Financial Data and Key Metrics Changes - Net operating income increased by 84% and hold dollars rose by 94% on a per share basis, driven by improved product margins and investment returns [6][75] - Free cash flow generation was strong, with Holdco liquidity benefiting from a $700 million debt offering in May [6][83] - Book value per diluted share, excluding AOCI, was $36, up 11% [76] Business Line Data and Key Metrics Changes - Life and Health NAP sales increased by 18%, marking the second highest quarter ever for the Worksite Division [3][70] - Fee sales were up 24%, reflecting the annual contract value of benefit services sold in the quarter [3] - Long-Term Care NAP surged by 88%, driven by the success of the Long-Term Care Fundamental Plus product [79] - Life production decreased due to lower spending on direct-to-consumer marketing, with a reduction in television marketing spend [80] Market Data and Key Metrics Changes - Total new annualized premium (NAP) was up 4% across the enterprise, with field sales NAP up 8% [70] - Medicare Supplement NAP increased by 16%, while Medicare Advantage sales rose by 78% [77] - Client assets in brokerage and advisory grew by 24% to a record $3.6 billion [91] Company Strategy and Development Direction - The company is focused on optimizing results post-COVID and is committed to driving return on equity (ROE) upwards [12] - The strategy includes geographic expansion and new product launches to enhance market share and sales growth [92] - The company aims to maintain a disciplined approach to deploying excess capital, with a focus on share repurchases [25][32] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the progress but emphasized that they are not yet satisfied with the results, indicating a commitment to continuous improvement [12] - The outlook remains strong, with expectations of continued growth driven by demographic trends, particularly in the Medicare market [78][63] - Management noted that while claims experience can fluctuate, the current favorable trends are expected to continue [107] Other Important Information - The market value of invested assets grew by 5%, with 97% of the fixed maturity portfolio rated investment-grade [82] - The consolidated RBC ratio was 394% at quarter end, indicating a strong capital position [83] - The company raised guidance on operating earnings per share to $3.30 to $3.50 for the full year, reflecting strong second-quarter results [84] Q&A Session All Questions and Answers Question: Can you provide more details on claim trends within long-term care? - Management noted favorable claims experience contributing to margins, with expectations for this trend to continue [15] Question: Should we expect higher levels of cash flows going towards buybacks in 2024? - Management indicated that while they will remain disciplined, there is an opportunity to accelerate share repurchases due to excess capital from the recent debt offering [16][25] Question: What drove the margin improvement in Med Supp and Traditional Life? - Management highlighted growth in the block and lower advertising expenses as key drivers of margin benefits [62] Question: Can you comment on the productivity of new agents hired in the past two years? - Management expressed confidence in continued growth in agent counts and productivity, emphasizing the importance of productivity over raw account numbers [29][42] Question: What drove the reserve release in other annuities? - Management explained that the reserve release was driven by higher mortality in a small block of payout annuities, which is expected to remain volatile [60]

1 2 consider the important risks and uncertainties that may cause actual results to differ, including those included in our press release issued on July 29, 2024, our Quarterly Reports on Form 10-Q, our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this presentation, which speaks as of today's date. Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securi ...

For the quarter ended June 2024, CNO Financial (CNO) reported revenue of $1.07 billion, up 4.2% over the same period last year. EPS came in at $1.05, compared to $0.54 in the year-ago quarter. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how CNO performed in the just reported quarter in terms of the metrics m ...

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)

Earnings per share up 66%; Operating earnings per share up 94% CARMEL, Ind., July 29, 2024 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $116.3 million, or $1.06 per diluted share, in 2Q24 compared to $73.7 million, or $0.64 per diluted share, in 2Q23. Net operating income (1) was $114.6 million, or $1.05 per diluted share, in 2Q24 compared to $62.3 million, or $0.54 per diluted share, in 2Q23. "CNO delivered excellent earnings and operating performance across the board, ...

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 ...