CNO Financial Group(US:CNO)2025-11-03 21:21Financial Performance - Total revenues for 2024 YTD reached $4,449.5 million, with Q4 projected revenues of $1,188.7 million[8] - Net income for 2024 YTD was $420.8 million, with Q4 expected net income of $23.1 million[8] - Insurance policy income increased to $2,558.5 million YTD, with Q4 projected income of $658.4 million[8] - Total benefits and expenses for 2024 YTD amounted to $3,909.6 million, with Q4 expected expenses of $1,152.5 million[8] - Net investment income from general account assets was $1,419.4 million YTD, with Q4 projected income of $382.9 million[8] - Realized investment losses totaled $75.6 million YTD, with Q4 losses expected to be $12.9 million[8] - Fee revenue and other income for 2024 YTD was $192.1 million, with Q4 projected income of $33.6 million[8] - Income before income taxes for 2024 YTD was $539.9 million, with Q4 expected income before taxes of $36.2 million[8] - Net operating income for 2024 was $429.3 million, with Q4 showing a significant increase to $138.0 million compared to $57.5 million in Q1[10] - Net income for 2024 totaled $420.8 million, with Q4 contributing $182.9 million, marking a substantial increase from $112.3 million in Q1[10] Asset and Liability Management - Total assets increased to $38,296.2 million in Q3 2025, up from $37,329.1 million in Q2 2025, representing a growth of 2.6%[5] - Total liabilities rose to $35,685.2 million in Q3 2025, compared to $34,806.4 million in Q2 2025, reflecting an increase of 2.5%[5] - Shareholders' equity reached $2,611.0 million in Q3 2025, a slight increase from $2,522.7 million in Q2 2025, marking a growth of 3.5%[5] - Cash and cash equivalents, unrestricted, were reported at $1,218.3 million in Q3 2025, a decrease from $766.0 million in Q2 2025, showing a significant increase of 59.0%[5] - Average net insurance liabilities increased to $12,741.9 million by Q4, up from $12,097.9 million in Q3[14] - Average net insurance liabilities for the year-to-date was $11,849.5 million, reflecting growth from previous quarters[14] Insurance Product Margins - Total insurance product margin for 2024 reached $1,040.0 million, with a quarterly breakdown of $229.6 million in Q1, $275.1 million in Q2, $282.2 million in Q3, and $253.1 million in Q4[10] - Annuity margin for Q3 2024 was $91.1 million, while the total for the year reached $274.2 million[10] - Health margin for Q4 2024 was $130.1 million, contributing to an annual total of $516.8 million[10] - Life margin in Q4 2024 was $68.0 million, with a total of $249.0 million for the year[10] - Total insurance product margin for Q3 2025 is reported at $300.5 million, with significant items impacting it by $41.3 million[43] - The annuity margin for the quarter was $54.5 million, unchanged from the previous quarter, while the health margin decreased to $126.2 million from $130.1 million[45] Investment Income - Net investment income for 2024 is forecasted to total $565.0 million, with quarterly amounts of $134.5 million in Q1, $140.5 million in Q2, $142.2 million in Q3, and $147.8 million in Q4[12] - Total investment income not allocated to product lines reached $167.9 million YTD, with a quarterly increase to $65.3 million in Q4[32] - Investment income from general account assets was $129.2 million YTD, with Q4 showing a significant rise to $47.8 million[32] - The company reported a net investment income of $1,748.8 million YTD, with Q4 net income at $416.6 million[32] - The company reported a loss of $24.3 million from alternative investments in Q1 2024, with a recovery to $15.8 million by Q3 2025[39] Premiums and Policyholder Accounts - Total collected premiums for 2024 reached $4,378.7 million, with a quarterly increase to $1,152.5 million in Q4[20] - Fixed indexed annuities collected premiums increased to $409.9 million in Q4 2024, up from $398.8 million in Q3 2024[20] - Total health collected premiums for 2024 amounted to $1,627.6 million, with Q4 contributing $419.6 million[20] - New Annualized Premiums (NAP) for the Consumer Division health products totaled $168.7 million for 2024, with Q4 showing $50.5 million[22] - Total NAP for both divisions reached $415.4 million in 2024, with Q4 NAP at $108.6 million[22] Operational Efficiency - Allocated expenses decreased to $146.1 million in Q4 2024, down from $161.6 million in Q1[10] - Advertising expenses decreased to $13.3 million in Q4 2024, down from $18.5 million in Q3 2024[18] - The company experienced a favorable impact of $3.9 million from an out-of-period adjustment in the health margin for the fourth quarter of 2024[49] Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through new technology and strategic initiatives[1] - The company anticipates continued growth in insurance policy income and margins in the upcoming quarters[16] - The company anticipates continued growth in annuity products, with a focus on expanding fixed indexed annuities in the upcoming quarters[35]