This quarterly report represents an earnings surprise of 45.83%. A quarter ago, it was expected that this insurance holding company would post earnings of $0.64 per share when it actually produced earnings of $0.52, delivering a surprise of -18.75%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. What's Next for CNO? There are no easy answers to this key ques ...

Consolidated Balance Sheet The company's total assets grew to $36.3 billion, with shareholders' equity increasing to $2.43 billion as of June 2024 [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20balance%20sheet) As of June 2024, total assets reached $36.3 billion, driven by investments, while equity increased to $2.43 billion Consolidated Balance Sheet Highlights (in millions) | Account | Jun-24 | Jun-23 | Mar-24 | | :--- | :--- | :--- | :--- | | **Total investments** | $27,230.2 | $25,350.0 | $26,211.4 | | **Total assets** | $36,290.2 | $34,053.9 | $34,939.7 | | **Total liabilities** | $33,861.3 | $32,058.1 | $32,572.0 | | **Total shareholders' equity** | $2,428.9 | $1,995.8 | $2,367.7 | Book Value Per Share | Metric | Jun-24 | Jun-23 | Mar-24 | | :--- | :--- | :--- | :--- | | Book value per common share | $22.80 | $17.56 | $21.81 | | Book value per common share, excluding AOCI | $36.55 | $32.81 | $35.44 | Consolidated Statement of Operations The company reported total revenues of $1.07 billion and net income of $116.3 million for Q2 2024, showing significant profitability growth [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20statement%20of%20operations) For Q2 2024, total revenues reached $1.07 billion and net income was $116.3 million, reflecting strong year-over-year growth Quarterly Statement of Operations (in millions) | Metric | 2Q 2024 | 2Q 2023 | 1Q 2024 | | :--- | :--- | :--- | :--- | | Insurance policy income | $641.5 | $628.3 | $628.4 | | Net investment income | $409.1 | $399.7 | $469.2 | | **Total revenues** | **$1,066.2** | **$1,022.8** | **$1,156.5** | | Total benefits and expenses | $915.6 | $926.7 | $1,010.3 | | Income before income taxes | $150.6 | $96.1 | $146.2 | | **Net income (loss)** | **$116.3** | **$73.7** | **$112.3** | Financial Summary Net operating income significantly increased to $114.6 million, or $1.05 per diluted share, in Q2 2024 [Financial Summary](index=6&type=section&id=Financial%20summary) Net operating income reached $114.6 million, or $1.05 per diluted share, in Q2 2024, driven by insurance product income Net Operating Income (in millions, except per share data) | Metric | 2Q 2024 | 2Q 2023 | 1Q 2024 | | :--- | :--- | :--- | :--- | | Total insurance product margin | $275.1 | $223.2 | $229.6 | | Income from insurance products | $120.5 | $73.7 | $68.0 | | **Net operating income** | **$114.6** | **$62.3** | **$57.5** | | **Net operating income per diluted share** | **$1.05** | **$0.54** | **$0.52** | Reconciliation of Net Operating Income to Net Income (in millions) | Description | 2Q 2024 | 2Q 2023 | | :--- | :--- | :--- | | Net operating income | $114.6 | $62.3 | | Net non-operating income (loss) | $1.7 | $11.4 | | **Net income (loss)** | **$116.3** | **$73.7** | Insurance Operations and Product Margins Total insurance product margin significantly increased to $275.1 million in Q2 2024, driven by strong performance across all product lines [Insurance Operations Summary](index=7&type=section&id=Insurance%20operations) Total insurance product margin reached $275.1 million in Q2 2024, with Health, Annuity, and Life margins all showing strong growth Insurance Product Margin Breakdown (in millions) | Product Line | 2Q 2024 | 2Q 2023 | 1Q 2024 | | :--- | :--- | :--- | :--- | | Annuity margin | $76.1 | $57.1 | $52.0 | | Health margin | $135.9 | $108.2 | $123.0 | | Life margin | $63.1 | $57.9 | $54.6 | | **Total insurance product margin** | **$275.1** | **$223.2** | **$229.6** | | Income from insurance products | $120.5 | $73.7 | $68.0 | | **Net operating income** | **$114.6** | **$62.3** | **$57.5** | [Margin from Annuity Products](index=8&type=section&id=Margin%20from%20insurance%20products) Annuity margin significantly increased to $76.1 million in Q2 2024, primarily driven by fixed indexed and other annuities Annuity Margin by Product (in millions) | Annuity Product | 2Q 2024 Margin | 2Q 2023 Margin | | :--- | :--- | :--- | | Fixed indexed annuities | $49.9 | $47.6 | | Fixed interest annuities | $8.7 | $8.7 | | Other annuities | $17.5 | $0.8 | | **Total annuity margin** | **$76.1** | **$57.1** | [Margin from Health Products](index=9&type=section&id=Margin%20from%20Health%20Products) Health margin rose to $135.9 million in Q2 2024, with strong contributions from supplemental, Medicare, and long-term care products Health Margin by Product (in millions) | Health Product | 2Q 2024 Margin | 2Q 2023 Margin | | :--- | :--- | :--- | | Supplemental health | $65.1 | $59.9 | | Medicare supplement | $35.5 | $32.3 | | Long-term care | $35.3 | $16.0 | | **Total health margin** | **$135.9** | **$108.2** | [Margin from Life Products](index=10&type=section&id=Margin%20from%20Life%20Products) Life margin increased to $63.1 million in Q2 2024, primarily driven by growth in traditional life products Life Margin by Product (in millions) | Life Product | 2Q 2024 Margin | 2Q 2023 Margin | | :--- | :--- | :--- | | Interest sensitive life | $23.9 | $24.1 | | Traditional life | $39.2 | $33.8 | | **Total life margin** | **$63.1** | **$57.9** | Collected Premiums and Insurance Policy Income Total collected premiums increased to $1.08 billion in Q2 2024, alongside growth in insurance policy income across all product lines [Collected Premiums and Insurance Policy Income](index=11&type=section&id=Collected%20premiums%20and%20insurance%20policy%20income) Total collected premiums reached $1.08 billion in Q2 2024, driven by annuities, with insurance policy income at $641.5 million Collected Premiums by Product (in millions) | Product Line | 2Q 2024 | 2Q 2023 | | :--- | :--- | :--- | | Annuity products | $439.1 | $401.8 | | Health products | $400.1 | $389.3 | | Life products | $242.4 | $236.6 | | **Total collected premiums** | **$1,081.6** | **$1,027.7** | Insurance Policy Income by Product (in millions) | Product Line | 2Q 2024 | 2Q 2023 | | :--- | :--- | :--- | | Annuity products | $9.3 | $8.1 | | Health products | $403.6 | $397.1 | | Life products | $228.6 | $223.1 | | **Total insurance policy income** | **$641.5** | **$628.3** | Health and Life New Annualized Premiums (NAP) Total New Annualized Premiums (NAP) for health and life products increased by 4.3% to $102.9 million in Q2 2024 [Health and Life New Annualized Premiums (NAP)](index=12&type=section&id=Health%20and%20life%20new%20annualized%20premiums) Total NAP for health and life products reached $102.9 million in Q2 2024, driven by health NAP growth Total New Annualized Premiums (in millions) | Product Line | 2Q 2024 | 2Q 2023 | % Change | | :--- | :--- | :--- | :--- | | Total health NAP | $50.6 | $43.1 | +17.4% | | Total life NAP | $52.3 | $55.6 | -5.9% | | **Total NAP** | **$102.9** | **$98.7** | **+4.3%** | Computation of Weighted Average Shares Outstanding Weighted average diluted shares outstanding decreased to 109.3 million in Q2 2024, primarily due to share repurchases [Computation of Weighted Average Shares Outstanding](index=13&type=section&id=Computation%20of%20weighted%20average%20shares%20outstanding) Weighted average diluted shares outstanding were 109.3 million in Q2 2024, a reduction from 115.6 million in Q2 2023 Weighted Average Shares Outstanding (in thousands) | Share Type | 2Q 2024 | 2Q 2023 | | :--- | :--- | :--- | | Weighted average basic shares | 107,730.7 | 114,273.5 | | Weighted average diluted shares | 109,258.2 | 115,649.6 | Annuities - Account Value Rollforwards Total annuity account value grew to $11.88 billion in Q2 2024, driven by new business issuances and interest credited [Annuities - Account Value Rollforwards](index=14&type=section&id=Annuities%20-%20account%20value%20rollforwards) The total annuity account value reached $11.88 billion in Q2 2024, supported by $437.0 million in new business Total Annuities Account Value Rollforward - Q2 2024 (in millions) | Description | Amount | | :--- | :--- | | Beginning Balance (1Q 2024) | $11,723.3 | | Issuances (new business) | $437.0 | | Surrenders and withdrawals | ($277.6) | | Benefit payments | ($103.4) | | Interest credited | $95.6 | | **Ending Balance (2Q 2024)** | **$11,881.7** | Consolidated Statutory Information U.S. insurance subsidiaries reported $35.5 million in preliminary net income for Q2 2024, with a strong 394% RBC ratio [U.S. Insurance Subsidiaries Statutory Information](index=15&type=section&id=Consolidated%20statutory%20information%20of%20U.S.%20based%20insurance%20subsidiaries) U.S. insurance subsidiaries reported preliminary net income of $35.5 million for Q2 2024, maintaining a robust 394% RBC ratio Statutory Financial Highlights (in millions) | Metric | 2Q 2024 (preliminary) | 2Q 2023 | | :--- | :--- | :--- | | Net income (loss) | $35.5 | $16.5 | | Capital and surplus | $1,489.5 | $1,857.0 | | Total statutory capital, surplus, AVR & IMR | $2,203.3 | $2,555.2 | | Risk-based capital ratio | 394% | 386% | Investment Income Analysis Net investment income totaled $409.1 million in Q2 2024, with a significant portion allocated to product lines and strong unallocated income [Investment Income Allocation and Reconciliation](index=16&type=section&id=Investment%20Income%20Allocation%20and%20Reconciliation) Net investment income was $409.1 million in Q2 2024, with $252.3 million allocated to product lines and $44.8 million unallocated Investment Income Reconciliation - Q2 2024 (in millions) | Description | Amount | | :--- | :--- | | Net investment income | $409.1 | | Less: Allocated to product lines | ($252.3) | | Less: Other adjustments (debt expense, etc.) | ($112.0) | | **Investment income not allocated to product lines** | **$44.8** | Allocated Investment Income by Product - Q2 2024 (in millions) | Product Line | Allocated Income | | :--- | :--- | | Annuities | $140.5 | | Health | $75.1 | | Life | $36.7 | | **Total** | **$252.3** | [Analysis of Unallocated Investment Income](index=17&type=section&id=Analysis%20of%20Unallocated%20Investment%20Income) Unallocated investment income reached $44.8 million in Q2 2024, significantly boosted by positive alternative investment income Unallocated Investment Income Breakdown (in millions) | Component | Amount | | :--- | :--- | | Total excluding variable components | $28.5 | | Total variable components | $16.3 | | **Total investment income not allocated** | **$44.8** | - Alternative investment income contributed a positive **$11.9 million** in Q2 2024, compared to a loss of **$(24.3) million** in Q1 2024 and a small gain of **$0.2 million** in Q2 2023[41](index=41&type=chunk)[47](index=47&type=chunk) [Key Investment Yields](index=22&type=section&id=Other%20Investment%20Data) The new money rate for investments purchased in Q2 2024 increased to 6.41%, reflecting a higher interest rate environment Key Investment Yields | Yield Metric | 2Q 2024 | 2Q 2023 | 1Q 2024 | | :--- | :--- | :--- | :--- | | New money rate | 6.41% | 6.32% | 6.17% | | Book yield | 4.73% | 4.58% | 4.64% | | Earned yield | 4.71% | 4.41% | 4.06% | Significant Items The report details significant items impacting net operating income, including actuarial review adjustments and legal recoveries [Significant Items Analysis](index=23&type=section&id=Significant%20items) Significant items for 4Q23 included an unfavorable actuarial review impact and favorable legal recoveries in 3Q23 - In 4Q23, a comprehensive annual actuarial assumption and model review resulted in a **$(33.9) million** pre-tax impact, reducing net operating income by **$(26.4) million**, or **$(0.23)** per diluted share[48](index=48&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - In 3Q23, legal recoveries, net of expenses and increased legal accruals, had a **$(21.7) million** pre-tax impact, which favorably impacted net operating income by **$16.9 million** after tax, or **$0.14** per diluted share[49](index=49&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) Notes to Financials This section defines key non-GAAP financial measures, such as Net Operating Income and Insurance Product Margin, used in the report [Notes on Non-GAAP Measures and Definitions](index=27&type=section&id=Notes) Key non-GAAP measures like Net Operating Income and Insurance Product Margin are defined to clarify core operational performance - **Net Operating Income:** A non-GAAP measure that excludes items like net realized investment gains/losses, changes in market value of investments, and fair value changes of certain liabilities. Management believes it is a key measure for evaluating financial performance in the life insurance industry[67](index=67&type=chunk) - **Insurance Margin:** A management measure of product line profitability, consisting of policy income and allocated investment income, less benefits, interest, commissions, and amortization. It is a component of Net Operating Income[66](index=66&type=chunk) - **Book Value per Share, excluding AOCI:** A non-GAAP measure that removes the volatility from unrealized appreciation/depreciation of investments to provide a more stable view of shareholder equity[66](index=66&type=chunk)

Core Insights - CNO Financial Group reported a significant increase in net income for 2Q24, reaching $116.3 million or $1.06 per diluted share, compared to $73.7 million or $0.64 per diluted share in 2Q23, marking a 58% increase in net income and a 66% increase in earnings per share [1][30] - The company achieved a net operating income of $114.6 million or $1.05 per diluted share in 2Q24, up from $62.3 million or $0.54 per diluted share in 2Q23, reflecting a 84% increase [1][30] - CNO's sales momentum continued for the eighth consecutive quarter, driven by a growing agent force and strong underwriting margins [2][6] Financial Performance - Total revenues for 2Q24 were $1,066.2 million, compared to $1,022.8 million in 2Q23, indicating a growth of 4.2% [30] - The company returned over $77 million to shareholders during the quarter, with a book value per share of $22.80, up 30% year-over-year [6][13] - The return on equity (ROE) for the trailing twelve months was 19.9%, an increase from 14.8% in the previous year [21] Sales and Premiums - Total new annualized premiums (NAP) increased by 4%, with the Worksite Division NAP up 18% and Medicare Advantage policies sold up 78% [6] - Annuity collected premiums rose by 9%, and policyholder and client assets also increased by 9% [6] Investment and Capital Position - CNO's investment portfolio included $27.2 billion in total investments as of June 30, 2024, with net investment losses of $21.9 million for the quarter [10][17] - The consolidated statutory risk-based capital ratio for U.S. based insurance subsidiaries was estimated at 394% at June 30, 2024 [12] Shareholder Returns - The company repurchased $60 million of common stock during 2Q24, with dividends paid totaling $17.2 million [18] - CNO's debt-to-capital ratio was 43.0% as of June 30, 2024, reflecting an increase from 34.0% at the end of 2023 [20]

Los Angeles, California--(Newsfile Corp. - July 26, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") has granted 1,300,000 incentive stock options to the employees, directors and officers of the Company. The options were granted pursuant to the Company's Stock Option Plan and received approval by Board of Directors Resolution on July 25, 2024. The options were granted at the exercise price of $0.83 CAD per share which was the most recent closing price. Th ...

CARMEL, Ind., July 15, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) will report results for the second quarter of 2024 after the market closes on Monday, July 29, 2024. The company will host a conference call to discuss results at 11:00 a.m. Eastern Time on Tuesday, July 30, 2024. Participate by Dial-In To participate, please register here. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent t ...

Los Angeles, California--(Newsfile Corp. - July 9, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce record quarterly revenues of US$1,748,826 for the fiscal quarter ending May 31, 2024. This represents an increase of 243% compared to the same period last year. Financial Highlights The increase in revenue for Q1/FY2025 was attributed to the ramp-up of manufacturing programs and two SPS equipment deliveries to University of Connecticu ...

New facility progressing well with equipment expected to be commissioned in August 2024 Net income for the fiscal year was US$381,678, compared to US$79,764 in the same period last year, while adjusted EBITDA1 was US$1,157,141, compared to US$384,174 for the same period last year. A net loss of US$318,359 was recorded for the quarter ended February 29, 2024, compared to a net loss of US$8,811, while adjusted EBITDA was US$325,326, compared to US$73,025 for the same period last year. "FY2024 was a transforma ...

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 ...