CNO Financial Group Reports First Quarter 2025 Results

PR Newswire

04-29

Solid start to 2025; Continuing track record of growth and improved profitability CARMEL, Ind., April 28, 2025 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $13.7 ...

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(NYSE: CNO) today reported net income of $13.7 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cno-financial-group-reports-first-201500686.html\">網頁鏈接</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CNO Financial Group Reports First Quarter 2025 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCNO Financial Group Reports First Quarter 2025 Results\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">PR Newswire</strong><span class=\"h-time small\">2025-04-29 04:15</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Solid start to 2025; Continuing track record of growth and improved profitability\nCARMEL, Ind., April 28, 2025 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $13.7 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/cno-financial-group-reports-first-201500686.html\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://finance.yahoo.com/news/cno-financial-group-reports-first-201500686.html\">PR Newswire</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4162","symbol_name":"人壽與健康保險","start_time":0,"source_url":"https://finance.yahoo.com/news/cno-financial-group-reports-first-201500686.html","article_id":"2531926664","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/cno-financial-group-reports-first-201500686.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2531926664","pubTimestamp":1745871300,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Solid start to 2025; Continuing track record of growth and improved profitability. CARMEL, Ind., April 28, 2025 /PRNewswire/ --CNO Financial Group, Inc.  today reported net income of $13.7 million, or $0.13 per diluted share, in 1Q25 compared to $112.3 million or $1.01 per diluted share, in 1Q24. Non-economic accounting impacts due to market volatility reduced net income in 1Q25 and increased it in 1Q24. Net operating income, which excludes these non-economic accounting impacts, was $81.1 million, or $0.79 per diluted share, in 1Q25 compared to $57.5 million, or $0.52 per diluted share, in 1Q24. Significant items positively impacted both net income and net operating income by $5.3 million, or $0.05 per diluted share, in 1Q25.Annuity collected premiums up 12%; Client assets in brokerage and advisory up 16%","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4162":"人寿与健康保险","CNO":"康塞科"},"translate_title":"CNO金融集团公布2025年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CNO":1},"content_text":"Solid start to 2025; Continuing track record of growth and improved profitability\nCARMEL, Ind., April 28, 2025 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $13.7 million, or $0.13 per diluted share, in 1Q25 compared to $112.3 million or $1.01 per diluted share, in 1Q24. Non-economic accounting impacts due to market volatility reduced net income in 1Q25 and increased it in 1Q24. Net operating income,(1) which excludes these non-economic accounting impacts, was $81.1 million, or $0.79 per diluted share, in 1Q25 compared to $57.5 million, or $0.52 per diluted share, in 1Q24. Significant items(6) positively impacted both net income and net operating income(1) by $5.3 million, or $0.05 per diluted share, in 1Q25.\n\n  \n\n\"Our first quarter results enable us to reaffirm our full-year 2025 and three-year return on equity guidance,\" said Gary C. Bhojwani, chief executive officer. \"CNO is off to a solid start to the year, building on our strong 2024 performance. Operating earnings per share excluding significant items were up 42% for the quarter, reinforcing our commitment to grow earnings while improving profitability.\"\n\"Most importantly, the core areas of our business continue to perform well, including production, agent force metrics, policyholder persistency, underwriting margin, capital management, and overall investment management. While visibility into macroeconomic drivers―such as interest rates―is deteriorating, our track record demonstrates the resilience of our differentiated business model and our ability to navigate volatility. Demographic tailwinds are in our favor. We remain confident in our capabilities to deliver growth and improve profitability.\"\nFirst Quarter 2025 Highlights (as compared to the corresponding period in the prior year unless otherwise stated)\n\nReaffirm full-year 2025 and three-year return on equity (\"ROE\") guidance\nAnnuity collected premiums up 12%; Client assets in brokerage and advisory up 16%\nConsumer Division Health new annualized premiums (\"NAP\")(4) up 9%; Medicare Supplement NAP up 24%\nWorksite Division NAP up 11%; Producing agent count up 8%\nReturned $116.8 million to shareholders\nBook value per share was $25.33; Book value per diluted share, excluding accumulated other comprehensive loss,(2) was $37.03, up 6%\nROE of 12.1%; Operating ROE(5) of 12.6%\n\nFINANCIAL SUMMARYQuarter End(Amounts in millions, except per share data)(Unaudited)\nNet operating income, a non-GAAP(a) financial measure, is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items as defined in note (1).  Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business.  Net income is the most directly comparable GAAP measure.\n\n\n\n\n\nPer diluted share \n\n\n\n\n\n\n\n\n\n\nQuarter ended \n\nQuarter ended \n\n\n\nMarch 31, \n\nMarch 31, \n\n\n\n2025 \n\n\n2024 \n\n% change \n\n2025 \n\n\n2024 \n\n% change \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome from insurance products (b) \n0.85 \n\n\n$            0.61 \n\n39 \n\n$       87.7 \n\n\n$      68.0 \n\n29 \n\n\nFee income \n(0.01) \n\n\n0.10 \n\n(110) \n\n(0.8) \n\n\n11.3 \n\n(107) \n\n\nInvestment income not allocated to product lines (c) \n0.37 \n\n\n0.11 \n\n236 \n\n38.0 \n\n\n12.3 \n\n209 \n\n\nExpenses not allocated to product lines \n(0.20) \n\n\n(0.15) \n\n33 \n\n(20.3) \n\n\n(16.8) \n\n21 \n\n\nOperating earnings before taxes \n1.01 \n\n\n0.67 \n\n\n\n104.6 \n\n\n74.8 \n\n\n\n\nIncome tax expense on operating income \n(0.23) \n\n\n(0.15) \n\n53 \n\n(23.5) \n\n\n(17.3) \n\n36 \n\n\nNet operating income (1) \n0.79 \n\n\n0.52 \n\n52 \n\n81.1 \n\n\n57.5 \n\n41 \n\n\nNet realized investment losses from sales,impairments and change in allowance for creditlosses \n(0.13) \n\n\n(0.04) \n\n\n\n(13.2) \n\n\n(4.6) \n\n\n\n\nNet change in market value of investments recognized in earnings \n0.06 \n\n\n0.11 \n\n\n\n6.4 \n\n\n12.4 \n\n\n\n\nChanges in fair value of embedded derivativeliabilities and market risk benefits \n(0.77) \n\n\n0.57 \n\n\n\n(79.7) \n\n\n64.0 \n\n\n\n\nOther \n— \n\n\n— \n\n\n\n(0.4) \n\n\n(0.4) \n\n\n\n\nNon-operating income (loss) before taxes \n(0.84) \n\n\n0.64 \n\n\n\n(86.9) \n\n\n71.4 \n\n\n\n\nIncome tax benefit (expense) on non-operatingincome \n0.19 \n\n\n(0.15) \n\n\n\n19.5 \n\n\n(16.6) \n\n\n\n\nNet non-operating income (loss) \n(0.65) \n\n\n0.49 \n\n\n\n(67.4) \n\n\n54.8 \n\n\n\n\nNet income \n$           0.13 \n\n\n$            1.01 \n\n\n\n$       13.7 \n\n\n$    112.3 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average diluted shares outstanding \n103.1 \n\n\n110.8 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nGAAP is defined as accounting principles generally accepted in the United States of America. \n\n\n(b) \nIncome from insurance products is the sum of the insurance margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines.  It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes.  Insurance margin is management's measure of the profitability of its annuity, health and life segments' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs. \n\n\n(c) \nInvestment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes (\"FABN\")  program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders.  Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank (\"FHLB\") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance (\"COLI\") and alternative investments income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. \n\n\n\n\nFINANCIAL SUMMARY (continued)Management vs. GAAP Measures(Dollars in millions, except per share data)(Unaudited)\nShareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale.  Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations.  In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid.  Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.\n___________________________________________________________________________________________________\n\n\n\n\n\nQuarter ended \n\n\n\nMarch 31, \n\n\n\n2025 \n\n2024 \n\n\nTrailing four quarters: \n\n\n\n\n\nNet Income \n$        305.4 \n\n$        389.6 \n\n\nNet operating income (a non-GAAP financial measure) \n452.9 \n\n355.0 \n\n\nNet operating income, excluding significant items \n428.8 \n\n311.7 \n\n\n\n\n\n\n\n\nAverage of each of the trailing four quarters average: \n\n\n\n\n\nShareholders' equity \n$     2,516.0 \n\n$     2,075.3 \n\n\nAccumulated other comprehensive loss \n1,327.9 \n\n1,709.8 \n\n\nShareholders' equity, excluding accumulated other comprehensive loss \n3,843.9 \n\n3,785.1 \n\n\n\n\n\n\n\n\nNet operating loss carryforwards \n(237.6) \n\n(135.1) \n\n\nShareholders' equity, excluding accumulated other comprehensive loss and net operating losscarryforwards \n$     3,606.3 \n\n$     3,650.0 \n\n\n\n\n\n\n\n\nRatios: \n\n\n\n\n\nReturn on equity  \n12.1 % \n\n18.8 % \n\n\nOperating return on equity (a non-GAAP financial measure) (5) \n12.6 % \n\n9.7 % \n\n\nOperating return on equity, excluding significant items (a non-GAAP financial measure) (5) \n11.9 % \n\n8.5 % \n\n\nShareholders' equity \n$        2,530.5 \n\n$        2,367.7 \n\n\nAccumulated other comprehensive loss \n1,239.1 \n\n1,480.3 \n\n\nShareholders' equity, excluding accumulated other comprehensive loss \n3,769.6 \n\n3,848.0 \n\n\n\n\n\n\n\n\nBasic shares outstanding \n99,893,923 \n\n108,568,594 \n\n\nDiluted shares outstanding \n101,796,131 \n\n110,036,495 \n\n\n\n\n\n\n\n\nBook value per share \n$           25.33 \n\n$           21.81 \n\n\n\n\n\n\n\n\nBook value per diluted share \n$           24.86 \n\n$           21.52 \n\n\nAccumulated other comprehensive loss per diluted share \n12.17 \n\n13.45 \n\n\nBook value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financialmeasure) (2) \n$           37.03 \n\n$           34.97 \n\n\n\n\nNon-Operating ItemsNet investment losses in 1Q25 were $13.2 million, including the unfavorable change in the allowance for credit losses of $9.6 million. Net investment losses in 1Q24 were $(4.6) million, including the favorable change in the allowance for credit losses of $1.5 million.\nDuring 1Q25 and 1Q24, we recognized an increase in earnings of $6.4 million and $12.4 million, respectively, due to the net change in market value of investments.\nDuring 1Q25 and 1Q24, we recognized an increase (decrease) in earnings of $(79.7) million and $64.0 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities.  Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.\nINVESTMENT PORTFOLIO(Dollars in millions)\nFixed maturities, available for sale, at amortized cost by asset class as of March 31, 2025 are as follows:\n\n\n\n\n\nInvestmentgrade \n\nBelow investmentgrade \n\nTotal \n\n\nCorporate securities \n13,299.1 \n\n$          642.9 \n\n$     13,942.0 \n\n\nCertificates of deposit \n470.0 \n\n— \n\n470.0 \n\n\nUnited States Treasury securities and obligations of the United States government and agencies \n216.3 \n\n— \n\n216.3 \n\n\nStates and political subdivisions \n3,274.1 \n\n23.5 \n\n3,297.6 \n\n\nForeign governments \n109.0 \n\n— \n\n109.0 \n\n\nAsset-backed securities \n1,524.5 \n\n101.2 \n\n1,625.7 \n\n\nAgency residential mortgage-backed securities \n812.1 \n\n— \n\n812.1 \n\n\nNon-agency residential mortgage-backed securities \n1,296.6 \n\n368.4 \n(a) \n1,665.0 \n\n\nCollateralized loan obligations \n1,009.2 \n\n— \n\n1,009.2 \n\n\nCommercial mortgage-backed securities \n2,230.0 \n\n94.2 \n\n2,324.2 \n\n\nTotal \n$     24,240.9 \n\n$       1,230.2 \n\n$     25,471.1 \n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nCertain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC). \n\n\n\n\nThe fair value of CNO's available for sale fixed maturity portfolio was $23.3 billion compared with an amortized cost of $25.5 billion.  Net unrealized losses were comprised of gross unrealized gains of $164.5 million and gross unrealized losses of $2.3 billion.  The allowance for credit losses was $38.9 million at March 31, 2025.\nStatutory (based on non-GAAP measures) and GAAP Capital InformationThe consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 379% at March 31, 2025, reflecting estimated 1Q25 statutory operating earnings of $13.5 million and the payment of insurance company dividends (net of capital contributions) to the holding company of $8.9 million during 1Q25.\nDuring 1Q25, we repurchased $99.9 million of common stock under our securities repurchase program (including $1.9 million of repurchases settled in 2Q25).  We repurchased 2.5 million common shares at an average cost of $40.24 per share.  As of March 31, 2025, we had 99.9 million shares outstanding and had authority to repurchase up to an additional $640.4 million of our common stock.  During 1Q25, dividends paid on common stock totaled $16.9 million.\nUnrestricted cash and investments held by our holding company were $250.3 million at March 31, 2025 compared to $372.5 million at December 31, 2024.  In addition, the holding company has invested $500.0 million of the proceeds from the previously announced May 2024 issuance of $700.0 million of 6.450% senior notes due 2034 (the \"2034 Notes\") primarily into certificates of deposit, which are expected to be used for the repayment of $500.0 million of 5.250% senior notes due May 2025 (the \"2025 Notes\").\nBook value per common share was $25.33 at March 31, 2025 compared to $24.59 at December 31, 2024.  Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $37.03 at March 31, 2025 compared to $37.19 at December 31, 2024. \nThe debt-to-capital ratio was 42.0% and 42.3% at March 31, 2025 and December 31, 2024, respectively.  Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 32.7% and 32.1% at March 31, 2025 and December 31, 2024, respectively. Such ratios reflect the issuance of the 2034 Notes in May 2024.  At March 31, 2025, adjusting for the expected repayment of the 2025 Notes, the debt-to-total capital ratio would have been 34.5% and the debt-to-total capital ratio, excluding accumulated other comprehensive income (loss), would have been 26.1%.\nReturn on equity for the trailing four quarters ended March 31, 2025 and 2024 was 12.1% and 18.8%, respectively.  Operating return on equity, excluding significant items(5), for the trailing four quarters ended March 31, 2025 and 2024 was 11.9% and 8.5%, respectively.\nIn this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business.  The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective.  CNO's definitions of non-GAAP measures may differ from other companies' definitions.  More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.\nCAUTION REGARDING FORWARD-LOOKING STATEMENTS:\nThis press release may contain forward-looking statements within the meaning of federal securities laws.  These prospective statements reflect management's current expectations, but are not guarantees of future performance.  Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2024 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section.  CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.\nEARNINGS RELEASE CONFERENCE CALL WEBCAST:\nThe Company will host a conference call to discuss results on April 29, 2025 at 11:00 a.m. Eastern Time.  During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.\nTo participate by dial-in, please register at https://www.netroadshow.com/events/login?show=61afe4fc&confId=79513. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.\nFor those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast.  The event can be accessed through the Investors section of the company's website: ir.CNOinc.com.  Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.\nABOUT CNO FINANCIAL GROUP \nCNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America.  CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National.  Our customers work hard to save for the future, and we help protect their health, income, and retirement needs with 3.2 million policies and $37.4 billion in total assets. Our 3,400 associates, 4,800 exclusive agents and more than 5,500 independent partner agents guide individuals, families, and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.\n\n\n\n\nCNO FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Dollars in millions, except per share data) (unaudited) \n\n\n\n\n\n\nThree months ended \n\n\n\nMarch 31, \n\n\n\n2025 \n\n2024 \n\n\nRevenues: \n\n\n\n\n\nInsurance policy income \n$              650.7 \n\n$             628.4 \n\n\nNet investment income: \n\n\n\n\n\n General account assets \n375.1 \n\n301.9 \n\n\n Policyholder and other special-purpose portfolios \n(63.6) \n\n167.3 \n\n\nInvestment gains (losses): \n\n\n\n\n\n Realized investment losses \n(3.8) \n\n(10.0) \n\n\n Other investment gains (losses) \n(3.0) \n\n17.8 \n\n\nTotal investment gains (losses) \n(6.8) \n\n7.8 \n\n\nFee revenue and other income \n48.7 \n\n51.1 \n\n\nTotal revenues \n1,004.1 \n\n1,156.5 \n\n\nBenefits and expenses: \n\n\n\n\n\nInsurance policy benefits \n580.1 \n\n636.6 \n\n\nLiability for future policy benefits remeasurement (gain) loss \n(12.2) \n\n(6.4) \n\n\nChange in fair value of market risk benefits \n15.3 \n\n(18.9) \n\n\nInterest expense \n62.0 \n\n60.2 \n\n\nAmortization of deferred acquisition costs and present value of future profits   \n67.4 \n\n60.5 \n\n\nLoss on extinguishment of borrowings related to variable interest entities \n(1.5) \n\n— \n\n\nOther operating costs and expenses \n275.3 \n\n278.3 \n\n\nTotal benefits and expenses \n986.4 \n\n1,010.3 \n\n\nIncome before income taxes \n17.7 \n\n146.2 \n\n\nIncome tax expense \n4.0 \n\n33.9 \n\n\nNet income \n$                13.7 \n\n$             112.3 \n\n\nEarnings per common share: \n\n\n\n\n\nBasic: \n\n\n\n\n\nWeighted average shares outstanding \n100,743,000 \n\n108,964,000 \n\n\nNet income \n$                0.14 \n\n$               1.03 \n\n\nDiluted: \n\n\n\n\n\nWeighted average shares outstanding \n103,070,000 \n\n110,845,000 \n\n\nNet income \n$                0.13 \n\n$               1.01 \n\n\n\n\n\n\n\n\nNOTES \n\n\n(1) \nManagement believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from sales, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; and (viii) other non-operating items including earnings attributable to variable interest entities, net of taxes (\"net operating income,\" a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry.  Management uses this measure to evaluate performance because the items excluded from net operating income can be affected by events that are unrelated to the company's underlying fundamentals.  A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2.  Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings. \n\n\n(2) \nBook value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested.  The dilution from options, restricted shares and performance units is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period.  In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. \n\n\n(3) \nThe calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure.  Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments. \n\n\n(4) \nMeasured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities).  Sales of third-party products are excluded. \n\n\n(5) \nOperating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters. \n\n\n\n\nThe following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):\n\n\n\n\n\n\n\n\n\n\n\n\nNet operating \n\n\n\n\n\n\n\n\n\n\n\n\nNet operating \n\nincome, \n\n\n\n\n\n\n\n\n\n\n\n\nincome, \n\nexcluding \n\n\n\nNet \n\n\n\n\n\n\n\n\nexcluding \n\nsignificant \n\n\n\nincome - \n\n\n\n\nNet operating \n\nSignificant \n\nsignificant \n\nitems - trailing \n\nNet \n\ntrailing \n\n\n\n\nincome \n\nitems \n\nitems (a) \n\nfour quarters \n\nincome (loss) \n\nfour quarters \n\n\n2Q23 \n\n$                  62.3 \n\n$                     — \n\n$                  62.3 \n\n$                281.2 \n\n$                  73.7 \n\n$                286.8 \n\n\n3Q23 \n\n101.3 \n\n(16.9) \n(b) \n84.4 \n\n287.7 \n\n167.3 \n\n278.2 \n\n\n4Q23 \n\n133.9 \n\n(26.4) \n(c) \n107.5 \n\n312.8 \n\n36.3 \n\n276.5 \n\n\n1Q24 \n\n57.5 \n\n— \n\n57.5 \n\n311.7 \n\n112.3 \n\n389.6 \n\n\n2Q24 \n\n114.6 \n\n— \n\n114.6 \n\n364.0 \n\n116.3 \n\n432.2 \n\n\n3Q24 \n\n119.2 \n\n(21.9) \n(d) \n97.3 \n\n376.9 \n\n9.3 \n\n274.2 \n\n\n4Q24 \n\n138.0 \n\n3.1 \n(e) \n141.1 \n\n410.5 \n\n166.1 \n\n404.0 \n\n\n1Q25 \n\n81.1 \n\n(5.3) \n(f) \n75.8 \n\n428.8 \n\n13.7 \n\n305.4 \n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nSee note (6) for additional information. \n\n\n\n\n\n\n(b) \nComprised of $21.7 million of legal recoveries, net of expenses and increased legal accruals, net of tax expense of $4.8 million. \n\n\n\n\n\n\n(c) \nComprised of $33.9 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $7.5 million. \n\n\n\n\n\n\n(d) \nComprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million. \n\n\n\n\n\n\n(e) \nComprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million. \n\n\n\n\n\n\n(f) \nComprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million. \n\n\n\n\nA reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):\n\n\n\n\n\n\n\nTrailing four quarters \n\n\n\n\n\n1Q25 \n\n1Q24 \n\n\nPre-tax operating earnings (a non-GAAP financial measure) \n$           580.6 \n\n$            457.9 \n\n\nIncome tax expense \n(127.7) \n\n(102.9) \n\n\nNet operating income \n452.9 \n\n355.0 \n\n\nNon-operating items: \n\n\n\n\n\nNet realized investment losses from sales, impairments and change in allowance for credit losses \n(81.3) \n\n(54.6) \n\n\nNet change in market value of investments recognized in earnings \n16.8 \n\n8.0 \n\n\nChanges in fair value of embedded derivative liabilities and market risk benefits \n(119.0) \n\n99.2 \n\n\nFair value changes related to the agent deferred compensation plan \n6.6 \n\n(3.5) \n\n\nOther \n(13.9) \n\n(3.0) \n\n\nNon-operating loss before taxes \n(190.8) \n\n46.1 \n\n\n    Income tax benefit on non-operating loss \n43.3 \n\n(11.5) \n\n\nNet non-operating loss \n(147.5) \n\n34.6 \n\n\nNet income \n$           305.4 \n\n$            389.6 \n\n\n\n\nA reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):\n\n\n\n\n\n\n\n1Q23 \n\n2Q23 \n\n3Q23 \n\n4Q23 \n\n\nConsolidated capital, excluding accumulated other comprehensive \n\n\n\n\n\n\n\n\n\n\nincome (loss) and net operating loss carryforwards \n\n\n\n\n\n\n\n\n\n\n(a non-GAAP financial measure) \n$    3,543.8 \n\n$    3,603.0 \n\n$    3,744.2 \n\n$    3,712.8 \n\n\nNet operating loss carryforwards \n152.4 \n\n126.3 \n\n102.6 \n\n79.6 \n\n\nAccumulated other comprehensive loss \n(1,664.4) \n\n(1,733.5) \n\n(1,956.7) \n\n(1,576.8) \n\n\nCommon shareholders' equity \n$    2,031.8 \n\n$    1,995.8 \n\n$    1,890.1 \n\n$    2,215.6 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1Q24 \n\n2Q24 \n\n3Q24 \n\n4Q24 \n\n\nConsolidated capital, excluding accumulated other comprehensive \n\n\n\n\n\n\n\n\n\n\nincome (loss) and net operating loss carryforwards \n\n\n\n\n\n\n\n\n\n\n(a non-GAAP financial measure) \n$    3,536.8 \n\n$    3,596.7 \n\n$    3,529.9 \n\n$    3,793.2 \n\n\nNet operating loss carryforwards \n311.2 \n\n296.5 \n\n273.9 \n\n76.6 \n\n\nAccumulated other comprehensive loss \n(1,480.3) \n\n(1,464.3) \n\n(1,116.0) \n\n(1,371.4) \n\n\nCommon shareholders' equity \n$    2,367.7 \n\n$    2,428.9 \n\n$    2,687.8 \n\n$    2,498.4 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1Q25 \n\n\n\n\n\n\n\n\nConsolidated capital, excluding accumulated other comprehensive \n\n\n\n\n\n\n\n\n\n\nincome (loss) and net operating loss carryforwards \n\n\n\n\n\n\n\n\n\n\n(a non-GAAP financial measure) \n$    3,474.3 \n\n\n\n\n\n\n\n\nNet operating loss carryforwards \n295.3 \n\n\n\n\n\n\n\n\nAccumulated other comprehensive loss \n(1,239.1) \n\n\n\n\n\n\n\n\nCommon shareholders' equity \n$    2,530.5 \n\n\n\n\n\n\n\n\n\n\nA reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):\n\n\n\n\n\n\n\nTrailing four quarter average \n\n\n\n\n\n1Q25 \n\n1Q24 \n\n\nConsolidated capital, excluding accumulated other comprehensive \n\n\n\n\n\n\nincome (loss) and net operating loss carryforwards  \n\n\n\n\n\n\n(a non-GAAP financial measure) \n$        3,606.3 \n\n$        3,650.0 \n\n\nNet operating loss carryforwards \n237.6 \n\n135.1 \n\n\nAccumulated other comprehensive loss \n(1,327.9) \n\n(1,709.8) \n\n\nCommon shareholders' equity \n$        2,516.0 \n\n$        2,075.3 \n\n\n\n\n\n\n\n\n\n\n\n\n(6) \nThe tables below summarize the financial impact of significant items on our net operating income for the three months ended March 31, 2025 and the quarters during the year ended December 31, 2024 that had significant items impacting our net operating income. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data). \n\n\n\n\n\n\n\n\n\n\nThree months ended \n\n\n\n\nMarch 31, 2025 \n\n\n\n\nActual results \n\nSignificantitems \n\nExcludingsignificant items \n\n\nInsurance product margin \n\n\n\n\n\n\n\n\nAnnuity margin \n\n$         54.5 \n\n$            — \n\n$         54.5 \n\n\nHealth margin \n\n126.2 \n\n— \n\n126.2 \n\n\nLife margin \n\n68.2 \n\n(6.8) \n(a) \n61.4 \n\n\nTotal insurance product margin \n\n248.9 \n\n(6.8) \n\n242.1 \n\n\nAllocated expenses \n\n(161.2) \n\n— \n\n(161.2) \n\n\nIncome from insurance products \n\n87.7 \n\n(6.8) \n\n80.9 \n\n\nFee income \n\n(0.8) \n\n— \n\n(0.8) \n\n\nInvestment income not allocated to product lines \n\n38.0 \n\n— \n\n38.0 \n\n\nExpenses not allocated to product lines \n\n(20.3) \n\n— \n\n(20.3) \n\n\nOperating earnings before taxes \n\n104.6 \n\n(6.8) \n\n97.8 \n\n\nIncome tax (expense) benefit on operating income \n\n(23.5) \n\n1.5 \n\n(22.0) \n\n\nNet operating income  \n\n$         81.1 \n\n$         (5.3) \n\n$         75.8 \n\n\n\n\n\n\n\n\n\n\n\nNet operating income per diluted share \n\n$         0.79 \n\n$       (0.05) \n\n$         0.74 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nComprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves. \n\n\n\n\n\n\n\n\n\n\nThree months ended \n\n\n\n\nDecember 31, 2024 \n\n\n\n\nActual results \n\nSignificant items \n\nExcludingsignificant items \n\n\nInsurance product margin \n\n\n\n\n\n\n\n\nAnnuity margin \n\n$         55.0 \n\n$            — \n\n$         55.0 \n\n\nHealth margin \n\n130.1 \n\n3.9 \n(a) \n134.0 \n\n\nLife margin \n\n68.0 \n\n— \n\n68.0 \n\n\nTotal insurance product margin \n\n253.1 \n\n3.9 \n\n257.0 \n\n\nAllocated expenses \n\n(146.1) \n\n— \n\n(146.1) \n\n\nIncome from insurance products \n\n107.0 \n\n3.9 \n\n110.9 \n\n\nFee income \n\n20.6 \n\n— \n\n20.6 \n\n\nInvestment income not allocated to product lines \n\n65.3 \n\n— \n\n65.3 \n\n\nExpenses not allocated to product lines \n\n(19.0) \n\n— \n\n(19.0) \n\n\nOperating earnings before taxes \n\n173.9 \n\n3.9 \n\n177.8 \n\n\nIncome tax (expense) benefit on operating income \n\n(35.9) \n\n(0.8) \n\n(36.7) \n\n\nNet operating income \n\n$       138.0 \n\n$          3.1 \n\n$       141.1 \n\n\n\n\n\n\n\n\n\n\n\nNet operating income per diluted share \n\n$         1.31 \n\n$        0.03 \n\n$         1.34 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nComprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review. \n\n\n\n\n\n\n\n\n\n\nThree months ended \n\n\n\n\nSeptember 30, 2024 \n\n\n\n\nActual results \n\nSignificantitems (a) \n\nExcluding significant items \n\n\nInsurance product margin \n\n\n\n\n\n\n\n\nAnnuity margin \n\n$         91.1 \n\n$       (36.2) \n(b) \n$         54.9 \n\n\nHealth margin \n\n127.8 \n\n4.3 \n(b) \n132.1 \n\n\nLife margin \n\n63.3 \n\n0.7 \n(b) \n64.0 \n\n\nTotal insurance product margin \n\n282.2 \n\n(31.2) \n\n251.0 \n\n\nAllocated expenses \n\n(153.0) \n\n— \n\n(153.0) \n\n\nIncome from insurance products \n\n129.2 \n\n(31.2) \n\n98.0 \n\n\nFee income \n\n(2.7) \n\n— \n\n(2.7) \n\n\nInvestment income not allocated to product lines \n\n45.5 \n\n— \n\n45.5 \n\n\nExpenses not allocated to product lines \n\n(18.5) \n\n2.9 \n(c) \n(15.6) \n\n\nOperating earnings before taxes \n\n153.5 \n\n(28.3) \n\n125.2 \n\n\nIncome tax (expense) benefit on operating income \n\n(34.3) \n\n6.4 \n\n(27.9) \n\n\nNet operating income \n\n$       119.2 \n\n$       (21.9) \n\n$         97.3 \n\n\n\n\n\n\n\n\n\n\n\nNet operating income per diluted share \n\n$         1.11 \n\n$       (0.19) \n\n$         0.92 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nSignificant items impacting the health margin were revised from $8.2 million reported in September 30, 2024 to $4.3 million. \n\n\n(b) \nComprised of $31.2 million of net favorable impact arising from our comprehensive annual actuarial review. \n\n\n(c) \nComprised of $2.9 million of the unfavorable impact related to a fixed asset impairment. \n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/cno-financial-group-reports-first-quarter-2025-results-302440098.html\nSOURCE CNO Financial Group","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}