CARMEL — Insurer Conseco reported its third consecuitve profitable quarter today.

The third quarter generated $15.4 million in income, CEO Jim Prieur said in a statement. Income per diluted share for the quarter of August, September and October was 29 cents, down from 31 cents in the same quarter a year earlier.

For the year-to-date, Conseco stock has increased by nearly 5 percent. It fell more than 58 percent in 2008, after also falling in 2006 and 2007, according to Morningstar financial resource. The stock closed today at $5.39 per share.

Conseco’s Bankers Life business and Medicare supplemental insurance were among winners for the company in the quarter, the statement said.

“After the quarter ended we undertook a series of transactions to enhance Conseco’s liquidity and capital positions,” Prieur also noted in the statement.

The transactions included entering into a stock and warrant purchase agreement with Paulson&Co. Inc. to sell Paulson 16.4 million shares of common stock and warrants to purchase 5 million shares of common stock. Upon closing of the private sale of common stock, Paulson will own approximately 9.9 percent of Conseco’s outstanding shares.

After emerging from bankruptcy in 2003, Conseco sold its finance business and focused on insurance, according to Morningstar. Main revenue sources include Medicare supplement, fixed annuities and long-term care insurance, but the firm also offers life and specified disease insurance, such as cancer and heart/stroke policies, and equity-indexed annuities through a network of career agents, independent distributors, and direct marketing, targeting seniors and the middle-income market.