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Conseco To Report $1.8 Billion 3rd Quarter Loss

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NU Online News Service, Nov. 15, 5:08 p.m. – Conseco Inc., Carmel, Ind., will be releasing its third-quarter financial statement late and expects to report a total net loss of $1.8 billion for the quarter, compared with a net loss of $411 million for the third quarter of 2001, according to a notice the company filed today with the U.S. Securities and Exchange Commission.

The company says it expects to take a $700 million charge for the quarter to write down the value of “retained interests in securitization trusts” of its Consumer Finance Corp. subsidiary, and a noncash charge of about $500 million to write down the value of the goodwill brought to the company by past acquisitions.