CNO Financial swings to quarterly profit

CNO Financial announced operational changes which results in the elimination of 230 jobs at CNO offices nationwide.

CARMEL, Ind. (Inside INdiana Business) — Carmel-based CNO Financial Group Inc. (NYSE: CNO) is reporting third quarter net income of $42 million, compared to a net loss of nearly $530 million during the same period last year. Chief Executive Officer Gary Bhojwani says the company delivered strong production results across all three of its business units.

Bhojwani says the results were driven by growth in the company’s accumulation products and improving health sales. 

“Our capital position remains strong and we repurchased $75 million in stock in the quarter,” Bhojwani said in a news release. “While our underlying business fundamentals are solid, earnings were challenged by the low interest rate environment. In response, we continue to pursue opportunities to drive efficiencies and optimize our cost structure.”

CNO Financial is also reporting year-to-date net income of $131.4 million, compared to a net loss of $343.3 million. You can view the full earnings report by clicking here.