Conseco Inc. reported net losses of $3.7 million on revenues of $1.14 billion in the 4th quarter of 2006, down from a profit of $67.6 million on revenues of $1.07 billion a year earlier.

Acknowledging he was “disappointed” with the results, Jim Prieur, who was appointed the company’s chief executive last August, says the company is taking steps “that will fundamentally change Conseco for the better.”

The poor results stemmed in part from the need to set aside higher reserves, including increases in long term care insurance reserves of $7.1 million, Prieur said.