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Conseco Insurance Unit Reports Higher Operating Income

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NU Online News Service, Oct. 30, 3:06 p.m. – Conseco Inc., Carmel, Ind., is reporting a $407 million net loss for the third quarter on $1.8 billion in revenue, compared with a $487 million net loss on $2 billion in revenue for the third quarter of 2000.

Net earnings figures include a variety of charges for discontinuing some product lines and marking down the value of investments.

Excluding the charges, operating income from continuing operations increased to $61 million for the quarter, up from $41 million for the comparable quarter in 2000, Conseco says.

Conseco sells life and health insurance products, investment products and consumer loans.

The insurance operations brought in $208 million in operating income for the third quarter on $1.2 billion in premium revenue, compared with $203 million in operating income on $1.3 billion in premium revenue for the third quarter of 2000.

Premium revenue for variable annuities and equity-indexed annuities fell to $173 million, from $304 million, but revenue from fixed annuities increased to $218 million, from $176 million.

Premium revenue from products aimed at older consumers held steady. Medicare supplement insurance revenue increased 6%, to $232 million, while long-term care insurance revenue increased 7%, to $218 million.