CNO Financial Group, Inc (CNO) has reported a 70.58 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $234.20 million, or $1.34 a share in the quarter, compared with $137.30 million, or $0.73 a share for the same period last year.
Revenue during the quarter grew 3.64 percent to $1,004.90 million from $969.60 million in the previous year period. Net premium earned for the quarter went up marginally by 2.40 percent or $15.30 million to $654.10 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $824.20 million, or 126.01 percent of premium earned from $809.30 million or 126.69 percent of premium earned in the last year period. Operating income for the quarter was $180.70 million, compared with $160.30 million in the previous year period.
Net investment income was at $315.60 million for the quarter, up 4.09 percent or $12.40 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 16.90 percent or $2.40 million to $11.80 million. The company has booked a loss on investments of $15 million in the quarter compared with a loss of $15.80 million for the previous year period.
"Our results again demonstrated the strength of our company, including solid earnings, growth in book value, capital and liquidity," said Ed Bonach, chief executive officer of CNO Financial. "We effectively executed on a number of key initiatives and grew the enterprise with meaningful increases in first year and total collected premiums while expanding our customer reach."
Assets outpace liabilities growth
Total assets increased 2.73 percent or $850.10 million to $31,975.20 million on Dec. 31, 2016. On the other hand, total liabilities were at $27,488.30 million as on Dec. 31, 2016, up 1.86 percent or $501.70 million from year-ago.
Return on assets stood at 0.83 percent in the quarter, up 0.31 from 0.52 percent in the last year period. At the same time, return on equity was at 5.22 percent in the quarter, up 1.90 from 3.32 percent in the last year period.
Investments move up
Investments stood at $26,237.60 million as on Dec. 31, 2016, up 7.15 percent or $1,750.50 million from year-ago. Meanwhile, yield on investments went down 4 basis points to 1.20 percent in the quarter.
Total debt was almost stable over the past one year at $2,575.70 million on Dec. 31, 2016. Shareholders equity stood at $4,486.90 million as on Dec. 31, 2016, up 8.42 percent or $348.40 million from year-ago. As a result, debt to equity ratio went down 5 basis points to 0.57 percent in the quarter from 0.63 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
