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Conseco Closes Sale Of VA Unit

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NU Online News Service, Oct. 24, 12 p.m. – Conseco, Inc., Indianapolis, today announced it has closed its sale of its Conseco Variable Insurance Company unit to Inviva Inc., New York, a holding company that owns the American Life Insurance Company of New York. Conseco originally announced the deal in July.

The value of the transaction to Conseco Life Insurance Company of Texas, CVIC’s parent company, including a distribution from CVIC prior to the sale, was about $160 million.

“Consideration received in the sale included cash and $35 million preferred stock in Inviva, Inc.,” Conseco says.

The company announced its intention to divest its variable annuity business in January 2002, citing a decision to focus on middle-income customers.

Conseco says its other insurance subsidiaries continue to operate their fixed annuity and equity-indexed annuity businesses, which in 2001 accounted for more than $1.2 billion in collected premiums.