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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.
Fabric, a financial services innovator, has secured $18 million in Series B funding led by CNO Financial Group (NYSE: CNO). This brings its total funding to over $30 million. Fabric plans to enhance its offerings, including modern term life insurance and financial planning tools, aimed at helping families achieve financial security. With a projected 5x growth in term life insurance premiums for 2020, Fabric has expanded to serve tens of thousands of families and introduced new products like 529 college savings and rainy-day savings funds to support parents.
CNO Financial Group, Inc. (NYSE: CNO) will announce its third quarter 2020 earnings after market close on November 2, 2020. A conference call to discuss these results is scheduled for 11:00 a.m. ET on November 3, 2020. Investors can join the call by registering online to receive participation details and can also access a live webcast through the company's Investors section. A replay of the call will be available on the same website.
CNO Financial Group announced that its chairman, Dan Maurer, has been named to the NACD Directorship 100 list for 2020, recognizing him as one of the most influential leaders in corporate governance. Maurer has served on CNO's board since May 2015 and as chairman since May 2018. CEO Gary Bhojwani praised Maurer's leadership, especially during the challenges posed by COVID-19. The NACD Directorship 100 honors corporate directors and governance advocates who exemplify effective governance. Honorees will be featured in an upcoming issue of NACD Directorship magazine.
CNO Financial Group, Inc. (NYSE: CNO) has launched myHealthPolicy.com, an online health insurance marketplace aimed at helping Medicare beneficiaries explore and enroll in Medicare Advantage and Prescription Drug plans. The platform promises a seamless online enrollment experience complemented by personal assistance from over 2,000 licensed agents. In addition, CNO announced that Meredith Vieira will be the brand's spokesperson for a national campaign starting this month. The Medicare Annual Election Period runs from October 15 to December 7, 2020.
CNO Financial Group, Inc. (NYSE: CNO) has been officially certified as a Great Place to Work in its first year of participation. The recognition highlights CNO's commitment to associate engagement, diversity, and professional development. The certification process utilized feedback from over 3,000 employees collected via the Great Place to Work® Trust Index© survey. Additionally, CNO has received accolades such as being named a 2020 Forbes Best Employer for Diversity and a consistent recognition on the Training Magazine Top 125 list.
CNO Financial Group announced a total contribution of $332,000 to the Alzheimer's Association for care, education, and research programs. This includes a $200,000 corporate donation and $132,000 raised through Bankers Life's annual Forget Me Not Days fundraising campaign.
Since 2003, CNO and Bankers Life have contributed over $6.2 million to the Alzheimer’s cause. The company emphasizes its commitment to supporting community health and welfare, with over $2.3 million in philanthropic efforts reported in 2019 alone.
CNO Financial Group has extended its title sponsorship of the CNO Financial Indianapolis Monumental Marathon through 2022. This partnership, in place since 2016, has contributed to a 23% growth in participation, with last year's event becoming the largest yet, featuring 4,900 marathon finishers and over 16,000 total finishers. The marathon will be held virtually in 2020 due to the COVID-19 pandemic. CNO's commitment to health and wellness continues to strengthen community ties and support local initiatives.
CNO Financial Group has declared a quarterly cash dividend of $0.12 per share on common shares. This dividend will be payable on September 24, 2020, to shareholders who are recorded by the close of business on September 10, 2020. The announcement reflects the company's ongoing commitment to return value to shareholders.
CNO Financial Group reported a strong second quarter for 2020, with a net income of $82.0 million or $0.57 per diluted share, a significant increase of 118% from $37.6 million in 2Q19. Net operating income also rose to $79.4 million or $0.55 per diluted share, up 15%. Direct-to-consumer sales surged 52% to a record $29.7 million. CNO returned $47.4 million to shareholders through share repurchases and dividends, decreasing shares outstanding by 10%. The company maintains strong capital and liquidity amidst the pandemic.
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