UPDATE 1-Insurer Conseco Q3 oper profit tops Street

* Q3 oper EPS $0.29 vs est $0.22 * Bankers Life segment boosts profit

Nov 4 (Reuters) - Conseco Inc (CNO.N), a Midwestern U.S. life and accident insurer, posted a third-quarter profit that exceeded analysts' estimates, aided in part by a 26 percent jump in earnings at its Bankers Life segment. The company earned $15.4 million, or 8 cents a share, compared with a net loss of $183.3 million, or 99 cents a share, a year earlier.

Operating profit, the favorite measure of profitability for insurance analysts as it excludes investment gains and losses, stood at 29 cents a share.

Analysts were looking for a profit of 22 cents a share, according to Thomson Reuters I/B/E/S. In its Bankers Life segment, pretax operating earnings were $85.4 million, compared with $67.8 million in the same period last year.

This is Conseco's third consecutive quarterly profit. Prior to the first quarter, it had been beset by seven consecutive quarterly losses.

Last month, Conseco said a hedge fund led by billionaire investor John Paulson agreed to pump $77.9 million into the company, in addition to its other capital-raising plans. [ID:nBNG337659]

Conseco had in March warned of a possible default under its credit facility but later completed the amendment of an existing senior secured credit facility, somewhat easing liquidity concerns.

Shares of the Carmel, Indiana-based company were up slightly at $5.46 after the bell. They closed at $5.39 Wednesday on the New York Stock Exchange. (Reporting by Anurag Kotoky in Bangalore; Editing by Ratul Ray Chaudhuri)