CNO Financial Group, a US based insurance holding company, has reported a net income of $168.2m, or $0.56 per diluted share for the fourth quarter of 2010, compared to $18.2m or $0.09 per diluted share for the same quarter of 2009.
Net operating income was $51.7m for the fourth quarter of 2010, compared to $32.0m in same quarter a year ago.
Total revenue was $1.07bn, compared to $1.05bn in the fourth quarter of 2009.
CNO’s subsidiary Bankers Life reported a pre-tax operating earnings of $71.4m for the fourth quarter of 2010, compared to $84.6m for the same quarter of last year.
Washington National subsidiary posted a pre-tax operating earnings of $28.7m in the fourth quarter of 2010, compared to $23m in the corresponding quarter of 2009.
The Colonial Penn subsidiary reported a pre-tax operating earnings of $5.8m in the fourth quarter of 2010, compared to $5.9m in the same quarter a year ago.
Other CNO business reported a pre-tax operating earnings of $6m in the fourth quarter of 2010, compared to loss of $29.7m in the same quarter of 2009.
For the year 2010, net income was $284.6m, or $0.99 per diluted share, compared to $85.7m, or $0.45 per diluted share for the year 2009.
The group said that during 2010, the improved controls established in 2009 continued to operate effectively and, as a result, the previous material weakness no longer existed as of 31 December 2010.