Exhibit 99.1


For Release      Immediate


Contacts         (News Media) Jim Rosensteele, SVP, Corporate
                      Communications 317.817.4418
                 (Investors) Tammy Hill, SVP, Investor Relations 317.817.2893


                      Conseco Completes Sale of GM Building

Indianapolis, Ind., Sept. 26, 2003. Conseco, Inc. (NYSE:CNO) today announced the
completed sale of the General Motors Building in New York City. The sale price
was $1.4 billion, paid by Macklowe Properties.

"The successful execution of the sale will add approximately $380 million to our
insurance companies' combined statutory capital and surplus," said Conseco
President and CEO Bill Shea. "Due to `fresh start' accounting required by GAAP,
the sale will not result in any gain in our GAAP financial statements."

At $735 per square foot, the sale price is one of the highest ever paid for a
New York office building. Eastdil was the exclusive real estate advisor.
Kirkland & Ellis was the legal counsel representing Conseco.

"The overall process in the last 90 days was remarkable for its integrity, speed
and the financial results," stated Chuck Cremens, Conseco's representative for
the sale.

After a year of litigation with partner Donald Trump, Conseco gained control of
the property in June and embarked on an aggressive campaign to position the
building for sale, including substantial expense reductions and leasing
activity.

Conseco, Inc.'s insurance companies help protect working American families and
seniors from financial adversity: Medicare supplement, cancer, heart/stroke and
accident policies protect people against major unplanned expenses; annuities and
life insurance products help people plan for their financial future.

Note on forward-looking statements: Some of the statements contained in this
press release are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include those that
use words such as "anticipate," "believe," "plan," "estimate," "expect,"
"project," "intend," "may," "will," "would," "contemplate," "possible,"
"attempts," "seeks," "should," "could," "goal," and other similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties
and other factors which may cause actual results, performance or achievements to
be materially different from the future results, performance or achievements
expressed or implied by the forward-looking statements. Assumptions and other
important factors that could cause our actual results to differ materially from
those anticipated in our forward-looking statements include, among other things:
(i) the potential lingering adverse impact of the Chapter 11 petitions on
Conseco's operations, management and employees; (ii) general economic conditions
and other factors, including prevailing interest rate levels, stock and credit
market performance and health care inflation, which may affect (among other
things) Conseco's ability to sell its products, access capital resources and the
costs associated therewith, the market value of Conseco's investments, and the
lapse rate and profitability of policies; (iii) Conseco's ability to achieve
anticipated synergies and levels of operational efficiencies; (iv) customer
response to new products, distribution channels and marketing initiatives; (v)
mortality, morbidity, usage of health care services and other factors which may
affect the profitability of Conseco's insurance products; (vi) performance of
our investments; (vii) changes in the Federal income tax laws and regulations
which may affect the relative tax advantages of some of Conseco's products;
(viii) increasing competition in the sale of insurance and annuities; (ix)
regulatory changes or actions, including those relating to regulation of the
financial affairs of our insurance companies, regulation of financial services
affecting (among other things) bank sales and underwriting of insurance
products, regulation of the sale, underwriting and pricing of products, and
health care regulation affecting health insurance products; (x) actions by
rating agencies and the effects of past or future actions by these agencies on
Conseco's business, including the impact of recent rating downgrades; (xi) the
ultimate outcome of lawsuits filed against Conseco; and (xii) the risk factors
or uncertainties listed from time to time in Conseco's filings with the
Securities and Exchange Commission. Other factors and assumptions not identified
above are also relevant to the forward-looking statements, and if they prove
incorrect, could also cause actual results to differ materially from those
projected.


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