CHICAGO, March 12, 2024 /PRNewswire/ -- Bankers Life today announced its list of Top Women Financial Advisors (TWFA) for 2024. Now in its third year, the program recognizes the company's top-performing women financial advisors representing Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc. This year's class of 34 women financial advisors is the largest since the TWFA program debuted in 2022. They represent more than $165 million in total assets under management (AUM) in 2023 and more tha ...

CARMEL, Ind., March 7, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today recognized Dave Eisert of Noblesville, Ind., as its associate Volunteer of the Year and announced its 2024 Invested in Giving Back® program winners. In recognition for his service with the Crossroads of America Council, Boy Scouts of America, Eisert was selected as the company's Volunteer of the Year, out of 16 applicants. The Indianapolis-based organization, which serves the youth and adult volunteers involved in Scouti ...

It has been about a month since the last earnings report for CNO Financial (CNO) . Shares have lost about 2.2% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is CNO due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. CNO Financial Q4 Earnings Beat on High Investment I ...

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Here are three stocks with buy rank and strong value characteristics for investors to consider today, March 1:Royal Caribbean Cruises Ltd. (RCL) : This cruise company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.6% over the last 60 days.Royal Caribbean Cruises has a price-to-earnings ratio (P/E) of 12.36 compared with 20.50 for the industry. The company possesses a Value Score of B.Rithm Capital Corp. (RITM) : This financial services comp ...

PART I [Business of CNO](index=6&type=section&id=Item%201.%20Business%20of%20CNO) CNO Financial Group is an insurance holding company serving middle-income pre-retirees and retirees with diverse health, annuity, and life products - CNO Financial Group is a holding company for insurance companies focused on serving middle-income pre-retiree and retired Americans through its Consumer and Worksite Divisions[19](index=19&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) - The company's primary insurance brands are Bankers Life, Washington National, and Colonial Penn[23](index=23&type=chunk) Key Financial Metrics (as of and for the year ended Dec 31, 2023) | Metric | Value (in billions) | | :--- | :--- | | Total Assets | $35.1 | | Shareholders' Equity | $2.2 | | Annual Revenues | $4.1 | | Annual Net Income | $0.2765 | Total Premium Collections by Segment (2021-2023) | Segment | 2023 ($ millions) | 2022 ($ millions) | 2021 ($ millions) | | :--- | :--- | :--- | :--- | | Annuities | 1,583.2 | 1,604.6 | 1,400.4 | | Health | 1,577.8 | 1,608.4 | 1,659.5 | | Life | 937.0 | 911.8 | 895.8 | | **Total** | **4,098.0** | **4,124.8** | **3,955.7** | [Marketing and Distribution](index=7&type=section&id=Item%201.%20Business%20of%20CNO-Marketing%20and%20Distribution) CNO distributes insurance products through its Consumer and Worksite Divisions, utilizing exclusive agents, tele-sales, and independent producers - The Consumer Division serves individuals through a mix of channels, including a force of approximately **4,200 exclusive producing agents** and financial representatives[32](index=32&type=chunk)[33](index=33&type=chunk) - The Worksite Division focuses on selling voluntary life and health insurance products in the workplace, supported by its Optavise brand, and utilizes approximately **350 exclusive producing agents**[35](index=35&type=chunk)[36](index=36&type=chunk) [Product Lines](index=9&type=section&id=Item%201.%20Business%20of%20CNO-Product%20Lines) CNO's product portfolio includes Annuities, Health, and Life insurance, with annuities comprising **39%** of total premiums in 2023 - Annuity products, primarily fixed indexed annuities, accounted for **$1,583.2 million**, or **39% of total premiums** collected in 2023[40](index=40&type=chunk) - Health products include Supplemental Health (**$706.6 million** in 2023 premiums), Medicare Supplement (**$609.4 million**), and Long-Term Care (**$261.8 million**)[56](index=56&type=chunk)[59](index=59&type=chunk)[61](index=61&type=chunk) - Life insurance products generated **$937.0 million** in premiums in 2023, representing **23% of the total**[64](index=64&type=chunk) [Investments](index=12&type=section&id=Item%201.%20Business%20of%20CNO-Investments) CNO's investment portfolio, managed by 40|86 Advisors, Inc., totaled **$26.7 billion** in assets under management as of December 31, 2023 - CNO's investment portfolio is managed by its subsidiary, 40|86 Advisors, Inc., with approximately **$26.7 billion** of assets under management at year-end 2023[69](index=69&type=chunk) - The investment strategy aims to provide stable income from a diversified high-quality fixed income portfolio, manage asset-liability duration, and maximize total return[70](index=70&type=chunk)[76](index=76&type=chunk) [Competition](index=13&type=section&id=Item%201.%20Business%20of%20CNO-Competition) CNO operates in a highly competitive insurance market, facing larger companies with greater resources and brand recognition - The company competes with larger firms that have greater financial resources, brand recognition, and higher ratings, with competition based on pricing, service, and ratings[75](index=75&type=chunk) - CNO ranked **seventh** in Medicare supplement insurance with a **1.9% market share** in 2022 and its subsidiary, Bankers Life, ranked **third** in new individual long-term care insurance with a **17% market share**[80](index=80&type=chunk) - The financial strength ratings of CNO's primary insurance subsidiaries are **'A' from Fitch**, **'A-' from S&P**, **'A3' from Moody's**, and **'A' from AM Best**, which is a key competitive factor[85](index=85&type=chunk) [Reinsurance](index=15&type=section&id=Item%201.%20Business%20of%20CNO-Reinsurance) CNO uses indemnity reinsurance to limit maximum loss and diversify risk, ceding portions of its insurance coverage to third-party reinsurers - The company uses reinsurance to limit its maximum loss on a large or hazardous risk, with a policy risk retention limit generally at **$0.8 million** or less[94](index=94&type=chunk)[95](index=95&type=chunk) Principal Third-Party Reinsurers (as of Dec 31, 2023) | Name of Reinsurer | Reinsurance Receivables ($ millions) | AM Best Rating | | :--- | :--- | :--- | | Wilton Reassurance Company | $2,540.4 | A+ | | Jackson National Life Insurance Company | $984.8 | A | | RGA Reinsurance Company | $380.2 | A+ | [Human Capital](index=16&type=section&id=Item%201.%20Business%20of%20CNO-Human%20Capital) CNO employed approximately **3,500** full-time associates as of December 31, 2023, focusing on development, engagement, and well-being - CNO employed approximately **3,500 full-time associates** as of year-end 2023, with none represented by collective bargaining agreements[98](index=98&type=chunk) - The company's human capital strategy emphasizes associate development, pay-for-performance compensation, health and well-being, ethical practices, and inclusion and belonging[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) [Governmental Regulation](index=17&type=section&id=Item%201.%20Business%20of%20CNO-Governmental%20Regulation) CNO's insurance subsidiaries are subject to extensive state and federal regulation, including financial condition, market conduct, and privacy laws - The company's insurance subsidiaries are extensively regulated at the state level, governing areas like licensing, reserves, investments, sales practices, and premium rates[110](index=110&type=chunk)[111](index=111&type=chunk) - The NAIC sets key standards, including Risk-Based Capital (RBC) requirements, Own Risk and Solvency Assessment (ORSA), and the Corporate Governance Annual Disclosure Model Act (CGAD)[118](index=118&type=chunk)[119](index=119&type=chunk)[136](index=136&type=chunk) - Dividend payments from U.S. insurance subsidiaries are restricted and generally require regulatory approval due to negative earned surplus[130](index=130&type=chunk) - The company is subject to federal and state privacy and cybersecurity regulations, such as the NYDFS cybersecurity rule and the California Consumer Privacy Act (CCPA)[147](index=147&type=chunk)[149](index=149&type=chunk)[152](index=152&type=chunk) [Federal Income Taxation](index=29&type=section&id=Item%201.%20Business%20of%20CNO-Federal%20Income%20Taxation) CNO's annuity and life insurance products offer tax advantages to policyholders, and the company actively manages its deferred tax assets - The company's products generally provide policyholders with income tax advantages, such as tax deferral on the increase in value[177](index=177&type=chunk) - CNO evaluates the realizability of its deferred tax assets, which depend on generating future taxable income before its Net Operating Losses (NOLs) expire[180](index=180&type=chunk) - The Inflation Reduction Act introduced a **15% minimum tax** and a **1% excise tax** on share buybacks, which are not currently expected to have a significant impact on CNO[181](index=181&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) CNO faces various risks including adverse economic conditions, insurance-specific challenges, liquidity constraints, extensive regulation, and operational failures - The company is exposed to economic risks, including interest rate volatility, which can compress investment spreads, and inflation, which can impact product persistency and operating expenses[186](index=186&type=chunk)[187](index=187&type=chunk) - Insurance risks include the potential for inadequate premium rates, unfavorable claims experience compared to assumptions used for reserving, and credit risk from reinsurance counterparties[203](index=203&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk) - As a holding company, CNO's liquidity is constrained by the ability of its insurance subsidiaries to pay dividends, which are subject to regulatory restrictions[219](index=219&type=chunk) - The business is subject to operational risks, including system interruptions, cybersecurity attacks, and failures of third-party service providers, which could harm business operations and reputation[252](index=252&type=chunk)[258](index=258&type=chunk) [Unresolved Staff Comments](index=44&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - None[273](index=273&type=chunk) [Cybersecurity](index=44&type=section&id=Item%201C.%20Cybersecurity) CNO maintains a comprehensive cybersecurity program aligned with the NIST Cybersecurity Framework, overseen by a CISO and Board committee - The company's cybersecurity program is aligned with the National Institute of Standards and Technology's (NIST) Cybersecurity Framework[274](index=274&type=chunk) - Governance includes a dedicated Cybersecurity Services team led by the Chief Information Security Officer (CISO), with oversight from the Audit and Enterprise Risk Committee (AERC) of the Board of Directors[276](index=276&type=chunk)[282](index=282&type=chunk) - Risk management processes include regular internal and external risk assessments, vulnerability scanning, annual penetration tests, and security control assurance testing[277](index=277&type=chunk) - To date, no cybersecurity threat or incident has materially affected the company's business strategy, results of operations, or financial condition[281](index=281&type=chunk) [Properties](index=45&type=section&id=Item%202.%20Properties) CNO is significantly changing its real estate portfolio, listing its Carmel, Indiana campus for sale and selling its Philadelphia office - The company's headquarters campus in Carmel, Indiana was listed for sale in December 2023, with plans to move into approximately **125,000 square feet** of leased space in the first half of 2024[285](index=285&type=chunk) - The company-owned office building in Philadelphia is under an agreement to be sold, with the sale expected to close in the first half of 2024[287](index=287&type=chunk) [Legal Proceedings](index=45&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from the notes to the consolidated financial statements in Item 8 - Information for this item is incorporated by reference from the notes to the consolidated financial statements in Item 8[289](index=289&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[290](index=290&type=chunk) [Executive Officers of the Registrant](index=46&type=section&id=Executive%20Officers%20of%20the%20Registrant) This section lists the executive officers of CNO Financial Group, Inc., including their age, tenure, and principal business experience - Gary C. Bhojwani has served as Chief Executive Officer since January 2018[291](index=291&type=chunk) - Paul H. McDonough has served as Chief Financial Officer since March 2019[291](index=291&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=47&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) CNO's common stock trades on the NYSE under 'CNO', with the company initiating dividends in 2012 and augmenting its share repurchase program - The company's common stock is listed on the New York Stock Exchange under the symbol **'CNO'**[294](index=294&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period (in 2023) | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | October | 4,329 | $22.82 | | November | 1,039,699 | $26.09 | | December | 1,893,755 | $27.94 | | **Total Q4** | **2,937,783** | **$27.28** | - In May 2023, the Board of Directors authorized an additional **$500.0 million** for the company's securities repurchase program[301](index=301&type=chunk) [Selected Consolidated Financial Data](index=49&type=section&id=Item%206.%20Selected%20Consolidated%20Financial%20Data) This item is reserved and contains no information - Reserved[304](index=304&type=chunk) [Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Consolidated%20Financial%20Condition%20and%20Results%20of%20Operations) CNO reported **$356.1 million** in net operating income for 2023, maintaining a strong capital position with a **402%** consolidated statutory RBC ratio Net Operating Income Summary (2021-2023) | Metric | 2023 ($ millions) | 2022 ($ millions) | 2021 ($ millions) | | :--- | :--- | :--- | :--- | | Net Operating Income | $356.1 | $360.4 | $400.4 | | Net Operating Income per Diluted Share | $3.09 | $3.06 | $3.05 | - The comprehensive annual actuarial review in Q4 2023 resulted in a net favorable impact to insurance product margins of **$33.9 million**, primarily from supplemental health products[357](index=357&type=chunk) - The company's consolidated statutory risk-based capital (RBC) ratio for its U.S. insurance subsidiaries was **402%** at year-end 2023, up from **384%** at year-end 2022 and above the **375% target**[437](index=437&type=chunk) - For 2024, the company expects operating earnings per diluted share to be in the range of **$3.10 to $3.30** and excess cash flow to the holding company to be between **$140 million and $200 million**[421](index=421&type=chunk)[422](index=422&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=86&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference information from Item 7 regarding market risks, including interest rate movements and asset/liability management - Information for this item is incorporated by reference from the 'Market-Sensitive Instruments and Risk Management' section in Item 7[476](index=476&type=chunk) [Consolidated Financial Statements](index=87&type=section&id=Item%208.%20Consolidated%20Financial%20Statements) This section contains CNO's audited consolidated financial statements for 2023, with an unqualified opinion from PricewaterhouseCoopers LLP - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2023[484](index=484&type=chunk) - The company adopted the new accounting standard for long-duration insurance contracts (LDTI) effective January 1, 2023, with retrospective adjustments to prior period financial statements[485](index=485&type=chunk)[493](index=493&type=chunk) Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Investments | $26,140.4 | $24,342.4 | | Total Assets | $35,102.5 | $33,133.1 | | Total Liabilities | $32,886.9 | $31,364.3 | | Total Shareholders' Equity | $2,215.6 | $1,768.8 | Consolidated Statement of Operations Highlights (in millions) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Revenues | $4,146.8 | $3,576.8 | $4,122.2 | | Total Benefits and Expenses | $3,790.0 | $2,760.3 | $3,389.1 | | Net Income | $276.5 | $630.6 | $570.3 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=181&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[846](index=846&type=chunk) [Controls and Procedures](index=181&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - The CEO and CFO concluded that as of December 31, 2023, the company's disclosure controls and procedures were effective[847](index=847&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[850](index=850&type=chunk) - No material changes were made to the company's internal control over financial reporting during the fourth quarter of 2023[852](index=852&type=chunk) [Other Information](index=182&type=section&id=Item%209B.%20Other%20Information) Several Section 16 officers, including the CEO and CFO, adopted Rule 10b5-1 trading arrangements in Q4 2023 - Several executive officers, including the CEO and CFO, adopted Rule 10b5-1 trading plans in Q4 2023 for the sale of CNO common stock[853](index=853&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=182&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[855](index=855&type=chunk) PART III [Items 10-14](index=183&type=section&id=Items%2010-14) Information for Items 10 through 14 is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting - Information for Items 10 through 14 will be provided in the company's definitive proxy statement and is incorporated by reference into this report[858](index=858&type=chunk)[859](index=859&type=chunk)[860](index=860&type=chunk)[861](index=861&type=chunk)[862](index=862&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=184&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K report, including condensed financial information - This item includes the index to Consolidated Financial Statements, Financial Statement Schedules (Schedule II - Condensed Financial Information of Registrant and Schedule IV - Reinsurance), and the Exhibit Index[865](index=865&type=chunk)[866](index=866&type=chunk) [Form 10-K Summary](index=188&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that there is no Form 10-K summary - None[872](index=872&type=chunk)

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the life/health insurance subsidiaries of CNO Financial Group, Inc. (headquartered in Carmel, IN) [NYSE: CNO]. These subsidiaries are referred to collectively as CNO Financial Group (CNO). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of CNO Financia ...

Director Stephen David to retire CARMEL, Ind., Feb. 13, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has declared a quarterly cash dividend of $0.15 per share on the company's common shares. The dividend will be payable March 22, 2024, to shareholders of record at the close of business on March 8, 2024. The company announced that its annual meeting of shareholders will be held via a virtual, live webcast at 8:00 a.m. ET on May 9, 2024. Holders of rec ...

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