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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 has appointed Brian Schneider as vice president and chief risk officer, effective immediately. Schneider, who previously served as vice president of enterprise risk management at CNO since 2021, will oversee the company’s overall risk management strategy, working closely with leadership on risk governance and business continuity. His extensive experience includes roles at CNA Insurance and Liberty Mutual. CNO aims to enhance its risk management capabilities to support continued growth and stakeholder commitments.
CNO Financial Group has launched Optavise, a unified brand for its Worksite offerings, effectively combining three existing brands into a single comprehensive employee benefits solutions provider. This new brand aims to enhance the market presence of CNO's Worksite capabilities and assist employers and employees in maximizing their benefits. With a network of over 10,000 broker partners and 600 agents, Optavise serves nearly 20,000 businesses across various sectors. The transition to the Optavise brand will be completed by December 31, 2022.
CNO Financial Group (NYSE: CNO) has extended its title sponsorship of the Indianapolis Monumental Marathon through 2024, solidifying its commitment to health and wellness in Indiana. The marathon, organized by Beyond Monumental, is one of the largest in the U.S. and will celebrate its 15th anniversary on November 5, 2022. With over 13,000 registrants in 2021, the event is projected to sell out for the 10th time. The partnership aims to enhance community engagement and promote youth health initiatives through various programs.
Bankers Life, part of CNO Financial Group, is hosting "Alzheimer's Association Awareness Nights" during Greensboro Grasshoppers games in June 2022. This initiative marks the 20th anniversary of Bankers Life's support for the Alzheimer's Association, raising over $6.9 million since 2003. Attendees on June 3, 17, and 24 are encouraged to wear purple, with the first 300 receiving purple sunglasses. Notably, players will wear custom Alzheimer's jerseys on June 24, auctioned for charity. The event aims to boost awareness and funding for Alzheimer's care and research.
CNO Financial Group, Inc. (NYSE: CNO) held its annual meeting on May 19, 2022, where shareholders made key decisions. Nine directors were elected to serve until next year. An advisory vote approved the executive compensation for named officers. The shareholders also ratified the company's Amended Certificate of Incorporation to implement a Replacement NOL Protective Amendment, preserving the value of tax net operating losses. Additionally, PricewaterhouseCoopers LLP was appointed as the independent accounting firm for 2022.
CNO Financial Group has declared a quarterly dividend of $0.14 per share, reflecting a $0.01 increase marking its tenth consecutive annual increase. This dividend will be payable on June 24, 2022, to shareholders on record as of June 10, 2022. With 3.2 million policies and total assets of $35 billion, CNO continues to secure the financial future of middle-income Americans through various insurance and financial services.
CNO Financial Group reported a net income of $112.3 million, or $0.93 per diluted share, for Q1 2022, down from $147.4 million, or $1.08 per diluted share in Q1 2021. Net operating income was $51.1 million ($0.42 per diluted share), also lower than $75.2 million ($0.55) in the prior year. The company repurchased $100 million of shares, returning $116.1 million to shareholders overall. However, earnings were impacted by market volatility, decreased investment income, and increased advertising costs. On a positive note, total new annualized premiums grew 2%, and direct-to-consumer life insurance premiums surged 16%.
CNO Financial Group (NYSE: CNO) announced the acquisition of a strategic minority interest in Rialto Capital, an investment platform specializing in commercial real estate with $14.2 billion in assets under management. This partnership aims to enhance CNO's investment capabilities and diversify its portfolio, ultimately benefiting shareholder returns. CNO's CEO, Gary Bhojwani, emphasized the significance of this investment in Rialto, noting the team's expertise in the sector. The financial details of the transaction remain undisclosed.
CNO Financial Group, Inc. (NYSE: CNO) will report its first-quarter 2022 earnings after market close on May 2, 2022. A conference call is scheduled for May 3, 2022, at 11:00 a.m. ET to discuss the results. The call will be accessible via dial-in and webcast, with replay options available on their official website. CNO is focused on securing the future of middle-income America, providing services through brands like Bankers Life and Colonial Penn, managing $36 billion in total assets.
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