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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 declared a quarterly cash dividend of $0.13 per share, payable on March 24, 2022, to shareholders of record by the close of business on March 10, 2022. The company will hold a virtual annual meeting for shareholders on May 19, 2022, where eligible participants can vote and ask questions. Additionally, Board member Robert Greving will retire after 11 years of service, leaving the Board with nine members, eight of whom are independent. CNO offers life and health insurance and manages $36 billion in total assets.
CNO Financial Group reported a strong performance for Q4 2021, achieving net income of $115.8 million ($0.93/share), up from $111.8 million ($0.80/share) in Q4 2020. For the full year 2021, net income reached $441.0 million ($3.36/share), a significant increase from $301.8 million ($2.11/share) in 2020. Key highlights include a 10% rise in net operating income and a return on equity of 8.5%. Shareholders benefited from $468.1 million returned through repurchases and dividends. However, the ongoing impact of COVID-19 remains a concern.
CNO Financial Group (NYSE: CNO) received an upgrade in its financial strength rating from AM Best, rising from A- (Excellent) to A (Excellent). This upgrade reflects CNO's very strong balance sheet and robust operating performance, alongside a stable credit rating outlook. AM Best highlighted the improvement in CNO's earnings profile, diversification, quality of investments, and liquidity. CEO Gary C. Bhojwani expressed satisfaction with the acknowledgment of CNO's strategic initiatives focused on sustainable growth and enhancing shareholder value.
AM Best has upgraded CNO Financial Group, Inc.'s Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (ICR) to 'a' (Excellent) from 'a-' (Excellent). These upgrades reflect CNO's improved earnings profile, strong balance sheet strength, and enhanced operating performance. CNO's risk-based capital is estimated at 388%. Despite challenges in increasing margins, the company has shown consistent favorable earnings, particularly in its annuity operations. The outlook for these ratings has been revised to stable from positive.
CNO Financial Group, Inc. (NYSE: CNO) will announce its fourth-quarter 2021 results after market close on February 8, 2022. A conference call is scheduled for February 9, 2022, at 11:00 a.m. ET to discuss the results. Investors can participate by registering online or via webcast, with replay options available post-event. CNO offers a range of financial services, including life and health insurance, with a total of $35 billion in assets and approximately 3.2 million policies in force, aimed at supporting middle-income America.
CNO Financial Group announced the winner of its 2021 corporate holiday and New Year's card competition.
Ram Srivatsa, aged 10, secured the title, representing the artwork of associate Harsha Venkatesha. The competition, held in September and October, invited submissions from young family members of CNO associates, showcasing diverse holiday traditions.
Srivatsa received an art kit, a $500 gift card, and a $500 donation to the Gates Foundation. CNO continues to engage its community with initiatives like this, enhancing corporate culture and charity efforts.
CNO Financial Group, Inc. (NYSE: CNO) appointed Richard Shaffer as Senior Vice President for small market sales and Worksite insurance operations, effective December 6, 2021. Shaffer, who has over 20 years of experience in voluntary benefits and sales, will oversee the company's Worksite business insurance operations. His previous role was at Unum and Colonial Life, focusing on distribution strategy and market development. This move aligns with CNO's strategy to enhance workforce benefits solutions.
CNO Financial Group, Inc. (NYSE: CNO) declared a quarterly cash dividend of $0.13 per share on its common shares. This dividend will be payable on December 24, 2021, to shareholders of record by the close of business on December 10, 2021. The company focuses on providing life and health insurance, annuities, and financial services primarily for middle-income Americans. CNO supports over 3.2 million policies with total assets of approximately $35 billion.
The CNO Financial Indianapolis Monumental Marathon, held on November 6, 2021, witnessed over 13,000 participants, marking a successful return to in-person racing after a virtual event in 2020. Record-breaking performances were achieved in the Men's Marathon and both Men's and Women's Half Marathon. Ian Carter and Christina Murphy emerged as champions, setting new course records. The event sold out for the ninth time, with participants from all 50 states and 11 countries. CNO Financial's title sponsorship continues to foster community health and wellness initiatives, showcasing its commitment to the Indianapolis community.
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