CNO Financial Group Reports Second Quarter 2024 Results

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]