CNO Financial's (CNO) Q3 Earnings Lag Estimates, Fall Y/Y
Zacks Investment Research | Nov 05, 2019 11:06PM ET
CNO Financial Group, Inc.’s (NYSE:CNO) reported third-quarter 2019 adjusted earnings per share of 45 cents, missing the Zacks Consensus Estimate of 47 cents by 4.3%. The bottom line also declined 15.1% year over year, mainly due to lower revenues.
In the quarter under review, CNO Financial’s total revenues plunged 36.3% year over year to $944 million, mainly due to lower net investment income and no realized investment gains. However, the same beat the Zacks Consensus Estimate by 6.9%.
Quarterly Operational Update
Total collected premiums of $949.3 million were up 2.9% from the prior-year quarter’s level, mainly driven by Bankers Life segment.
New annualized premiums for life and health products amounted to $84 million, up 2.8% from the year-ago period.
First-year collected premiums of $405.3 million rose 16% from the year-earlier quarter, primarily banking on the contribution from Bankers Life segment.
CNO Financial Group, Inc. Price, Consensus and EPS Surprise
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