CNO Financial Group Inc. has received the regulatory approvals to it needs to merge Conseco Insurance Company and Conseco Health Insurance Company into a third unit.

CNO, Carmel, Ind. (NYSE:CNO), says Conseco Insurance and Conseco Health will now be part of the company’s Washington National Insurance Company unit. CNO previously received permission to move the domicile of Washington National to Indiana, from Illinois.

The realignment will increase CNO’s total adjusted statutory capital and provide about $2 million in annual savings on financial report preparation, audits and examinations, the company says.

Conseco needed approvals from regulators in Arizona, California, Illinois and Indiana to complete the realignment.

- Allison Bell