NU Online News Service, March 11, 2004, 7:03 p.m. EST – The new Conseco Inc., Carmel, Ind., turned a profit during the last 4 months of 2003.[@@]
The life and health insurer is reporting $96.3 million in net income for the period on $1.5 billion in revenue.
The Bankers Life unit generated $720.3 million in revenue, and the Conseco Insurance Group unit generated $421.6 million in revenue.
Conseco emerged from Chapter 11 reorganization proceedings Sept. 10, 2003, and it notes that its results for the post-Chapter 11 period are not comparable with results for earlier periods.
Although Conseco has stopped selling some products, revenue from core products has been stable, the company says.