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September 28, 1999
"I'm not going to sell a valuable asset that's being undervalued in the marketplace. We're going to stick with what we're doing," said Steven C. Hilbert, Conseco's president and chief executive officer. Conseco shares, listed as "CNC" on the New York Stock Exchange, continued to slide Tuesday, falling 31.25 cents a share to $19.8125 by early afternoon. In March, the stock was trading above $37 a share. Shareholders have asked the company to sell assets or buy back more stock, Hilbert said. Conseco has plans for neither option, which could boost stock prices or earnings per share. Hilbert spoke Tuesday at the life insurance segment of the CIBC World Markets conference, co-sponsored by A.M. Best Co. Hilbert expects stock market prices in the financial services sector to improve by February or March, after the nation passes into the Year 2000. "If it takes longer than that, I have the patience," Hilbert said. Hilbert continued to tout the potential for cross-selling of Conseco's insurance and consumer-lending products to middle-market Americans, those who earn between $25,000 and $75,000 a year. Of Conseco's insurance customers, about 27.5% have bought more than one Conseco product. About 15% of lending customers own more than one Conseco product. |
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Conseco Inc. hasn't acquired a major life insurer since 1997. Now, with
its stock price depressed by doubts about the success of its acquisition of
Green Tree Financial, the head of Conseco said the company isn't looking to sell
anything just to increase its market value.