Growth in life, annuity and supplemental health revenue was strong at Conseco Inc. during the second quarter.
Here is a summary of Conseco’s latest earnings:
Conseco Inc., Carmel, Ind.
2 Q 2008 Results
NET INCOME: $487 million loss
REVENUE: $1 billion
NET REALIZED INVESTMENT CHANGE: $235 million loss
NET OPERATING INCOME BEFORE VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS: $54 million
2 Q 2007 Results
NET INCOME: $55 million loss
REVENUE: $1.2 billion
NET REALIZED INVESTMENT CHANGE: $28 million loss
NET OPERATING INCOME BEFORE VALUATION ALLOWANCE FOR DEFERRED TAX ASSETS: $46 million loss
- The closed block of long term care insurance business was profitable.
- Initial claims for Bankers Life LTC insurance policies were higher than expected.
- Bankers Life annuity revenue increased to $258 million, from $200 million, and its supplemental health revenue increased to $471 million, from $357 million.
- Colonial Penn life revenue increased to $44 million, from $28 million.
- Run-off LTC insurance revenue fell to $74 million, from $76 million.
- Unrestricted cash and cash equivalents decreases to $295 million, from $407 million.