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 | - | $229M | $676M | 8.7% | 0.9% | -45.5% |
| 2024 | $4.4B | - | $421M | $628M | 16.7% | 7.2% | 52.2% |
| 2023 | $4.1B | - | $277M | $583M | 12.5% | 15.9% | -56.2% |
| 2022 | $3.6B | - | $631M | $495M | 35.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,576.80 | 4,146.80 | 4,445.60 | 4,487.40 |
| Operating Revenue | - | 3,576.80 | 4,146.80 | 4,445.60 | 4,487.40 |
| Selling General And Administration | - | 287.90 | 290.90 | 304.50 | 305 |
| Total Expenses | - | 2,760.30 | 3,790 | 3,905.70 | 4,194 |
| EBIT | - | 953.50 | 595.40 | 794.30 | 524.30 |
| Interest Expense | - | 137 | 238.60 | 254.40 | 230.90 |
| Net Interest Income | - | -137 | -238.60 | -254.40 | -230.90 |
| Interest Expense Non Operating | - | 137 | 238.60 | 254.40 | 230.90 |
| Net Non Operating Interest Income Expense | - | -137 | -238.60 | -254.40 | -230.90 |
| Pretax Income | - | 816.50 | 356.80 | 539.90 | 293.40 |
| Tax Provision | - | 185.90 | 80.30 | 119.10 | 64.10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0.86 | -21.99 |
| Net Income Continuous Operations | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income From Continuing And Discontinued Operation | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income Common Stockholders | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Net Income Including Noncontrolling Interests | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Normalized Income | - | 630.60 | 276.50 | 417.76 | 307.71 |
| Diluted NI Availto Com Stockholders | - | 630.60 | 276.50 | 420.80 | 229.30 |
| Basic Average Shares | - | 115.73 | 113.28 | 106.14 | 97.76 |
| Diluted Average Shares | - | 117.72 | 115.12 | 108.12 | 99.82 |
| Reconciled Depreciation | - | 248.50 | 267.40 | 292.40 | 318.50 |
| Total Unusual Items | - | 0 | 0 | 3.90 | -100.40 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | 3.90 | -100.40 |
| Special Income Charges | - | 0 | 0 | 3.90 | -100.40 |
| Other Special Charges | - | - | - | -3.90 | -1.50 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 101.90 |
| Depreciation And Amortization In Income Statement | 281.10 | 309.60 | - | - | - |
| General And Administrative Expense | - | 287.90 | 290.90 | 304.50 | 305 |
| Salaries And Wages | - | 287.90 | 290.90 | 304.50 | 305 |
| Other Operating Expenses | - | 548.80 | 646.30 | 629 | 680 |
| Amortization | 281.10 | 309.60 | - | - | - |
| 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 | $4.4B | 19.18β premium | 1.67 | 8.7% | - |
| Nelnet, Inc. | NNI | $4.7B | 11.06 | 1.26 | 11.4% | - |
| First Financial Bankshares, Inc. | FFIN | $4.6B | 18.28 | 2.42 | 13.2% | - |
| International Bancshares Corporation | IBOC | $4.5B | 11.00 | 1.39 | 12.7% | - |
| Texas Capital Bancshares, Inc. | TCBI |
| - |
| - |
| - |
| - |
| - |
| $4.5B |
| 13.53 |
| 1.34 |
| 9.9% |
| - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 48.96 | 1.00 | 2.0% | - |
| PennyMac Financial Services, Inc. | PFSI | $4.2B | 8.45 | 0.98 | 11.6% | 43.48 |
| Lemonade, Inc. | LMND | $4.0B | - | 7.42 | -31.0% | - |
| Marex Group plc | MRX | $3.9B | 12.76 | 3.10 | 24.3% | 9.33 |
| Peer Median | - | 12.76 | 1.37 | 11.5% | 26.41 | |