The company formerly known as Conseco Inc. is taking a new approach to reporting on its operations.
CNO Financial Group Inc., Carmel, Ind. (NYSE:CNO), which formally changed its name to CNO, from Conseco, in May, recently split the old Conseco Insurance Group segment into a Washington National segment and an “Other CNO Business” segment.
Washington National is responsible for new product sales, and the Other CNO Business segment is in charge of closed blocks of business and corporate operations.
The switch will not affect companywide results, or results for the Bankers Life or Colonial Penn units, but the new arrangement should make it easier to separate results for CNO’s actively sold lines of business and CNO’s closed blocks of business, CNO says.
Conseco expects to report results for the third quarter Wednesday.
Results from early quarters reformatted to reflect the new company alignment show the Washington National produced $21 million in operating income before income taxes in the second quarter on $191 million in revenue, compared with $25 million in operating income before income taxes on $200 million in revenue in the second quarter of 2009.
The Other CNO Business segment produced $8.8 million in operating income before taxes in the latest quarter on $154 million in revenue, compared with a $4 million loss on $183 million in revenue in the comparable quarter in 2009.
- ALLISON BELL