CNO Financial Group, Inc. (CNO) has reported a 44.97 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $18.60 million, or $0.11 a share in the quarter, compared with $33.80 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 12.32 percent to $1,015.90 million from $904.50 million in the previous year period. Net premium earned for the quarter went up marginally by 1.31 percent or $8.40 million to $649 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $966.60 million, or 148.94 percent of premium earned from $852.10 million or 133.02 percent of premium earned in the last year period. Operating income for the quarter was $49.30 million, compared with $52.40 million in the previous year period.
Meanwhile, income from fees and commission for the quarter declined 18.60 percent or $2.40 million to $10.50 million.
"The strength of CNO's middle-income market focus, diversified distribution and products continue to extend our reach to serve more customers, as indicated by steady growth in collected premiums and policies in-force," said Ed Bonach, chief executive officer of CNO. "Our third quarter results also demonstrate that ongoing investments in our business and focus on execution are delivering solid earnings, growth in book value and continued financial strength."
Assets outpace liabilities growth
Total assets increased 4.55 percent or $1,409.50 million to $32,420.70 million on Sep. 30, 2016. On the other hand, total liabilities were at $27,926.90 million as on Sep. 30, 2016, up 4.05 percent or $1,086.70 million from year-ago.
Return on assets stood at 0.15 percent in the quarter, down 0.04 from 0.19 percent in the last year period. At the same time, return on equity was at 0.41 percent in the quarter, down 0.40 from 0.81 percent in the last year period.
Investments move up
Investments stood at $26,722.60 million as on Sep. 30, 2016, up 8.87 percent or $2,177.50 million from year-ago. Meanwhile, yield on investments went down 9 basis points to 1.13 percent in the quarter.
Shareholders equity stood at $4,493.80 million as on Sep. 30, 2016, up 7.74 percent or $322.80 million from year-ago. As a result, debt to equity ratio went down 36 basis points to 0.58 percent in the quarter from 0.94 percent in the last year period.
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