Record annual revenue of US$6,224K representing an 87% YOY increaseAdjusted EBITDA1 of US$2,559K and Cash Flow from Operations of US$2,917KExecuting strategy to increase repeatable and higher-scale revenues with commercial ordersLos Angeles, California--(Newsfile Corp. - June 26, 2025) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce revenues of US$6,224,738 for the fiscal year ending February 28, 2025. This represents an increase of 87% ...

Company Overview - CNO Financial (CNO) shares have increased by approximately 0.5% over the past month, underperforming the S&P 500 index [1] - The most recent earnings report is essential to understand the key drivers affecting the stock [1] Earnings Estimates - Estimates for CNO have trended downward over the past month, indicating a negative outlook [2][4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] VGM Scores - CNO has an average Growth Score of C, a Momentum Score of F, and a Value Score of A, placing it in the top quintile for value investment strategy [3] - The aggregate VGM Score for CNO is B, which is relevant for investors not focused on a single strategy [3] Industry Comparison - CNO operates within the Zacks Insurance - Multi line industry, where Principal Financial (PFG) has seen a 5.8% increase in shares over the past month [5] - Principal Financial reported revenues of $4.01 billion for the last quarter, reflecting a year-over-year increase of 5.5% [5] - For the current quarter, Principal Financial is expected to post earnings of $2.02 per share, representing a year-over-year change of +23.9% [6]

Group 1 - CNO Financial Group will host a virtual investor briefing on its Investments function on June 10, 2025, from 9:00 a.m. to approximately 10:00 a.m. Eastern Time [1] - The event aims to provide an in-depth look at the company's investment approach and portfolio performance, concluding with a Q&A session featuring key executives [2] - Participants can register for the event through the company's website and are advised to do so at least 15 minutes before the start [3] Group 2 - CNO Financial Group secures the future of middle-income America by providing life and health insurance, annuities, financial services, and workforce benefits solutions [5] - The company manages 3.2 million policies and has total assets amounting to $37.4 billion [5] - CNO employs 3,400 associates, 4,800 exclusive agents, and 5,500 independent partner agents to assist customers with financial decisions [5]

Group 1 - CNO Financial Group, Inc. provides life and health insurance, annuities, financial services, and workforce benefits solutions, focusing on middle-income America [1] - The company manages 3.2 million policies and has total assets amounting to $37.4 billion [1] - CNO employs 3,400 associates, 4,800 exclusive agents, and over 5,500 independent partner agents to assist customers with financial decisions [1] Group 2 - At the annual meeting, nine directors were elected to serve a one-year term [2] - The executive compensation for named executive officers was approved by a non-binding advisory vote [2] - PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for 2025 [2] - The company approved an Amended and Restated Certificate of Incorporation to include a Replacement NOL Protective Amendment [2] - An Amended and Restated Long-Term Incentive Plan was approved [2] - An Amended and Restated Employee Stock Purchase Plan was also approved [2]

Financial Performance - For the three months ended March 31, 2025, the total insurance product margin increased to $248.9 million, up from $229.6 million in the same period of 2024, representing an increase of 8.5%[232] - The annuity margin rose to $54.5 million in Q1 2025, compared to $52.0 million in Q1 2024, reflecting a growth of 4.8%[232] - The health margin increased to $126.2 million in Q1 2025, up from $123.0 million in Q1 2024, marking a growth of 2.6%[232] - The life margin saw a significant increase to $68.2 million in Q1 2025, compared to $54.6 million in Q1 2024, which is a growth of 24.5%[232] - Net operating income for Q1 2025 was $81.1 million, an increase from $57.5 million in Q1 2024, representing a growth of 41.0%[232] - Net income for Q1 2025 decreased to $13.7 million from $112.3 million in Q1 2024, indicating a decline of 87.8%[232] - The diluted net income per share for Q1 2025 was $0.13, down from $1.01 in Q1 2024, reflecting a decrease of 87.9%[232] - Total net investment income rose by 16.0% to $298.7 million in Q1 2025, up from $257.6 million in Q1 2024[249] - Fee revenue decreased to $47.4 million in Q1 2025 from $50.5 million in Q1 2024, leading to a net fee income of $(0.8) million[252] Investment Performance - The company reported net realized investment losses of $13.2 million in Q1 2025, compared to losses of $4.6 million in Q1 2024[232] - Investment income not allocated to product lines increased to $38.0 million in Q1 2025, up from $12.3 million in Q1 2024[232] - Net investment income not allocated to product lines rose to $38.0 million in Q1 2025 from $12.3 million in Q1 2024, primarily due to a loss on alternative investments in the prior year[277] - The company recognized $2.8 million in gross realized losses on sales of $230.3 million of fixed maturity securities during the first three months of 2025[339] - The total gross unrealized losses of fixed maturity securities available for sale amounted to $2,313.6 million as of March 31, 2025[345] Margins and Liabilities - Margin from fixed indexed annuities was $44.5 million in Q1 2025, up from $43.4 million in Q1 2024, driven by business growth and an increase in average net insurance liabilities to $10,085.7 million from $9,636.3 million[256] - Average net insurance liabilities for total annuities reached $12,087.4 million in Q1 2025, compared to $11,664.2 million in Q1 2024, contributing to higher net investment income[256] - Total health margin increased to $126.2 million in Q1 2025 from $123.0 million in Q1 2024, with supplemental health margin at $65.6 million, up from $65.4 million[262] - Medicare supplement margin grew to $28.1 million in Q1 2025 from $26.5 million in Q1 2024, with insurance policy income increasing by 3% to $156.3 million[265] - Long-term care margin increased to $32.5 million in Q1 2025 from $31.1 million in Q1 2024, attributed to business growth and favorable morbidity[267] Operational Efficiency - The expense ratio for Q1 2025 was 19.9%, down from 20.4% in Q1 2024, indicating improved efficiency[251] - Advertising expense decreased to $21.2 million in Q1 2025 from $24.6 million in Q1 2024, reflecting disciplined marketing expenditure management[274] Capital and Liquidity - As of March 31, 2025, the estimated consolidated statutory RBC ratio was 379%, exceeding the targeted 375%[296] - Total capital as of March 31, 2025, was $4,364.7 million, compared to $4,331.9 million at December 31, 2024[288] - CNO Bermuda Re, a wholly owned subsidiary, is subject to Bermuda Monetary Authority regulations and must maintain a statutory economic capital and surplus of at least 150% of its enhanced capital requirement[297] - As of March 31, 2025, CNO and its subsidiaries held $250.3 million in unrestricted cash, exceeding the minimum target of $150 million[309] - In the first three months of 2025, CNO generated $250.3 million in free cash flow and repurchased 2.5 million shares for $99.9 million[317] Ratings and Financial Strength - AM Best affirmed an "A" financial strength rating for CNO's primary insurance subsidiaries, indicating excellent ability to meet obligations[301] - Fitch and S&P affirmed "A" and "A-" ratings respectively for CNO's primary insurance subsidiaries, indicating strong capacity to meet obligations[302][304] - The RBC ratio of Colonial Life Insurance Company was estimated at 325% as of March 31, 2025, allowing for interest payments on surplus debentures without additional approval[311] Future Outlook - The company expects operating earnings per diluted share to be in the range of $3.70 to $3.90 for 2025, with an expense ratio projected between 19.0% and 19.4%[284] - Anticipated excess cash flow to the holding company is estimated to be between $200 million and $250 million[285] - The company plans to initiate a $170 million technology modernization project over three years, with $60 million expected in 2025[287] Investment Strategy and Risks - The company emphasizes careful credit analysis and diversification to mitigate risks associated with below-investment grade securities[334] - The company’s investment strategy focuses on active strategic asset allocation and investment management to enhance projected total returns[346] - Future realized losses may occur, which could materially affect the consolidated financial statements[342] - The company has not reported any material changes in market risks or their management in the first three months of 2025[355]

Core Viewpoint - CNO Financial Group, Inc. reported mixed first-quarter 2025 results, with increased insurance policy income driven by higher collected premiums, but offset by lower investment results and fee revenues [1][2]. Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 79 cents, matching the Zacks Consensus Estimate, and reflecting a year-over-year increase of 51.9% [2]. - Operating revenues decreased by 12.6% year over year to $1 billion, although it exceeded the consensus estimate by 5.2% [2]. - Total insurance policy income rose to $650.7 million from $628.4 million in the prior year, but fell short of the Zacks Consensus Estimate of $651.4 million [3]. Investment Income and Expenses - Net investment income dropped to $311.5 million from $469.2 million year over year [4]. - Total benefits and expenses decreased by 2.4% year over year to $986.4 million, attributed to lower insurance policy benefits and operating costs [6]. Premiums and Collected Income - Total collected premiums increased by 5.5% year over year to $1.1 billion, with annuity premiums at $442 million (up 12%), health premiums at $405.7 million (up 0.2%), and life premiums at $244.4 million (up 3%) [5]. - New annualized premiums for health products rose by 8.8%, while life products saw a decline of 5.3% [6]. Financial Position - As of March 31, 2025, unrestricted cash and cash equivalents were $928.2 million, down from $1.7 billion at the end of 2024 [7]. - Total assets decreased to $37.4 billion from $37.9 billion at the end of 2024, while total shareholders' equity improved by 1.3% to $2.5 billion [7]. - Book value per common share increased by 3% to $25.33, and operating return on equity improved by 340 basis points year over year to 11.9% [8]. Shareholder Returns - CNO Financial returned $99.9 million to shareholders through share buybacks and $16.9 million in dividends during the first quarter [9]. - The company has a remaining repurchase capacity of $640.4 million as of March 31, 2025 [9]. Guidance - CNO Financial reaffirmed its 2025 guidance, projecting operating EPS in the range of $3.70-$3.90 and excess cash flow between $200-$250 million [10]. - The company estimates an expense ratio of 19-19.4% and an effective tax rate around 23% for 2025 [10].

Core Viewpoint - CNO Financial Group, Inc. has announced a $0.01 increase in its quarterly dividend, marking the thirteenth consecutive annual increase, reflecting the company's commitment to returning value to shareholders [1]. Group 1: Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.17 per share on the company's common shares [1]. - The dividend will be payable on June 24, 2025, to shareholders of record at the close of business on June 10, 2025 [1]. Group 2: Company Overview - CNO Financial Group, Inc. focuses on securing the future of middle-income America by providing life and health insurance, annuities, financial services, and workforce benefits solutions [2]. - The company operates through various brands, including Bankers Life, Colonial Penn, Optavise, and Washington National [2]. - CNO manages 3.2 million policies and has total assets amounting to $37.4 billion [2]. - The company employs 3,400 associates, 4,800 exclusive agents, and over 5,500 independent partner agents to assist customers with financial decisions [2].

Financial Data and Key Metrics Changes - Operating earnings per diluted share were $0.79, up 52%, and $0.74, up 42%, excluding significant items [5][25] - Book value per diluted share, excluding AOCI, was $37.03, up 6% [7] - Operating return on equity excluding significant items was 11.9% on a trailing twelve-month basis [26] Business Line Data and Key Metrics Changes - Consumer division saw annuity collected premiums up 12%, account values up 7%, and premium per policy up 19% [10] - Health NAP was up 9%, with Medicare Supplement NAP up 24% and Medicare Advantage policies up 42% [13][14] - Worksite insurance sales were up 11%, with critical illness insurance up 37% and life insurance up 17% [19] Market Data and Key Metrics Changes - New money rates exceeded 6% for nine consecutive quarters, with a new money rate of 6.43% [6][28] - Total investment income was up 16% for the quarter, marking the sixth consecutive quarter of growth [29] Company Strategy and Development Direction - The company aims to leverage its business model for sustained profitable growth and drive ROE expansion [8][32] - Focus on reaching the underserved middle-income market through a combination of virtual connections and local agents [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged deteriorating visibility into macroeconomic drivers but expressed confidence in navigating volatility [7][34] - The company reaffirmed its full-year guidance for 2025, despite acknowledging increased risks due to market volatility [31][32] Other Important Information - The company returned $117 million to shareholders, maintaining strong capital and liquidity levels [6] - A new product, Optimize Clear, was introduced to enhance service offerings [23] Q&A Session Summary Question: On buybacks and macro environment - Management indicated a willingness to continue share buybacks, with $100 million deployed in the first quarter [37] Question: Fee revenue and GAAP accounting - Management explained the impact of ASC 606 on revenue recognition, noting potential future reversals [40][41] Question: Outlook for direct-to-consumer life sales - Management expressed optimism for a bounce back in sales, while acknowledging shifts in advertising strategies [58] Question: Medicare business and potential shifts - Management noted strong growth in Medicare Advantage policies and indicated a potential shift back to Medicare Supplement could be beneficial [72][74] Question: Geographic expansion in worksite - Management confirmed ongoing geographic expansion efforts and expected continued growth from new regions [82]

Financial Data and Key Metrics Changes - Operating earnings per diluted share were $0.79, up 52%, and $0.74, up 42% excluding significant items [5][24] - Book value per diluted share, excluding AOCI, was $37.03, up 6% [7] - Capital and liquidity remain well above target levels after returning $117 million to shareholders [6] Business Line Data and Key Metrics Changes - Consumer division saw annuity collected premiums up 12%, account values up 7%, and premium per policy up 19% [10] - Health NAP was up 9%, with Medicare Supplement NAP up 24% and Medicare Advantage policies up 42% [13][14] - Worksite insurance sales were up 11%, with critical illness insurance up 37% and life insurance up 17% [19] Market Data and Key Metrics Changes - New money rates exceeded 6% for nine consecutive quarters [6] - Total investment income was up 16% for the quarter, marking the sixth consecutive quarter of growth [28] - The market value of invested assets grew 11% in the quarter [29] Company Strategy and Development Direction - The company aims to leverage its business model for sustained profitable growth and drive ROE expansion [8] - Focus on reaching the underserved middle-income market remains a key differentiator [9] - Introduction of new products like Optimize Clear to enhance service offerings [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges deteriorating visibility into macroeconomic drivers but expresses confidence in navigating volatility [7][31] - The company reaffirms its full-year guidance despite a more volatile environment [30] - Long-term commitment to improving run rate ROE by 150 basis points from 2025 to 2027 [31] Other Important Information - The company plans to launch a new series of investor briefings starting in June [34] - Fee income was adversely impacted by ASC 606 revenue recognition accounting [24] Q&A Session Summary Question: On buybacks, will the company lean into buybacks in the current macro environment? - Management indicated a willingness to continue elevated buyback levels due to strong cash flow [37] Question: Can you explain the GAAP accounting revenue recognition for Medicare Advantage? - Management provided details on how revenue recognition differs from cash flow, emphasizing the impact of sales mix on fee income [39][40] Question: What is the outlook for PAC in the Consumer division? - Management expects continued growth in PAC, despite potential quarter-to-quarter fluctuations [66] Question: How does the company view the demand for insurance products in a recession? - Management believes demand for products will remain strong due to demographic trends, despite potential economic downturns [70][71] Question: What are the implications of potential shifts from Medicare Advantage to Medicare Supplement? - Management expressed confidence that any shifts would not materially impact the business, as they can benefit from both product lines [76] Question: Can you elaborate on the geographic expansion in the worksite division? - Management confirmed ongoing disciplined geographic expansion contributing to sales growth [85]

First Quarter 2025 Financial and operating results for the period ended March 31, 2025 April 28, 2025 Unless otherwise specified, comparisons in this presentation are between 1Q24 and 1Q25. 1 IMPORTANT LEGAL INFORMATION Forward-Looking Statements OUR PURPOSE We secure the future of middle-income America. OUR MISSION Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about fu ...