CNO Financial’s 2Q net income jumps 17 percent

CARMEL, Ind. (AP) — Insurance holding company CNO Financial Group Inc. said Monday that its second-quarter net income increased about 17 percent versus a year earlier, aided by growth in revenue and a decline in benefits payouts.

The holder of Bankers Life, Washington National and Colonial Penn insurance companies reported net income of $77.1 million, or 34 cents per share, for the three months ended June 30. That compares with net income of $65.7 million, or 24 cents per share, in the prior-year period.

Net operating income, which excludes one-time items, amounted to 30 cents per share, up from 20 cents per share in the same quarter last year.

The results beat the 25 cents per share expected, on average, by analysts surveyed by FactSet.

Revenue rose to $1.08 billion from $1.07 billion. Analysts were expecting $1.07 billion.

The company said revenue from insurance policies dipped to $691.3 million, compared with $694.8 million. Net investment income from general accounts also edged lower, falling to $348.8 million, from $351.1 million.

Investments from policyholder and reinsurer accounts and other sources resulted in a gain of $31.8 million. Last year, the investments lost $17.3 million.

Realized investment gains fell to $3.8 million, down from $35.4 million a year earlier.

Insurance policy benefits fell to $673.2 million from $689.7 million.

Shares rose 31 cents, or 2 percent, to $14.56 in midday trading. The stock has gained 56 percent this year.