Conseco feels subprime pain

Insurance company Conseco announced a fourth-quarter earnings loss yesterday attributed to exposure to subprime loans.
APR 01, 2008
Insurance company Conseco Inc. announced a fourth-quarter earnings loss yesterday attributed to exposure to subprime loans. Conseco saw fourth-quarter earnings applicable to common stock drop $71.5 million, or 38 cents per share, after achieving a profit of $5.7 million, or 4 cents per share, from a year earlier The Carmel, Ind.-based insurance provider suffered $23 million in losses. Fourth-quarter revenue dropped 2% to $1.2 billion, from $1.14 billion from a year earlier. For the full 2007 fiscal year, loss applicable to stock was $194 million, or $1.12 per share, compared with a profit of $68 million, or 45 cents per share, in 2006.

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