CNO Financial Group, a US-based insurance holding company, has reported net income of $196m, or $0.66 per share, for the third quarter of 2011, compared to $49.4m, or $0.17 per share, in the same quarter last year.

Net operating income was $46.5m, compared to $47.1m in the previous year quarter. Net operating income per share rose to $0.17, from $0.16 in the comparable quarter last year. 

Total revenues for the third quarter of 2011 dropped to $992.3m, compared to $1.1bn in the prior year same quarter.

CNO Financial Group CEO Ed Bonach said the firm continued to generate earnings growth, with business segment operating earnings increasing 16%.

"Net income in the quarter was$196.0 m, almost a fourfold increase from the third quarter of 2010 and our investment results were solid despite the low interest rate environment," Bonach said.