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CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance and other insurance products, and financial services for middle-income pre-retiree and retired Americans in the United States. It offers Medicare supplement, supplemental health, and long-term care insurance policies; life insurance; and annuities, as well as Medicare advantage plans to individual consumers through phone, virtually, online, and face-to-face with agents. The company also focuses on sale of voluntary benefit life and health insurance products for businesses, associations, and other membership groups by interacting with customers at their place of employment. In addition, it provides fixed indexed annuities; fixed interest annuities, including fixed rate single-premium deferred annuities; flexible premium deferred annuities; single premium immediate annuities; supplemental health products, such as specified disease, accident, and hospital indemnity products; and long-term care plans primarily to retirees, lesser degree, and older self-employed individuals in the middle-income market. Further, the company offers universal life and other interest-sensitive life products; and traditional life policies that include whole life, graded benefit life, term life, and single premium whole life products, as well as graded benefit life insurance products. It markets its products under the Bankers Life, Washington National, and Colonial Penn brand names. The company was founded in 1979 and is headquartered in Carmel, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.5B | $524M | $229M | $676M | 8.7% | 0.9% | -45.5% |
| 2024 | $4.4B | $794M | $421M | $628M | 16.7% | 7.2% | 52.2% |
| 2023 | $4.1B | $595M | $277M | $583M | 12.5% | 15.9% | -56.2% |
| 2022 | $3.6B | $954M | $631M | $495M | 35.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 3,576.80 | 4,146.80 | 4,445.60 | 4,487.40 |
| EBIT | 953.50 | 595.40 | 794.30 | 524.30 |
| Pretax Income | 816.50 | 356.80 | 539.90 | 293.40 |
| Tax Provision | 185.90 | 80.30 | 119.10 | 64.10 |
| Net Income | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income Common Stockholders | 630.60 | 276.50 | 420.80 | 229.30 |
| Total Expenses | 2,760.30 | 3,790 | 3,905.70 | 4,194 |
| Interest Expense | 137 | 238.60 | 254.40 | 230.90 |
| Selling General And Administration | 287.90 | 290.90 | 304.50 | 305 |
| Normalized Income | 630.60 | 276.50 | 417.76 | 307.77 |
| Basic EPS | 3.43 | 2.44 | 3.81 | 2.35 |
| Diluted EPS | 3.37 | 2.40 | 3.74 | 2.30 |
| Tax Effect Of Unusual Items | 0 | 0 | 0.86 | -21.93 |
| Tax Rate For Calcs | 0.23 | 0.23 | 0.22 | 0.22 |
| Total Unusual Items | 0 | 0 | 3.90 | -100.40 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 3.90 | -100.40 |
| Net Income From Continuing Operation Net Minority Interest | 630.60 | 276.50 | 420.80 | 229.30 |
| Reconciled Depreciation | 248.50 | 267.40 | 292.40 | 318.50 |
| Net Interest Income | -137 | -238.60 | -254.40 | -230.90 |
| Net Income From Continuing And Discontinued Operation | 630.60 | 276.50 | 420.80 | 229.30 |
| Diluted Average Shares | 117.72 | 115.12 | 108.12 | 99.82 |
| Basic Average Shares | 115.73 | 113.28 | 106.14 | 97.76 |
| Diluted NI Availto Com Stockholders | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income Including Noncontrolling Interests | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income Continuous Operations | 630.60 | 276.50 | 420.80 | 229.30 |
| Special Income Charges | 0 | 0 | 3.90 | -100.40 |
| Other Special Charges | 0 | 0 | -3.90 | -1.50 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 101.90 |
| Net Non Operating Interest Income Expense | -137 | -238.60 | -254.40 | -230.90 |
| Interest Expense Non Operating | 137 | 238.60 | 254.40 | 230.90 |
| Other Operating Expenses | 548.80 | 646.30 | 629 | 680 |
| Depreciation And Amortization In Income Statement | 309.60 | 0 | 0 | 0 |
| Amortization | 309.60 | 0 | 0 | 0 |
| General And Administrative Expense | 287.90 | 290.90 | 304.50 | 305 |
| Salaries And Wages | 287.90 | 290.90 | 304.50 | 305 |
| Operating Revenue | 3,576.80 | 4,146.80 | 4,445.60 | 4,487.40 |
| Loss Adjustment Expense | 1,459.60 | 2,275.70 | 2,348.70 | 2,465.10 |
| Net Policyholder Benefits And Claims | 1,459.60 | 2,275.70 | 2,348.70 | 2,465.10 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CNO Financial Group, Inc.this co. | CNO | $4.2B | 19.42↑ premium | 1.60 | 8.7% | 7.53 |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 17.30 | 2.36 | 13.2% | - |
| Miami International Holdings, Inc. | MIAX | $4.5B | - | 4.63 | -7.9% | 28.06 |
| International Bancshares Corporation | IBOC | $4.4B | 10.75 | 1.36 | 12.7% | - |
| Texas Capital Bancshares, Inc. |
| TCBI |
| $4.3B |
| 13.26 |
| 1.31 |
| 9.1% |
| - |
| Lemonade, Inc. | LMND | $4.3B | - | 7.97 | -31.0% | -33.42 |
| Eastern Bankshares, Inc. | EBC | $4.3B | 10.99 | 1.03 | 2.0% | - |
| Marex Group plc | MRX | $3.9B | 13.89 | 3.30 | 24.3% | - |
| F&G Annuities & Life, Inc. | FG | $3.8B | 15.10 | 0.80 | 5.4% | 6.28 |
| Peer Median | - | 13.58 | 1.86 | 7.2% | 6.28 | |