Group 1 - CNO Financial Group has renewed its title sponsorship of the CNO Financial Indianapolis Monumental Marathon through 2026, highlighting its commitment to the health and well-being of the central Indiana community [5][6] - The marathon has become one of the top 15 largest marathons in the United States, attracting nearly 15,000 participants from all 50 states and over 25 countries in 2023 [4][8] - Beyond Monumental, the non-profit organization responsible for the marathon, has received over $1.5 million in donations over 15 years to support youth programming that promotes healthy lifestyles, particularly for urban students [8] Group 2 - CNO Financial Group provides a range of financial services, including life and health insurance, annuities, and workforce benefits solutions, managing a total of $35 billion in assets and 3.2 million policies [7] - The company employs approximately 3,500 associates and works with over 4,700 exclusive agents and more than 5,000 independent partner agents to assist clients with financial decisions [7]

It has been about a month since the last earnings report for CNO Financial (CNO) . Shares have added about 6.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is CNO due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. CNO Financial Q1 Earnings Miss Estimates, Revenues Up ...

CARMEL, Ind., May 9, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced that at the company's annual meeting held earlier today, its shareholders: Elected eight directors (Gary C. Bhojwani, Archie M. Brown, David. B. Foss, Mary R. (Nina) Henderson, Adrianne B. Lee, Daniel R. Maurer, Chetlur S. Ragavan, and Steven E. Shebik) to each serve a one-year term expiring at next year's annual meeting. Approved, by non-binding advisory vote, the executive compensation of the company's named executi ...

CNO Financial Group, Inc. (CNO) reported first-quarter 2024 adjusted earnings per share (EPS) of 52 cents, which missed the Zacks Consensus Estimate by 18.8%. However, the bottom line rose 2% year over year.Total revenues increased 14.9% year over year to $1.2 billion in the first quarter. The top line beat the consensus mark by 23.6%.The first-quarter earnings were affected by unfavorable mark to market impacts on its real-estate alliances, which had a negative effect in its alternative investment portfoli ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for CNO Financial Group, Inc. as of March 31, 2024, and for the three months then ended, encompassing the balance sheet, income statements, equity, cash flows, and related notes [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) Consolidated Balance Sheet Summary (in millions) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$34,939.7** | **$35,102.5** | | Total Investments | $26,211.4 | $26,140.4 | | Cash and cash equivalents | $649.8 | $889.0 | | **Total Liabilities** | **$32,572.0** | **$32,886.9** | | Policyholder account balances | $15,736.7 | $15,667.8 | | Future policy benefits | $11,736.5 | $11,928.2 | | Notes payable – direct corporate obligations | $1,141.0 | $1,140.5 | | **Total Shareholders' Equity** | **$2,367.7** | **$2,215.6** | [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Operations) Consolidated Statement of Operations Summary (in millions) | Operations Item | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $1,156.5 | $1,006.0 | | Total Benefits and Expenses | $1,010.3 | $1,007.0 | | Income (loss) before income taxes | $146.2 | $(1.0) | | **Net Income (Loss)** | **$112.3** | **$(0.8)** | | **Diluted Earnings Per Share** | **$1.01** | **$(0.01)** | [Consolidated Statement of Comprehensive Income](index=6&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Consolidated Statement of Comprehensive Income Summary (in millions) | Comprehensive Income Item | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $112.3 | $(0.8) | | Other comprehensive income, net of tax | $96.5 | $292.9 | | **Comprehensive Income** | **$208.8** | **$292.1** | [Consolidated Statement of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Shareholders'%20Equity) - Total shareholders' equity increased from **$2,215.6 million** at December 31, 2023, to **$2,367.7 million** at March 31, 2024, driven by net income of **$112.3 million** and other comprehensive income of **$96.5 million**, partially offset by common stock repurchases of **$40.0 million** and dividends of **$16.4 million**[403](index=403&type=chunk) [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Consolidated Statement of Cash Flows Summary (in millions) | Cash Flow Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $94.6 | $81.9 | | Net cash used by investing activities | $(23.6) | $(406.7) | | Net cash provided (used) by financing activities | $(310.2) | $202.0 | | **Net decrease in cash and cash equivalents** | **$(239.2)** | **$(122.8)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company's financial statements are prepared in conformity with GAAP, requiring management to make significant estimates and assumptions affecting reported amounts of assets, liabilities, revenues, and expenses, including deferred acquisition costs, fair value of investments, and liabilities for insurance products[413](index=413&type=chunk) [Item 2. Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations](index=78&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Consolidated%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial condition and results of operations for Q1 2024, highlighting stable operations despite market fluctuations and maintaining its 2024 outlook for operating EPS between **$3.10** and **$3.30** [Overview](index=81&type=section&id=Overview) - CNO operates through three insurance product lines (annuity, health, and life) and two main divisions (Consumer and Worksite), focusing on serving middle-income pre-retiree and retired Americans[194](index=194&type=chunk)[196](index=196&type=chunk)[201](index=201&type=chunk) Earnings Summary (in millions) | Earnings Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total insurance product margin | $229.6 | $221.2 | | Operating earnings before taxes | $74.8 | $76.4 | | **Net operating income** | **$57.5** | **$58.6** | | Net non-operating income (loss) | $54.8 | $(59.4) | | **Net income (loss)** | **$112.3** | **$(0.8)** | | **Net operating income per diluted share** | **$0.52** | **$0.51** | [Results of Operations](index=85&type=section&id=Results%20of%20Operations) - Insurance product margin increased to **$229.6 million** in Q1 2024 from **$221.2 million** in Q1 2023, driven by growth in Health and Life margins, which offset a decline in the Annuity margin[225](index=225&type=chunk) - Annuity margin decreased to **$52.0 million** in Q1 2024 from **$57.3 million** in Q1 2023, primarily due to higher policy surrender activity and slight spread compression in the fixed indexed annuity block[218](index=218&type=chunk)[236](index=236&type=chunk) - Health margin increased to **$123.0 million** in Q1 2024 from **$116.5 million** in Q1 2023, reflecting growth in the supplemental health block and favorable claims experience in the Medicare supplement business[218](index=218&type=chunk)[243](index=243&type=chunk)[245](index=245&type=chunk) - Life margin increased to **$54.6 million** in Q1 2024 from **$47.4 million** in Q1 2023, driven by growth in the traditional life block, lower insurance policy benefits, and reduced advertising expense[218](index=218&type=chunk)[257](index=257&type=chunk) - Net non-operating income was **$71.4 million** before tax in Q1 2024, a significant turnaround from a loss of **$77.4 million** in Q1 2023, mainly due to a **$64.0 million** gain from changes in fair value of embedded derivative liabilities, compared to a **$65.1 million** loss in the prior year[265](index=265&type=chunk)[270](index=270&type=chunk) [Liquidity and Capital Resources](index=96&type=section&id=Liquidity%20and%20Capital%20Resources) - The company maintains its 2024 outlook, with expected operating EPS in the range of **$3.10** to **$3.30** and excess holding company cash flow between **$140 million** and **$200 million**[274](index=274&type=chunk)[275](index=275&type=chunk)[278](index=278&type=chunk) - Key capital management targets include a consolidated RBC ratio of **375%**, minimum holding company liquidity of **$150 million**, and a debt-to-total capital ratio (excluding AOCI) of **25%** to **28%**[279](index=279&type=chunk) Capital Ratios | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Book value per common share | $21.81 | $20.26 | | Book value per common share, ex. AOCI | $35.44 | $34.68 | | Corporate debt to total capital | 32.5% | 34.0% | | Corporate debt to total capital, ex. AOCI | 22.9% | 23.1% | - The estimated consolidated statutory RBC ratio for U.S. insurance subsidiaries was **391%** at March 31, 2024, down from **402%** at year-end 2023 but above the **375%** target[295](index=295&type=chunk) - In Q1 2024, the company generated **$34 million** of free cash flow, repurchased **1.5 million** shares for **$40.0 million**, and declared dividends of **$16.4 million**, with the quarterly dividend increased to **$0.16** per share in May 2024[310](index=310&type=chunk)[311](index=311&type=chunk) [Investments](index=103&type=section&id=Investments) - As of March 31, 2024, total fixed maturities, available for sale, had an estimated fair value of **$21.6 billion**, with investment grade securities comprising **97.0%** of this portfolio based on NAIC designations[321](index=321&type=chunk)[324](index=324&type=chunk) - The portfolio had gross unrealized losses of **$2.4 billion**, primarily due to higher interest rates, though the company believes issuers will continue to meet their obligations and does not intend to sell these securities before recovery[321](index=321&type=chunk)[438](index=438&type=chunk) - Structured securities, including CMBS, RMBS, and CLOs, represented **32.4%** of the fixed maturity portfolio with an estimated fair value of **$7.0 billion**[349](index=349&type=chunk)[350](index=350&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=114&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risks or the management of such risks during the first three months of 2024, referencing the disclosures in its 2023 Annual Report on Form 10-K - There have been no material changes in the first three months of 2024 to the company's market risks or its management of such risks as disclosed in the 2023 Annual Report on Form 10-K[464](index=464&type=chunk) [Item 4. Controls and Procedures](index=114&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2024, CNO's disclosure controls and procedures were effective[465](index=465&type=chunk) - No changes in the Company's internal control over financial reporting occurred during Q1 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[478](index=478&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=115&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the discussion under 'Litigation and Other Legal Proceedings' in the footnotes to the consolidated financial statements, indicating no new material legal proceedings to report separately - Information regarding legal proceedings is incorporated by reference from the 'Litigation and Other Legal Proceedings' note in the financial statements[480](index=480&type=chunk) [Item 1A. Risk Factors](index=115&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes from the risk factors previously disclosed in the 2023 Annual Report on Form 10-K[481](index=481&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=115&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, CNO repurchased a total of **1,813,971** shares at an average price of **$27.02**, with **$481.8 million** remaining available for future repurchases under the program Issuer Purchases of Equity Securities (Q1 2024) | Period (2024) | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | Remaining Authority (in millions) | | :--- | :--- | :--- | :--- | :--- | | January | 245,778 | $27.69 | 243,730 | $515.1 | | February | 819,613 | $27.01 | 619,446 | $498.6 | | March | 748,580 | $26.80 | 619,329 | $481.8 | | **Total** | **1,813,971** | **$27.02** | **1,482,505** | **$481.8** | [Item 5. Other Information](index=116&type=section&id=Item%205.%20Other%20Information) The company disclosed that Chief Information Officer Michael E. Mead adopted a Rule 10b5-1 trading arrangement during the first quarter of 2024 for the sale of company common stock - During Q1 2024, Chief Information Officer Michael E. Mead adopted a Rule 10b5-1 trading arrangement for the sale of **12,703** shares of common stock, effective from February 26, 2024, to November 28, 2024[470](index=470&type=chunk)[484](index=484&type=chunk) [Item 6. Exhibits](index=117&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including various award agreements, an amendment to the credit agreement, and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act - Exhibits filed include forms of restricted and performance stock unit award agreements for 2024, an amendment to the Credit Agreement, and Sarbanes-Oxley Act certifications[486](index=486&type=chunk)

CARMEL, Ind., May 3, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has approved a $0.01 per share increase in its quarterly dividend, its twelfth consecutive annual increase. The Board declared a quarterly cash dividend of $0.16 per share on the company's common shares. The dividend will be payable June 24, 2024, to shareholders of record at the close of business on June 10, 2024. About CNO Financial Group CNO Financial Group, Inc. (NYSE: CNO) secures ...

Financial Data and Key Metrics Changes - The company reported operating earnings per share of $0.52, reflecting solid and sustainable earnings growth [39] - Book value per diluted share, excluding AOCI, increased by 10% to $34.97 [40] - Total net investment income rose by 2.5% year-over-year despite $24 million of unfavorable mark-to-market impacts on real estate partnerships [51][40] Business Line Data and Key Metrics Changes - The consumer division saw a 7% increase in life and health new annualized premium (NAP), with health NAP up 22% [41] - Long-term care NAP surged by 71%, driven by the success of the newly launched long-term care product [42] - Worksite division life and health insurance sales increased by 19%, with producing agent count up 28% [45][46] Market Data and Key Metrics Changes - Client assets in brokerage and advisory grew by 32% to a record $3.4 billion [44] - Annuity collected premiums increased by 6%, and account values rose by 4% [25] - Recruiting was up 12%, marking the seventh consecutive quarter of agent force gains [26] Company Strategy and Development Direction - The company is focused on sustainable profitable growth and shareholder return opportunities, maintaining all guidance ranges for the year [55][63] - A refreshed growth scorecard was introduced to enhance focus on production, distribution, and investments in capital [22] - The company is leveraging technology to improve agent effectiveness and efficiency in recruiting [26][98] Management's Comments on Operating Environment and Future Outlook - Management expects the full year operating EPS to be at the lower end of the range due to first-quarter results [34] - The company anticipates that alternative investments will generate returns more in line with long-term expectations of 9% to 10% for the remainder of the year [63][118] - Management remains optimistic about the Medicare product lines, driven by favorable demographics and strong demand [83][112] Other Important Information - The consolidated risk-based capital ratio was reported at 391%, with liquidity at $223 million [54] - The company deployed $40 million in share repurchases during the quarter, contributing to a 3% reduction in weighted average diluted shares outstanding year-over-year [30] Q&A Session Summary Question: What are the expectations regarding advertising costs in the current environment? - Management noted that advertising costs are expected to rise, particularly during election cycles, and they will adjust spending based on performance metrics [69][70] Question: Can you provide insights on long-term care margins and claims experience? - Management indicated that long-term care margins were generally in line with expectations, with favorable claims experience noted [72] Question: What are the trends in annuity surrenders? - Management acknowledged that surrenders are higher than in the past but remain stable and within expectations [84][87] Question: How does the company view the impact of new fiduciary rules? - Management does not expect significant adverse impacts from the new fiduciary rules, emphasizing their robust compliance program [78] Question: What are the drivers behind the strong growth in Medicare Advantage and Supplement products? - Management highlighted favorable demographics, strong execution by agents, and a unique combination of technology and personal service as key drivers [83][112]

▪ Strong credit risk profile — Capital efficient: 97% rated NAIC 1 or 2 — Portfolio average rating A — Significant credit enhancement in structured products including CMBS — Diversified commercial and residential mortgage allocation 11 1 Fair Value as of 3/31/2024 ALTERNATIVES ALLOCATION Solid real estate alternative historical performance; Real estate partnerships impacted by net unfavorable mark-to-market in 1Q24; Affected asset base is small and contained Private Equity, 17% Private Credit, 25% Instituti ...

CNO Financial Group, Inc. (CNO) reported first-quarter 2024 adjusted earnings per share (EPS) of 52 cents, which missed the Zacks Consensus Estimate by 18.8%. However, the bottom line rose 2% year over year.Total revenues increased 14.9% year over year to $1.2 billion in the first quarter. The top line beat the consensus mark by 23.6%.The weaker-than-expected first-quarter earnings results were impacted by rising benefits and expenses and lower fee revenue and other income. However, the negatives were parti ...

CNO Financial (CNO) reported $1.16 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 15%. EPS of $0.52 for the same period compares to $0.51 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $935.75 million, representing a surprise of +23.59%. The company delivered an EPS surprise of -18.75%, with the consensus EPS estimate being $0.64.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall S ...