Exhibit 99.1
For Release       Immediate


Contacts          (News Media) Tony Zehnder, Corporate Communications
                  317.817.5345
                  (Investors) Daniel Murphy, SVP and Treasurer
                  317.817.2893


                         Conseco Consolidates Operations

Carmel, Ind., Dec. 14, 2006: Conseco, Inc. (NYSE:CNO) today announced that it is
consolidating its back-office operations to improve efficiency, enhance
policyholder and agent service, and reduce costs. The consolidation is expected
to achieve annual cost savings of $25 million commencing in 2008. Cost
reductions in 2007 are expected to cover related implementation costs, which
will all be incurred in 2007.

Conseco CEO James Prieur said, "The actions we are taking today signal a
significant change in our approach to managing our operations, as we address the
duplication of back-office functions and multiplicity of systems remaining from
acquisitions in the 1990s, and are part of our ongoing program to improve the
performance of the company."

The integrated operations group will combine policyholder services, premium
processing, claims and other back office functions from Conseco's Bankers Life
and Casualty business in Chicago and its Conseco Insurance Group business in
Carmel, Indiana. Conseco's Colonial Penn business in Philadelphia is not
included in this effort. The operations group will be based in Carmel and will
be headed by Steven Stecher, Executive Vice President, Operations, who will
report to Conseco President and COO James Hohmann.

The company is also combining the Bankers Life Long-Term Care (LTC) and the LTC
Closed Block operations under the leadership of Senior Vice President John
Wells. This will allow the company to focus on initiatives that improve the
operating performance of this line of business, including claims adjudication
processes and operating efficiencies. Wells also will be reporting to Hohmann.

Executive Vice President and Chief Information Officer Russell Bostick will be
responsible for the necessary systems integration and IT cost reduction
initiatives resulting from the operations integration.

Certain finance functions previously managed separately will also be combined
and integrated with the Corporate Finance function under Executive Vice
President and CFO Eugene Bullis, who continues to report to Prieur.

"Combining our back office operations allows us to leverage our scale, simplify
our operating environment, significantly reduce costs and improve service for
agents and policyholders. This is part of our continuing effort to capitalize on
our unique market and distribution strengths as we focus on fulfilling our
vision for the growth of the company," Prieur said.

Conseco estimates that approximately 450 positions across the company will be
eliminated or substantially changed over the next year as the consolidation and
integration effort is implemented.

                                     -more-

                                                                     Conseco (2)
                                                               December 14, 2006

Conseco, Inc.'s insurance companies help protect working American families and
seniors from financial adversity: Medicare supplement, long-term care, cancer,
heart/stroke and accident policies protect people against major unplanned
expenses; annuities and life insurance products help people plan for their
financial futures. For more information, visit Conseco's web site at
www.conseco.com.

Cautionary Statement Regarding Forward-Looking Statements. Our statements, trend
analyses and other information contained in this press release relative to
markets for Conseco's products and trends in Conseco's operations or financial
results, as well as other statements, contain forward-looking statements within
the meaning of the federal securities laws and the Private Securities Litigation
Reform Act of 1995. Forward-looking statements typically are identified by the
use of terms such as "anticipate," "believe," "plan," "estimate," "expect,"
"project," "intend," "may," "will," "would," "contemplate," "possible,"
"attempt," "seek," "should," "could," "goal," "target," "on track," "comfortable
with," "optimistic" and similar words, although some forward-looking statements
are expressed differently. You should consider statements that contain these
words carefully because they describe our expectations, plans, strategies and
goals and our beliefs concerning future business conditions, our results of
operations, financial position, and our business outlook or they state other
"forward-looking" information based on currently available information.
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) our ability to achieve an upgrade of the
financial strength ratings of our insurance company subsidiaries and the impact
of prior rating downgrades on our business; (ii) the ultimate outcome of
lawsuits filed against us and other legal and regulatory proceedings to which we
are subject; (iii) our ability to obtain adequate and timely rate increases on
our supplemental health products including our long-term care business; (iv)
mortality, morbidity, usage of health care services, persistency and other
factors which may affect the profitability of our insurance products; (v) our
ability to achieve anticipated expense reductions and levels of operational
efficiencies; (vi) the adverse impact of our Predecessor's bankruptcy
proceedings on our business operations, and relationships with our customers,
employees, regulators, distributors and agents; (vii) performance of our
investments; (viii) our ability to continue to recruit and retain productive
agents and distribution partners and customer response to new products,
distribution channels and marketing initiatives; (ix) the risk factors or
uncertainties listed from time to time in our filings with the Securities and
Exchange Commission; (x) 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) our ability to
sell products and access capital on acceptable terms, the returns on and the
market value of our investments, and the lapse rate and profitability of
policies; (xi) changes in the Federal income tax laws and regulations which may
affect or eliminate the relative tax advantages of some of our products; and
(xii) regulatory changes or actions, including those relating to regulation of
the financial affairs of our insurance companies, such as the payment of
dividends to us, 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.

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. All written or oral
forward-looking statements attributable to us are expressly qualified in their
entirety by the foregoing cautionary statement. Our forward-looking statements
speak only as of the date made. We assume no obligation to update or to publicly
announce the results of any revisions to any of the forward-looking statements
to reflect actual results, future events or developments, changes in assumptions
or changes in other factors affecting the forward-looking statements.



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