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CNO Financial Group, Inc. (NYSE: CNO) is a prominent holding company specializing in providing life and health insurance, annuities, and financial services to middle-income American consumers. Established in 1979 and headquartered in Carmel, Indiana, CNO began operations in 1982. Initially known as Conseco, Inc., the company rebranded to its current name in 2010. CNO operates through various subsidiaries, including Bankers Life, Washington National, Colonial Penn, and 40|86 Advisors, catering to over 4 million middle-income working Americans and retirees.
The core business segments of CNO Financial Group include annuity, health, and life insurance product lines, as well as investment and fee revenue segments. The company generates the majority of its revenue from the health product line, with annuity premiums also contributing significantly. CNO's broad product portfolio includes long-term care, life, and supplemental health insurance, along with annuity products such as fixed index annuities, traditional fixed-rate annuities, and single-premium immediate annuities.
CNO's distribution network comprises exclusive agents, independent producers, and direct marketing channels, allowing consumers to access their products through various means including phone, online, mail, and face-to-face interactions with agents. The company's strategic focus on the under-served middle market positions it uniquely to address the financial security needs of more than 50 million households across the United States.
Recent achievements highlight CNO's ongoing commitment to growth and community engagement. The company continues to expand its agent force and enhance productivity through new product offerings and tech-enabled efficiency initiatives. Financially, CNO reported net income of $167.3 million in 3Q23, reflecting strong underwriting margins and net investment income results. Additionally, CNO's annual CNO Financial Indianapolis Monumental Marathon has become a celebrated event, underscoring the company's dedication to health and wellness in the central Indiana community.
CNO Financial Group is also committed to social responsibility, evidenced by its $50,000 donation to the African American Alliance of CDFI CEOs for the second consecutive year. This contribution aims to support economic equity and empower Black-led community development financial institutions.
With robust financial health, as demonstrated by a strong capital position and sustained profitable growth, CNO Financial Group continues to focus on delivering value to its customers, agents, and shareholders. The company's latest initiatives include the launch of a Bermuda affiliate to enhance its reinsurance strategy, which further strengthens its operational framework.
Looking ahead, CNO Financial Group is poised for significant growth, driven by a comprehensive product portfolio, an expanding agent base, and a steadfast commitment to serving the financial security needs of middle-income Americans.
On July 22, 2021, a study from the Center for a Secure Retirement and CNO Financial Group revealed that 41% of middle-income Boomers have financially supported family during COVID-19, significantly affecting their retirement plans. Nearly all (98%) reported pandemic-related impacts, including reduced savings (75%) and delayed moving plans (65%). The focus has shifted from financial stability to spending time with family. Gender disparities were noted, with 55% of women concerned about retirement finances, while many reported unexpected savings. The study surveyed 2,567 Boomers with household incomes of $30,000 to $100,000.
CNO Financial Group, Inc. (NYSE: CNO) will report its second-quarter 2021 results after market close on July 28, 2021. A conference call to discuss these results will occur at 11:00 a.m. ET on July 29, 2021. Investors can participate via dial-in or listen to a live webcast on the company's website. CNO serves middle-income America with a focus on life and health insurance, offering 3.2 million policies and managing $35 billion in total assets.
CNO Financial Group, Inc. (NYSE: CNO) has signed the Indy Racial Equity Pledge, committing to enhance racial equity in Central Indiana. This initiative, initiated in October 2020, aligns CNO with various organizations focused on addressing disparities in health, prosperity, education, and criminal justice. CNO's pledge includes raising awareness among employees, improving leadership opportunities for people of color and women, and expanding diverse recruitment practices. The company emphasizes its dedication to diversity, equity, and inclusion, aiming to positively impact its workforce and communities.
Bankers Life, a brand under CNO Financial Group, announced the launch of its new Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus). This single-premium fixed indexed annuity is designed to provide tax-deferred savings and guaranteed lifetime income, with options to increase withdrawals temporarily during health crises. The product aims to assist consumers in managing retirement and healthcare expenses, addressing a critical gap where 79% of middle-income Boomers lack long-term care savings. GLIA Plus is available in 49 states, excluding New York.
CNO Financial Group, Inc. (NYSE: CNO) announced a $500 million increase to its stock repurchase program, enhancing shareholder value amidst favorable market conditions. As of March 31, 2021, the company had approximately $169 million remaining under this program. Additionally, the Board approved a $0.01 per share increase in the quarterly dividend, now at $0.13, marking the ninth consecutive annual increase. The dividend is payable on June 24, 2021, to shareholders of record by June 10, 2021.
CNO Financial Group, Inc. (NYSE: CNO) has released its 2020 Corporate Social Responsibility Report, demonstrating its commitment to positive impacts for customers, associates, and the environment. Key achievements include adopting TCFD and SASB frameworks, completing a greenhouse gas emissions inventory, and earmarking $100 million for impact investments. The report emphasizes ethical practices, community support, and diversity initiatives. CNO plans to continue this annual reporting to highlight its sustainability efforts and value creation for stakeholders.
CNO Financial Group, Inc. reported a strong turnaround in Q1 2021, achieving a net income of $147.4 million, or $1.08 per diluted share, compared to a net loss of $21.2 million in Q1 2020. Despite a 5% decrease in net operating income at $75.2 million, record life sales were noted, with a 29% increase in life new annualized premiums. The company repurchased $100 million in stock and completed the acquisition of DirectPath, maintaining robust capital and liquidity. Book value per share rose 40% to $36.75, reflecting strong shareholder returns and operational resilience amidst the pandemic.
CNO Financial Group, Inc. (NYSE: CNO) is set to report its first-quarter 2021 results after market close on April 28, 2021. A conference call to discuss these results will occur on April 29, 2021, at 11:00 a.m. Eastern Time. CNO Financial offers life and health insurance, annuities, and financial services through brands like Bankers Life and Colonial Penn, securing the future of middle-income America with 3.2 million policies and over $35 billion in assets.
CNO Financial Group (NYSE: CNO) declared a quarterly cash dividend of $0.12 per share, payable on March 24, 2021, to shareholders of record by March 10, 2021. Additionally, the company announced its annual meeting will occur via a virtual webcast on May 7, 2021, at 8:00 a.m. ET, allowing eligible shareholders to participate and submit questions.
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