Earnings: Conseco, NFP, Others

1 Q 2009 Results

NET INCOME: $37 million loss

HEALTH PLAN MEMBERS: 2.5 million

REVENUE: $1.8 billion

1 Q 2008 Results

NET INCOME: $1.3 million

HEALTH PLAN MEMBERS: 2.4 million

REVENUE: $1.6 billion

- WellCare, which focuses on running plans for Medicaid, Medicare and other government programs, says Medicaid premium rate increases were lower than usual.

National Financial Partners Corp., New York

1 Q 2009 Results

NET INCOME: $516 million loss

CASH EARNINGS: $18 million

REVENUE: $217 million

SAME-STORE REVENUE CHANGE: negative 17%

1 Q 2008 Results

NET INCOME: $8.5 million

CASH EARNINGS: $24 million

REVENUE: $286 million

SAME-STORE REVENUE CHANGE: 5.2%

– NFP, a financial services distributor that now owns about 170 firms, says the net loss was mostly due to a $607 million charge for impairment of goodwill and intangible assets related to a drop in the carrying value of 132 of the firms that NFP has acquired over the years. “The impairment charge had no impact on the company’s business operations, cash position or cash flow,” the company says.

– “Retail life, life brokerage and life settlements revenue … continued to be negatively impacted by the broader economic environment,” NFP says in its official quarterly report. “In addition to concentrated decreases in retail life, life brokerage and life settlements revenue, the company also experienced less severe declines in corporate and executive benefits revenue, as some clients reduced benefits offered to employees due to cost-cutting measures and rising unemployment, and financial planning and investment advisory revenue, as fees for assets under management declined with declining market values.”

– Traditionally, NFP has been a major acquirer of financial services firms. “While acquisitions remain a component of the company’s business strategy over the long term, NFP suspended acquisition activity (with the exception of certain sub-acquisitions) in the latter part of 2008 in order to conserve cash,” the company says.