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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.
CNO Financial Group reported a strong performance for Q4 and full year 2020 despite pandemic challenges. Net income for Q4 2020 was $111.8 million ($0.80 per diluted share), down from $278.0 million in Q4 2019, primarily due to a previous tax benefit. However, net operating income rose to $86.0 million ($0.61 per diluted share), up from $78.6 million. Full year net income was $301.8 million ($2.11 per diluted share), down from $409.4 million in 2019. The company returned $330 million to shareholders and achieved a significant increase in life and direct-to-consumer sales.
CNO Financial Group (NYSE: CNO) has acquired DirectPath, a national provider of employee benefits management services, for approximately $50 million. This acquisition aims to enhance CNO's offerings in benefits administration and employee engagement, addressing increased employer demand in the post-COVID work environment. DirectPath serves over 2.5 million covered employees across 400 employers and collaborates with around 7,000 broker partners. The deal is expected to positively impact CNO's operating earnings per share starting in 2022.
AM Best has upgraded the outlooks for CNO Financial Group, Inc. (CNO) from stable to positive and affirmed its Financial Strength Rating (FSR) of A- and Long-Term Issuer Credit Ratings (ICR) of 'a-'. This reflects CNO's strong balance sheet, characterized by very strong risk-adjusted capitalization and good liquidity. The revised outlook is attributed to positive earnings trends and stable premium and investment income, while the company's diversified product offerings and effective risk management enhance its competitive position.
CNO Financial Group will announce its fourth-quarter 2020 results on February 9, 2021, after market close. A conference call to discuss the results is scheduled for February 10 at 11:00 a.m. ET. Investors can participate via dial-in or online webcast, with registration required for dial-in access. A replay will be available on the company’s investor website. For further details, visit CNOinc.com.
CNO Financial Group, Inc. (NYSE: CNO) announced a public offering of $150 million in 5.125% subordinated debentures due 2060. The offering is set to complete on November 25, 2020, pending customary closing conditions. Interest will be paid quarterly beginning on February 25, 2021. Net proceeds will be used for general corporate purposes. The offering is managed by BofA Securities, RBC Capital Markets, and Wells Fargo Securities. This announcement does not constitute an offer to sell the Debentures in jurisdictions where such an offer would be unlawful.
CNO Financial Group, Inc. (NYSE: CNO) has declared a quarterly cash dividend of $0.12 per share on its common shares. This dividend will be payable on December 24, 2020, to shareholders of record at the close of business on December 10, 2020. This announcement reflects the company's commitment to return value to its shareholders amidst current market conditions.
CNO Financial Group announced the appointment of Steven Shebik as a director and the nomination of Chet Ragavan for election at the annual meeting in May 2021. This brings the board size to 10 directors. Shebik brings extensive experience from his previous roles at Allstate, including vice chair and CEO of Allstate Life Insurance. Ragavan, a former executive at Voya Financial, has significant expertise in risk management and investment strategy. The board also noted the upcoming retirement of Charles Jacklin at the end of his term in May 2021.
Bankers Life, part of CNO Financial Group, announced a new retirement income planning software tool designed to offer personalized guidance to clients, particularly beneficial during current economic challenges. Developed in collaboration with RetireUp, the tool enables wealth management professionals to create tailored retirement plans and facilitates virtual consultations, enhancing client engagement. The software aims to simplify complex financial concepts, offering interactive visuals for better understanding. This initiative aligns with Bankers Life's commitment to improving customer service and financial planning efficiency.
CNO Financial Group reported a significant increase in net income for Q3 2020, reaching $129.2 million or $0.91 per diluted share, compared to $42.0 million or $0.27 per diluted share in Q3 2019. Net operating income also rose to $112.6 million, up 63% year-over-year. The company returned $66.8 million to shareholders through buybacks and dividends. Operating EPS increased 76% to $0.79. CNO's capital remains strong, with a book value of $36.32 per diluted share, up 22% from the previous year.
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