CNO Financial Group Inc (CNO)

CNO Financial Group Announces Voting Results from 2026 Annual Meeting of ShareholdersMay 12, 2026 4:15 PM
PR Newswire (US) CARMEL, Ind., May 13, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced that at the company's annual meeting held earlier today, its shareholders: Elected nine directors (Gary C. Bhojwani, Archie M. Brown, David B. Foss, Linda T. Gibson, Adrianne B. Lee, Daniel R. Maurer, Chetlur S. Ragavan, Steven E. Shebik and Jessica A. Turner) to each serve a one-year term expiring at next year's annual meeting.Approved, by non-binding advisory vote, the executive compensation of the company's named executive officers as disclosed in the proxy statement for the annual meeting.Ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2026.About CNO Financial GroupCNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/cno-financial-group-announces-voting-results-from-2026-annual-meeting-of-shareholders-302769957.htmlSOURCE CNO Financial Group Original: CNO Financial Group Announces Voting Results from 2026 Annual Meeting of Shareholders

CNO Financial Group Announces Increase of Quarterly Dividend to $0.18May 6, 2026 4:15 PM
PR Newswire (US) CARMEL, Ind., May 6, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has approved a $0.01 per share increase in its quarterly dividend. This marks the 14th consecutive annual increase by the company. The Board declared a quarterly cash dividend of $0.18 per share on the company's common shares. The dividend will be payable June 24, 2026, to shareholders of record at the close of business on June 10, 2026. About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services  through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/cno-financial-group-announces-increase-of-quarterly-dividend-to-0-18--302764623.htmlSOURCE CNO Financial Group Original: CNO Financial Group Announces Increase of Quarterly Dividend to $0.18

CNO Financial Group Reports First Quarter 2026 ResultsApril 30, 2026 4:15 PM
PR Newswire (US)

CARMEL, Ind., April 30, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its first quarter 2026 financial results:







First quarter performance reflects disciplined execution and the strength of our diversified products and distribution.Net income was $38 million, or $0.39 per diluted share, and net operating income(1)  was $101 million, or $1.05 per diluted share.Return on equity (ROE) of 9.5%; Operating ROE(5) of 12.2%, excluding significant items(5).Book value per share of $26.64 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of  $38.98.Operating earnings per share grew 33%, as continued sales momentum drove earnings growth.Total new annualized premiums (NAP)(4) up 11%, demonstrating consistent, sustained growth following a strong 2025.Total Medicare policies sold increased 24%, underscoring the strength of these products in expanding our household reach.Consumer and Worksite continued their producing agent count growth streak to 13 and 15 consecutive quarters, respectively."CNO is off to a strong start to 2026, building on the momentum from our excellent performance in 2025," said Gary C. Bhojwani, chief executive officer. "With 15 consecutive quarters of sales growth, we're pleased with the consistent results we're generating as we continue to grow earnings, improve profitability and reinvest in the business.""Operating earnings per share grew 33% in the quarter, supported by strong performance across all areas of our business, including insurance product margin, investment results, fee income and capital management. Our results reflect the strength and resilience of our business model and our focus on the middle-income market. Disciplined execution will continue to drive our growth and create meaningful value for customers, associates and shareholders."FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)Net income decreased in 1Q26 and 1Q25, primarily due to non-economic accounting impacts resulting from market volatility and investment losses. Additionally, 1Q26 net income was impacted by expenses related to our TechMod initiative.Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1).  Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business.  Net income is the most directly comparable GAAP measure.In 1Q26, net income and net operating income(1) were unaffected by significant items, compared to favorable impacts in 1Q25 of $5.3 million or $0.05 per diluted share.  Significant items are detailed in note (6).
Per diluted share







Quarter ended
Quarter ended
March 31,
March 31,
2026

2025
%
change
2026

2025
%
change













Income from insurance products (b)$       1.01

$        0.85
19 %
$    97.0

$    87.7
11 %Fee income0.11

(0.01)
n/m
10.6

(0.8)
n/mInvestment income not allocated to product lines (c)0.43

0.37
16
41.7

38.0
10Expenses not allocated to product lines(0.20)

(0.20)
—
(19.4)

(20.3)
(4)Operating earnings before taxes1.35

1.01


129.9

104.6

Income tax expense on operating income(0.30)

(0.23)
30
(28.6)

(23.5)
22Net operating income (1)1.05

0.79
33
101.3

81.1
25Net realized investment losses from disposals,
impairments and change in allowance for credit losses(0.16)

(0.13)


(15.2)

(13.2)

Net change in market value of investments
recognized in earnings(0.08)

0.06


(7.5)

6.4

Changes in fair value of embedded derivative
liabilities and market risk benefits(0.44)

(0.68)


(42.4)

(69.6)

Expenses related to TechMod initiative(0.14)

—


(13.7)

—

Net loss related to divested business(0.02)

—


(1.9)

—

Other(0.01)

—


(0.8)

(0.4)

Non-operating income before taxes(0.85)

(0.75)


(81.5)

(76.8)

Income tax expense on non-operating income0.19

0.17


17.9

17.2

Net non-operating income (0.66)

(0.58)


(63.6)

(59.6)

Net income$       0.39

$        0.21


$    37.7

$    21.5















Weighted average diluted shares outstanding96.1

103.1














(a)GAAP is defined as accounting principles generally accepted in the United States of America.(b)Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines.  It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes.  Insurance product margin is management's measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.(c)Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN")  program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.  Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale.  Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations.  In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid.  Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.

Quarter ended
March 31,
2026
2025Trailing four quarters:


Net Income$        245.5
$        330.0Net operating income (a non-GAAP financial measure)459.4
452.9Net operating income, excluding significant items427.2
428.8



Average of each of the trailing four quarters average:


Shareholders' equity$     2,574.7
$     2,523.3Accumulated other comprehensive loss1,178.7
1,327.9Shareholders' equity, excluding accumulated other comprehensive loss3,753.4
3,851.2



Net operating loss carryforwards(258.9)
(237.6)Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards$     3,494.5
$     3,613.6



Ratios:


Return on equity 9.5 %
13.1 %Operating return on equity (a non-GAAP financial measure) (5)13.1 %
12.5 %Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)12.2 %
11.9 %
Shareholders' equity$     2,498.4
$     2,555.1Accumulated other comprehensive loss1,217.6
1,239.1Shareholders' equity, excluding accumulated other comprehensive loss$     3,716.0
$     3,794.2



Basic shares outstanding93,795,306
99,893,923Diluted shares outstanding95,323,466
101,796,131



Book value per share$        26.64
$        25.58



Book value per diluted share$        26.21
$        25.10Accumulated other comprehensive loss per diluted share12.77
12.17Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial
measure) (2)$        38.98
$        37.27Non-Operating Items
Net investment losses in 1Q26 were $15.2 million, including the unfavorable change in the allowance for credit losses of $9.4 million. Net investment losses in 1Q25 were $13.2 million, including the unfavorable change in the allowance for credit losses of $9.6 million.During 1Q26 and 1Q25, we recognized a decrease in earnings of $7.5 million and an increase of $6.4 million, respectively, due to the net change in market value of investments.During 1Q26 and 1Q25, we recognized a decrease in earnings of $42.4 million and $69.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities.  Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.During 1Q26, we incurred $13.7 million of expense related to TechMod, a previously announced technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.We recognized a $1.9 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 1Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.INVESTMENT PORTFOLIO
(Dollars in millions)Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2026 are as follows:
Investment
grade
Below
investment
grade
TotalCorporate securities$   13,878.7
$       679.9
$   14,558.6United States Treasury securities and obligations of the United States government and
agencies208.9
—
208.9States and political subdivisions3,228.4
22.4
3,250.8Foreign governments134.8
—
134.8Asset-backed securities1,800.3
43.8
1,844.1Agency residential mortgage-backed securities810.6
—
810.6Non-agency residential mortgage-backed securities1,332.5
223.7(a)1,556.2Collateralized loan obligations1,466.5
—
1,466.5Commercial mortgage-backed securities2,162.4
88.5
2,250.9Total$   25,023.1
$     1,058.3
$   26,081.4





(a)Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).As of March 31, 2026, the fair value of CNO's available for sale fixed maturity portfolio was $23,881.1 million compared with an amortized cost of $26,081.4 million.  Net unrealized losses were comprised of gross unrealized gains of $116.8 million and gross unrealized losses of $2,273.2 million as of March 31, 2026.  The allowance for credit losses was $43.9 million at March 31, 2026.Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 375 percent at March 31, 2026, reflecting estimated 1Q26 statutory operating gain of $23.0 million.  There were no insurance company dividends, net of capital contributions, paid to the holding company during 1Q26.During 1Q26, we repurchased $60.0 million of common stock under our securities repurchase program (including $0.8 million of repurchases settled in 2Q26).  We repurchased 1.4 million common shares at an average cost of $41.79 per share.  As of March 31, 2026, we had 93.8 million shares outstanding and had authority to repurchase up to an additional $360.4 million of our common stock.  During 1Q26, dividends paid on common stock totaled $17.1 million.Unrestricted cash and investments held by our holding company were $280.1 million at March 31, 2026 compared to $351.4 million at December 31, 2025.Book value per common share was $26.64 at March 31, 2026 compared to $27.92 at December 31, 2025.  Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.98 at March 31, 2026 compared to $38.81 at December 31, 2025. The debt-to-capital ratio was 34.8% and 33.6% at March 31, 2026 and December 31, 2025, respectively.  Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.4% and 26.2% at March 31, 2026 and December 31, 2025, respectively. Return on equity for the trailing four quarters ended March 31, 2026 and 2025 was 9.5% and 13.1%, respectively.  Operating return on equity, excluding significant items(5), for the trailing four quarters ended March 31, 2026 and 2025 was 12.2% and 11.9%, respectively.In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business.  The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective.  CNO's definitions of non-GAAP measures may differ from other companies' definitions.  More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.CAUTION REGARDING FORWARD-LOOKING STATEMENTS:This press release may contain forward-looking statements within the meaning of federal securities laws.  These prospective statements reflect management's current expectations, but are not guarantees of future performance.  Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.EARNINGS RELEASE CONFERENCE CALL WEBCAST:The Company will host a conference call to discuss results on May 1, 2026 at 11:00 a.m. Eastern Time.  During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.To participate by dial-in, please register at https://events.q4inc.com/attendee/401757742. 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 to registered participants via email.For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast.  The event can be accessed through the Investors section of the company's website: ir.CNOinc.com.  Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.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 services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National.  Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39.0 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.CNO FINANCIAL GROUP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENT OF OPERATIONS(Dollars in millions, except per share data)(unaudited)

Three months ended
March 31,
2026
2025Revenues:


Insurance policy income$        673.4
$         650.7Net investment income:


  General account assets395.0
375.1  Policyholder and other special-purpose portfolios(64.9)
(63.6)Investment gains (losses):


  Realized investment losses(7.8)
(3.8)  Other investment losses(14.9)
(3.0)Total investment losses(22.7)
(6.8)Fee revenue and other income48.8
48.7 Total revenues1,029.6
1,004.1Benefits and expenses:


Insurance policy benefits576.6
570.0Liability for future policy benefits remeasurement gain(6.5)
(12.2)Change in fair value of market risk benefits10.7
15.3Interest expense50.9
62.0Amortization of deferred acquisition costs and present value of future
profits  74.2
67.4Gain on extinguishment of borrowings related to variable interest
entities—
(1.5)Other operating costs and expenses275.3
275.3Total benefits and expenses981.2
976.3Income before income taxes48.4
27.8Income tax expense10.7
6.3Net income$          37.7
$           21.5Earnings per common share:


Basic:


Weighted average shares outstanding94,078,000
100,743,000Net income$          0.40
$           0.21Diluted:


Weighted average shares outstanding96,139,000
103,070,000Net income$          0.39
$           0.21





NOTES(1)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry.  The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings.  Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines.  A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2.  Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested.  The dilution from options, restricted shares and performance units is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.  In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities).  Sales of third-party products are excluded.(5)Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):







Net operating









Net operating
income,









income,
excluding


Net





excluding
significant


income -

Net operating
Significant
significant
items - trailing
Net
trailing

income
items
items (a)
four quarters
income (loss)
four quarters2Q24
$          114.6
$              —
$          114.6
$          364.0
$          116.3
$          432.23Q24
119.2
(21.9)(b)97.3
376.9
9.3
274.24Q24
138.0
3.1(c)141.1
410.5
182.9
420.81Q25
81.1
(5.3)(d)75.8
428.8
21.5
330.02Q25
87.5
—
87.5
401.7
91.8
305.53Q25
127.2
(32.2)(e)95.0
399.4
23.1
319.34Q25
143.4
—
143.4
401.7
92.9
229.31Q26
101.3
—
101.3
427.2
37.7
245.5













(a)See note (6) for additional information.













(b)Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.













(c)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.













(d)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.













(e)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):


Trailing four quarters


1Q26
1Q25Pre-tax operating earnings (a non-GAAP financial measure)$       578.5
$        580.6Income tax expense(119.1)
(127.7)Net operating income459.4
452.9Non-operating items:


Net realized investment losses from disposals, impairments and change in allowance for credit
losses(71.0)
(81.3)Net change in market value of investments recognized in earnings0.4
16.8Changes in fair value of embedded derivative liabilities and market risk benefits(36.8)
(87.3)Fair value changes related to the agent deferred compensation plan(1.7)
6.6Expenses related to TechMod initiative(34.0)
—Goodwill and other asset impairment(101.9)
—Net loss related to divested business(19.2)
—Other(0.3)
(13.9)Non-operating loss before taxes(264.5)
(159.1)    Income tax benefit on non-operating loss50.6
36.2Net non-operating loss(213.9)
(122.9)Net income$       245.5
$        330.0A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):


1Q24
2Q24
3Q24
4Q24Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$      3,536.8
$      3,596.7
$      3,529.9
$      3,810.0Net operating loss carryforwards311.2
296.5
273.9
76.6Accumulated other comprehensive loss(1,480.3)
(1,464.3)
(1,116.0)
(1,371.4)Common shareholders' equity$      2,367.7
$      2,428.9
$      2,687.8
$      2,515.2












1Q25
2Q25
3Q25
4Q25Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$      3,498.9
$      3,504.3
$      3,483.6
$      3,510.2Net operating loss carryforwards295.3
271.1
246.3
243.0Accumulated other comprehensive loss(1,239.1)
(1,252.7)
(1,118.9)
(1,115.0)Common shareholders' equity$      2,555.1
$      2,522.7
$      2,611.0
$      2,638.2












1Q26





Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$      3,461.2





Net operating loss carryforwards254.8





Accumulated other comprehensive loss(1,217.6)





Common shareholders' equity$      2,498.4





A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

Trailing four quarter average

1Q26
1Q25Consolidated capital, excluding accumulated other comprehensive



income (loss) and net operating loss carryforwards



(a non-GAAP financial measure)$      3,494.5
$      3,613.6Net operating loss carryforwards258.9
237.6Accumulated other comprehensive loss(1,178.7)
(1,327.9)Common shareholders' equity$      2,574.7
$      2,523.3

(6)The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three months ended March 31, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data). 

Three months ended

September 30, 2025

Actual
results
Significant
items
Excluding
significantitemsInsurance product margin





Annuity margin
$      72.9
$     (16.6)(a)$      56.3Health margin
157.0
(21.1)(a)135.9Life margin
70.6
(3.6)(a)67.0Total insurance product margin
300.5
(41.3)
259.2Allocated expenses
(151.0)
—
(151.0)Income from insurance products
149.5
(41.3)
108.2Fee income
(3.9)
—
(3.9)Investment income not allocated to product lines
39.5
—
39.5Expenses not allocated to product lines
(22.3)
—
(22.3)Operating earnings before taxes
162.8
(41.3)
121.5Income tax (expense) benefit on operating income
(35.6)
9.1
(26.5)Net operating income
$    127.2
$     (32.2)
$      95.0






Net operating income per diluted share
$      1.29
$     (0.33)
$      0.96





(a)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review. 

Three months ended

March 31, 2025

Actual
results
Significant
items
Excluding
significantitemsInsurance product margin





Annuity margin
$      54.5
$          —
$      54.5Health margin
126.2
—
126.2Life margin
68.2
(6.8)(a)61.4Total insurance product margin
248.9
(6.8)
242.1Allocated expenses
(161.2)
—
(161.2)Income from insurance products
87.7
(6.8)
80.9Fee income
(0.8)
—
(0.8)Investment income not allocated to product lines
38.0
—
38.0Expenses not allocated to product lines
(20.3)
—
(20.3)Operating earnings before taxes
104.6
(6.8)
97.8Income tax (expense) benefit on operating income
(23.5)
1.5
(22.0)Net operating income
$      81.1
$       (5.3)
$      75.8






Net operating income per diluted share
$      0.79
$     (0.05)
$      0.74





(a)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves. 



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Original: CNO Financial Group Reports First Quarter 2026 Results

CNO Financial Group to Release First Quarter Results on April 30, 2026April 16, 2026 4:15 PM
PR Newswire (US)

CARMEL, Ind., April 16, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) will report results for the first quarter of 2026 after the market closes on Thursday, April 30, 2026. The company will host a conference call to discuss results at 11:00 a.m. Eastern Time on Friday, May 1, 2026.







Participate by Dial-In
To participate, please register here. Upon registering, you will be provided with call details and a registrant ID that is used to track attendance on the conference call. Reminders will also be sent to registered participants via email.Participate by Webcast
For those investors who prefer to participate online, we will broadcast the call live via webcast. The event can be accessed through the Investors section of our website at ir.CNOinc.com. Participants should register on the website at least 15 minutes before the event begins.Participate by Replay
A replay of the conference call will be available on the Investors section of our website at ir.CNOinc.com.About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.



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Original: CNO Financial Group to Release First Quarter Results on April 30, 2026

Bankers Life Introduces Enhanced Death Benefit Rider for Guaranteed Lifetime Income Annuity and Guaranteed Lifetime Income Annuity PlusMarch 4, 2026 9:15 AM
PR Newswire (US)

CARMEL, Ind., March 4, 2026 /PRNewswire/ -- Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, today announced the launch of its Enhanced Death Benefit (EDB) Rider, a new optional rider available that complements Lifetime Income Withdrawals (LIWs) with an enhanced death benefit for designated beneficiaries.







The EDB Rider is now available in 48 states and Washington, D.C., and can be added to single-life Guaranteed Lifetime Income Annuity (GLIA) and Guaranteed Lifetime Income Annuity Plus (GLIA Plus) products."We consistently hear from clients who want the confidence of guaranteed lifetime income, but hesitate to start taking income because they worry about what they will leave behind for loved ones," said Scott Goldberg, President, Consumer Division at CNO Financial Group. "The Enhanced Death Benefit Rider was built to resolve that concern, providing dependable retirement income while preserving the ability to leave a meaningful legacy. At a time when middle-income Americans are increasingly concerned about their financial future, this rider helps people confidently use their income today without compromising peace of mind about tomorrow."The EDB Rider is available at the time of annuity purchase for single-life GLIA and GLIA Plus products. Designed for clients taking LIWs or Required Minimum Distributions, the rider may provide a greater benefit than a base GLIA or GLIA Plus policy—helping ensure that their annuity includes a meaningful legacy for beneficiaries. It also includes built-in flexibility for spousal continuation if LIWs have not been taken.GLIA and GLIA Plus products offer policyholders the option of a predictable, guaranteed income stream for life, while maintaining flexibility, control and access to their funds. Policies include maximum premium limits up to $2 million and income payments that may increase the longer a policyholder waits to begin withdrawals.To learn more about GLIA and GLIA Plus with the EDB Rider, and other products offered by Bankers Life, visit BankersLife.com.About Bankers LifeBankers Life focuses on the insurance and investment needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance and wealth management solutions that help protect the health and retirement needs of working Americans and retirees. There are approximately 4,600 exclusive agents, including 800 financial representatives working from more than 230 U.S. sales offices. To learn more, visit BankersLife.com.



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Original: Bankers Life Introduces Enhanced Death Benefit Rider for Guaranteed Lifetime Income Annuity and Guaranteed Lifetime Income Annuity Plus

CNO Financial Group Recognizes Associate Stacy Muentzer Oakey as Volunteer of the Year, Donates to 12 Nonprofits through Annual Invested in Giving Back® ProgramFebruary 23, 2026 9:15 AM
PR Newswire (US)

CARMEL, Ind., Feb. 23, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today honored associate Stacy Muentzer Oakey as its Volunteer of the Year and announced 12 nonprofits will receive donations through CNO's 2026 Invested in Giving Back® program.







Muentzer Oakey was recognized as Volunteer of the Year for her dedicated service to Scouting America's Pathway to Adventure Council (PTAC). PTAC is Scouting America's leading youth program, dedicated to preparing young people to make ethical and moral choices by instilling the values of the Scout Oath and Law. In addition to recognition of her service, CNO will make a $10,000 donation to the organization.Muentzer Oakey is Manager of Consumer Field Programs and Pipeline Management, and has worked at CNO for more than 19 years. She currently serves as Assistant Scoutmaster for PTAC Troop 216 in LaGrange Highlands, Ill., where she has volunteered for four years, assisting both the boys' and girls' troops with operations, merit badge instruction and fundraising.In 2025, Muentzer Oakey contributed more than 410 hours of service, including 16 nights of camping and more than 1,500 miles of travel to transport Scouts to and from campouts and events, ensuring they had reliable access to essential outdoor experiences and programming."Stacy's recognition as Volunteer of the Year reflects the incredible support she's provided to Troop 216 over the past four years, and especially in 2025," said Mike Golm, Committee Chair, Troop 216. "Through her leadership, commitment and passion, Stacy has made a meaningful difference for so many Scouts and has set the standard for volunteer service in our organization."Invested in Giving Back ProgramNow in its eighth year, CNO's Invested in Giving Back program invites associates to nominate and vote for community programs to receive charitable donations on behalf of the company.This year, CNO will donate $180,000 across 12 nonprofit organizations. "The Invested in Giving Back program embodies CNO's commitment to giving back to the communities where we live and work," said Rocco Tarasi, Chief Marketing Officer. "By empowering associates to guide our corporate philanthropy, this program brings our values to life and allows CNO to invest in the causes closest to our people. We're proud to support these nonprofits and make a positive impact."The organizations CNO associates elected to receive donations in 2026 include:Alzheimer's Association - Greater Indiana ChapterAmerican Cancer Society - IndianaCommunity Food Bank of Central AlabamaGleaners Food Bank of IndianaGreater Chicago Food DepositoryMisty Meadows Mitey RidersNo Kid Hungry (a campaign of Share Our Strength)Ronald McDonald House Charities of the Philadelphia RegionSecond Harvest Food Bank of Central FloridaSt. Jude Children's Research HospitalVeterans Outreach of WisconsinWounded Warrior ProjectTo learn more about CNO's commitment to building stronger communities where we live and work, please visit here.About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.



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Original: CNO Financial Group Recognizes Associate Stacy Muentzer Oakey as Volunteer of the Year, Donates to 12 Nonprofits through Annual Invested in Giving Back® Program

Retirement Confidence Among Middle-Income Americans Declines Amid Economic UncertaintyFebruary 18, 2026 9:15 AM
PR Newswire (US)

CNO survey finds one in three middle-income Americans ages 50 to 85 are less confident in their retirement plans as confidence in future of Social Security and Medicare weakensCARMEL, Ind., Feb. 18, 2026 /PRNewswire/ -- A new consumer sentiment survey from CNO Financial Group, Inc. (NYSE: CNO) reveals a shift in retirement confidence among middle-income Americans ages 50 to 85, many of whom feel increasingly unprepared for a future shaped by inflation, economic uncertainty and questions about the reliability of key federal safety nets.







Among middle-income Americans ages 50 to 85, one in three (32%) say they feel less confident in their retirement plans than they did a year ago, and two in five (41%) doubt they will have enough money to live comfortably throughout retirement—including nearly half (49%) of pre-retirees.Financial anxiety is also on the rise: two in five (44%) middle-income Americans ages 50 to 85 report feeling more anxious about their personal finances than they did a year ago. Those not yet retired are twice as likely (24% vs. 12%) as retirees to say they are much more anxious about their finances, reflecting concerns about their ability to retire on schedule."Middle-income Americans are under pressure as they navigate rising costs, market volatility and questions about the future of government programs and safety nets," said Scott Goldberg, President, Consumer Division. "This economic environment is challenging their sense of preparedness. Our survey underscores how critical it is for individuals to plan ahead to build financial resilience and protect their retirement."Inflation Tops Concerns for Middle-Income Americans, Influencing Retirement ExpectationsConcerns such as inflation and outliving their savings are influencing how Americans prepare for retirement, leaving many uncertain about their financial plans. Inflation (27%) is the top concern for middle-income Americans ages 50 to 85, followed by fears about outliving their money (23%) and cuts to Social Security (18%).One in three (34%) say they are less confident in their ability to meet day-to-day financial obligations like rent, groceries and utilities compared to a year ago. That lack of confidence jumps to half (48%) among those with less than $50,000 in investible assets, underscoring the uneven impact of inflation across income levels.Women and pre-retirees are feeling the strain most acutely: one in four women (25%) say they are not at all confident they'll have enough money to live comfortably in retirement—almost double the rate of men (13%). Additionally, half (49%) of pre-retirees expect to retire at least one year later than they planned a year ago, and one in six (15%) middle-income Americans don't think they will ever be able to afford to retire."As financial confidence declines, middle-income Americans need to evaluate their retirement timelines, savings strategies and long-term care plans," Goldberg added. "Important steps to mitigate risk and improve financial security include seeking professional guidance, diversifying retirement income sources and making use of valuable products such as annuities and long-term care insurance."The Retirement Safety Net: Confidence Erodes in Social Security and MedicareUncertainty about the future of key government programs is adding another layer of concern for many Americans. Confidence in the future of federal safety nets is wavering, with 43% of middle-income Americans ages 50 to 85 less confident that Social Security will be available when they need it—while nearly half (47%) believe the federal government will cut Medicare benefits in the future. Pre-retirees are more concerned than retirees about the future of these programs, with one in five saying they are much less confident in the availability of Social Security (19% vs. 7%) and Medicare (18% vs. 6%).Many may also have knowledge gaps on how they will pay for future care: half (49%) of middle-income Americans ages 50 to 85 expect Medicare to cover all long-term care needs, even though such coverage is limited. Just over a third (36%) plan to rely on personal savings, while one in five (20%) expect to depend on Medicaid."Medicare and Social Security provide good coverage and support, but were never designed to cover all costs in retirement. The data paints a clear picture: many Americans lack confidence that these long-standing programs can meet their financial needs," Goldberg said. "It's essential that middle-income Americans understand what benefits are available so they can protect what matters most to them as they near retirement. Fortunately, it's never too late to seek guidance and secure your financial future."About the SurveyThe Harris Poll, on behalf of CNO, conducted an online survey among 500 U.S. respondents between 50 to 85 years old with household incomes of $50,000 to $100,000 and less than $1 million in investable assets, from October 20 – 24, 2025. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 5.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.For complete survey methodology, please contact Mike Romor, Manager, External Communications.About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.



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Original: Retirement Confidence Among Middle-Income Americans Declines Amid Economic Uncertainty

CNO Financial Group Declares $0.17 Quarterly Dividend and Announces Virtual Annual Meeting DateFebruary 11, 2026 4:15 PM
PR Newswire (US)

Director Nina Henderson to retireCARMEL, Ind., Feb. 11, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has declared a quarterly cash dividend of $0.17 per share on the company's common shares. The dividend will be payable March 24, 2026, to shareholders of record at the close of business on March 10, 2026.







The company announced that its annual meeting of shareholders will be held via a virtual, live webcast at 8:00 a.m. ET on May 12, 2026. Holders of record at the close of business on March 16, 2026, will be able to participate in, vote and submit questions during the virtual meeting.CNO also announced that Nina Henderson?will retire from the company's Board of Directors at the conclusion of her current term, which ends upon the close of the annual meeting. Henderson joined CNO's Board in 2012 and she serves as Chair of the Human Resources and Compensation Committee and as a member of the Investment Committee.  "Nina has been a valued presence on our Board for the past 14 years, strengthening CNO through her decades of experience in customer insights, business operations, human capital management and governance," said Board Chair?Dan Maurer. "Her distinguished service reflects a deep commitment to CNO and our long-term success. On behalf of the Board and management team, we thank Nina for her many contributions and wish her continued success in her future endeavors."Following Henderson's retirement, the CNO Board will be comprised of nine directors. The other nine current directors have been nominated for re-election at the annual meeting. About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.



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Original: CNO Financial Group Declares $0.17 Quarterly Dividend and Announces Virtual Annual Meeting Date

CNO Financial Group Reports Fourth Quarter and Full Year 2025 ResultsFebruary 5, 2026 4:15 PM
PR Newswire (US)

CARMEL, Ind., Feb. 5, 2026 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its fourth quarter and full year 2025 financial results:







Achieved, and in most cases exceeded, all 2025 guidance metrics.Fourth quarter 2025 net income was $93 million, or $0.95 per diluted share, and net operating income(1) was $143 million, or $1.47 per diluted share.Full year 2025 net income was $229 million, or $2.30 per diluted share, and net operating income(1) was $439 million, or $4.40 per diluted share. Return on equity (ROE) of 8.9%; Operating ROE of 11.4%, excluding significant items(5).Book value per share of $27.92 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of $38.81.Consistent sales momentum drove meaningful earnings growth as operating earnings per share grew 11%.Total new annualized premiums (NAP)(4) growth, up 15%, accelerated to a new full-year record for the company."CNO once again delivered an excellent quarter and full-year performance, demonstrating the consistent, repeatable results that continue to drive our momentum," said Gary C. Bhojwani, chief executive officer. "We posted our 14th consecutive quarter of strong insurance sales, with total new annualized premiums up 15% for the year, and set multiple production records that underscore the strength of our business model.""Operating earnings per share grew 11%, supported by strong insurance product margin and investment results, growth in the business, and disciplined expense and capital management. For the year, we returned $386 million to shareholders, an 11% increase from 2024. This reflects the healthy free cash flow generation of the business, bolstered by our second reinsurance transaction with our Bermuda affiliate.""Our associates and agents continued to execute with focus and dedication, enabling us to grow the franchise while improving profitability and advancing our long-term strategic roadmap. We enter 2026 with a strong capital position and a path to achieving our 2027 ROE target."FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data) 
(Unaudited)Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1).  Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business.  Net income is the most directly comparable GAAP measure.In 4Q25, net income and net operating income(1) were unaffected by significant items, compared to unfavorable impacts in 4Q24 of $3.1 million, or $0.03 per diluted share.  Significant items are detailed in note (6).

Per diluted share







Quarter ended December 31,
Quarter ended December 31,
2025

2024
% change
2025

2024
% change













Income from insurance products (b)$           1.19

$            1.01
18 %
$     116.1

$    107.0
9 %Fee income0.19

0.20
(5)
19.1

20.6
(7)Investment income not allocated to product lines (c)0.60

0.62
(3)
58.1

65.3
(11)Expenses not allocated to product lines(0.20)

(0.18)
11
(19.8)

(19.0)
4Operating earnings before taxes1.78

1.65


173.5

173.9

Income tax expense on operating income(0.31)

(0.34)
(9)
(30.1)

(35.9)
(16)Net operating income (1)1.47

1.31
12
143.4

138.0
4Net realized investment losses from disposals,
impairments and change in allowance for credit
losses(0.26)

(0.33)


(25.2)

(35.1)

Net change in market value of investments
recognized in earnings(0.01)

(0.06)


(1.3)

(6.6)

Changes in fair value of embedded derivative
liabilities and market risk benefits(0.02)

0.88


(1.5)

92.6

Expenses related to TechMod initiative(0.10)

—


(9.9)

—

Goodwill and other asset impairment(0.05)

—


(5.2)

—

Net loss related to divested business(0.18)

—


(17.3)

—

Other(0.02)

0.07


(1.7)

7.3

Non-operating income before taxes(0.64)

0.56


(62.1)

58.2

Income tax expense on non-operating income0.12

(0.13)


11.6

(13.3)

Net non-operating income (0.52)

0.43


(50.5)

44.9

Net income$           0.95

$            1.74


$       92.9

$    182.9















Weighted average diluted shares outstanding97.3

105.2








 FINANCIAL SUMMARY 
Year End 
(Amounts in millions, except per share data) 
(Unaudited)Net income decreased in 2025 and increased in 2024 due to non-economic accounting impacts resulting from market volatility.  Net income also decreased in 2025 due to a goodwill and intangible asset impairment.Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items including the goodwill and intangible asset impairment. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1).  Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business.  Net income is the most directly comparable GAAP measure. Net income and net operating income(1) were favorably impacted by significant items of $37.5 million, or $0.38 per diluted share, in 2025 and $18.8 million, or $0.17 per diluted share, in 2024. Significant items are detailed in note (6).
Per diluted share







Year ended December 31,
Year ended December 31,
2025

2024
% change
2025

2024
% change













Income from insurance products (b)$           4.57

$            3.93
16 %
$     456.3

$    424.7
7 %Fee income0.15

0.28
(46)
15.2

30.0
(49)Investment income not allocated to product lines (c)1.70

1.55
10
169.4

167.9
1Expenses not allocated to product lines(0.88)

(0.67)
31
(87.7)

(71.8)
22Operating earnings before taxes5.54

5.09


553.2

550.8

Income tax expense on operating income(1.14)

(1.12)
2
(114.0)

(121.5)
(6)Net operating income (1)4.40

3.97
11
439.2

429.3
2Net realized investment losses from disposals,
impairments and change in allowance for credit
losses(0.69)

(0.67)


(69.0)

(72.7)

Net change in market value of investments
recognized in earnings0.14

0.21


14.3

22.8

Changes in fair value of embedded derivative
liabilities and market risk benefits(0.64)

0.43


(64.0)

46.3

Expenses related to TechMod initiative(0.20)

—


(20.3)

—

Goodwill and other asset impairment(1.02)

—


(101.9)

—

Net loss related to divested business(0.17)

—


(17.3)

—

Other(0.02)

(0.07)


(1.6)

(7.3)

Non-operating income before taxes(2.60)

(0.10)


(259.8)

(10.9)

Income tax expense on non-operating income0.50

0.02


49.9

2.4

Net non-operating income (2.10)

(0.08)


(209.9)

(8.5)

Net income$           2.30

$            3.89


$     229.3

$    420.8















Weighted average diluted shares outstanding99.8

108.1








____________________
(a)   GAAP is defined as accounting principles generally accepted in the United States of America.
(b)   Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines.  It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes.  Insurance product margin is management's measure of the profitability of its annuity, health and life segments' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.
(c)   Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN")  program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.  Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale.  Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations.  In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid.  Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.___________________________________________________________________________________________________
Year ended
December 31,
2025
2024Trailing four quarters:


Net Income$        229.3
$        420.8Net operating income (a non-GAAP financial measure)439.2
429.3Net operating income, excluding significant items401.7
410.5



Average of each of the trailing four quarters average:


Shareholders' equity$     2,566.4
$     2,462.5Accumulated other comprehensive loss1,213.4
1,383.7Shareholders' equity, excluding accumulated other comprehensive loss3,779.8
3,846.2



Net operating loss carryforwards(243.1)
(240.0)Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards$     3,536.7
$     3,606.2



Ratios:


Return on equity 8.9 %
17.1 %Operating return on equity (a non-GAAP financial measure) (5)12.4 %
11.9 %Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)11.4 %
11.4 %



Shareholders' equity$        2,638.2
$        2,515.2Accumulated other comprehensive loss1,115.0
1,371.4Shareholders' equity, excluding accumulated other comprehensive loss3,753.2
3,886.6



Basic shares outstanding94,484,339
101,618,957Diluted shares outstanding96,714,213
104,052,793



Book value per share$           27.92
$           24.75



Book value per diluted share$           27.28
$           24.17Accumulated other comprehensive loss per diluted share11.53
13.18Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial measure) (2)$           38.81
$           37.35Non-Operating Items
Net investment losses in 4Q25 were $25.2 million, including the unfavorable change in the allowance for credit losses of $3.0 million. Net investment losses in 4Q24 were $35.1 million, including the unfavorable change in the allowance for credit losses of $7.8 million.During 4Q25 and 4Q24, we recognized a decrease in earnings of $1.3 million and $6.6 million, respectively, due to the net change in market value of investments.During 4Q25 and 4Q24, we recognized a decrease in earnings of $1.5 million and an increase of $92.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities.  Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.During 4Q25, we incurred $9.9 million of expense related to TechMod, our previously announced technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.We recognized a $5.2 million non-operating charge for the impairment of other assets and a $17.3 million loss related to our exit from the fee services side of the Worksite business during 4Q25, as previously announced. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income.  These operating losses were previously reported in operating income as a component of fee income.Other non-operating items included a decrease in earnings of $1.7 million and an increase of $6.6 million for the mark-to-market change in the agent deferred compensation plan liability, which was impacted by changes in the underlying actuarial assumptions used to value the liability in 4Q25 and 4Q24, respectively. We recognize the mark-to-market change in the estimated value of this liability through earnings as assumptions change.INVESTMENT PORTFOLIO
(Dollars in millions)Fixed maturities, available for sale, at amortized cost by asset class as of December 31, 2025 are as follows:
Investment
grade
Below
investment
grade
TotalCorporate securities$     13,876.5
$          692.3
$     14,568.8United States Treasury securities and obligations of the United States government and agencies207.2
—
207.2States and political subdivisions3,289.0
22.4
3,311.4Foreign governments130.9
—
130.9Asset-backed securities1,734.1
46.7
1,780.8Agency residential mortgage-backed securities838.3
—
838.3Non-agency residential mortgage-backed securities1,400.3
238.8(a)1,639.1Collateralized loan obligations1,142.4
—
1,142.4Commercial mortgage-backed securities2,079.2
78.3
2,157.5Total$     24,697.9
$       1,078.5
$     25,776.4____________________(a)   Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners ("NAIC").As of December 31, 2025, the fair value of CNO's available for sale fixed maturity portfolio was $23,886.8 million compared with an amortized cost of $25,776.4 million.  Net unrealized losses were comprised of gross unrealized gains of $235.3 million and gross unrealized losses of $2,088.9 million as of December 31, 2025.  The allowance for credit losses was $36.0 million at December 31, 2025.Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 380 percent at December 31, 2025, reflecting estimated 4Q25 statutory operating gain of $18.4 million.  There were $273.8 million insurance company dividends, net of capital contributions, to the holding company during 4Q25.During 4Q25, we repurchased $60.0 million of common stock under our securities repurchase program (including $0.9 million of repurchases settled in 1Q26).  We repurchased 1.5 million common shares at an average cost of $40.74 per share.  As of December 31, 2025, we had 94.5 million shares outstanding and had authority to repurchase up to an additional $420.4 million of our common stock.  During 4Q25, dividends paid on common stock totaled $16.2 million.Unrestricted cash and investments held by our holding company were $351.4 million at December 31, 2025 compared to $372.5 million at December 31, 2024.Book value per common share was $27.92 at December 31, 2025 compared to $24.75 at December 31, 2024.  Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.81 at December 31, 2025 compared to $37.35 at December 31, 2024. The debt-to-capital ratio was 33.6% and 42.2% at December 31, 2025 and 2024, respectively.  Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.2% and 32.1% at December 31, 2025 and 2024, respectively.  The reduction in the ratios from December 31, 2024 was primarily due to the repayment of the 2025 Notes in 2Q25.Return on equity for the trailing four quarters ended December 31, 2025 and 2024 was 8.9% and 17.1%, respectively.  Operating return on equity, excluding significant items(5), for the trailing four quarters ended December 31, 2025 and 2024 was 11.4%.In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business.  The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective.  CNO's definitions of non-GAAP measures may differ from other companies' definitions.  More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.CAUTION REGARDING FORWARD-LOOKING STATEMENTS:This press release may contain forward-looking statements within the meaning of federal securities laws.  These prospective statements reflect management's current expectations, but are not guarantees of future performance.  Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2024 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.EARNINGS RELEASE CONFERENCE CALL WEBCAST:The Company will host a conference call to discuss results on February 6, 2026 at 11:00 a.m. Eastern Time.  During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.To participate by dial-in, please register at https://events.q4inc.com/analyst/745932136?pwd=4a24Aol9. 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 to registered participants via email.For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast.  The event can be accessed through the Investors section of the company's website: ir.CNOinc.com.  Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.ABOUT CNO FINANCIAL GROUP CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America.  CNO provides life and health insurance, annuities, and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National.  Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited) 
Three months ended
Year ended
December 31,
December 31,
2025
2024
2025
2024Revenues:






Insurance policy income$              662.2
$             643.6
$          2,622.6
$           2,558.5Net investment income:






General account assets406.1
399.5
1,542.4
1,419.4Policyholder and other special-purpose portfolios22.4
17.1
181.0
329.4Investment gains (losses):






Realized investment losses(21.6)
(26.2)
(59.6)
(75.6)Other investment gains (losses)(4.9)
(15.5)
4.9
25.7Total investment losses(26.5)
(41.7)
(54.7)
(49.9)Fee revenue and other income78.9
78.7
196.1
192.1Total revenues1,143.1
1,097.2
4,487.4
4,449.5Benefits and expenses:






Insurance policy benefits617.7
508.3
2,548.2
2,450.3Liability for future policy benefits remeasurement loss(14.9)
(12.0)
(70.7)
(41.1)Change in fair value of market risk benefits(4.4)
(14.9)
(12.4)
(60.5)Interest expense53.2
62.0
230.9
254.4Amortization of deferred acquisition costs and present value of future profits  72.1
65.3
278.0
251.2Goodwill and other asset impairment5.2
—
101.9
—Gain on extinguishment of borrowings related to variable interest entities—
—
(1.5)
—Other operating costs and expenses302.8
256.4
1,119.6
1,055.3Total benefits and expenses1,031.7
865.1
4,194.0
3,909.6Income before income taxes111.4
232.1
293.4
539.9Income tax expense18.5
49.2
64.1
119.1Net income$                92.9
$             182.9
$             229.3
$             420.8Earnings per common share:






Basic:






Weighted average shares outstanding95,136,000
102,778,000
97,763,000
106,144,000Net income$                0.98
$               1.78
$               2.35
$               3.96Diluted:






Weighted average shares outstanding97,278,000
105,230,000
99,822,000
108,116,000Net income$                0.95
$               1.74
$               2.30
$               3.89
NOTES(1)Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry.  The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings.  Management believes this information helps provide a better understanding of the business and a more meaningful analysis of results of our insurance product lines.  A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2 and page 3.  Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.(2)Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested.  The dilution from options, restricted shares and performance units is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.  In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.(3)The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.(4)Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities).  Sales of third-party products are excluded.(5)Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):







Net operating









Net operating
income,









income,
excluding


Net





excluding
significant


income -

Net operating
Significant
significant
items - trailing
Net
trailing

income
items
items (a)
four quarters
income (loss)
four quarters1Q24
$                  57.5
$                     —
$                  57.5
$                311.7
$                112.3
$                389.62Q24
114.6
—
114.6
364.0
116.3
432.23Q24
119.2
(21.9)(b)97.3
376.9
9.3
274.24Q24
138.0
3.1(c)141.1
410.5
182.9
420.81Q25
81.1
(5.3)(d)75.8
428.8
21.5
330.02Q25
87.5
—
87.5
401.7
91.8
305.53Q25
127.2
(32.2)(e)95.0
399.4
23.1
319.34Q25
143.4
—
143.4
401.7
92.9
229.3












(a)See note (6) for additional information.

(b)Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.

(c)Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.

(d)Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.

(e)Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):


Year ended December 31,


4Q25
4Q24Pre-tax operating earnings (a non-GAAP financial measure)$           553.2
$            550.8Income tax expense(114.0)
(121.5)Net operating income439.2
429.3Non-operating items:


Net realized investment losses from disposals, impairments and change in allowance for credit losses(69.0)
(72.7)Net change in market value of investments recognized in earnings14.3
22.8Changes in fair value of embedded derivative liabilities and market risk benefits(64.0)
46.3Fair value changes related to the agent deferred compensation plan(1.7)
6.6Expenses related to TechMod initiative(20.3)
—Goodwill and other asset impairment(101.9)
—Net loss related to divested business(17.3)
—Other0.1
(13.9)Non-operating loss before taxes(259.8)
(10.9)    Income tax benefit on non-operating loss49.9
2.4Net non-operating loss(209.9)
(8.5)Net income$           229.3
$            420.8A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions): 


1Q23
2Q23
3Q23
4Q23Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$         3,543.8
$         3,603.0
$         3,744.2
$         3,712.8Net operating loss carryforwards152.4
126.3
102.6
79.6Accumulated other comprehensive loss(1,664.4)
(1,733.5)
(1,956.7)
(1,576.8)Common shareholders' equity$         2,031.8
$         1,995.8
$         1,890.1
$         2,215.6












1Q24
2Q24
3Q24
4Q24Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$         3,536.8
$         3,596.7
$         3,529.9
$         3,810.0Net operating loss carryforwards311.2
296.5
273.9
76.6Accumulated other comprehensive loss(1,480.3)
(1,464.3)
(1,116.0)
(1,371.4)Common shareholders' equity$         2,367.7
$         2,428.9
$         2,687.8
$         2,515.2












1Q25
2Q25
3Q25
4Q25Consolidated capital, excluding accumulated other comprehensive







income (loss) and net operating loss carryforwards







(a non-GAAP financial measure)$         3,498.9
$         3,504.3
$         3,483.6
$         3,510.2Net operating loss carryforwards295.3
271.1
246.3
243.0Accumulated other comprehensive loss(1,239.1)
(1,252.7)
(1,118.9)
(1,115.0)Common shareholders' equity$         2,555.1
$         2,522.7
$         2,611.0
$         2,638.2A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

Trailing four quarter average

4Q25
4Q24Consolidated capital, excluding accumulated other comprehensive



income (loss) and net operating loss carryforwards



(a non-GAAP financial measure)$         3,536.7
$         3,606.2Net operating loss carryforwards243.1
240.0Accumulated other comprehensive loss(1,213.4)
(1,383.7)Common shareholders' equity$         2,566.4
$         2,462.5

(6)The tables below summarize the financial impact of significant items on our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data). 

Year ended

December 31, 2025

Actual results
Significant items
Excluding significantitemsInsurance product margin





Annuity margin
$      238.6
$       (16.6)(a)$       222.0Health margin
556.6
(21.1)(a)535.5Life margin
272.4
(10.4)(a)262.0Total insurance product margin
1,067.6
(48.1)
1,019.5Allocated expenses
(611.3)
—
(611.3)Income from insurance products
456.3
(48.1)
408.2Fee income
15.2
—
15.2Investment income not allocated to product lines
169.4
—
169.4Expenses not allocated to product lines
(87.7)
—
(87.7)Operating earnings before taxes
553.2
(48.1)
505.1Income tax (expense) benefit on operating income
(114.0)
10.6
(103.4)Net operating income
$      439.2
$       (37.5)
$       401.7






Net operating income per diluted share
$        4.40
$       (0.38)
$         4.02___________(a)   Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review during 3Q25 and $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, during 1Q25. 

Three months ended

September 30, 2025

Actual results
Significant items
Excluding significantitemsInsurance product margin





Annuity margin
$         72.9
$       (16.6)(a)$         56.3Health margin
157.0
(21.1)(a)135.9Life margin
70.6
(3.6)(a)67.0Total insurance product margin
300.5
(41.3)
259.2Allocated expenses
(151.0)
—
(151.0)Income from insurance products
149.5
(41.3)
108.2Fee income
(3.9)
—
(3.9)Investment income not allocated to product lines
39.5
—
39.5Expenses not allocated to product lines
(22.3)
—
(22.3)Operating earnings before taxes
162.8
(41.3)
121.5Income tax (expense) benefit on operating income
(35.6)
9.1
(26.5)Net operating income
$       127.2
$       (32.2)
$         95.0






Net operating income per diluted share
$         1.29
$       (0.33)
$         0.96___________
(a)    Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.
 

Three months ended

March 31, 2025

Actual results
Significantitems
Excluding significantitemsInsurance product margin





Annuity margin
$         54.5
$            —
$         54.5Health margin
126.2
—
126.2Life margin
68.2
(6.8)(a)61.4Total insurance product margin
248.9
(6.8)
242.1Allocated expenses
(161.2)
—
(161.2)Income from insurance products
87.7
(6.8)
80.9Fee income
(0.8)
—
(0.8)Investment income not allocated to product lines
38.0
—
38.0Expenses not allocated to product lines
(20.3)
—
(20.3)Operating earnings before taxes
104.6
(6.8)
97.8Income tax (expense) benefit on operating income
(23.5)
1.5
(22.0)Net operating income
$         81.1
$         (5.3)
$         75.8






Net operating income per diluted share
$         0.79
$       (0.05)
$         0.74___________
(a)    Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.
 

Year ended

December 31, 2024

Actual results
Significant items
Excluding significantitemsInsurance product margin





Annuity margin
$      274.2
$       (36.2)(a)$       238.0Health margin
516.8
8.2(a)525.0Life margin
249.0
0.7(a)249.7Total insurance product margin
1,040.0
(27.3)
1,012.7Allocated expenses
(615.3)
—
(615.3)Income from insurance products
424.7
(27.3)
397.4Fee income
30.0
—
30.0Investment income not allocated to product lines
167.9
—
167.9Expenses not allocated to product lines
(71.8)
2.9(b)(68.9)Operating earnings before taxes
550.8
(24.4)
526.4Income tax (expense) benefit on operating income
(121.5)
5.6
(115.9)Net operating income
$      429.3
$       (18.8)
$       410.5






Net operating income per diluted share
$        3.97
$       (0.17)
$         3.80___________
(a)    Comprised of $27.3 million of net favorable impact arising from our comprehensive annual actuarial review.
(b)    Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.
 

Three months ended

December 31, 2024

Actual results
Significant items
Excluding significantitemsInsurance product margin





Annuity margin
$         55.0
$            —
$         55.0Health margin
130.1
3.9(a)134.0Life margin
68.0
—
68.0Total insurance product margin
253.1
3.9
257.0Allocated expenses
(146.1)
—
(146.1)Income from insurance products
107.0
3.9
110.9Fee income
20.6
—
20.6Investment income not allocated to product lines
65.3
—
65.3Expenses not allocated to product lines
(19.0)
—
(19.0)Operating earnings before taxes
173.9
3.9
177.8Income tax (expense) benefit on operating income
(35.9)
(0.8)
(36.7)Net operating income
$       138.0
$          3.1
$       141.1






Net operating income per diluted share
$         1.31
$        0.03
$         1.34___________
(a)    Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review.
 

Three months ended

September 30, 2024

Actual results
Significant items (a)
Excluding significantitemsInsurance product margin





Annuity margin
$         91.1
$       (36.2)(b)$         54.9Health margin
127.8
4.3(b)132.1Life margin
63.3
0.7(b)64.0Total insurance product margin
282.2
(31.2)
251.0Allocated expenses
(153.0)
—
(153.0)Income from insurance products
129.2
(31.2)
98.0Fee income
(2.7)
—
(2.7)Investment income not allocated to product lines
45.5
—
45.5Expenses not allocated to product lines
(18.5)
2.9(c)(15.6)Operating earnings before taxes
153.5
(28.3)
125.2Income tax (expense) benefit on operating income
(34.3)
6.4
(27.9)Net operating income
$       119.2
$       (21.9)
$         97.3






Net operating income per diluted share
$         1.11
$       (0.19)
$         0.92___________
(a)    Significant items impacting the health margin were revised from $8.2 million reported in September 30, 2024 to $4.3 million.
(b)    Comprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review.
(c)    Comprised of $2.9 million of the unfavorable impact related to a fixed asset impairment.
 



View original content to download multimedia:https://www.prnewswire.com/news-releases/cno-financial-group-reports-fourth-quarter-and-full-year-2025-results-302680662.htmlSOURCE CNO Financial Group

Original: CNO Financial Group Reports Fourth Quarter and Full Year 2025 Results

Merry Christmas to you and happy new year! John 3:16

Wanting to wish CNO stockholders a very Merry Christmas

Consolidated sales for the quarter increased 5% and collected premiums from core segments were up 4%

http://www.earningsimpact.com/Transcript/82487/CNO/Q2-2013-Earnings-Call

~ Monday! $CNO ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $CNO ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=CNO&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=CNO&p=W&b=3&g=0&id=p54550695994



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<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=CNO >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

I've been accumulating ... and can't imagine why it won't continue as it has since my radar found it in August 2009 when it was $4.30.

It's a slow, steady winner.

Beat estimate,hope it moves on news.GL

Something to check out...

Mgrn


Go big Cno

Held through earnings,way undervalued should be trading around 10-12 easy.

Did you hold through earnings? Looks like it will gap up in the morning. Currently after hours it is at 6.85.

I bought some last week 6.40,hoping for a run to about seven by the end of the week.

Is this a good time to buy CNO...not many opinions on board?

great, track also PMI!

Get on board!! going up!
80% institution owned!
http://www.mffais.com/cno

makes sense

Mr. Bradford,

Thank you for your inquiry.

With regard to your questions below, with $20 billion of invested assets, higher interest rates will increase investment income, yet higher interest rates will reduce the market values of our fixed income portfolio. That said, as we have many customers with smaller average policy sizes, we do not have a significant risk of needing to sell assets at market losses, so on average higher interest rates are more favorable than negative for our business.

Please let us know if you have any additional questions.

Thank you.

CONSECO IR

CNO is strong stock, but market in general is bearish...there are no buyers, and if any , we will see only short lasting rallies...
I am afraid we need to see some retrace of DJ first.... then some good news can give it new momentum....

There are no good news on the market now....and separate companies will not help it.

CNO is good stock, unfortunately Paulson has made bad timing....market was already overbought....

Everybody waits for NOV 4....if the results are not good...we will see huge sell off

If the results are good, after short run there will be HUGE sell off....because there will be no catalyst to hold it afterwards....and CNO will join soon the overall sentiment of the market.....

Nobody is buying for long now, except those who are trapped and averaging down....

CNO stock looks good, 10+ for sure in normal market....but DJ looks ready for major correction in connection with bad news from all around the world...We have NO RECOVERY here....and that is painfull..

just my opinion of course

Very low volume sell-off here. Added more at $5.28 and $5.16. Take her down to $5 boys, I want more for cheaper.

She's thin all the way back over $6. We might get there today if the market holds up

Added more @ $5.45. One of the cheapest $8-10 stocks out there right now, and with earnings looming, I think we could go even higher.

Back in @ 5.69. Way undervalued

Glad to be on this board where there are some keen investors of CNO!

It was Glen Bradford's article that got me interested in CNO. He is definitely right about CNO, wished I would have bought all in on CNO in March when he had his alpha article about Take A Risk with CNO. Glen-You are a financial genius!!!!!

Long and Strong CNO. I believe we are headed higher.

good pick - :)

Still have all my shares of CNO....this one will ride to =

FBR Capital Markets analyst raised his target price to $9 from $4
While the moves will dilute existing shareholders they will allow Conseco to retire debt and could help offset credit losses, FBR Capital Markets analyst Randy Binner said in a note to investors Wednesday. He upgraded Conseco to "outperform" from "market price" and raised his target price to $9 from $4.

Analysts at Moody's Investors Services on Wednesday boosted the outlook for insurer Conseco Inc. to positive from negative, citing the company's efforts to pay down debt and boost capital.

They viewed the plans positively with Credit Suisse analyst Thomas Gallagher saying it's a "significant positive step in restoring the company's focus towards its core insurance operations."

Standard & Poor's said Wednesday it raised the ratings outlook on Conseco Inc. to stable from negative on an announced recapitalization plan

Book value 13.00 after Q2

and after Q3 ???

23% UP - CONSECO is heading to 10.00

coooooooool......

that is what I call GOOD MORNING!!!


Thanks soy!

What a buy....I have nothing else than CNO.... :))

up 15-20% a/h because paulson & co took a 10% stake in the company - :)

i've been here a while. long while. 10 bagger ++

2 bags left.

CNO will be over 10.00 till the end of the year

Real nice day here so far.

book value of 13.00 already now.......

two quarters in a row with positive earnings after 7 quarters in a row with loss....this stock was used to be over 20.00

that says it all!

This is a ten dollar stock, period! 2 months of positive earnings.

Congratulations to all CNO longs.....4.35 !!!!!!!

CNO - cup and handle, here we go...........

i'm right here along with you.

Undervalued. But everybody is too bored to repeat it here again and again and again. So we shut up here and just enjoying the green days heading us slowly but steadily to 5.50 ....then Q3 numbers will come out and we will be heading to 8.00...et cetera et cetera et cetera
:)

GLTY

P.S. Book value now = 13.00 :)

haha another vacant week on this board. that is a leading indicator of price appreciation.

my take as well.

not at all. Because of the timing of all of them I am pretty sure it is well prepared manipulation, but with little impact.....we will never here about these class actions again imo... :)

NICE...Chart Is Sweet! Enjoy Your Weekend!

Any concerns about the pending lawsuit?

Weeeeeeeeee