Conseco swings to a third-quarter loss |
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Wed, 31 Oct 2007 23:04
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SAN FRANCISCO (Thomson Financial) - Conseco Inc. late Wednesday reported a third-quarter net loss of $53.7 million, or 29 cents a share, versus a year-ago net profit of $48.4 million, or 26 cents a share.The company posted an operating loss $25.6 million, or 14 cents a share, compared with a year-ago operating profit of $52.8 million, or 35 cents a share.The Carmel, Ind.-based insurance company said revenue in the quarter ended Sept. 30 rose to $1.18 billion from $1.11 billion.Analysts polled by Thomson Financial were expecting, on average, revenue of $1.16 billion.Conseco also announced separately that it has agreed to pay $63 million to recapture a block of Colonial Penn life insurance business comprising roughly $50 million of annualized life insurance premium that had been ceded in 2002 to a subsidiary of Swiss Re.The transaction is expected to add immediately to earnings and return onequity, the company said.Conseco shares closed the regular session at $15.79, up 30 cents.Gabriel MadwaygmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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