CARMEL, Ind., Sept. 24, 2024 /PRNewswire/ -- Washington National Insurance Company, a national provider of supplemental health and life insurance products for middle-income Americans, announced today an enhanced Hospital Indemnity Insurance product available directly to worksite and consumer customers. The new Hospital Indemnity Insurance plan pays benefits to policyholders and their family members when they experience a hospital stay for a covered accident or sickness, now including mental illness. Washing ...

. ● . California Nanotechnologies Announces Commissioning of New Advanced Materials Processing Facility September 16, 2024 5:00 PM EDT | Source: California Nanotechnologies Corp. Los Angeles, California--(Newsfile Corp. - September 16, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce the commissioning of its new manufacturing facility in Santa Ana, California. The 19,500-square-foot facility is operational with the large MSP-5 Spark ...

The insurance player, CNO Financial Group, Inc. (CNO) , continues to exhibit a growing agent force and improving underwriting margins. The company has seen its shares rise 19.6% in the past three months, outpacing the industry's 3.5% growth. The company also outperformed the S&P 500's return of 0.6%. Currently priced at $32.11, the stock is a little below its 52-week high of $35.45. Given this impressive performance, can investors still consider buying CNO Financial stock, or should you book profits? CNO's ...

A downtrend has been apparent in CNO Financial (CNO) lately. While the stock has lost 6.9% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earnin ...

CARMEL, Ind., Aug. 26, 2024 /PRNewswire/ -- CNO Financial Group (NYSE: CNO) announced today that Gary C. Bhojwani, chief executive officer, is scheduled to speak at the 2024 KBW Insurance Conference on Thursday, September 5, at 9:50 a.m. EST, at the St. Regis New York. A live video webcast of the session will be available on the investor relations page of the CNO Financial Group's website at https://wsw.com/webcast/kbw109/cno/1588928. About CNO Financial Group CNO Financial Group, Inc. (NYSE: CNO) secures t ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Here are two stocks with buy rank and strong value characteristics for investors to consider today, August 15th: CNO Financial Group, Inc. (CNO) : This insurance company that operates in senior and middle-income markets carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.1% over the last 60 days. CNO Financial has a price-to-earnings ratio (P/E) of 9.47, compared with 22.00 for the S&P 500. The company possesses a Value Score of A. Monarch Casin ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [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 for periods ended June 30, 2024, and December 31, 2023 [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet%20as%20of%20June%2030%2C%202024%20and%20December%2031%2C%202023) Total assets, liabilities, and shareholders' equity increased from December 31, 2023, to June 30, 2024, driven by growth in investments and policyholder balances Consolidated Balance Sheet Highlights (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Total investments | $27,230.2 | $26,140.4 | | Total assets | $36,290.2 | $35,102.5 | | Policyholder account balances | $16,637.9 | $15,667.8 | | Total liabilities | $33,861.3 | $32,886.9 | | Total shareholders' equity | $2,428.9 | $2,215.6 | [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202024%20and%202023) Net income grew significantly for the three and six months ended June 30, 2024, driven by increased total revenues and a more favorable benefits and expenses profile Consolidated Statement of Operations Highlights (Dollars in millions, except per share data) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Total revenues | $1,066.2 | $1,022.8 | $2,222.7 | $2,028.8 | | Total benefits and expenses | $915.6 | $926.7 | $1,925.9 | $1,933.7 | | Net income | $116.3 | $73.7 | $228.6 | $72.9 | | Basic EPS | $1.08 | $0.64 | $2.11 | $0.64 | | Diluted EPS | $1.06 | $0.64 | $2.08 | $0.63 | [Consolidated Statement of Comprehensive Income](index=7&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202024%20and%202023) Comprehensive income substantially increased for the three and six months ended June 30, 2024, due to positive adjustments to the discount rate for future policy benefits Consolidated Statement of Comprehensive Income Highlights (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Net income | $116.3 | $73.7 | $228.6 | $72.9 | | Unrealized gains (losses) on investments | $(217.1) | $(272.8) | $(331.7) | $353.3 | | Adjustment to discount rate for liability for future policy benefits | $206.8 | $157.2 | $438.5 | $(106.1) | | Other comprehensive income (loss), net of tax | $16.0 | $(69.1) | $112.5 | $223.8 | | Comprehensive income | $132.3 | $4.6 | $341.1 | $296.7 | [Consolidated Statement of Shareholders' Equity](index=9&type=section&id=Consolidated%20Statement%20of%20Shareholders'%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202024%20and%202023) Shareholders' equity increased from December 31, 2023, to June 30, 2024, driven by net income, partially offset by stock repurchases and dividends Consolidated Statement of Shareholders' Equity Highlights (Dollars in millions, shares in thousands) | Metric | December 31, 2023 | June 30, 2024 | |:---|:---|:---| | Common stock (shares) | 109,358 | 106,514 | | Common stock (amount) | $1.1 | $1.1 | | Additional paid-in capital | $1,891.5 | $1,797.6 | | Accumulated other comprehensive income (loss) | $(1,576.8) | $(1,464.3) | | Retained earnings | $1,899.8 | $2,094.5 | | Total shareholders' equity | $2,215.6 | $2,428.9 | | Common stock repurchased (6 months ended June 30, 2024) | N/A | $(100.0) | | Dividends on common stock (6 months ended June 30, 2024) | N/A | $(33.9) | [Consolidated Statement of Cash Flows](index=10&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202024%20and%202023) Net cash from operating activities decreased in H1 2024, while net cash from financing activities increased, resulting in a net increase in cash and cash equivalents Consolidated Statement of Cash Flows Highlights (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Net cash from operating activities | $205.5 | $223.4 | | Net cash used by investing activities | $(1,169.5) | $(551.9) | | Net cash provided by financing activities | $1,067.1 | $245.5 | | Net increase (decrease) in cash and cash equivalents | $103.1 | $(83.0) | | Cash and cash equivalents, end of period | $992.1 | $561.9 | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, investment portfolio, insurance liabilities, and other key financial statement components [Business and Basis of Presentation](index=13&type=section&id=BUSINESS%20AND%20BASIS%20OF%20PRESENTATION) CNO Financial Group, a holding company for insurance subsidiaries, prepares its unaudited GAAP-based financial statements using management estimates - CNO Financial Group, Inc. is a holding company for insurance companies specializing in health, annuity, and individual life insurance products[14](index=14&type=chunk) - The company focuses on serving **middle-income pre-retiree and retired Americans**, utilizing exclusive agents, independent producers, and direct marketing[14](index=14&type=chunk) - Financial statements are unaudited and prepared under GAAP, relying on significant estimates and assumptions for items like deferred acquisition costs, fair value measurements, and insurance liabilities[15](index=15&type=chunk)[17](index=17&type=chunk) [Recently Issued Accounting Standards](index=14&type=section&id=RECENTLY%20ISSUED%20ACCOUNTING%20STANDARDS) New FASB standards on segment reporting and income taxes will expand disclosures but are not expected to impact CNO's financial position or results - ASU 2023-07 (Segment Reporting) will enhance disclosures about significant segment expenses and interim reporting, effective for annual periods beginning January 1, 2024[20](index=20&type=chunk) - ASU 2023-09 (Income Taxes) will improve income tax disclosures by requiring specific categories in rate reconciliation, effective for annual periods beginning January 1, 2025[21](index=21&type=chunk) - **Neither ASU 2023-07 nor ASU 2023-09 is expected to impact CNO's financial position** or results of operations, only its disclosures[20](index=20&type=chunk)[21](index=21&type=chunk) [Investments](index=15&type=section&id=INVESTMENTS) The investment portfolio consists mainly of fixed maturity securities, with management actively monitoring credit risk and unrealized losses - Fixed maturity securities are classified as 'available for sale' (fair value with unrealized gains/losses in OCI) or 'trading' (fair value with changes in income)[23](index=23&type=chunk) Fixed Maturities, Available for Sale (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Amortized cost | $25,106.1 | $23,699.2 | | Gross unrealized gains | $113.2 | $160.7 | | Gross unrealized losses | $(2,561.6) | $(2,310.8) | | Allowance for credit losses | $(39.8) | $(42.9) | | Estimated fair value | $22,617.9 | $21,506.2 | - At June 30, 2024, the company had **$1,432.4 million in gross unrealized losses** on investments for which no allowance for credit losses was recorded[37](index=37&type=chunk)[39](index=39&type=chunk) Allowance for Credit Losses on Fixed Maturities, Available for Sale (Dollars in millions) | Period | Corporate Securities | States and Political Subdivisions | Foreign Governments | Asset-backed Securities | Total | |:---|:---|:---|:---|:---|:---| | Allowance at Dec 31, 2023 | $41.7 | $0.7 | $0.4 | $0.1 | $42.9 | | Additions (6 months ended June 30, 2024) | $4.4 | $(0.1) | $0.1 | $0.0 | $4.4 | | Reductions (6 months ended June 30, 2024) | $(7.5) | $0.0 | $(0.1) | $0.0 | $(7.5) | | Allowance at June 30, 2024 | $38.6 | $0.6 | $0.5 | $0.1 | $39.8 | Allowance for Credit Losses on Mortgage Loans (Dollars in millions) | Period | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Allowance at beginning of period | $15.4 | $8.0 | | Increase (decrease) in provision | $(2.2) | $2.3 | | Allowance at end of period | $13.2 | $10.3 | - Net investment losses for the first six months of 2024 were **$9.4 million**, a significant reduction from **$49.9 million** in the same period of 2023[51](index=51&type=chunk)[52](index=52&type=chunk) [Liabilities for Insurance Products](index=26&type=section&id=LIABILITIES%20FOR%20INSURANCE%20PRODUCTS) Insurance product liabilities are determined using actuarial assumptions, with policyholder account balances increasing in H1 2024 - No changes to mortality, lapse, and morbidity assumptions for future cash flows were necessary in the first six months of 2024[58](index=58&type=chunk) Net Liability for Future Policy Benefits (Dollars in millions) | Product Line | June 30, 2024 | June 30, 2023 | |:---|:---|:---| | Supplemental health | $3,160.2 | $3,200.6 | | Medicare supplement | $211.6 | $223.0 | | Long-term care | $2,792.4 | $2,834.9 | | Traditional life | $2,148.5 | $2,111.3 | | Other annuities | $281.3 | $309.0 | | Total Future Policy Benefits | $11,479.4 | $11,479.6 | - The net market risk benefit (MRB) liability shifted from a net asset of **$(68.0) million** at the beginning of 2024 to a net asset of **$(81.3) million** at June 30, 2024[68](index=68&type=chunk) Total Policyholder Account Balances (Dollars in millions) | Product Line | June 30, 2024 | June 30, 2023 | |:---|:---|:---| | Fixed indexed annuities | $10,409.5 | $9,852.6 | | Fixed interest annuities | $2,164.9 | $2,249.0 | | Other annuities | $132.9 | $142.0 | | Interest-sensitive life | $1,386.9 | $1,335.7 | | Funding agreements | $2,163.9 | $1,410.9 | | Other | $379.8 | $397.5 | | Total | $16,637.9 | $15,387.7 | - The weighted average crediting rate for fixed indexed annuities was **2.0%** at June 30, 2024, compared to **1.7%** at June 30, 2023[79](index=79&type=chunk)[81](index=81&type=chunk) [Deferred Acquisition Costs, Present Value of Future Profits and Sales Inducements](index=40&type=section&id=DEFERRED%20ACQUISITION%20COSTS%2C%20PRESENT%20VALUE%20OF%20FUTURE%20PROFITS%20AND%20SALES%20INDUCEMENTS) Deferred acquisition costs (DAC) and present value of future profits (PVFP) increased in H1 2024 due to capitalizations exceeding amortization Changes in Deferred Acquisition Costs (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Beginning of period | $1,851.3 | $1,690.4 | | Capitalizations | $187.7 | $175.1 | | Amortization expense | $(104.3) | $(94.0) | | End of period | $1,934.7 | $1,771.5 | Changes in Present Value of Future Profits (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Beginning of period | $180.7 | $203.7 | | Amortization expense | $(10.3) | $(11.9) | | End of period | $170.4 | $191.8 | Changes in Sales Inducements (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Beginning of period | $93.1 | $80.5 | | Capitalizations | $26.7 | $11.3 | | Amortization expense | $(7.3) | $(5.6) | | End of period | $112.5 | $86.2 | [Earnings Per Share](index=41&type=section&id=EARNINGS%20PER%20SHARE) Basic and diluted earnings per share increased significantly in H1 2024, reflecting higher net income and fewer weighted average shares outstanding Earnings Per Share (Dollars in millions, shares in thousands) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Net income | $116.3 | $73.7 | $228.6 | $72.9 | | Weighted average shares outstanding (Basic) | 107,731 | 114,273 | 108,347 | 114,409 | | Basic EPS | $1.08 | $0.64 | $2.11 | $0.64 | | Weighted average shares outstanding (Diluted) | 109,258 | 115,650 | 110,052 | 116,189 | | Diluted EPS | $1.06 | $0.64 | $2.08 | $0.63 | - Basic and diluted EPS calculations incorporate the treasury stock method for dilutive securities, such as employee benefit plans[94](index=94&type=chunk) [Business Segments](index=42&type=section&id=BUSINESS%20SEGMENTS) All insurance segments showed increased revenues and pre-tax operating earnings for the three and six months ended June 30, 2024 - CNO's operations are segmented into annuity, health, life insurance product lines, and investment and fee income segments[95](index=95&type=chunk) - Segment performance is measured by **'pre-tax operating earnings,'** which excludes volatile market-driven items like investment gains and fair value changes[101](index=101&type=chunk) Total Segment Revenues (Dollars in millions) | Segment | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Annuity | $149.8 | $135.8 | $291.6 | $266.3 | | Health | $478.7 | $471.4 | $951.4 | $946.8 | | Life | $265.3 | $259.2 | $524.5 | $514.5 | | Investment income not allocated | $108.3 | $80.3 | $179.9 | $148.1 | | Fee revenue and other income | $33.3 | $30.9 | $85.0 | $83.8 | | Total segment revenues | $1,074.3 | $1,039.9 | $2,211.0 | $2,040.4 | Pre-tax Measure of Profitability (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Annuity margin | $76.1 | $57.1 | $128.1 | $114.4 | | Health margin | $135.9 | $108.2 | $258.9 | $224.7 | | Life margin | $63.1 | $57.9 | $117.7 | $105.3 | | Total insurance product margin | $275.1 | $223.2 | $504.7 | $444.4 | | Income from insurance products | $120.5 | $73.7 | $188.5 | $137.4 | | Fee income | $0.8 | $0.6 | $12.1 | $16.1 | | Investment income not allocated to product lines | $44.8 | $28.0 | $57.1 | $43.5 | | Operating earnings before taxes | $148.6 | $81.2 | $223.4 | $157.6 | | Net operating income | $114.6 | $62.3 | $172.1 | $120.9 | [Accounting for Derivatives](index=46&type=section&id=ACCOUNTING%20FOR%20DERIVATIVES) CNO uses derivatives, primarily fixed indexed call options, to hedge annuity products, with a positive pre-tax impact on net income in H1 2024 Fair Value of Derivatives (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Fixed indexed call options (Assets) | $354.8 | $239.2 | | Embedded derivatives related to fixed indexed annuities (Liabilities) | $1,418.0 | $1,376.7 | | Total assets (derivatives) | $337.5 | $221.7 | | Total liabilities (derivatives) | $1,418.0 | $1,376.7 | - The notional amount of call options used to hedge fixed indexed annuity products increased from **$3.3 billion** at December 31, 2023, to **$3.8 billion** at June 30, 2024[107](index=107&type=chunk) Pre-Tax Impact of Derivatives on Net Income (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Total revenues from derivative instruments | $38.8 | $59.6 | $179.3 | $79.6 | | Insurance policy benefits (Embedded derivatives) | $10.3 | $23.2 | $78.2 | $88.1 | | Net pre-tax impact | $28.5 | $36.4 | $101.1 | $(8.5) | - CNO manages derivative counterparty risk by diversifying among strong, creditworthy counterparties, all rated **'A' or higher** by S&P at June 30, 2024[109](index=109&type=chunk) [Reinsurance](index=50&type=section&id=REINSURANCE) The company cedes and assumes reinsurance to manage risk, with the cost of ceded reinsurance decreasing in the first six months of 2024 Reinsurance Ceded and Recoveries (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Cost of reinsurance ceded | $46.6 | $49.7 | $92.6 | $98.0 | | Reinsurance recoveries netted against insurance policy benefits | $89.8 | $86.9 | $195.6 | $221.8 | Reinsurance Assumed (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Reinsurance premiums assumed | $3.8 | $4.3 | $7.9 | $8.4 | | Insurance policy benefits related to reinsurance assumed | $7.1 | $5.8 | $13.0 | $10.5 | [Income Taxes](index=50&type=section&id=INCOME%20TAXES) Income tax expense increased significantly in H1 2024 with a stable effective tax rate, while net deferred tax assets decreased Income Tax Expense (Benefit) (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Current tax expense | $9.3 | $19.7 | $26.6 | $33.7 | | Deferred tax expense (benefit) | $25.0 | $2.7 | $41.6 | $(11.5) | | Total income tax expense | $34.3 | $22.4 | $68.2 | $22.2 | Effective Tax Rate | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | U.S. statutory corporate rate | 21.0% | 21.0% | | Effective tax rate | 23.0% | 23.3% | Income Tax Assets and Liabilities (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Gross deferred tax assets | $1,077.5 | $1,136.4 | | Gross deferred tax liabilities | $(212.5) | $(199.3) | | Net deferred tax assets | $865.0 | $937.1 | | Income tax assets, net | $882.8 | $936.2 | - The company changed its tax accounting method for indirect costs allocable to self-constructed real estate assets, expecting a **$985 million tax loss carryforward**, pending IRS approval[116](index=116&type=chunk) - CNO has **$1.2 billion in federal non-life Net Operating Losses (NOLs)** as of June 30, 2024, with **$849.0 million having no expiration date**[123](index=123&type=chunk)[124](index=124&type=chunk) [Notes Payable - Direct Corporate Obligations](index=53&type=section&id=NOTES%20PAYABLE%20-%20DIRECT%20CORPORATE%20OBLIGATIONS) Direct corporate obligations increased significantly due to the issuance of $700.0 million in 6.450% Senior Notes due 2034 Direct Corporate Obligations (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | 5.250% Senior Notes due May 2025 | $500.0 | $500.0 | | 5.250% Senior Notes due May 2029 | $500.0 | $500.0 | | 6.450% Senior Notes due June 2034 | $700.0 | $0.0 | | 5.125% Subordinated Debentures due November 2060 | $150.0 | $150.0 | | Direct corporate obligations | $1,832.3 | $1,140.5 | - On May 13, 2024, CNO issued **$700.0 million of 6.450% Senior Notes due 2034**, with interest payable semi-annually[128](index=128&type=chunk) - The net proceeds from the 2034 Notes offering are expected to be used for general corporate purposes, including the repayment of the **$500.0 million 2025 Notes**[132](index=132&type=chunk) - The company maintains a **$250.0 million revolving credit agreement**, with no amounts outstanding during the six months ended June 30, 2024[133](index=133&type=chunk) [Investment Borrowings](index=54&type=section&id=INVESTMENT%20BORROWINGS) Insurance subsidiaries utilize collateralized borrowings from the Federal Home Loan Bank (FHLB) for investment purposes, totaling $2.2 billion - Three of CNO's insurance subsidiaries are FHLB members, allowing them to borrow on a collateralized basis[134](index=134&type=chunk) - At June 30, 2024, FHLB collateralized borrowings totaled **$2.2 billion**, collateralized by investments with an estimated fair value of **$2.9 billion**[134](index=134&type=chunk) - Interest expense related to FHLB borrowings increased to **$62.8 million** in the first six months of 2024, up from **$45.9 million** in 2023[137](index=137&type=chunk) [Shareholders' Equity](index=56&type=section&id=SHAREHOLDERS'%20EQUITY) Shareholders' equity increased in H1 2024, supported by stock repurchases and an increased quarterly common stock dividend Shareholders' Equity Components (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Net unrealized losses on investments | $(1,320.4) | $(1,235.2) | | Unrealized losses on investments with allowance for credit losses | $(1,140.5) | $(931.0) | | Change in discount rates for liability for future policy benefits | $571.9 | $133.4 | | Deferred income tax assets | $420.5 | $451.2 | | Accumulated other comprehensive loss | $(1,464.3) | $(1,576.8) | - CNO repurchased **3.7 million shares for $100.0 million** in the first six months of 2024, with **$421.8 million remaining repurchase authority**[138](index=138&type=chunk) - Dividends declared on common stock totaled **$33.9 million ($0.31 per share)** in the first six months of 2024, with the quarterly dividend increasing to **$0.16 per share**[138](index=138&type=chunk) [Litigation and Other Legal Proceedings](index=56&type=section&id=LITIGATION%20AND%20OTHER%20LEGAL%20PROCEEDINGS) CNO is involved in various legal and regulatory actions but does not currently expect a material adverse effect on its financial condition - CNO is subject to various legal actions, including purported class actions, and regulatory investigations related to its business practices[139](index=139&type=chunk)[143](index=143&type=chunk) - The company recognizes estimated losses from contingencies when a loss is probable and estimable, but the ultimate outcome of certain actions is difficult to predict[139](index=139&type=chunk)[140](index=140&type=chunk) - A lawsuit by Platinum Partners Value Arbitrage Fund L.P. against CNO Parties in Delaware Chancery Court had claims against CNO Parties dismissed in part[141](index=141&type=chunk) - A class action lawsuit, Burnett v. Conseco Life Ins. Co., regarding interest-sensitive whole life insurance policies, remains pending against CNO Entities[142](index=142&type=chunk) [Consolidated Statement of Cash Flows (Note)](index=59&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) This note reconciles net income to net cash from operating activities, detailing adjustments for non-cash items Reconciliation of Net Income to Net Cash from Operating Activities (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Net income | $228.6 | $72.9 | | Amortization and depreciation | $141.9 | $131.9 | | Income taxes | $22.7 | $(5.5) | | Insurance liabilities | $222.4 | $259.6 | | Accrual, amortization and fair value changes in investment income | $(199.2) | $(94.4) | | Deferral of policy acquisition costs | $(214.4) | $(186.4) | | Net investment losses | $9.4 | $49.9 | | Other | $(5.9) | $(4.6) | | Net cash from operating activities | $205.5 | $223.4 | [Investments in Variable Interest Entities (Note)](index=60&type=section&id=INVESTMENTS%20IN%20VARIABLE%20INTEREST%20ENTITIES) CNO consolidates certain collateralized loan trusts as Variable Interest Entities (VIEs), for which it is the primary beneficiary - CNO consolidates certain collateralized loan trusts as VIEs, acting as the primary beneficiary and investment manager[147](index=147&type=chunk)[148](index=148&type=chunk) VIE Assets and Liabilities (Dollars in millions) | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Investments held by VIEs | $425.5 | $768.6 | | Total assets (VIEs) | $562.4 | $898.8 | | Borrowings related to VIEs | $501.4 | $820.8 | | Total liabilities (VIEs) | $617.1 | $961.5 | - The investment portfolios held by VIEs are primarily **below-investment grade commercial bank loans**[150](index=150&type=chunk) Allowance for Credit Losses on VIE Investments (Dollars in millions) | Metric | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---| | Allowance at beginning of period | $3.1 | $5.5 | | Additions (reductions) | $(0.3) | $(1.0) | | Allowance at end of period | $2.8 | $4.5 | - VIEs recognized net investment losses of **$5.7 million** in the first six months of 2024, primarily from sales of fixed maturities[154](index=154&type=chunk) [Fair Value Measurements](index=63&type=section&id=FAIR%20VALUE%20MEASUREMENTS) CNO measures certain assets and liabilities at fair value using a three-level hierarchy, with the vast majority valued using Level 2 inputs - Fair value measurements are categorized into **Level 1** (quoted prices), **Level 2** (observable inputs), and **Level 3** (unobservable inputs)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - The vast majority of CNO's assets carried at fair value utilize **Level 2 inputs**, primarily from independent pricing services[165](index=165&type=chunk) Total Assets Carried at Fair Value by Category (Dollars in millions) | Category | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Level 1 | $44.9 | $24.2 | | Level 2 | $23,452.9 | $22,549.4 | | Level 3 | $379.6 | $377.5 | | Total | $23,877.4 | $22,951.1 | - **Level 3 assets** include certain corporate securities, structured securities, and mortgage loans valued using models with significant unobservable inputs[163](index=163&type=chunk)[174](index=174&type=chunk) - At June 30, 2024, **73% of Level 3 fixed maturities were investment grade**, and **83% consisted of corporate securities**[211](index=211&type=chunk) Fair Value of Level 3 Liabilities (Dollars in millions) | Liability | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Market risk benefit liability | $3.2 | $7.4 | | Embedded derivatives associated with fixed indexed annuity products | $1,418.0 | $1,376.7 | | Total Level 3 Liabilities | $1,421.2 | $1,384.1 | [Item 2. Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations](index=82&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Consolidated%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides its perspective on CNO's financial condition and results of operations for the three and six months ended June 30, 2024 and 2023 [Cautionary Statement Regarding Forward-Looking Statements](index=82&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section advises that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations - Forward-looking statements are identified by terms like 'anticipate,' 'believe,' 'plan,' 'expect,' and 'outlook'[223](index=223&type=chunk) - Key risks include **economic conditions, interest rate volatility, investment results, litigation outcomes, and regulatory changes**[223](index=223&type=chunk)[225](index=225&type=chunk) - The company assumes no obligation to update or publicly announce revisions to forward-looking statements[226](index=226&type=chunk) [Overview](index=85&type=section&id=Overview) CNO is a holding company for insurance subsidiaries that market health, annuity, and life insurance products to middle-income Americans - CNO focuses on **middle-income pre-retiree and retired Americans**, selling products through exclusive agents, independent producers, and direct marketing[227](index=227&type=chunk) - The company's segments are annuity, health, life, investment, and fee income, with profitability assessed using insurance product margin[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) - The **Consumer Division** serves individuals, while the **Worksite Division** focuses on voluntary benefit sales in the workplace[230](index=230&type=chunk)[231](index=231&type=chunk) - The investment segment manages capital resources and corporate debt, with profitability measured by net investment income not allocated to insurance products[232](index=232&type=chunk) [Critical Accounting Estimates](index=88&type=section&id=Critical%20Accounting%20Estimates) This section refers to the 'Critical Accounting Policies' in the 2023 Annual Report on Form 10-K for information on key accounting policies - For critical accounting estimates, refer to the 'Critical Accounting Policies' section in the **2023 Annual Report on Form 10-K**[240](index=240&type=chunk) [Results of Operations](index=89&type=section&id=Results%20of%20Operations) Net operating income increased significantly in H1 2024, driven by higher insurance product margins and increased investment income Summary of Operating Results (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Total insurance product margin | $275.1 | $223.2 | $504.7 | $444.4 | | Income from insurance products | $120.5 | $73.7 | $188.5 | $137.4 | | Net operating income | $114.6 | $62.3 | $172.1 | $120.9 | | Net operating income per diluted share | $1.05 | $0.54 | $1.56 | $1.04 | - Total net investment income increased by **12% to $297.1 million in Q2 2024** and by **7.2% to $554.7 million in H1 2024**, reflecting portfolio growth and higher yields[247](index=247&type=chunk) - Total allocated and unallocated expenses for H1 2024 were slightly up but in line with expectations, with a projected full-year expense ratio of **19.0% to 19.2%**[249](index=249&type=chunk)[250](index=250&type=chunk) Net Fee Income (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Fee revenue | $32.0 | $29.4 | $82.5 | $80.7 | | Operating costs and expenses | $(31.2) | $(28.8) | $(70.4) | $(64.6) | | Net fee income | $0.8 | $0.6 | $12.1 | $16.1 | - Net fee income increased in Q2 2024 due to higher third-party product sales but decreased in H1 2024 due to changes in revenue recognition assumptions[250](index=250&type=chunk) Margin from Annuity Products (Dollars in millions) | Product | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Fixed indexed annuities margin | $49.9 | $47.6 | $93.3 | $94.1 | | Fixed interest annuities margin | $8.7 | $8.7 | $16.3 | $17.8 | | Other annuities margin | $17.5 | $0.8 | $18.5 | $2.5 | | Total annuity margin | $76.1 | $57.1 | $128.1 | $114.4 | - Fixed indexed annuity margin increased in Q2 2024 due to block growth, while other annuities margin significantly increased due to favorable annuitant mortality[253](index=253&type=chunk)[256](index=256&type=chunk) Margin from Health Products (Dollars in millions) | Product | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Supplemental health margin | $65.1 | $59.9 | $130.5 | $123.2 | | Medicare supplement margin | $35.5 | $32.3 | $62.0 | $58.4 | | Long-term care margin | $35.3 | $16.0 | $66.4 | $43.1 | | Total health margin | $135.9 | $108.2 | $258.9 | $224.7 | - Health margins increased across all product lines, driven by block growth and favorable claims experience[258](index=258&type=chunk)[260](index=260&type=chunk)[262](index=262&type=chunk) Margin from Life Products (Dollars in millions) | Product | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Interest-sensitive life margin | $23.9 | $24.1 | $46.4 | $46.9 | | Traditional life margin | $39.2 | $33.8 | $71.3 | $58.4 | | Total life margin | $63.1 | $57.9 | $117.7 | $105.3 | - Traditional life margin increased due to block growth and lower advertising expense, while interest-sensitive life margin slightly decreased[264](index=264&type=chunk)[266](index=266&type=chunk) Collected Premiums from Annuity and Interest-Sensitive Life Products (Dollars in millions) | Product | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Annuities | $439.1 | $401.8 | $832.4 | $772.7 | | Interest-sensitive life | $61.3 | $60.3 | $121.8 | $118.5 | | Total collected premiums | $500.4 | $462.1 | $954.2 | $891.2 | - Collected premiums from annuity and interest-sensitive products increased by **8.3% in Q2 2024** and **7.1% in H1 2024**[267](index=267&type=chunk) Net Non-Operating Income (Loss) Before Taxes (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Net realized investment losses | $(21.9) | $(31.3) | $(26.5) | $(44.0) | | Net change in market value of investments | $4.7 | $(4.0) | $17.1 | $(5.9) | | Fair value changes related to agent deferred compensation plan | $3.5 | $0.0 | $3.5 | $0.0 | | Changes in fair value of embedded derivative liabilities and market risk benefits | $16.8 | $50.4 | $80.8 | $(14.7) | | Net non-operating income (loss) before taxes | $2.0 | $14.9 | $73.4 | $(62.5) | - Net non-operating income before taxes significantly improved in H1 2024 due to favorable changes in the fair value of embedded derivative liabilities[272](index=272&type=chunk) [Liquidity and Capital Resources](index=104&type=section&id=Liquidity%20and%20Capital%20Resources) CNO raised its 2024 guidance for operating EPS and excess cash flow, reflecting strong Q2 results and a positive outlook - CNO is raising its 2024 operating EPS guidance to **$3.30-$3.50** and excess cash flow to the holding company to **$200-$250 million**[275](index=275&type=chunk)[276](index=276&type=chunk) - The company targets a consolidated RBC ratio of **375%** and minimum holding company liquidity of **$150 million**[278](index=278&type=chunk) Debt to Total Capital Ratios | Metric | June 30, 2024 | December 31, 2023 | |:---|:---|:---| | Corporate debt to total capital | 43.0% | 34.0% | | Corporate debt to total capital, excluding AOCI | 32.0% | 23.1% | | Corporate debt to total capital, excluding AOCI, as adjusted for 2025 Notes repayment | 25.5% | N/A | - CNO's estimated consolidated statutory RBC ratio was **394%** at June 30, 2024, exceeding its **375%** target[287](index=287&type=chunk) - Financial strength ratings for primary insurance subsidiaries are **'A3' (Moody's), 'A-' (S&P), 'A' (AM Best), and 'A' (Fitch)**, all with stable outlooks[289](index=289&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) - Holding company unrestricted cash and cash equivalents were **$429.1 million** at June 30, 2024, above the **$150 million** target[295](index=295&type=chunk) - Free cash flow generated in the first six months of 2024 was **$126 million**, intended for investments, dividends, and share repurchases[302](index=302&type=chunk) - CNO's senior unsecured debt ratings are **'Baa3' (Moody's), 'BBB-' (S&P), 'bbb' (AM Best), and 'BBB' (Fitch)**, all with stable outlooks[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk) [Investments (MD&A)](index=110&type=section&id=Investments) The fixed maturity investment portfolio, valued at $22.6 billion, was 97.0% investment grade but experienced significant unrealized losses Fixed Maturities, Available for Sale by Investment Grade (Dollars in millions) | Category | Amortized Cost | Estimated Fair Value | |:---|:---|:---| | Investment grade | $23,867.2 | $21,459.5 | | Below-investment grade | $1,238.9 | $1,158.4 | | Total | $25,106.1 | $22,617.9 | - At June 30, 2024, **97.0%** of CNO's fixed maturity portfolio was rated investment grade[311](index=311&type=chunk) - The portfolio had gross unrealized losses of **$2,561.6 million** at June 30, 2024[313](index=313&type=chunk) - Below-investment grade fixed maturity securities represented **4.9%** of the portfolio's amortized cost[314](index=314&type=chunk) - The company recognized **$33.5 million in realized losses** from sales of fixed maturity securities in H1 2024[316](index=316&type=chunk) Fixed Maturities with Unrealized Losses by Contractual Maturity (Dollars in millions) | Maturity | Amortized Cost | Estimated Fair Value | |:---|:---|:---| | Due in one year or less | $368.1 | $357.7 | | Due after one year through five years | $1,900.4 | $1,801.5 | | Due after five years through ten years | $1,131.8 | $1,039.8 | | Due after ten years | $11,309.2 | $9,368.3 | | Structured securities | $5,566.5 | $5,107.3 | | Total | $20,276.0 | $17,674.6 | Structured Securities by Type (Dollars in millions) | Type | Amortized Cost | Estimated Fair Value | |:---|:---|:---| | Asset-backed securities | $1,552.2 | $1,468.7 | | Agency residential mortgage-backed securities | $787.3 | $789.4 | | Non-agency residential mortgage-backed securities | $1,667.2 | $1,552.8 | | Collateralized loan obligations | $1,227.6 | $1,224.9 | | Commercial mortgage-backed securities | $2,378.7 | $2,165.3 | | Total structured securities | $7,613.0 | $7,201.1 | [Investments in Variable Interest Entities (MD&A)](index=119&type=section&id=Investments%20in%20Variable%20Interest%20Entities) Consolidated VIEs generated lower net investment income in H1 2024 compared to the prior year, with the portfolio experiencing net investment losses VIE Revenues and Expenses (Dollars in millions) | Metric | 3 Months Ended June 30, 2024 | 3 Months Ended June 30, 2023 | 6 Months Ended June 30, 2024 | 6 Months Ended June 30, 2023 | |:---|:---|:---|:---|:---| | Net investment income | $11.9 | $22.0 | $25.9 | $44.4 | | Total revenues | $12.6 | $23.2 | $27.5 | $46.9 | | Total expenses | $10.2 | $18.4 | $22.6 | $36.2 | | Income before net investment losses and income taxes | $2.4 | $4.8 | $4.9 | $10.7 | | Net investment losses | $(2.1) | $(3.4) | $(5.7) | $(4.0) | | Income (loss) before income taxes | $0.3 | $1.4 | $(0.8) | $6.7 | VIE Investments by Category (Dollars in millions) | Category | Carrying Value | Percent of Fixed Maturities | |:---|:---|:---| | Cable/media | $57.8 | 13.6% | | Healthcare/pharmaceuticals | $50.7 | 11.9% | | Technology | $45.1 | 10.6% | | Food/beverage | $32.9 | 7.7% | | Brokerage | $31.0 | 7.3% | | Utilities | $21.8 | 5.1% | | Building materials | $21.7 | 5.1% | | Capital goods | $21.0 | 4.9% | | Paper | $19.6 | 4.6% | | Chemicals | $19.3 | 4.6% | | Consumer products | $18.6 | 4.4% | | Transportation | $17.5 | 4.1% | | Business services | $17.5 | 4.1% | | Autos | $15.8 | 3.7% | | Insurance | $12.4 | 2.9% | | Metals and mining | $5.2 | 1.2% | | Aerospace/defense | $4.1 | 1.0% | | Other | $13.5 | 3.2% | | Total | $425.5 | 100.0% | - At June 30, 2024, VIEs held investments with a fair value of **$146.2 million** and gross unrealized losses of **$2.5 million**[155](index=155&type=chunk) [New Accounting Standards (MD&A)](index=122&type=section&id=New%20Accounting%20Standards) This section refers to the 'Recently Issued Accounting Standards' note in the consolidated financial statements for further details - For information on recently issued accounting standards, refer to the 'Recently Issued Accounting Standards' section in the notes to consolidated financial statements[332](index=332&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=122&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to CNO's market risks or its management of such risks occurred during the first six months of 2024 - No material changes occurred in CNO's market risks or risk management strategies during the first six months of 2024[333](index=333&type=chunk) - Further details on market risks are available in the **2023 Annual Report on Form 10-K**[333](index=333&type=chunk) [Item 4. Controls and Procedures](index=122&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024 - CNO's disclosure controls and procedures were deemed **effective as of June 30, 2024**, ensuring timely and accurate reporting[334](index=334&type=chunk) - **No material changes** to internal control over financial reporting occurred during the three months ended June 30, 2024[335](index=335&type=chunk) [PART II - OTHER INFORMATION](index=123&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings (Part II)](index=123&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the discussion of legal proceedings from the footnotes to the consolidated financial statements - Information on legal proceedings is incorporated by reference from the 'Litigation and Other Legal Proceedings' section in the notes to consolidated financial statements[338](index=338&type=chunk) [Item 1A. Risk Factors](index=123&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in CNO's 2023 Annual Report on Form 10-K - **No material changes** have occurred to the risk factors previously disclosed in the **2023 Annual Report on Form 10-K**[339](index=339&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=123&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) CNO repurchased 2,176,229 shares of common stock for an average price of $27.61 per share during Q2 2024 Issuer Purchases of Equity Securities (2024) | Period | Total Number of Shares Purchased | Average Price Per Share | Total Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares That May Yet Be Purchased Under Programs (dollars in millions) | |:---|:---|:---|:---|:---| | April 1 through April 30 | 402,271 | $26.32 | 400,872 | $471.3 | | May 1 through May 31 | 824,691 | $28.28 | 823,762 | $448.0 | | June 1 through June 30 | 949,267 | $27.56 | 948,398 | $421.8 | | Total | 2,176,229 | $27.61 | 2,173,032 | $421.8 | - The Board of Directors authorized an additional **$500.0 million** for common stock repurchases in May 2023[340](index=340&type=chunk) [Item 5. Other Information](index=124&type=section&id=Item%205.%20Other%20Information) The Board of Directors amended the company's By-Laws, and certain officers adopted Rule 10b5-1 trading arrangements - On August 7, 2024, CNO's Board of Directors amended the By-Laws to remove the requirement for stockholder nominee resignation letters[342](index=342&type=chunk) - Two Section 16 officers, Karen J. DeToro and Jeanne L. Linnenbringer, adopted **Rule 10b5-1 trading arrangements** in May 2024 for the sale of common stock[343](index=343&type=chunk) [Item 6. Exhibits](index=125&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amended By-Laws, indentures, certifications, and XBRL documents - Exhibits include the Amended and Restated By-Laws (3.2), Indenture for 2019 Senior Notes (4.1), and various certifications (31.1, 31.2, 32.1, 32.2)[346](index=346&type=chunk) - XBRL Instance Document, Taxonomy Extension Schema, and other interactive data files are also included as exhibits[346](index=346&type=chunk)

CARMEL, Ind., Aug. 7, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has declared a quarterly cash dividend of $0.16 per share on the company's common shares. The dividend will be payable September 24, 2024, to shareholders of record at the close of business on September 10, 2024. About CNO Financial Group CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial serv ...

CNO Financial Group, Inc. (CNO) reported second-quarter 2024 adjusted earnings per share (EPS) of $1.05, which beat the Zacks Consensus Estimate by 45.8%. Moreover, the bottom line rose 94.4% year over year. Total revenues increased 4.2% year over year to $1.07 billion in the second quarter. The top line beat the consensus mark by 16.4%. The strong second-quarter results benefited from improved insurance product margin, premiums, and general account assets. However, the decline of the policyholder and other ...