Underwriting profitability remains highly variable, evidenced by a combined ratio that fluctuated between 80.8% in 2024Q4 and 99.0% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Revenue | 4.51B | 4.49B | 4.45B | 4.15B | 3.58B | 4.12B | 3.82B | 4.02B | 4.31B | 4.3B | 3.99B | 3.8B | 4.14B | 4.48B | 4.34B | 4.12B | 4.08B | 4.34B | 4.19B | 4.13B | 4.47B | 4.33B | 4.33B | 4.71B | 4.45B |
| Revenue Growth % | 5.02% | 0.94% | 7.21% | 15.94% | -13.23% | 7.88% | -4.85% | -6.9% | 0.28% | 7.74% | 5.05% | -8.3% | -7.4% | 3.07% | 5.29% | 1% | -5.93% | 3.62% | 1.41% | -7.52% | 3.26% | -0.18% | -7.96% | 5.81% | - |
| Medical Costs & Claims | 2.6B | 2.48B | 2.74B | 2.61B | 1.79B | 2.42B | 2.54B | 2.78B | 3.73B | 2.96B | 2.83B | 2.68B | 2.93B | 3.24B | 3.17B | 3.13B | 3.23B | 3.6B | 3.73B | 2.92B | 6.22B | 5.81B | 2.97B | 3.1B | 3.33B |
| Medical Cost Ratio % | 57.72% | 55.21% | 61.71% | 63.04% | 49.95% | 58.77% | 66.42% | 69.29% | 86.55% | 68.76% | 70.88% | 70.54% | 70.77% | 72.38% | 72.97% | 75.84% | 79.01% | 82.81% | 89.09% | 70.58% | 139.17% | 134.38% | 68.45% | 65.92% | 74.88% |
| Gross Profit | 1.91B | 2.01B | 1.7B | 1.53B | 1.79B | 1.7B | 1.28B | 1.23B | 580.2M | 1.34B | 1.16B | 1.12B | 1.21B | 1.24B | 1.17B | 996.5M | 857.3M | 746.4M | 456.9M | 1.22B | -1.75B | -1.49B | 1.37B | 1.6B | 1.12B |
| Gross Margin % | 42.28% | 44.79% | 38.29% | 36.96% | 50.05% | 41.23% | 33.58% | 30.71% | 13.45% | 31.24% | 29.12% | 29.46% | 29.23% | 27.62% | 27.03% | 24.16% | 20.99% | 17.19% | 10.91% | 29.42% | -39.17% | -34.38% | 31.55% | 34.08% | 25.12% |
| Gross Profit Growth % | - | 18.07% | 11.07% | -14.39% | 5.34% | 32.42% | 4.07% | 112.53% | -56.83% | 15.58% | 3.86% | -7.61% | -1.99% | 5.31% | 17.81% | 16.24% | 14.86% | 63.36% | -62.41% | 169.45% | -17.65% | -208.78% | -14.78% | 43.54% | - |
| Operating Expenses | 1.59B | 1.72B | 1.18B | 1.18B | 973.7M | 966.3M | 939M | 958.9M | 845M | 863.4M | 809.5M | 751.8M | 1.04B | 931.5M | 1.02B | 690.3M | 563.8M | 572.8M | 453.2M | 1.23B | -1.92B | -1.97B | 921.4M | -717.1M | 2.75B |
| OpEx / Revenue % | 35.32% | 38.25% | 26.63% | 28.35% | 27.22% | 23.44% | 24.57% | 23.88% | 19.59% | 20.07% | 20.28% | 19.78% | 25.01% | 20.81% | 23.45% | 16.74% | 13.81% | 13.19% | 10.82% | 29.66% | -42.92% | -45.57% | 21.26% | -15.23% | 61.79% |
| Depreciation & Amortization | 324.1M | 318.5M | 292.4M | 267.4M | 248.5M | 236.6M | 303.9M | 267.9M | 292.2M | 265.4M | 275M | 283.4M | 274.2M | 324.6M | 315M | 323.6M | 346.5M | 460.9M | 420.7M | 483.2M | 441.6M | 400.5M | 371.2M | 476.6M | 822.9M |
| Combined Ratio % | 93.04% | 93.46% | 88.34% | 91.4% | 77.17% | 82.22% | 90.99% | 93.17% | 106.14% | 88.83% | 91.15% | 90.33% | 95.78% | 93.19% | 96.41% | 92.58% | 92.81% | 96% | 99.91% | 100.24% | 96.26% | 88.81% | 89.71% | 50.7% | 136.68% |
| Operating Income | 314M | 293.4M | 518.3M | 356.8M | 816.5M | 733.1M | 344.3M | 274.2M | -264.8M | 480.5M | 353.2M | 367.7M | 175.1M | 304.8M | 155.7M | 306.2M | 293.5M | 173.6M | 3.7M | -10M | 167.2M | 484.3M | 446.1M | 2.32B | -1.63B |
| Operating Margin % | 6.96% | 6.54% | 11.66% | 8.6% | 22.83% | 17.78% | 9.01% | 6.83% | -6.14% | 11.17% | 8.85% | 9.67% | 4.22% | 6.81% | 3.59% | 7.42% | 7.19% | 4% | 0.09% | -0.24% | 3.74% | 11.19% | 10.29% | 49.3% | -36.68% |
| Operating Income Growth % | - | -43.39% | 45.26% | -56.3% | 11.38% | 112.92% | 25.57% | 203.55% | -155.11% | 36.04% | -3.94% | 109.99% | -42.55% | 95.76% | -49.15% | 4.33% | 69.07% | 4591.89% | 137% | -105.98% | -65.48% | 8.56% | -80.79% | 242.24% | - |
| EBITDA | 638.1M | 611.9M | 810.7M | 624.2M | 1.06B | 969.7M | 648.2M | 542.1M | 27.4M | 745.9M | 628.2M | 651.1M | 449.3M | 629.4M | 470.7M | 629.8M | 640M | 634.5M | 424.4M | 473.2M | 608.8M | 884.8M | 817.3M | 2.8B | -809.3M |
| EBITDA Margin % | 14.14% | 13.64% | 18.24% | 15.05% | 29.78% | 23.52% | 16.96% | 13.5% | 0.64% | 17.34% | 15.73% | 17.13% | 10.84% | 14.06% | 10.84% | 15.27% | 15.67% | 14.62% | 10.13% | 11.45% | 13.63% | 20.45% | 18.86% | 59.43% | -18.18% |
| Interest Expense | 219.8M | 230.9M | 254.4M | 238.6M | 137M | 95.4M | 108.8M | 152.3M | 149.8M | 123.7M | 116.4M | 94.9M | 92.8M | 105.3M | 114.6M | 114.1M | 113.2M | 117.9M | 106.5M | 117.3M | 73.5M | 58.3M | 79.5M | 239.3M | 341.9M |
| Non-Operating Income | -219.8M | -230.9M | -254.4M | -238.6M | -137M | -95.4M | -108.8M | -152.3M | -149.8M | -123.7M | -116.4M | -94.9M | -92.8M | -105.3M | -114.6M | -114.1M | -113.2M | -117.9M | -106.5M | -117.3M | -73.5M | -58.3M | -79.5M | -239.3M | -341.9M |
| Pretax Income | 314M | 293.4M | 518.3M | 356.8M | 816.5M | 733.1M | 344.3M | 274.2M | -264.8M | 480.5M | 353.2M | 367.7M | 175.1M | 304.8M | 155.7M | 306.2M | 293.5M | 173.6M | 3.7M | -10M | 167.2M | 484.3M | 446.1M | 2.32B | -1.63B |
| Pretax Margin % | 6.96% | 6.54% | 11.66% | 8.6% | 22.83% | 17.78% | 9.01% | 6.83% | -6.14% | 11.17% | 8.85% | 9.67% | 4.22% | 6.81% | 3.59% | 7.42% | 7.19% | 4% | 0.09% | -0.24% | 3.74% | 11.19% | 10.29% | 49.3% | -36.68% |
| Income Tax | 68.5M | 64.1M | 114.3M | 80.3M | 185.9M | 162.8M | 42.5M | -135.2M | 50.2M | 304.9M | -5M | 97M | 123.7M | -173.2M | -65.3M | -29.5M | 8.9M | 87.9M | 413.3M | 64M | 61.2M | 171.6M | 159.3M | 39.7M | 53.1M |
| Effective Tax Rate % | 21.82% | 21.85% | 22.05% | 22.51% | 22.77% | 22.21% | 12.34% | -49.31% | -18.96% | 63.45% | -1.42% | 26.38% | 70.65% | -56.82% | -41.94% | -9.63% | 3.03% | 50.63% | 11170.27% | -640% | 36.6% | 35.43% | 35.71% | 1.71% | -3.25% |
| Net Income | 245.5M | 229.3M | 404M | 276.5M | 630.6M | 570.3M | 301.8M | 409.4M | -315M | 175.6M | 358.2M | 270.7M | 51.4M | 478M | 221M | 335.7M | 284.6M | 85.7M | -1.13B | -179.9M | 106M | 312.7M | 289.7M | 2.3B | -7.84B |
| Net Margin % | 5.44% | 5.11% | 9.09% | 6.67% | 17.63% | 13.83% | 7.9% | 10.19% | -7.3% | 4.08% | 8.97% | 7.12% | 1.24% | 10.68% | 5.09% | 8.14% | 6.97% | 1.97% | -27.03% | -4.35% | 2.37% | 7.23% | 6.68% | 48.8% | -176.07% |
| Net Income Growth % | -19.61% | -43.24% | 46.11% | -56.15% | 10.57% | 88.97% | -26.28% | 229.97% | -279.38% | -50.98% | 32.32% | 426.65% | -89.25% | 116.29% | -34.17% | 17.95% | 232.09% | 107.57% | -529.41% | -269.72% | -66.1% | 7.94% | -87.39% | 129.33% | - |
| EPS (Diluted) | 2.61 | 2.35 | 3.74 | 2.40 | 5.36 | 3.36 | 2.11 | 2.61 | -1.90 | 1.02 | 2.01 | 1.39 | 0.24 | 2.05 | 0.83 | 1.26 | 0.94 | 0.45 | -6.10 | -1.12 | 0.45 | 1.69 | 1.48 | 22.68 | -78.30 |
| EPS Growth % | -13.24% | -37.17% | 55.83% | -55.22% | 59.52% | 59.24% | -19.16% | 237.37% | -286.27% | -49.25% | 44.6% | 479.17% | -88.29% | 146.99% | -34.13% | 34.04% | 108.89% | 107.38% | -444.64% | -348.89% | -73.37% | 14.19% | -93.47% | 128.97% | - |
| EPS (Basic) | - | 2.35 | 3.81 | 2.44 | 5.45 | 3.43 | 2.12 | 2.62 | -1.90 | 1.03 | 2.03 | 1.40 | 0.24 | 2.16 | 0.95 | 1.54 | 1.13 | 0.45 | -6.13 | -1.12 | 0.45 | 1.82 | 1.48 | 22.68 | -78.30 |
| Diluted Shares Outstanding | 94.08M | 97.76M | 108.12M | 115.12M | 117.72M | 131.13M | 143.16M | 157.15M | 165.46M | 172.14M | 178.32M | 195.17M | 217.66M | 232.7M | 281.43M | 304.08M | 301.86M | 193.34M | 184.7M | 173.37M | 152.51M | 185.04M | 145.59M | 100.12M | 100.1M |
Legacy LTC morbidity volatility
As reported in recent financial statements, CNO's revenue growth has fluctuated significantly, ranging from a 12.9% contraction in 2025Q1 to a 19.2% expansion in 2024Q3, suggesting that the company's top-line performance remains highly sensitive to seasonal sales cycles and broader middle-market economic conditions.
The inconsistent revenue trajectory highlights the challenges of maintaining steady premium growth within the captive agent model. Investors should monitor whether the recent 2.5% growth in 2026Q1 represents a stabilization of the Bankers Life distribution force or merely a temporary recovery from prior period volatility.
Based on CNO's reported figures, the combined ratio has oscillated between 80.8% in 2024Q4 and 99.0% in 2024Q3, indicating that underwriting profitability is frequently pressured by fluctuations in claims experience rather than maintaining a consistent margin profile across reporting periods.
The volatility in the combined ratio suggests that the company's core insurance products are susceptible to periodic morbidity spikes, particularly within the legacy long-term care block. This inconsistency complicates the assessment of long-term underwriting efficiency and warrants further investigation into the predictability of future claims costs.
According to recent SEC filings, CNO experienced a dramatic 159.9% EPS growth in 2025Q3 followed by a 39.2% decline in 2025Q4, illustrating how accounting adjustments and actuarial assumption updates under LDTI can obscure the underlying operational earnings power of the insurance segments.
The sharp swings in net income appear to be driven by non-operational factors rather than fundamental shifts in the business model. Analysts should look past these headline figures to determine if the core distribution and investment spreads are actually improving or if they are being masked by reserve-related noise.
As evidenced by the periodic spikes in the loss ratio, which reached 69.2% in 2024Q3, CNO's reliance on legacy long-term care blocks may continue to introduce unpredictable tailwinds that threaten to erode underwriting margins despite management's efforts to mitigate these risks through premium rate increases.
The persistent risk of morbidity deviations suggests that the company's earnings may remain vulnerable to legacy block performance for the foreseeable future. Investors should remain cautious, as the potential for reserve strengthening could periodically offset the gains achieved through the company's newer, fee-based advisory initiatives.
Quick answers to the most common questions about buying CNO stock.
For fiscal year 2025, CNO Financial Group, Inc. (CNO) reported total revenue of $4.49B. This represents a 0.8% increase compared to $4.45B in 2002.
CNO Financial Group, Inc. (CNO) is profitable, generating $229.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
CNO Financial Group, Inc. (CNO) reported an operating income of $293.4M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CNO Financial Group, Inc. (CNO) generated $2.01B in gross profit for the year, representing a gross profit margin of 44.8%. This demonstrates the company's core pricing power and production efficiency.