CNO Financial Group, a US-based insurance holding company, has reported net income of $59.5m, or $0.21 per share, for the second quarter of 2011, compared to $33.1m, or $0.12 per share, in the same quarter last year, with an increase of 80%.

Net operating income increased to $57.5m in the second quarter of 2011, up 28%, compared to $44.9m in the same quarter of the prior year.

Total revenues for the second quarter of the 2011 rose to $1.03bn, compared to $0.95bn in the prior year same quarter.

CNO Financial CFO Ed Bonach said the firm is pleased that its capital strength continued to grow, primarily fueled by its earnings, allowing CNO to buy back shares and continue to pay down debt, while still growing the risk-based capital and increasing capital at the holding company.