CNO Financial reports Q1 non-GAAP EPS 52c, consensus 65c

Reports Q1 Book value per share was $21.81; book value per diluted share, excluding accumulated other comprehensive loss, was $34.97. “Q1 results were among the best operating metrics we’ve delivered in the past several years with respect to Consumer and Worksite sales, our distribution force and new products,” said Gary C. Bhojwani, CEO. “Operating earnings benefited from growth in insurance product margins, reflecting recent sales momentum and expansion of the portfolio yield on five quarters of new money rates exceeding 6%. The only material item that offset our strong operating results in the quarter was $24.3M of unfavorable mark-to-market pre-tax impacts on real estate partnerships within our alternative investment portfolio.These assets are delivering stable cash flows; however, the economic environment is pressuring their market values. Despite these impacts, total net investment income was up in the quarter.”