PR Newswire
CARMEL, Ind., April 26, 2017
CARMEL, Ind., April 26, 2017 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today announced net income for the first quarter of 2017 of $62.3 million, or 36 cents per diluted share, compared to $45.5 million, or 25 cents per diluted share, in the first quarter of 2016. CNO also announced first quarter of 2017 net operating income (1) of $59.8 million, or 34 cents per diluted share, compared to $49.6 million, or 27 cents per diluted share, in the first quarter of 2016.
"Our diversified business model continues to perform, expanding CNO's reach to serve the middle-income market in the U.S.," said Ed Bonach, CEO of CNO Financial. "The consistent strength of our balance sheet and disciplined approach to strategy execution again produced revenue growth, solid earnings, excess capital, and shareholder returns."
First Quarter 2017 Highlights
Quarterly Segment Operating Results
| Three months ended | ||||||
| March 31, | ||||||
| 2017 | | 2016 | ||||
| (Dollars in millions, | ||||||
Adjusted EBIT (4): | | | | ||||
Bankers Life | $ | 89.7 | | | $ | 77.6 | |
Washington National | 23.5 | | | 26.3 | | ||
Colonial Penn: | | | | ||||
Inforce business (5) | 14.1 | | | 12.7 | | ||
New business (5) | (14.4) | | | (19.5) | | ||
Total Colonial Penn | (.3) | | | (6.8) | | ||
Long-term care in run-off | .4 | | | — | | ||
Adjusted EBIT from business segments | 113.3 | | | 97.1 | | ||
Corporate Operations, excluding corporate interest expense | (8.9) | | | (8.1) | | ||
Adjusted EBIT | 104.4 | | | 89.0 | | ||
Corporate interest expense | (11.5) | | | (11.4) | | ||
Operating earnings before taxes | 92.9 | | | 77.6 | | ||
Tax expense on operating income | 33.1 | | | 28.0 | | ||
Net operating income (1) | 59.8 | | | 49.6 | | ||
Net realized investment gains (losses) (net of related amortization) | 7.9 | | | (1.0) | | ||
Fair value changes in embedded derivative liabilities (net of related amortization) | (4.4) | | | (29.5) | | ||
Fair value changes related to agent deferred compensation plan | — | | | (6.0) | | ||
Other | .3 | | | (.6) | | ||
Non-operating income (loss) before taxes | 3.8 | | | (37.1) | | ||
Income tax expense (benefit): | | | | ||||
On non-operating income (loss) | 1.3 | | | (13.0) | | ||
Valuation allowance for deferred tax assets | — | | | (20.0) | | ||
Net non-operating income (loss) | 2.5 | | | (4.1) | | ||
Net income | $ | 62.3 | | | $ | 45.5 | |
| | | | ||||
Per diluted share: | | | | ||||
Net operating income | $ | .34 | | | $ | .27 | |
Net realized investment gains (losses) (net of related amortization and taxes) | .03 | | | — | | ||
Fair value changes in embedded derivative liabilities (net of related amortization and taxes) | (.01) | | | (.11) | | ||
Fair value changes related to agent deferred compensation plan (net of taxes) | — | | | (.02) | | ||
Valuation allowance for deferred tax assets Werbung Mehr Nachrichten zur Cno Financial Group Aktie kostenlos abonnieren
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