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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCNO Financial Group Inc. on Wednesday reported higher profit in the fourth quarter despite a decline in revenue.
The Carmel-based insurance holding company posted fourth-quarter earnings of $137.3 million, or 73 cents per share, up from $83.9 million, or 41 cents per share, in the fourth quarter of 2014.
Earnings, adjusted for non-recurring gains, were 38 cents per share in the latest quarter, topping the average estimate of 37 cents per share by five analysts surveyed by Zacks Investment Research.
The company brought in revenue of $969.6 million in the period, down from $1 billion in the year-ago period.
Earnings rose at all three of CNO's insurance brands: Bankers Life, Washington National and Colonial Penn.
Profit rose from $103.5 million to $121.2 million at Banker's Life; from $20.2 million to $32.3 million at Washington National and from $2.8 million to $6.7 million at Colonial Penn.
For the year, CNO reported profit of $270.7 million, or $1.39 per share, up from $51.4 million, or 24 cents, the previous year. Revenue was reported as $3.81 billion, down from $4.14 billion in 2014.
CNO shares closed Wednesday at $15.52 each, a drop of 8 percent in the last 12 months.
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