Fitch Upgrades CNO Financial Group's Insurer Financial Strength Ratings to A

Rhea-AI Summary

CNO Financial Group (NYSE: CNO) - Fitch Ratings upgrades insurer financial strength and Long-Term Issuer Default Rating, citing sustained improvement in earnings performance and strong capital position. CEO Gary C. Bhojwani expresses satisfaction with the recognition of the company's solid operating performance, strategically focused business profile, and strong capital position.

Positive

• Fitch Ratings upgraded the insurer financial strength (IFS) of CNO's insurance operating subsidiaries to A from A-
• Fitch also upgraded the Long-Term Issuer Default Rating of CNO to BBB+ from BBB
• Sustained improvement in CNO's earnings performance driven by diversified earnings mix and stable insurance product margins
• Higher interest rate environment expected to further support strong operating results

Negative

• None.

CARMEL, Ind., Nov. 16, 2023 /PRNewswire/ -- CNO Financial Group (NYSE: CNO) announced that Fitch Ratings has upgraded the insurer financial strength (IFS) of the company's insurance operating subsidiaries to A from A-. Fitch also upgraded the Long-Term Issuer Default Rating of CNO to BBB+ from BBB. CNO's rating outlook is stable.

Fitch stated, "The ratings upgrade reflects sustained improvement in CNO's earnings performance over recent periods driven by the company's diversified earnings mix and stable insurance product margins. Additionally, the current higher interest rate environment is expected to further support strong operating results."

"We are pleased that Fitch recognized our solid operating performance, strategically focused business profile and our strong capital position in our upgraded financial strength rating," said Gary C. Bhojwani, chief executive officer. "We continue to be well-positioned to deliver on our strategic priorities and drive profitable growth."

CNO's life and insurance subsidiaries include Bankers Life and Casualty Company (Bankers Life), Washington National Insurance Company, Colonial Penn Life Insurance Company (Colonial Penn), and Bankers Conseco Life Insurance Company.

For more information, refer to the Fitch Ratings press release.

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 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,600 exclusive agents and more than 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

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SOURCE CNO Financial Group, Inc.

FAQ

What is the recent announcement from CNO Financial Group?

CNO Financial Group (NYSE: CNO) announced that Fitch Ratings has upgraded the insurer financial strength (IFS) of the company's insurance operating subsidiaries to A from A-. Fitch also upgraded the Long-Term Issuer Default Rating of CNO to BBB+ from BBB.

What are the reasons behind the ratings upgrade by Fitch Ratings?

Fitch Ratings cited sustained improvement in CNO's earnings performance driven by the company's diversified earnings mix and stable insurance product margins. Additionally, the current higher interest rate environment is expected to further support strong operating results.

Which subsidiaries are included in CNO's life and insurance business?

CNO's life and insurance subsidiaries include Bankers Life and Casualty Company (Bankers Life), Washington National Insurance Company, Colonial Penn Life Insurance Company (Colonial Penn), and Bankers Conseco Life Insurance Company.