CNO
CNO Financial Group, Inc.42.88
+0.01+0.02%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Macro caution tempers growth outlook
Q&A revealed management's caution on macro headwinds from layoffs, which boost recruiting but crimp discretionary sales like annuities, life, and long-term care, even as Medicare Supplement gains from shifting preferences amid Medicare Advantage turmoil. Gary expects Medicare Advantage sales to decline and Supplement to rise, with agent productivity trumping raw count growth. Paul confirmed earnings emergence hits targets, Bermuda reinsurance cadence continues sans guidance inclusion, and capital returns via buybacks persist. No portfolio shifts planned despite tight spreads. Headwinds grow. Investors will eye growth durability amid poor visibility.
Key Stats
Market Cap
4.16BP/E (TTM)
14.68Basic EPS (TTM)
2.92Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
CNO Financial Group delivered FY2025 revenues of $4.5B and net income of $229.3M, with premium collections surging 5% y/y to $4.6B driven by 13% growth in fixed indexed annuities to $1.7B and 6% health gains. Annuities led with $1.9B collections (up 9% y/y), while health margins hit $557M (up 8%) on supplemental health strength; Q4 accelerated Medicare supplement sales reversing MA trends. Insurance product margin rose 3% to $1.1B, but impairments ($102M) and TechMod costs weighed on net; free cash flow topped $365M funding $320M buybacks. Debt-to-capital fell to 26% post-2025 Notes repayment, RBC steady at 380%. Persistent inflation could squeeze policy persistency and claims costs.
8-K
Henderson retires; dividend declared
CNO Financial disclosed that director Nina Henderson will retire at the 2026 annual meeting on May 12, after 14 years including as Human Resources and Compensation Committee Chair. Board declared a $0.17 quarterly dividend, payable March 24 to record holders on March 10. Nine directors nominated for re-election. Smooth transition.
8-K
CNO crushes 2025 targets
CNO Financial crushed 2025 targets with Q4 net operating income at $143 million ($1.47/share, up 12% YoY) and full-year operating EPS up 11% to $4.40 amid record NAP growth of 15%. Sales momentum fueled insurance margins while investments delivered steady yields; returned $386 million to shareholders. Operating ROE hit 11.4%. Yet impairments dragged GAAP net income.
8-K
CNO adds Gibson to board
CNO Financial Group appointed Linda T. Gibson as an independent director on January 15, 2026, expanding its board to ten members. She joins the Audit and Enterprise Risk Committee and Investment Committee. Gibson brings 30+ years in investment management, including as ex-CEO of PGIM Quantitative Solutions. Her expertise bolsters CNO's investment strategy focus.
10-Q
Q3 FY2025 results
CNO Financial posted Q3 net income of $23.1M ($0.24 diluted EPS), up from $9.3M ($0.09) y/y, yet YTD fell to $136.4M ($1.36) from $237.9M ($2.18) due to $96.7M Optavise goodwill/intangible impairment. Revenues rose 5% q/q and 5% y/y to $1,188.7M on 5% y/y insurance policy income growth to $658.4M (derived) and 5% y/y net investment income to $499.7M; operating margins held firm excluding actuarial tweaks. Cash from operations hit $480M YTD, up 10% y/y, with $1.2B unrestricted cash but debt down to $1.3B after $500M note repayment. Repurchased $260M in shares. Litigation lingers.
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