CNO Financial Group Inc
NYSE:CNO
CNO Financial Group Inc
CNO Financial Group Inc., based in Carmel, Indiana, stands as a testament to the resilient nature of the insurance and financial services industry in America. Established in 1979, originally as Conseco, the company has navigated through various market upheavals and strategic pivots to bolster its position in serving the health and financial security needs of middle-income Americans and retirees. Its subsidiaries, including Bankers Life, Colonial Penn, and Washington National, form the core through which CNO extends its insurance products, including life insurance and supplemental health insurance, along with annuities across the nation. These subsidiaries operate through a network of dedicated agents and brokers, ensuring a broad reach into communities often underserved by larger, more generalized insurance companies.
CNO Financial Group’s operational strategy hinges on balancing risk management with customer-centric innovation. By tailoring its offerings to meet the specific needs of its demographic, CNO not only generates revenue through premiums but also through the strategic investment of those premiums. This investment income forms a dual stream of revenue, ensuring stability and growth. Moreover, the company's approach has been to maintain strong capital reserves, underpinned by prudent underwriting and disciplined expense management, to protect policyholder interests and shareholder value. By continually adapting to changes in demographic trends and regulatory environments, CNO Financial Group demonstrates the ability to sustain and enhance its business model in an ever-evolving marketplace.
CNO Financial Group Inc., based in Carmel, Indiana, stands as a testament to the resilient nature of the insurance and financial services industry in America. Established in 1979, originally as Conseco, the company has navigated through various market upheavals and strategic pivots to bolster its position in serving the health and financial security needs of middle-income Americans and retirees. Its subsidiaries, including Bankers Life, Colonial Penn, and Washington National, form the core through which CNO extends its insurance products, including life insurance and supplemental health insurance, along with annuities across the nation. These subsidiaries operate through a network of dedicated agents and brokers, ensuring a broad reach into communities often underserved by larger, more generalized insurance companies.
CNO Financial Group’s operational strategy hinges on balancing risk management with customer-centric innovation. By tailoring its offerings to meet the specific needs of its demographic, CNO not only generates revenue through premiums but also through the strategic investment of those premiums. This investment income forms a dual stream of revenue, ensuring stability and growth. Moreover, the company's approach has been to maintain strong capital reserves, underpinned by prudent underwriting and disciplined expense management, to protect policyholder interests and shareholder value. By continually adapting to changes in demographic trends and regulatory environments, CNO Financial Group demonstrates the ability to sustain and enhance its business model in an ever-evolving marketplace.
Strong Quarter and Year: CNO Financial delivered record results for both Q4 and full year 2025, exceeding most guidance metrics and achieving its best operating performance to date.
Sales & Agent Growth: The company posted its 14th straight quarter of sales growth and 12th consecutive quarter of producing agent count growth, with both Bankers Life and Optavise agencies having their most productive year ever.
Operating Earnings & ROE: Operating earnings per diluted share rose 11% to $4.40, and operating return on equity improved to 11.4%, both beating prior targets.
Capital Return & Dividend: CNO returned $386 million to shareholders (up 11%), raised its dividend for the 13th consecutive year, and saw book value per share (ex-AOCI) rise at a 7% CAGR over three years.
Medicare Trends: Medicare Supplement sales surged, offsetting declines in Medicare Advantage, as more consumers shift preferences amid changes in the MA market.
2026 Guidance: Management expects continued earnings growth, steady expense ratio, and ongoing investments in technology modernization, with 2026 EPS guidance set at $4.25–$4.45 (up 8% at the midpoint).
