CNO Financial Services Group Inc. is reporting higher annuity sales, but lower Medicare supplement and long-term care insurance sales, for the second quarter.
(Related: Annuity Players Continue to Fight Low Rates)
The Carmel, Indiana-based company posted the following first-year collected premium results for its Bankers Life unit:
Annuities: Sales increased to $262 million, from $205 million.
Medicare supplement insurance: Sales fell to $18 million, from $19 million.
Long-term care insurance: Sales fell to $4.1 million, from $4.4 million.
New annualized premium from life insurance sales was soft at all three of CNO’s major divisions.
Sales fell 16% at Bankers Life, to $18 million; 5.6% at Washington National, to $1.7 million; and 16% at the Colonial Penn direct sales unit, to $16 million.
The average number of agents with three or more years experience held steady at about 1,900 at Bankers Life and about 300 at Washington National.