swings to Major Loss
Carmel-based CNO Financial Group Inc. (NYSE: CNO) is reporting a net loss of $530 million, compared to net income of $101 million during the same period last year. The company says a one-time charge related to a previously-announced long-term care reinsurance transaction with Connecticut-based Wilton Reassurance Co. contributed to the results.
Chief Executive Officer Gary Bhojwani says the company has reported sales growth in all three of its businesses during the third quarter. He says various growth initiatives implemented over the past several quarters are beginning to yield positive results.
"I am also very pleased that we closed on our long-term care reinsurance transaction with Wilton Reassurance Company," said Bhojwani. "While we will experience a one-time charge due to this agreement, this transaction materially reduces the long-term risk profile of the company and enables us to focus on serving more middle American families and accelerating profitable growth."
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