CARMEL, Ind., July 1, 2014 /PRNewswire/ -- CNO Financial Group,
Inc. (NYSE: CNO) today announced that it successfully completed the
sale of Conseco Life Insurance Company ("CLIC") to Wilton
Reassurance Company ("Wilton Re").
"The sale of CLIC marks a significant milestone for CNO," said
Ed Bonach, CEO. "This
transaction reduces the go forward risk profile of the company and
will allow management to focus on our core businesses serving the
needs of the fast growing and underserved middle market."
The transaction results in net proceeds of approximately
$220 million based upon the estimated
balance sheet of CLIC as of June 30,
2014 and after anticipated transaction costs and
intercompany transactions completed in connection with the
closing. In addition, Bankers Life and Casualty Company
("Bankers Life"), a wholly owned CNO life insurance subsidiary,
paid $28 million to recapture a block
of traditional life insurance that was previously reinsured to
Wilton Re. During the first
quarter of 2014, CNO recorded a GAAP net loss of $298 million related to the sale of CLIC.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) is a holding company.
Our insurance subsidiaries – principally Bankers Life and Casualty
Company, Colonial Penn Life Insurance Company and Washington
National Insurance Company – primarily serve middle-income
pre-retiree and retired Americans by helping them protect against
financial adversity and provide for a more secure retirement.
For more information, visit CNO online at www.CNOinc.com.
SOURCE CNO Financial Group, Inc.