CNO Financial Group, Inc. (CNO) 10-Year Financial Performance & Capital Metrics

CNO • • Insurance & Managed Care

Financial ServicesLife InsuranceDiversified Life & Health InsurersUS Diversified Insurers

AboutCNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets 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 individuals through phone, online, mail, and face-to-face. The company also focuses on worksite and group sales for businesses, associations, and other membership groups by interacting with customers at their place of employment. In addition, it provides fixed index annuities; fixed interest annuities, including fixed rate single and 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 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. CNO Financial Group, Inc. markets its products under the Bankers Life, Washington National, and Colonial Penn brand names. The company sells its products through agents, independent producers, and direct marketing. CNO Financial Group, Inc. was founded in 1979 and is headquartered in Carmel, Indiana.Show more

Revenue $4.45B +7.2%
Combined Ratio 88.34% -3.3%
Net Income $404M +46.1%
Return on Equity 17.14% +23.5%
Medical Cost Ratio 61.71% -2.1%
Operating Margin 11.66% +35.5%
Net Margin 9.09% +36.3%
ROA 1.11% +36.7%
Equity / Assets 6.6% +4.3%
Book Value per Share 23.11 +20.1%
Tangible BV/Share 23.11 +2839.6%
Debt/Equity 1.81 -3.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 88.3% combined ratio
✓12 consecutive years of dividend growth
✓Good 3Y average ROE of 16.3%
✓Share count reduced 6.1% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.7%

5Y2.05%

3Y2.55%

TTM-1.71%

Profit (Net Income) CAGR

10Y22.9%

5Y-0.27%

3Y-10.86%

TTM7.48%

EPS CAGR

10Y31.6%

5Y7.46%

3Y3.64%

TTM5%

ROCE

10Y Avg1.95%

5Y Avg1.57%

3Y Avg1.61%

Latest1.42%

Peer Comparison

US Diversified Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLGlobe Life Inc.	11.13B	139.82	11.71	6.07%	19.36%	20.22%	11.96%	0.52
AFLAflac Incorporated	57.45B	109.61	11.38	1.52%	23.21%	14.53%	4.71%	0.29
CNOCNO Financial Group, Inc.	4.01B	42.10	11.26	7.21%	6.64%	11.29%	15.64%	1.81
LNCLincoln National Corporation	7.89B	41.52	2.26	53.61%	11.43%	20.18%		0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	3.8B	3.99B	4.3B	4.31B	4.02B	3.82B	4.12B	3.58B	4.15B	4.45B
Revenue Growth %	-0.08%	0.05%	0.08%	0%	-0.07%	-0.05%	0.08%	-0.13%	0.16%	0.07%
Medical Costs & Claims+	2.68B	2.83B	2.96B	3.73B	2.78B	2.54B	2.42B	1.79B	2.61B	2.74B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.12B	1.16B	1.34B	580.2M	1.23B	1.28B	1.7B	1.79B	1.53B	1.7B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.08%	0.04%	0.16%	-0.57%	1.13%	0.04%	0.32%	0.05%	-0.14%	0.11%
Operating Expenses+	751.8M	809.5M	863.4M	845M	958.9M	939M	966.3M	973.7M	1.18B	1.18B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	283.4M	275M	265.4M	292.2M	267.9M	303.9M	236.6M	248.5M	267.4M	292.4M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	367.7M	353.2M	480.5M	-264.8M	274.2M	344.3M	733.1M	816.5M	356.8M	518.3M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.1%	-0.04%	0.36%	-1.55%	2.04%	0.26%	1.13%	0.11%	-0.56%	0.45%
EBITDA+	651.1M	628.2M	745.9M	27.4M	542.1M	648.2M	969.7M	1.06B	624.2M	810.7M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	94.9M	116.4M	123.7M	149.8M	152.3M	108.8M	95.4M	137M	238.6M	254.4M
Non-Operating Income	-94.9M	-116.4M	-123.7M	-149.8M	-152.3M	-108.8M	-95.4M	-137M	-238.6M	-254.4M
Pretax Income+	367.7M	353.2M	480.5M	-264.8M	274.2M	344.3M	733.1M	816.5M	356.8M	518.3M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	97M	-5M	304.9M	50.2M	-135.2M	42.5M	162.8M	185.9M	80.3M	114.3M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	270.7M	358.2M	175.6M	-315M	409.4M	301.8M	570.3M	630.6M	276.5M	404M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	4.27%	0.32%	-0.51%	-2.79%	2.3%	-0.26%	0.89%	0.11%	-0.56%	0.46%
EPS (Diluted)+	1.39	2.01	1.02	-1.90	2.61	2.11	3.36	5.36	2.40	3.74
EPS Growth %	4.79%	0.45%	-0.49%	-2.86%	2.37%	-0.19%	0.59%	0.6%	-0.55%	0.56%
EPS (Basic)	1.40	2.03	1.03	-1.90	2.62	2.12	3.43	5.45	2.44	3.81
Diluted Shares Outstanding	195.17M	178.32M	172.14M	165.46M	157.15M	143.16M	131.13M	117.72M	115.12M	108.12M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	31.13B	31.98B	33.11B	31.44B	33.63B	35.34B	36.2B	33.13B	35.03B	37.85B
Asset Growth %	-0%	0.03%	0.04%	-0.05%	0.07%	0.05%	0.02%	-0.08%	0.06%	0.08%
Total Investment Assets+	24.49B	26.24B	27.85B	23B	25.58B	27.58B	51.17B	24.34B	768.6M	27.87B
Long-Term Investments	22.24B	23.77B	25.23B	20.44B	22.77B	24.96B	26.36B	21.77B	-20.74B	23.74B
Short-Term Investments	19.88B	21.1B	22.91B	18.45B	21.3B	23.38B	24.81B	20.35B	21.51B	7.79B
Total Current Assets+	432M	478M	578M	594M	0	0	29.38B	0	0	0
Cash & Equivalents	364.4M	189.3M	178.9M	62.4M	74.7M	54.1M	99.6M	69.2M	774.5M	1.66B
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-26.59B	-28.22B	0	-25.71B	-27.26B	-14.12B
Goodwill & Intangibles+	1.53B	1.45B	1.39B	1.67B	0	0	1.33B	0	2.13B	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.53B	1.45B	1.39B	1.67B	0	0	1.33B	0	2.13B	0
PP&E (Net)	-3.22B	-3.09B	-1.39B	-2.7B	0	0	48.2M	0	85.3M	0
Other Assets	-16.27B	-18.75B	-20.56B	-12.86B	-22.77B	-24.96B	-1.38B	-21.77B	52.42B	-23.74B
Total Liabilities	26.99B	27.49B	28.26B	28.07B	28.95B	29.86B	30.94B	31.36B	32.81B	35.35B
Total Debt+	4.14B	4.22B	3.97B	3.98B	3.79B	3.93B	4B	3.88B	4.15B	4.52B
Net Debt	3.77B	4.03B	3.79B	3.92B	3.71B	3.88B	3.9B	3.81B	3.38B	2.86B
Long-Term Debt	4.14B	4.22B	3.97B	3.98B	3.79B	3.93B	4B	3.88B	4.15B	4.52B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	22.85B	23.27B	24.29B	24.09B	0	0	8.4M	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	22.85B	23.27B	24.29B	24.09B	0	0	8.4M	0	0	0
Deferred Taxes	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Liabilities	0	0	0	0	-3.79B	-3.93B	0	-3.88B	28.66B	-4.52B
Total Equity+	4.14B	4.49B	4.85B	3.37B	4.68B	5.48B	5.26B	1.77B	2.22B	2.5B
Equity Growth %	-0.12%	0.08%	0.08%	-0.3%	0.39%	0.17%	-0.04%	-0.66%	0.25%	0.13%
Shareholders Equity	4.14B	4.49B	4.85B	3.37B	4.68B	5.48B	5.26B	1.77B	2.22B	2.5B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	347.1M	650.7M	765.8M	196.6M	535.7M	752.3M	1.13B	1.69B	1.9B	2.24B
Common Stock	1.8M	1.7M	1.7M	1.6M	1.5M	1.3M	1.2M	1.1M	1.1M	1M
Accumulated OCI	402.8M	622.4M	1.01B	177.7M	1.37B	2.19B	1.95B	-1.96B	-1.58B	-1.37B
Return on Equity (ROE)	0.06%	0.08%	0.04%	-0.08%	0.1%	0.06%	0.11%	0.18%	0.14%	0.17%
Return on Assets (ROA)	0.01%	0.01%	0.01%	-0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	1.00x	0.94x	0.82x	1.18x	0.81x	0.72x	0.76x	2.20x	1.87x	1.81x
Book Value per Share	21.21	25.16	28.16	20.37	29.76	38.31	40.11	15.03	19.25	23.11
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	743.9M	759.5M	613.1M	317.8M	696.7M	735.5M	598.3M	495.4M	582.9M	627.7M
Operating CF Growth %	5.11%	0.02%	-0.19%	-0.48%	1.19%	0.06%	-0.19%	-0.17%	0.18%	0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	270.7M	358.2M	175.6M	-315M	278M	301.8M	570.3M	630.6M	276.5M	404M
Depreciation & Amortization	283.4M	275M	265.4M	292.2M	267.9M	303.9M	236.6M	248.5M	267.4M	292.4M
Stock-Based Compensation	17.1M	23M	21.4M	24.7M	18.8M	0	25.2M	0	0	0
Deferred Taxes	92.9M	-11.7M	227.5M	18.4M	-132.8M	14.1M	146.5M	152M	21.1M	59.1M
Other Non-Cash Items	9.3M	-19.2M	-233.7M	728.2M	-367.6M	-281.9M	-726.5M	-161M	-431.8M	-684.1M
Working Capital Changes	297.4M	332.8M	464.7M	207.8M	632.4M	397.6M	346.2M	-374.7M	449.7M	556.3M
Cash from Investing+	-1.07B	-742.4M	-239.6M	-525.7M	-555.6M	-608.4M	-1.53B	-1.78B	-872.3M	-1.49B
Capital Expenditures	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-4.78B	-6.24B	-6.14B	-6.21B	-5.59B	-4.28B	-6.15B	-6.52B	-3.62B	-6.89B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-321.1M	152.6M	-19.5M	-25M	-102M	-39.8M	-75.3M	-61.2M	-36.6M	-13.5M
Cash from Financing+	146.4M	26.2M	-274M	107.2M	-143M	210.1M	667.6M	1.2B	533.5M	1.97B
Dividends Paid	-52M	-54.8M	-59.6M	-64.8M	-67.1M	-67M	-65.7M	-64.8M	-68.1M	-67.7M
Share Repurchases	-365.4M	-210M	-168.3M	-108M	-254.5M	-268.3M	-407.8M	-190.1M	-166.1M	-300.2M
Stock Issued	6.3M	8.4M	8.3M	3.9M	9.2M	19M	21.5M	13.5M	13.2M	11.2M
Debt Issuance (Net)	1000K	1000K	-1000K	-100K	-1000K	1000K	1000K	-1000K	1000K	1000K
Other Financing	-4.8M	205.1M	213.3M	276.2M	379.2M	384.5M	1.05B	1.56B	495.8M	1.96B
Net Change in Cash+	-179.3M	46.6M	99.5M	-100.7M	-1.9M	337.2M	-260.2M	-86.8M	244.1M	1.11B
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	611.6M	432.3M	478.9M	757.3M	656.6M	654.7M	991.9M	731.7M	644.9M	889M
Cash at End	432.3M	478.9M	578.4M	656.6M	654.7M	991.9M	731.7M	644.9M	889M	2B
Free Cash Flow+	743.9M	759.5M	613.1M	317.8M	696.7M	735.5M	598.3M	495.4M	582.9M	627.7M
FCF Growth %	5.11%	0.02%	-0.19%	-0.48%	1.19%	0.06%	-0.19%	-0.17%	0.18%	0.08%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	3.81	4.26	3.56	1.92	4.43	5.14	4.56	4.21	5.06	5.81

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	90.33%	91.15%	88.83%	106.14%	93.17%	90.99%	82.22%	77.17%	91.4%	88.34%
Medical Cost Ratio	70.54%	70.88%	68.76%	86.55%	69.29%	66.42%	58.77%	49.95%	63.04%	61.71%
Return on Equity (ROE)	6.13%	8.31%	3.76%	-7.67%	10.17%	5.94%	10.62%	17.94%	13.88%	17.14%
Return on Assets (ROA)	0.87%	1.14%	0.54%	-0.98%	1.26%	0.88%	1.59%	1.82%	0.81%	1.11%
Equity / Assets	13.3%	14.03%	14.64%	10.72%	13.91%	15.52%	14.53%	5.34%	6.33%	6.6%
Book Value / Share	21.21	25.16	28.16	20.37	29.76	38.31	40.11	15.03	19.25	23.11
Debt / Equity	1.00x	0.94x	0.82x	1.18x	0.81x	0.72x	0.76x	2.20x	1.87x	1.81x
Revenue Growth	-8.3%	5.05%	7.74%	0.28%	-6.9%	-4.85%	7.88%	-13.23%	15.94%	7.21%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Insurance Product Lines	-	-	-	-	-	-	-	-	1.89B	1.92B
Insurance Product Lines Growth	-	-	-	-	-	-	-	-	-	1.41%
Financial Service	-	-	-	-	-	5.1M	5.2M	5.3M	-	-
Financial Service Growth	-	-	-	-	-	-	1.96%	1.92%	-	-
Bankers Life	2.56B	2.63B	2.82B	2.27B	2.46B	-	-	-	-	-
Bankers Life Growth	-	2.70%	7.14%	-19.33%	8.31%	-	-	-	-	-
Washington National	898.7M	916.4M	942.6M	948.3M	975M	-	-	-	-	-
Washington National Growth	-	1.97%	2.86%	0.60%	2.82%	-	-	-	-	-
Colonial Penn	307.5M	326.7M	337.5M	345M	352.5M	-	-	-	-	-
Colonial Penn Growth	-	6.24%	3.31%	2.22%	2.17%	-	-	-	-	-
Other CNO Business	-	14.2M	52.1M	321.1M	-	-	-	-	-	-
Other CNO Business Growth	-	-	266.90%	516.31%	-	-	-	-	-	-
Intersegment Eliminations	19.9M	26.6M	44M	1.1M	-	-	-	-	-	-
Intersegment Eliminations Growth	-	33.67%	65.41%	-97.50%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

CNO Financial Group, Inc. (CNO) has a price-to-earnings (P/E) ratio of 11.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CNO Financial Group, Inc. (CNO) grew revenue by 7.2% over the past year. This is steady growth.

Yes, CNO Financial Group, Inc. (CNO) is profitable, generating $294.7M in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

Yes, CNO Financial Group, Inc. (CNO) pays a dividend with a yield of 1.49%. This makes it attractive for income-focused investors.

CNO Financial Group, Inc. (CNO) has a return on equity (ROE) of 17.1%. This is reasonable for most industries.

Industry Metrics

CNO Financial Group, Inc. (CNO) has a combined ratio of 88.3%. A ratio below 100% indicates underwriting profitability.

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