CNO Financial (CNO - Free Report) came out with quarterly earnings of $1.26 per share, beating the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $0.87 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +27.27%. A quarter ago, it was expected that this insurance holding company would post earnings of $0.91 per share when it actually produced earnings of $1.29, delivering a surprise of +41.76%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
CNO, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $1.3 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 31.97%. This compares to year-ago revenues of $1.15 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CNO shares have added about 24.7% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for CNO?While CNO has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CNO was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.08 on $992 million in revenues for the coming quarter and $4.44 on $3.99 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Prudential (PRU - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This financial services company is expected to post quarterly earnings of $3.42 per share in its upcoming report, which represents a year-over-year change of -4.5%. The consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level.
Prudential's revenues are expected to be $14.15 billion, up 4.8% from the year-ago quarter.
, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its second quarter 2026 financial results:
Strong execution and momentum continues; Raising 2026 operating earnings per share (EPS) guidance by 8% at the midpoint from our prior guidance. Net income was $126 million, or $1.33 per diluted share, and net operating income(1) was $120 million, or $1.26 per diluted share. Operating EPS grew 45% in the quarter and 39% year-to-date. Return on equity (ROE) of 10.9%; Operating ROE(5) of 13.1%, excluding significant items(5). Book value per share of $27.96 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of $39.92, up 5%. Total new annualized premiums (NAP)(4) up 7%, extending our track record of insurance sales growth to 16 consecutive quarters. Achieved quarterly records in Worksite Division NAP, Annuity collected premiums and client assets in brokerage and advisory. Consumer and Worksite delivered their 14th and 16th consecutive quarters of producing agent count growth, respectively. "CNO delivered a very strong first half, with second quarter operating earnings per share up 45% and our 16th consecutive quarter of sales growth," said Gary C. Bhojwani, chief executive officer.
"We are raising full-year guidance on operating earnings per share to reflect strong underlying fundamentals, continued profitability improvement and the consistent, repeatable results we continue to generate across the business."
FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)
Net income in 2Q26 and 2Q25 was higher than operating income primarily driven by non-economic accounting impacts from market volatility, partially offset by investment losses that are treated as non-operating income.
Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.
In 2Q26 and 2Q25, net income and net operating income(1) were unaffected by significant items. Significant items are detailed in note (6).
Per diluted share
Quarter ended
Quarter ended
June 30,
June 30,
2026
2025
% change
2026
2025
% change
Income from insurance products (b)
$ 1.33
$ 1.03
29 %
$ 126.1
$ 103.0
22 %
Fee income
(0.01)
0.01
n/m
(1.2)
0.8
n/m
Investment income not allocated to product lines (c)
0.52
0.33
58
49.4
33.8
46
Expenses not allocated to product lines
(0.25)
(0.25)
—
(23.3)
(25.3)
(8)
Operating earnings before taxes
1.59
1.12
151.0
112.3
Income tax expense on operating income
(0.33)
(0.25)
32
(31.5)
(24.8)
27
Net operating income (1)
1.26
0.87
45
119.5
87.5
37
Net realized investment losses from disposals,
impairments and change in allowance for credit losses
(0.14)
(0.22)
(13.6)
(21.8)
Net change in market value of investments
recognized in earnings
(0.01)
0.03
(1.1)
3.4
Changes in fair value of embedded derivative
liabilities and market risk benefits
0.36
0.25
34.6
25.2
Expenses related to TechMod initiative
(0.10)
(0.03)
(9.7)
(3.2)
Net loss related to divested business
(0.01)
—
(1.1)
—
Other
(0.01)
0.02
(0.4)
2.1
Non-operating income before taxes
0.09
0.05
8.7
5.7
Income tax expense on non-operating income
(0.02)
(0.01)
(2.3)
(1.4)
Net non-operating income
0.07
0.04
6.4
4.3
Net income
$ 1.33
$ 0.91
$ 125.9
$ 91.8
Weighted average diluted shares outstanding
95.0
100.4
(a)
GAAP is defined as accounting principles generally accepted in the United States of America.
(b)
Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance product margin is management's measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.
(c)
Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)
Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.
Quarter ended
June 30,
2026
2025
Trailing four quarters:
Net Income
$ 279.6
$ 305.5
Net operating income (a non-GAAP financial measure)
491.4
425.8
Net operating income, excluding significant items
459.2
401.7
Average of each of the trailing four quarters average:
Shareholders' equity
$ 2,576.2
$ 2,558.5
Accumulated other comprehensive loss
1,167.3
1,271.2
Shareholders' equity, excluding accumulated other comprehensive loss
3,743.5
3,829.7
Net operating loss carryforwards
(248.1)
(232.4)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards
$ 3,495.4
$ 3,597.3
Ratios:
Return on equity
10.9 %
11.9 %
Operating return on equity (a non-GAAP financial measure) (5)
14.1 %
11.8 %
Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)
13.1 %
11.2 %
Shareholders' equity
$ 2,591.6
$ 2,522.7
Accumulated other comprehensive loss
1,182.8
1,252.7
Shareholders' equity, excluding accumulated other comprehensive loss
$ 3,774.4
$ 3,775.4
Basic shares outstanding
92,696,990
97,319,000
Diluted shares outstanding
94,551,416
99,221,445
Book value per share
$ 27.96
$ 25.92
Book value per diluted share
$ 27.41
$ 25.42
Accumulated other comprehensive loss per diluted share
12.51
12.63
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial
measure) (2)
$ 39.92
$ 38.05
Non-Operating Items
Net investment losses in 2Q26 were $13.6 million, including the unfavorable change in the allowance for credit losses of $3.4 million. Net investment losses in 2Q25 were $21.8 million, including the unfavorable change in the allowance for credit losses of $1.0 million.
During 2Q26 and 2Q25, we recognized a decrease in earnings of $1.1 million and an increase of $3.4 million, respectively, due to the net change in market value of investments.
During 2Q26 and 2Q25, we recognized an increase in earnings of $34.6 million and $25.2 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits, and changes in equity volatility.
During 2Q26 and 2Q25, we incurred $9.7 million and $3.2 million, respectively, of expense related to TechMod, our technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.
We recognized a $1.1 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 2Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.
Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 377% at June 30, 2026, reflecting estimated 2Q26 statutory operating gain of $35.4 million. There were $20.0 million of company dividends paid to the holding company during 2Q26.
During 2Q26, we repurchased $60.0 million of common stock under our securities repurchase program. We repurchased 1.3 million common shares at an average cost of $46.57 per share. As of June 30, 2026, we had 92.7 million shares outstanding and had authority to repurchase up to an additional $300.4 million of our common stock. During 2Q26, dividends paid on common stock totaled $16.8 million.
Unrestricted cash and investments held by our holding company were $233.2 million at June 30, 2026 compared to $351.4 million at December 31, 2025.
Book value per common share was $27.96 at June 30, 2026 compared to $27.92 at December 31, 2025. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $39.92 at June 30, 2026 compared to $38.81 at December 31, 2025.
The debt-to-capital ratio was 34.0% and 33.6% at June 30, 2026 and December 31, 2025, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.1% and 26.2% at June 30, 2026 and December 31, 2025, respectively.
Return on equity for the trailing four quarters ended June 30, 2026 and 2025 was 10.9% and 11.9%, respectively. Operating return on equity, excluding significant items(5), for the trailing four quarters ended June 30, 2026 and 2025 was 13.1% and 11.2%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on July 31, 2026 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://events.q4inc.com/attendee/121613442. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39.9 billion in total assets. Our 3,200 associates, 5,100 exclusive agents and more than 6,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Insurance policy income
$ 680.7
$ 651.3
$ 1,354.1
$ 1,302.0
Net investment income:
General account assets
411.9
378.3
806.9
753.4
Policyholder and other special-purpose portfolios
185.1
105.4
120.2
41.8
Investment gains (losses):
Realized investment losses
(8.6)
(21.3)
(16.4)
(25.1)
Other investment (losses) gains
(6.1)
2.9
(21.0)
(0.1)
Total investment losses
(14.7)
(18.4)
(37.4)
(25.2)
Fee revenue and other income
22.2
34.9
71.0
83.6
Total revenues
1,285.2
1,151.5
2,314.8
2,155.6
Benefits and expenses:
Insurance policy benefits
742.5
658.4
1,319.1
1,228.4
Liability for future policy benefits remeasurement gain
(15.3)
(12.8)
(21.8)
(25.0)
Change in fair value of market risk benefits
(8.3)
(10.9)
2.4
4.4
Interest expense
55.3
59.1
106.2
121.1
Amortization of deferred acquisition costs and present value of future
profits
74.9
68.6
149.1
136.0
Gain on extinguishment of borrowings related to variable interest
entities
—
—
—
(1.5)
Other operating costs and expenses
276.4
271.1
551.7
546.4
Total benefits and expenses
1,125.5
1,033.5
2,106.7
2,009.8
Income before income taxes
159.7
118.0
208.1
145.8
Income tax expense
33.8
26.2
44.5
32.5
Net income
$ 125.9
$ 91.8
$ 163.6
$ 113.3
Earnings per common share:
Basic:
Weighted average shares outstanding
93,194,000
98,572,000
93,636,000
99,658,000
Net income
$ 1.35
$ 0.93
$ 1.75
$ 1.14
Diluted:
Weighted average shares outstanding
94,952,000
100,386,000
95,545,000
101,728,000
Net income
$ 1.33
$ 0.91
$ 1.71
$ 1.11
NOTES
(1)
Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.
(2)
Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(3)
The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(4)
Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.
(5)
Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.
The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operating
income,
income,
excluding
Net
excluding
significant
income -
Net operating
Significant
significant
items - trailing
Net
trailing
income
items
items (a)
four quarters
income (loss)
four quarters
3Q24
$ 119.2
$ (21.9)
(b)
$ 97.3
$ 376.9
$ 9.3
$ 274.2
4Q24
138.0
3.1
(c)
141.1
410.5
182.9
420.8
1Q25
81.1
(5.3)
(d)
75.8
428.8
21.5
330.0
2Q25
87.5
—
87.5
401.7
91.8
305.5
3Q25
127.2
(32.2)
(e)
95.0
399.4
23.1
319.3
4Q25
143.4
—
143.4
401.7
92.9
229.3
1Q26
101.3
—
101.3
427.2
37.7
245.5
2Q26
119.5
—
119.5
459.2
125.9
279.6
(a)
See note (6) for additional information.
(b)
Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.
(c)
Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.
(d)
Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.
(e)
Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.
A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Trailing four quarters
2Q26
2Q25
Pre-tax operating earnings (a non-GAAP financial measure)
$ 617.2
$ 544.3
Income tax expense
(125.8)
(118.5)
Net operating income
491.4
425.8
Non-operating items:
Net realized investment losses from disposals, impairments and change in allowance for credit
losses
(62.8)
(81.2)
Net change in market value of investments recognized in earnings
(4.1)
15.5
Changes in fair value of embedded derivative liabilities and market risk benefits
(27.4)
(78.9)
Fair value changes related to the agent deferred compensation plan
(1.7)
3.1
Expenses related to TechMod initiative
(40.5)
(3.2)
Goodwill and other asset impairment
(101.9)
—
Net loss related to divested business
(20.3)
—
Other
(2.8)
(10.7)
Non-operating loss before taxes
(261.5)
(155.4)
Income tax benefit on non-operating loss
49.7
35.1
Net non-operating loss
(211.8)
(120.3)
Net income
$ 279.6
$ 305.5
A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):
1Q24
2Q24
3Q24
4Q24
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,536.8
$ 3,596.7
$ 3,529.9
$ 3,810.0
Net operating loss carryforwards
311.2
296.5
273.9
76.6
Accumulated other comprehensive loss
(1,480.3)
(1,464.3)
(1,116.0)
(1,371.4)
Common shareholders' equity
$ 2,367.7
$ 2,428.9
$ 2,687.8
$ 2,515.2
1Q25
2Q25
3Q25
4Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,498.9
$ 3,504.3
$ 3,483.6
$ 3,510.2
Net operating loss carryforwards
295.3
271.1
246.3
243.0
Accumulated other comprehensive loss
(1,239.1)
(1,252.7)
(1,118.9)
(1,115.0)
Common shareholders' equity
$ 2,555.1
$ 2,522.7
$ 2,611.0
$ 2,638.2
1Q26
2Q26
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,461.2
$ 3,548.5
Net operating loss carryforwards
254.8
225.9
Accumulated other comprehensive loss
(1,217.6)
(1,182.8)
Common shareholders' equity
$ 2,498.4
$ 2,591.6
A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):
Trailing four quarter average
2Q26
2Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,495.4
$ 3,597.3
Net operating loss carryforwards
248.1
232.4
Accumulated other comprehensive loss
(1,167.3)
(1,271.2)
Common shareholders' equity
$ 2,576.2
$ 2,558.5
(6)
The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three and six months ended June 30, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).
Three months ended
September 30, 2025
Actual
results
Significant
items
Excluding
significant
items
Insurance product margin
Annuity margin
$ 72.9
$ (16.6)
(a)
$ 56.3
Health margin
157.0
(21.1)
(a)
135.9
Life margin
70.6
(3.6)
(a)
67.0
Total insurance product margin
300.5
(41.3)
259.2
Allocated expenses
(151.0)
—
(151.0)
Income from insurance products
149.5
(41.3)
108.2
Fee income
(3.9)
—
(3.9)
Investment income not allocated to product lines
39.5
—
39.5
Expenses not allocated to product lines
(22.3)
—
(22.3)
Operating earnings before taxes
162.8
(41.3)
121.5
Income tax (expense) benefit on operating income
(35.6)
9.1
(26.5)
Net operating income
$ 127.2
$ (32.2)
$ 95.0
Net operating income per diluted share
$ 1.29
$ (0.33)
$ 0.96
(a)
Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.
Three months ended
March 31, 2025
Actual
results
Significant
items
Excluding
significant
items
Insurance product margin
Annuity margin
$ 54.5
$ —
$ 54.5
Health margin
126.2
—
126.2
Life margin
68.2
(6.8)
(a)
61.4
Total insurance product margin
248.9
(6.8)
242.1
Allocated expenses
(161.2)
—
(161.2)
Income from insurance products
87.7
(6.8)
80.9
Fee income
(0.8)
—
(0.8)
Investment income not allocated to product lines
38.0
—
38.0
Expenses not allocated to product lines
(20.3)
—
(20.3)
Operating earnings before taxes
104.6
(6.8)
97.8
Income tax (expense) benefit on operating income
(23.5)
1.5
(22.0)
Net operating income
$ 81.1
$ (5.3)
$ 75.8
Net operating income per diluted share
$ 0.79
$ (0.05)
$ 0.74
(a)
Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.
, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) will report results for the second quarter of 2026 after the market closes on Thursday, July 30, 2026. The company will host a conference call to discuss results at 11:00 a.m. Eastern Time on Friday, July 31, 2026.
Participate by Dial-In
To participate, please register here. Upon registering, you will be provided with call details and a registrant ID that is used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
Participate by Webcast
For those investors who prefer to participate online, we will broadcast the call live via webcast. The event can be accessed through the Investors section of our website at ir.CNOinc.com. Participants should register on the website at least 15 minutes before the event begins.
Participate by Replay
A replay of the conference call will be available on the Investors section of our website at ir.CNOinc.com.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: CNO Financial (CNO - Free Report) Headquartered in Carmel, IN, CNO Financial Group Inc. is a top-tier holding company for a group of insurance companies operating throughout the U.S., to develop, administer and market annuity, supplemental health and individual life insurance, and other insurance products. Accordingly, premiums collected are reported under three key insurance product lines: Annuities (42.3% of total premiums collected in 2025), Health (36.2%) and Life (21.5%).
CNO is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Finance stock. CNO has a Momentum Style Score of B, and shares are up 9.7% over the past four weeks.
One analyst revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.10 to $4.46 per share. CNO also boasts an average earnings surprise of +16.9%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CNO should be on investors' short list.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at CNO Financial (CNO - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. CNO Financial currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if CNO is a promising momentum pick, let's examine some Momentum Style elements to see if this insurance holding company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For CNO, shares are up 3.32% over the past week while the Zacks Insurance - Multi line industry is up 2.52% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 13.4% compares favorably with the industry's 7.74% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of CNO Financial have risen 25.31%, and are up 35.12% in the last year. On the other hand, the S&P 500 has only moved 17.14% and 21.85%, respectively.
Investors should also take note of CNO's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now CNO is averaging 834,950 shares for the last 20 days..
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CNO.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost CNO's consensus estimate, increasing from $4.36 to $4.46 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that CNO is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep CNO Financial on your short list.
A strong stock as of late has been CNO Financial (CNO - Free Report) . Shares have been marching higher, with the stock up 12.2% over the past month. The stock hit a new 52-week high of $52.82 in the previous session. CNO has gained 24.3% since the start of the year compared to the 3.7% move for the Zacks Finance sector and the -0.9% return for the Zacks Insurance - Multi line industry.
What's Driving the Outperformance?The stock has a great record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on April 30, 2026, CNO reported EPS of $1.29 versus consensus estimate of $0.91.
For the current fiscal year, CNO is expected to post earnings of $4.46 per share on $3.99 in revenues. This represents a 9.31% change in EPS on a -11.73% change in revenues. For the next fiscal year, the company is expected to earn $4.89 per share on $4.11 in revenues. This represents a year-over-year change of 9.75% and 3.03%, respectively.
Valuation MetricsThough CNO has recently hit a 52-week high, what is next for CNO? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). The individual style scores for Value, Growth, Momentum and the combined VGM Score run from A through F. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
CNO has a Value Score of A. The stock's Growth and Momentum Scores are D and D, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 11.8X current fiscal year EPS estimates, which is a premium to the peer industry average of 9.6X. On a trailing cash flow basis, the stock currently trades at 7.7X versus its peer group's average of 9.5X. This is good enough to put the company in the top echelon of all stocks we cover from a value perspective, making CNO an interesting choice for value investors.
Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, CNO currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if CNO passes the test. Thus, it seems as though CNO shares could have potential in the weeks and months to come.
How Does CNO Stack Up to the Competition?Shares of CNO have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Hamilton Insurance Group, Ltd. (HG - Free Report) . HG has a Zacks Rank of #2 (Buy) and a Value Score of A, a Growth Score of B, and a Momentum Score of D.
Earnings were strong last quarter. Hamilton Insurance Group, Ltd. beat our consensus estimate by 60.78%, and for the current fiscal year, HG is expected to post earnings of $4.10 per share on revenue of $2.87 billion.
Shares of Hamilton Insurance Group, Ltd. have gained 2.3% over the past month, and currently trade at a forward P/E of 7.9X and a P/CF of 6.82X.
The Insurance - Multi line industry may rank in the bottom 63% of all the industries we have in our universe, but there still looks like there are some nice tailwinds for CNO and HG, even beyond their own solid fundamental situation.
, /PRNewswire/ -- CNO Financial Group (NYSE: CNO) today announced a multi-year extension of its title sponsorship of the CNO Financial Indianapolis Monumental Marathon through 2028.
Since 2016, CNO has served as title sponsor of the marathon, half marathon and 5K, partnering with Beyond Monumental, the 501(c)3 nonprofit responsible for the event.
"Extending our partnership with Beyond Monumental reflects our commitment to the health and well-being of the central Indiana community," said Rocco Tarasi, Chief Marketing Officer, CNO Financial Group, and Beyond Monumental board member. "Over the past decade as title sponsor, we've seen how the event brings people together and delivers meaningful community and economic impact. We look forward to its continued growth and to celebrating the 20th running of the race in 2027."
As title sponsor of the marathon, CNO has supported the growth of the event, which has become one of the 15 largest marathons in the United States and a signature event for the city of Indianapolis.
"We're excited to continue our partnership with CNO, which has been instrumental in the growth of the Monumental Marathon," said Jed Cornforth, President and Chief Executive Officer of Beyond Monumental. "Their support helps us expand the reach of the event and strengthen programs that promote health and wellness for local students. We are proud of what we've achieved together and will accomplish in the years ahead."
2025 marked the event's 13th consecutive sellout, with a field of more than 17,500 participants—the largest in its history. Participants represented all 50 states and 22 countries, underscoring the marathon's continued growth and expanding global reach.
Registration for the 2026 CNO Financial Indianapolis Monumental Marathon is open and expected to sell out faster than ever. For more information or to register, visit monumentalmarathon.com.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
About Beyond Monumental
Beyond Monumental, the 501(c)3 non-profit responsible for the CNO Financial Indianapolis Monumental Marathon, provides the Indianapolis community with a complement of activities built around their premiere event that promotes healthy living & fitness for all ages. Beyond Monumental gives back to the Indianapolis community by supporting youth programming that reinforces healthy lifestyles for young people, with an emphasis on working with urban students and Indianapolis Public Schools, donating over $1.7 million since inception. The CNO Financial Indianapolis Monumental Marathon is a top 15 marathon in the US and is nationally recognized by Runners' World as one of "Ten Great Marathons for First Timers". The 19th annual running is scheduled for Nov. 7, 2026. For more information, please visit beyondmonumental.org.
CNO Financial Group (NYSE:CNO – Get Free Report) and World Access (OTCMKTS:WAXS – Get Free Report) are both finance companies, but which is the superior business? We will contrast the two companies based on the strength of their analyst recommendations, risk, earnings, dividends, institutional ownership, valuation and profitability.
Earnings & Valuation This table compares CNO Financial Group and World Access”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio CNO Financial Group $4.49 billion 0.86 $229.30 million $2.23 18.45 World Access N/A N/A N/A N/A N/A CNO Financial Group has higher revenue and earnings than World Access.
Analyst Ratings This is a summary of recent recommendations for CNO Financial Group and World Access, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score CNO Financial Group 1 1 3 0 2.40 World Access 0 0 0 0 0.00 CNO Financial Group presently has a consensus target price of $46.50, suggesting a potential upside of 13.05%. Given CNO Financial Group’s stronger consensus rating and higher possible upside, equities analysts clearly believe CNO Financial Group is more favorable than World Access.
Profitability This table compares CNO Financial Group and World Access’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets CNO Financial Group 4.94% 15.80% 1.07% World Access N/A N/A N/A Insider and Institutional Ownership 95.4% of CNO Financial Group shares are held by institutional investors. 3.0% of CNO Financial Group shares are held by insiders. Comparatively, 16.4% of World Access shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company will outperform the market over the long term.
Summary CNO Financial Group beats World Access on 8 of the 9 factors compared between the two stocks.
About CNO Financial Group (Get Free Report)
CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, insurance products, and financial services 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 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 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. 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.
About World Access (Get Free Report)
World Access, Inc. operates as a global services company providing solutions in customer care to organizations in the travel, financial, health care, and call center industries. It consists of three full service companies and three specialized services companies. World Access Service Corporation serves companies located in the US and companies that have travelers or employees visiting North America. World Access Canada serves companies located in Canada; and World Access Asia serves companies located in eastern Asia, including Japan. World Access Europe provides members of World Access with logistical and medical support throughout the region. Other companies include World Access Provider Network Services; and World Access Transport Services that manages and coordinates all medical evacuation and repatriation activities for World Access. The company is based in Atlanta, Georgia. In April 2001, the company filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court on behalf of itself and certain of its U.S. subsidiaries.
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SG Americas Securities LLC grew its holdings in CNO Financial Group, Inc. (NYSE:CNO – Free Report) by 83.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,381 shares of the financial services provider’s stock after purchasing an additional 16,092 shares during the period. SG Americas Securities LLC’s holdings in CNO Financial Group were worth $1,503,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Franklin Resources Inc. lifted its stake in CNO Financial Group by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 4,302,316 shares of the financial services provider’s stock worth $170,157,000 after acquiring an additional 42,467 shares in the last quarter. American Century Companies Inc. boosted its position in CNO Financial Group by 3.8% during the 3rd quarter. American Century Companies Inc. now owns 3,239,944 shares of the financial services provider’s stock worth $128,140,000 after acquiring an additional 118,417 shares during the period. AQR Capital Management LLC grew its stake in CNO Financial Group by 8.1% during the 3rd quarter. AQR Capital Management LLC now owns 898,238 shares of the financial services provider’s stock valued at $35,525,000 after acquiring an additional 66,937 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of CNO Financial Group by 11.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 882,512 shares of the financial services provider’s stock valued at $34,903,000 after purchasing an additional 91,417 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in shares of CNO Financial Group by 32.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 764,867 shares of the financial services provider’s stock valued at $29,509,000 after purchasing an additional 187,974 shares during the period. Hedge funds and other institutional investors own 95.43% of the company’s stock.
Wall Street Analyst Weigh In Several analysts recently commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and set a $46.00 price target on shares of CNO Financial Group in a report on Thursday, March 26th. Evercore reiterated an “underperform” rating and issued a $43.00 price objective on shares of CNO Financial Group in a research note on Wednesday, February 18th. Weiss Ratings reissued a “buy (b)” rating on shares of CNO Financial Group in a research note on Wednesday, January 21st. Wall Street Zen cut shares of CNO Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Jefferies Financial Group raised shares of CNO Financial Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $42.00 to $47.00 in a research note on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $46.50.
Check Out Our Latest Stock Report on CNO Financial Group
Insider Buying and Selling In related news, General Counsel Matthew J. Zimpfer sold 33,800 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $43.05, for a total transaction of $1,455,090.00. Following the completion of the sale, the general counsel directly owned 307,937 shares of the company’s stock, valued at approximately $13,256,687.85. This represents a 9.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary C. Bhojwani sold 45,357 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $43.17, for a total transaction of $1,958,061.69. Following the completion of the transaction, the chief executive officer owned 320,547 shares in the company, valued at $13,838,013.99. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 196,778 shares of company stock worth $8,442,863. 3.00% of the stock is currently owned by company insiders.
CNO Financial Group Price Performance NYSE CNO opened at $41.59 on Tuesday. CNO Financial Group, Inc. has a fifty-two week low of $34.63 and a fifty-two week high of $44.85. The stock’s 50-day moving average is $41.64 and its two-hundred day moving average is $41.20. The firm has a market cap of $3.90 billion, a P/E ratio of 18.65 and a beta of 0.83. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.17 and a quick ratio of 0.17.
CNO Financial Group (NYSE:CNO – Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The financial services provider reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.27. CNO Financial Group had a return on equity of 15.80% and a net margin of 4.94%.The business had revenue of $101.10 million for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm posted $1.18 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, analysts anticipate that CNO Financial Group, Inc. will post 3.83 earnings per share for the current fiscal year.
CNO Financial Group Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, March 10th. CNO Financial Group’s dividend payout ratio (DPR) is 30.49%.
CNO Financial Group Company Profile (Free Report)
CNO Financial Group is an Indiana‐based holding company that offers a range of insurance and retirement solutions through its operating subsidiaries. Its primary business activities include life insurance, annuities, and supplemental health insurance products designed to help individuals plan for retirement and manage health‐related expenses. The company serves middle‐income Americans, with particular emphasis on senior customers seeking guaranteed coverage and reliable income streams.
Originally founded as Conseco in 1979, the company underwent a financial restructuring and rebranded as CNO Financial Group in 2010.
Featured Stories Five stocks we like better than CNO Financial Group
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Key Takeaways Radian Group targets earnings growth via mortgage insurance strength and business restructuring efforts.CNO Financial benefits from Medicare demand, tech investments, and steady policyholder persistency.Slide Insurance sees strong revenue growth driven by coastal specialty insurance and reinsurance offerings. The multiline insurance industry has been benefiting from product diversification to lower concentration risk, ensure uninterrupted revenue generation and improve retention ratio. Increased adoption of technology and accelerated digitalization are enabling the smooth functioning of the space. The increasing acceptance of embedded insurance is also expected to drive the industry.
At this stage, we recommend three multiline insurance stocks with a favorable Zacks Rank for investment. These stocks have strong upside potential in the short term. The companies are: Radian Group Inc. (RDN - Free Report) , CNO Financial Group Inc. (CNO - Free Report) and Slide Insurance Holdings Inc. (SLDE - Free Report) . Each of our picks currently carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Radian Group Inc.Zacks Rank #2 Radian Group remains focused on improving its mortgage insurance portfolio to drive long-term earnings growth. Business restructuring intensifies its focus on core business and services with higher growth potential, ensuring a predictable and recurring fee-based revenue stream.
RDN is poised to benefit from a solid mortgage insurance market backed by the strong credit characteristics of new loans insured, declining claim payments. RDN’s solid persistency and a rise in the new mortgage insurance business are driving insurance in force. A robust capital position enables it to deploy capital. RDN is set to divest Mortgage Conduit, Title and Real Estate Services businesses.
Radian Group has an expected revenue and earnings growth rate of 0.02% and 6.1%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 4.9% in the last 60 days.
Image Source: Zacks Investment Research
CNO Financial Group Inc.Zacks Rank #2 CNO Financial Group stands to benefit from strong industry tailwinds, including growing demand for Medicare, supplemental health and life insurance products, supported by its multi-channel distribution and focus on middle-income retirees. CNO has delivered consistent revenue growth, aided by solid policyholder persistency and agent-client relationships.
CNO’s insurance policy income grew 2.5% year-over-year in 2025. Investments in technology platforms such as myHealthPolicy.com and Optavise, along with strategic acquisitions, are expected to enhance efficiency and expand market reach. In 2025, CNO repurchased shares worth $320 million.
CNO Financial Group has an expected revenue and earnings growth rate of -12.3% and 6.9%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.9% in the last 60 days.
Image Source: Zacks Investment Research
Slide Insurance Holdings Inc.Zacks Rank #1 Slide Insurance Holdings is engaged in underwriting single-family and condominium policies in the property and casualty industry principally in the United States. SLDE writes coastal specialty personal lines insurance, including homeowners, condominium unit owners, commercial residential and other products as well as reinsurance products.
SLDE has an expected revenue and earnings growth rate of 27.1% and -2.4%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 21% in the last 60 days.
, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) will report results for the first quarter of 2026 after the market closes on Thursday, April 30, 2026. The company will host a conference call to discuss results at 11:00 a.m. Eastern Time on Friday, May 1, 2026.
Participate by Dial-In
To participate, please register here. Upon registering, you will be provided with call details and a registrant ID that is used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
Participate by Webcast
For those investors who prefer to participate online, we will broadcast the call live via webcast. The event can be accessed through the Investors section of our website at ir.CNOinc.com. Participants should register on the website at least 15 minutes before the event begins.
Participate by Replay
A replay of the conference call will be available on the Investors section of our website at ir.CNOinc.com.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $38.8 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.
One company to watch right now is CNO Financial Group (CNO - Free Report) . CNO is currently sporting a Zacks Rank #2 (Buy) and an A for Value.
Another valuation metric that we should highlight is CNO's P/B ratio of 1.52. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 2.46. Within the past 52 weeks, CNO's P/B has been as high as 1.75 and as low as 1.31, with a median of 1.50.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CNO has a P/S ratio of 0.9. This compares to its industry's average P/S of 1.06.
These are only a few of the key metrics included in CNO Financial Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CNO looks like an impressive value stock at the moment.
Investors in CNO Financial Group, Inc. (CNO - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $42 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for CNO Financial shares, but what is the fundamental picture for the company? Currently, CNO Financial is a Zacks Rank #2 (Buy) in the Insurance - Multi line industry that ranks in the Bottom 37% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 94 cents per share to 91 cents in that period.
Given the way analysts feel about CNO Financial right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Product diversification has been helping Zacks Multiline Insurance industry players lower concentration risk, ensure uninterrupted revenue generation and improve retention ratio. Better pricing, prudent underwriting, increased exposure and faster economic recovery should benefit Enact Holdings (ACT - Free Report) , CNO Financial Group (CNO - Free Report) , SiriusPoint (SPNT - Free Report) and Slide Insurance Holdings (SLDE - Free Report) . Accelerated digitalization will help in the smooth functioning of the industry. The increasing acceptance of embedded insurance is also expected to drive the industry. Per a report in Financial Services, premiums from embedded insurance are projected to exceed $722 billion globally by 2030.
The solid capital level of multiline insurers will fuel merger and acquisition (M&A) activities. The Fed has been lowering interest rates and has hinted at the possibility of more throughout the year. Though insurers are direct beneficiaries of an improved rate environment and rate cuts are headwinds, investment income is expected to remain strong, given insurers’ diverse investment portfolio as well as continued growth of private market investments. Also, an investment portfolio skewed toward fixed-income maturities provides some upside. Continued inflation also acts as a drag, making repairs, medical care, and replacement costs more expensive. Insurers’ focus on personalizing offerings to enhance customer experience and leveraging digitalization is the key. Given moderating pricing and increased competition, pricing competition will likely improve, according to an Insurance Business report.
About the Industry The Zacks Multiline Insurance industry comprises companies that provide single insurance coverage, bundling automobile, homeowner, long-term care, and life and health insurance to individuals and businesses. The insured pays a single premium and is covered for many things through a single contract. These companies cover commercial and personal properties, automobiles, marine, livestock, aviation, personal accident, life, including permanent and term insurance, supplemental accident and health insurance, workers’ compensation, annuity products, private mortgage insurance, et al. The players also provide risk management services. Since the companies offer single insurance coverage for multiple products, customer retention improves. The insured stands to benefit from lower premium payments compared to paying individual premiums for insuring varied products.
3 Trends Shaping the Future of the Multiline Insurance Industry Diversified portfolio lowers concentration risk: Given the nature of the business, multiline insurers’ product and service portfolios are diversified. This lowers concentration risk. Increased awareness, driving higher demand for protection products, should benefit sales and premiums of life insurance operations. An increase in exposure, with customized products and services, should support premium growth. However, moderating pricing keeps us cautious. Per Deloitte Insights, the transition to green energy and related insurance products, as well as exposure to intangible assets, offers growth opportunities. The increased adoption of artificial intelligence could increase potential cyber threats, thus fueling demand for cyber insurance. Pet insurance is also on the rise. While the life insurance business could be hurt by a low-interest-rate environment, prudent underwriting in the non-life insurance business will limit the downside. Yet, unpredictable catastrophes could weigh on the underwriting profitability of non-life insurers.
Merger and acquisitions: Consolidation in the multi-line insurance industry is expected to continue as players look to diversify their operations into new business lines and geographies. Buying businesses along the same lines is driven by the players’ need to gain a fair market share and grow in their niche areas. Consolidations that slowed down earlier due to inflation are expected to rise in 2026, driven by a higher number of technology-driven deals, per a report from Willis Towers Watson’s Quarterly Deal Performance Monitor. Insurance technology companies are expected to top the list, per media reports. The industry is undergoing accelerated digitalization.
Increased adoption of technology: Digitalization has increased by leaps and bounds. The industry is witnessing greater use of technology like blockchain, AI, advanced analytics, telematics, cloud computing and robotic process automation to expedite business operations and save costs. Many life insurers have started selling policies online that appeal to the tech-savvy population. At the same time, the use of real-time data is making premium calculation easier and reducing risk. Insurers remain focused on ramping up data and analytics capabilities as well as realizing the benefit of the technological infrastructure, per Deloitte Insights. Per a Deloitte FSI Predictions article, insurers have the capacity to generate nearly $4.7 billion in annual global premiums from AI-related insurance, translating to a compound annual growth rate of around 80%.
Zacks Industry Rank Indicates Bleak Prospects The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak prospects in the near term. The Zacks Multiline Insurance industry, housed within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #144, which places it in the bottom 41% of 244 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is the result of a negative earnings outlook for the constituent companies in aggregate. The bleak outlook reflects that the industry’s earnings estimates have been revised 12.6% downward by analysts for the current year.
Before we present a few multiline insurance stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry vs. Sector and S&P 500 The Multiline Insurance industry has underperformed the sector and the Zacks S&P 500 composite in a year. The stocks in this industry have collectively lost 4.9% year to date compared with the Finance sector’s decrease of 0.3% and the Zacks S&P 500 composite’s rise of 3.2% in the same time frame.
Year-to-Date Price Performance
Current Valuation On the basis of its trailing 12-month price-to-book (P/B), which is commonly used for valuing insurance stocks, the industry is currently trading at 2.47X compared with the S&P 500’s 8.3X and the sector’s 4.31X.
Over the past five years, the industry has traded as high as 2.89X, as low as 1.34X and at the median of 2.45X.
Price-to-Book (P/B) Ratio (TTM)
Price-to-Book (P/B) Ratio (TTM)
4 Multiline Insurance Stocks to Add We are presenting two Zacks Rank #1 (Strong Buy) stocks and two Zacks Rank #2 (Buy) stocks from the Multiline Insurance industry.
You can see the complete list of today’s Zacks #1 Rank stocks here.
SiriusPoint: Headquartered in Pembroke, Bermuda, SiriusPoint is a specialty underwriter providing solutions to clients and brokers around the world. Its diverse and low-volatility portfolio, strong balance sheet with robust risk management, dynamic multi-channel global access and diversified business lines that are less correlated to P&C pricing cycles, such as Accident & Health and Surety, well-position the insurer for long-term growth. SiriusPoint sports a Zacks Rank #1.
The Zacks Consensus Estimate for SPNT’s 2026 earnings indicates no change year over year, while that for 2027 earnings indicates a year-over-year increase of 7.2%. The consensus estimate for 2026 earnings has moved 2 cents north in the past seven days, but that for 2027 witnessed no movement in the same time frame.
Price and Consensus: SPNT
Slide Insurance Holding: Tampa, FL-based Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. This coastal P&C insurer is targeting underserved, high-risk markets where incumbents are retreating. Its data-driven underwriting, direct-to-consumer model, and policy acquisitions enable rapid scale and strong profitability metrics, including low combined ratios and high margins. Slide sports a Zacks Rank #1.
The Zacks Consensus Estimate for SLDE’s 2026 earnings indicates a year-over-year decrease of 3% but that for 2027 earnings indicates a year-over-year increase of 8.1%. The consensus estimate for 2026 earnings has witnessed no movement in the past 30 days.
Price and Consensus: SLDEEnact Holdings: Raleigh, NC-based Enact, through its subsidiaries, is a leading U.S. private mortgage insurance provider, offering borrower-centric products. The insurer is poised to grow given a solid insurance in-force (driven by strong new insurance written and strong persistency), lower claim rate and solid PMIERS sufficiency. Enact focuses on maintaining a strong position in the MI market through its prudent underwriting standards, innovations to drive efficiency and disciplined growth in attractive adjacent markets. It carries a Zacks Rank #2.
The Zacks Consensus Estimate for ACT’s 2026 and 2027 earnings indicates a year-over-year increase of 8% and 5%, respectively. The expected long-term earnings growth rate is pegged at 8.6%. The consensus estimate for 2026 and 2027 earnings witnessed a 1.2% and 1% upward movement, respectively, in the past seven days.
Price and Consensus: ACT
CNO Financial Group: Headquartered in Carmel, IN, this Zacks Rank #2 company is a top-tier holding company for a group of insurance companies operating throughout the United States. CNO Financial is well-positioned to sustain growth, supported by solid collected premiums from its life and health insurance offerings, increased new annualized premiums and higher fee-based income. Positive industry trends, pricing adjustments and ongoing investments in technology are also contributing to the company’s momentum.
The Zacks Consensus Estimate for CNO’s 2026 and 2027 earnings indicates a year-over-year increase of 6.7% and 9.6%, respectively. The consensus estimate for 2026 and 2027 earnings witnessed no movement in the past seven days.
, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its first quarter 2026 financial results:
First quarter performance reflects disciplined execution and the strength of our diversified products and distribution. Net income was $38 million, or $0.39 per diluted share, and net operating income(1) was $101 million, or $1.05 per diluted share. Return on equity (ROE) of 9.5%; Operating ROE(5) of 12.2%, excluding significant items(5). Book value per share of $26.64 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of $38.98. Operating earnings per share grew 33%, as continued sales momentum drove earnings growth. Total new annualized premiums (NAP)(4) up 11%, demonstrating consistent, sustained growth following a strong 2025. Total Medicare policies sold increased 24%, underscoring the strength of these products in expanding our household reach. Consumer and Worksite continued their producing agent count growth streak to 13 and 15 consecutive quarters, respectively. "CNO is off to a strong start to 2026, building on the momentum from our excellent performance in 2025," said Gary C. Bhojwani, chief executive officer. "With 15 consecutive quarters of sales growth, we're pleased with the consistent results we're generating as we continue to grow earnings, improve profitability and reinvest in the business."
"Operating earnings per share grew 33% in the quarter, supported by strong performance across all areas of our business, including insurance product margin, investment results, fee income and capital management. Our results reflect the strength and resilience of our business model and our focus on the middle‑income market. Disciplined execution will continue to drive our growth and create meaningful value for customers, associates and shareholders."
FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)
Net income decreased in 1Q26 and 1Q25, primarily due to non-economic accounting impacts resulting from market volatility and investment losses. Additionally, 1Q26 net income was impacted by expenses related to our TechMod initiative.
Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.
In 1Q26, net income and net operating income(1) were unaffected by significant items, compared to favorable impacts in 1Q25 of $5.3 million or $0.05 per diluted share. Significant items are detailed in note (6).
Per diluted share
Quarter ended
Quarter ended
March 31,
March 31,
2026
2025
%
change
2026
2025
%
change
Income from insurance products (b)
$ 1.01
$ 0.85
19 %
$ 97.0
$ 87.7
11 %
Fee income
0.11
(0.01)
n/m
10.6
(0.8)
n/m
Investment income not allocated to product lines (c)
0.43
0.37
16
41.7
38.0
10
Expenses not allocated to product lines
(0.20)
(0.20)
—
(19.4)
(20.3)
(4)
Operating earnings before taxes
1.35
1.01
129.9
104.6
Income tax expense on operating income
(0.30)
(0.23)
30
(28.6)
(23.5)
22
Net operating income (1)
1.05
0.79
33
101.3
81.1
25
Net realized investment losses from disposals,
impairments and change in allowance for credit losses
(0.16)
(0.13)
(15.2)
(13.2)
Net change in market value of investments
recognized in earnings
(0.08)
0.06
(7.5)
6.4
Changes in fair value of embedded derivative
liabilities and market risk benefits
(0.44)
(0.68)
(42.4)
(69.6)
Expenses related to TechMod initiative
(0.14)
—
(13.7)
—
Net loss related to divested business
(0.02)
—
(1.9)
—
Other
(0.01)
—
(0.8)
(0.4)
Non-operating income before taxes
(0.85)
(0.75)
(81.5)
(76.8)
Income tax expense on non-operating income
0.19
0.17
17.9
17.2
Net non-operating income
(0.66)
(0.58)
(63.6)
(59.6)
Net income
$ 0.39
$ 0.21
$ 37.7
$ 21.5
Weighted average diluted shares outstanding
96.1
103.1
(a)
GAAP is defined as accounting principles generally accepted in the United States of America.
(b)
Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance product margin is management's measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.
(c)
Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our federal home loan bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.
FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)
Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.
Quarter ended
March 31,
2026
2025
Trailing four quarters:
Net Income
$ 245.5
$ 330.0
Net operating income (a non-GAAP financial measure)
459.4
452.9
Net operating income, excluding significant items
427.2
428.8
Average of each of the trailing four quarters average:
Shareholders' equity
$ 2,574.7
$ 2,523.3
Accumulated other comprehensive loss
1,178.7
1,327.9
Shareholders' equity, excluding accumulated other comprehensive loss
3,753.4
3,851.2
Net operating loss carryforwards
(258.9)
(237.6)
Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards
$ 3,494.5
$ 3,613.6
Ratios:
Return on equity
9.5 %
13.1 %
Operating return on equity (a non-GAAP financial measure) (5)
13.1 %
12.5 %
Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)
12.2 %
11.9 %
Shareholders' equity
$ 2,498.4
$ 2,555.1
Accumulated other comprehensive loss
1,217.6
1,239.1
Shareholders' equity, excluding accumulated other comprehensive loss
$ 3,716.0
$ 3,794.2
Basic shares outstanding
93,795,306
99,893,923
Diluted shares outstanding
95,323,466
101,796,131
Book value per share
$ 26.64
$ 25.58
Book value per diluted share
$ 26.21
$ 25.10
Accumulated other comprehensive loss per diluted share
12.77
12.17
Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial
measure) (2)
$ 38.98
$ 37.27
Non-Operating Items
Net investment losses in 1Q26 were $15.2 million, including the unfavorable change in the allowance for credit losses of $9.4 million. Net investment losses in 1Q25 were $13.2 million, including the unfavorable change in the allowance for credit losses of $9.6 million.
During 1Q26 and 1Q25, we recognized a decrease in earnings of $7.5 million and an increase of $6.4 million, respectively, due to the net change in market value of investments.
During 1Q26 and 1Q25, we recognized a decrease in earnings of $42.4 million and $69.6 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits.
During 1Q26, we incurred $13.7 million of expense related to TechMod, a previously announced technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.
We recognized a $1.9 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 1Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.
INVESTMENT PORTFOLIO
(Dollars in millions)
Fixed maturities, available for sale, at amortized cost by asset class as of March 31, 2026 are as follows:
Investment
grade
Below
investment
grade
Total
Corporate securities
$ 13,878.7
$ 679.9
$ 14,558.6
United States Treasury securities and obligations of the United States government and
agencies
208.9
—
208.9
States and political subdivisions
3,228.4
22.4
3,250.8
Foreign governments
134.8
—
134.8
Asset-backed securities
1,800.3
43.8
1,844.1
Agency residential mortgage-backed securities
810.6
—
810.6
Non-agency residential mortgage-backed securities
1,332.5
223.7
(a)
1,556.2
Collateralized loan obligations
1,466.5
—
1,466.5
Commercial mortgage-backed securities
2,162.4
88.5
2,250.9
Total
$ 25,023.1
$ 1,058.3
$ 26,081.4
(a)
Certain structured securities rated below investment grade by Nationally Recognized Statistical Rating Organizations may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the National Association of Insurance Commissioners (NAIC).
As of March 31, 2026, the fair value of CNO's available for sale fixed maturity portfolio was $23,881.1 million compared with an amortized cost of $26,081.4 million. Net unrealized losses were comprised of gross unrealized gains of $116.8 million and gross unrealized losses of $2,273.2 million as of March 31, 2026. The allowance for credit losses was $43.9 million at March 31, 2026.
Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 375 percent at March 31, 2026, reflecting estimated 1Q26 statutory operating gain of $23.0 million. There were no insurance company dividends, net of capital contributions, paid to the holding company during 1Q26.
During 1Q26, we repurchased $60.0 million of common stock under our securities repurchase program (including $0.8 million of repurchases settled in 2Q26). We repurchased 1.4 million common shares at an average cost of $41.79 per share. As of March 31, 2026, we had 93.8 million shares outstanding and had authority to repurchase up to an additional $360.4 million of our common stock. During 1Q26, dividends paid on common stock totaled $17.1 million.
Unrestricted cash and investments held by our holding company were $280.1 million at March 31, 2026 compared to $351.4 million at December 31, 2025.
Book value per common share was $26.64 at March 31, 2026 compared to $27.92 at December 31, 2025. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $38.98 at March 31, 2026 compared to $38.81 at December 31, 2025.
The debt-to-capital ratio was 34.8% and 33.6% at March 31, 2026 and December 31, 2025, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.4% and 26.2% at March 31, 2026 and December 31, 2025, respectively.
Return on equity for the trailing four quarters ended March 31, 2026 and 2025 was 9.5% and 13.1%, respectively. Operating return on equity, excluding significant items(5), for the trailing four quarters ended March 31, 2026 and 2025 was 12.2% and 11.9%, respectively.
In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
The Company will host a conference call to discuss results on May 1, 2026 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.
To participate by dial-in, please register at https://events.q4inc.com/attendee/401757742. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.
For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com. Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.
ABOUT CNO FINANCIAL GROUP
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39.0 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in millions, except per share data)
(unaudited)
Three months ended
March 31,
2026
2025
Revenues:
Insurance policy income
$ 673.4
$ 650.7
Net investment income:
General account assets
395.0
375.1
Policyholder and other special-purpose portfolios
(64.9)
(63.6)
Investment gains (losses):
Realized investment losses
(7.8)
(3.8)
Other investment losses
(14.9)
(3.0)
Total investment losses
(22.7)
(6.8)
Fee revenue and other income
48.8
48.7
Total revenues
1,029.6
1,004.1
Benefits and expenses:
Insurance policy benefits
576.6
570.0
Liability for future policy benefits remeasurement gain
(6.5)
(12.2)
Change in fair value of market risk benefits
10.7
15.3
Interest expense
50.9
62.0
Amortization of deferred acquisition costs and present value of future
profits
74.2
67.4
Gain on extinguishment of borrowings related to variable interest
entities
—
(1.5)
Other operating costs and expenses
275.3
275.3
Total benefits and expenses
981.2
976.3
Income before income taxes
48.4
27.8
Income tax expense
10.7
6.3
Net income
$ 37.7
$ 21.5
Earnings per common share:
Basic:
Weighted average shares outstanding
94,078,000
100,743,000
Net income
$ 0.40
$ 0.21
Diluted:
Weighted average shares outstanding
96,139,000
103,070,000
Net income
$ 0.39
$ 0.21
NOTES
(1)
Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.
(2)
Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(3)
The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.
(4)
Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.
(5)
Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.
The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):
Net operating
Net operating
income,
income,
excluding
Net
excluding
significant
income -
Net operating
Significant
significant
items - trailing
Net
trailing
income
items
items (a)
four quarters
income (loss)
four quarters
2Q24
$ 114.6
$ —
$ 114.6
$ 364.0
$ 116.3
$ 432.2
3Q24
119.2
(21.9)
(b)
97.3
376.9
9.3
274.2
4Q24
138.0
3.1
(c)
141.1
410.5
182.9
420.8
1Q25
81.1
(5.3)
(d)
75.8
428.8
21.5
330.0
2Q25
87.5
—
87.5
401.7
91.8
305.5
3Q25
127.2
(32.2)
(e)
95.0
399.4
23.1
319.3
4Q25
143.4
—
143.4
401.7
92.9
229.3
1Q26
101.3
—
101.3
427.2
37.7
245.5
(a)
See note (6) for additional information.
(b)
Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.
(c)
Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.
(d)
Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.
(e)
Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.
A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):
Trailing four quarters
1Q26
1Q25
Pre-tax operating earnings (a non-GAAP financial measure)
$ 578.5
$ 580.6
Income tax expense
(119.1)
(127.7)
Net operating income
459.4
452.9
Non-operating items:
Net realized investment losses from disposals, impairments and change in allowance for credit
losses
(71.0)
(81.3)
Net change in market value of investments recognized in earnings
0.4
16.8
Changes in fair value of embedded derivative liabilities and market risk benefits
(36.8)
(87.3)
Fair value changes related to the agent deferred compensation plan
(1.7)
6.6
Expenses related to TechMod initiative
(34.0)
—
Goodwill and other asset impairment
(101.9)
—
Net loss related to divested business
(19.2)
—
Other
(0.3)
(13.9)
Non-operating loss before taxes
(264.5)
(159.1)
Income tax benefit on non-operating loss
50.6
36.2
Net non-operating loss
(213.9)
(122.9)
Net income
$ 245.5
$ 330.0
A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):
1Q24
2Q24
3Q24
4Q24
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,536.8
$ 3,596.7
$ 3,529.9
$ 3,810.0
Net operating loss carryforwards
311.2
296.5
273.9
76.6
Accumulated other comprehensive loss
(1,480.3)
(1,464.3)
(1,116.0)
(1,371.4)
Common shareholders' equity
$ 2,367.7
$ 2,428.9
$ 2,687.8
$ 2,515.2
1Q25
2Q25
3Q25
4Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,498.9
$ 3,504.3
$ 3,483.6
$ 3,510.2
Net operating loss carryforwards
295.3
271.1
246.3
243.0
Accumulated other comprehensive loss
(1,239.1)
(1,252.7)
(1,118.9)
(1,115.0)
Common shareholders' equity
$ 2,555.1
$ 2,522.7
$ 2,611.0
$ 2,638.2
1Q26
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,461.2
Net operating loss carryforwards
254.8
Accumulated other comprehensive loss
(1,217.6)
Common shareholders' equity
$ 2,498.4
A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):
Trailing four quarter average
1Q26
1Q25
Consolidated capital, excluding accumulated other comprehensive
income (loss) and net operating loss carryforwards
(a non-GAAP financial measure)
$ 3,494.5
$ 3,613.6
Net operating loss carryforwards
258.9
237.6
Accumulated other comprehensive loss
(1,178.7)
(1,327.9)
Common shareholders' equity
$ 2,574.7
$ 2,523.3
(6)
The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three months ended March 31, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).
Three months ended
September 30, 2025
Actual
results
Significant
items
Excluding
significant
items
Insurance product margin
Annuity margin
$ 72.9
$ (16.6)
(a)
$ 56.3
Health margin
157.0
(21.1)
(a)
135.9
Life margin
70.6
(3.6)
(a)
67.0
Total insurance product margin
300.5
(41.3)
259.2
Allocated expenses
(151.0)
—
(151.0)
Income from insurance products
149.5
(41.3)
108.2
Fee income
(3.9)
—
(3.9)
Investment income not allocated to product lines
39.5
—
39.5
Expenses not allocated to product lines
(22.3)
—
(22.3)
Operating earnings before taxes
162.8
(41.3)
121.5
Income tax (expense) benefit on operating income
(35.6)
9.1
(26.5)
Net operating income
$ 127.2
$ (32.2)
$ 95.0
Net operating income per diluted share
$ 1.29
$ (0.33)
$ 0.96
(a)
Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.
Three months ended
March 31, 2025
Actual
results
Significant
items
Excluding
significant
items
Insurance product margin
Annuity margin
$ 54.5
$ —
$ 54.5
Health margin
126.2
—
126.2
Life margin
68.2
(6.8)
(a)
61.4
Total insurance product margin
248.9
(6.8)
242.1
Allocated expenses
(161.2)
—
(161.2)
Income from insurance products
87.7
(6.8)
80.9
Fee income
(0.8)
—
(0.8)
Investment income not allocated to product lines
38.0
—
38.0
Expenses not allocated to product lines
(20.3)
—
(20.3)
Operating earnings before taxes
104.6
(6.8)
97.8
Income tax (expense) benefit on operating income
(23.5)
1.5
(22.0)
Net operating income
$ 81.1
$ (5.3)
$ 75.8
Net operating income per diluted share
$ 0.79
$ (0.05)
$ 0.74
(a)
Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.
CNO Financial (CNO - Free Report) came out with quarterly earnings of $1.29 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +41.76%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.2 per share when it actually produced earnings of $1.47, delivering a surprise of +22.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
CNO, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $1.05 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.94%. This compares to year-ago revenues of $1.01 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CNO shares have added about 5.2% since the beginning of the year versus the S&P 500's gain of 4.2%.
What's Next for CNO?While CNO has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CNO was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.01 on $982 million in revenues for the coming quarter and $4.36 on $3.97 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Assured Guaranty (AGO - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This insurance holding company is expected to post quarterly earnings of $1.50 per share in its upcoming report, which represents a year-over-year change of -52.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Assured Guaranty's revenues are expected to be $191.3 million, down 20% from the year-ago quarter.
Key Takeaways CNO posts Q1 EPS of $1.29, beating estimates by 41.8% and rising from 79 cents a year ago.CNO Financial's revenues grew 4.1% y/y on higher life and health premiums and rising new annualized premiums.CNO saw total benefits and expenses rise as higher policy benefits partly offset premium-driven gains. CNO Financial Group, Inc. (CNO - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $1.29, which beat the Zacks Consensus Estimate by 41.8%. The bottom line rose from 79 cents a year ago.
Operating revenues of $1.1 billion advanced 4.1% year over year. The top line surpassed the consensus mark by 6.9%.
The strong quarterly results were supported by strong collected premiums from life and health products, rising new annualized premiums and higher fee revenues. Nevertheless, the upside was partly offset by a rise in total benefits and expenses as a result of higher insurance policy benefits.
CNO's Q1 PerformanceTotal insurance policy income rose 3.5% year over year to $673.4 million. The metric was aided by improved collected premiums from annuity, life and health products.
Total investment losses were $22.7 million, wider than the prior-year quarter’s loss of $6.8 million. General account assets grew 5.3% year over year to $395 million. Policyholder and other special-purpose portfolios totaled negative $64.9 million compared with the prior-year quarter’s negative $63.6 million.
Fee revenues and other income rose 0.3% year over year to $48.8 million.
Annuity collected premiums of $433.8 million, declining 1.9% year over year, while health collected premiums increased 5.5% to $428 million. Collected premiums from life products totaled $249.8 million, which rose 2.2% year over year. The total collected premiums advanced 1.8% year over year to $1.1 billion.
New annualized premiums for health products rose 17.5% year over year, while the same for life products climbed 4.8%. Annuity, Health and Life products accounted for 22.8%, 51.6% and 25.6%, respectively, of CNO's insurance margin.
Total benefits and expenses rose 0.5% year over year to $981.2 million due to higher insurance policy benefits.
CNO’s Financial Update (As of March 31, 2026)CNO Financial exited the first quarter with unrestricted cash and cash equivalents of $1.1 billion, which rose 18.1% from the 2025-end level.
Total assets of $39 billion rose 0.4% from the figure at 2025-end.
The debt-to-capital was 34.6% at the first-quarter end, which deteriorated 120 basis points (bps) from the 2025-end figure.
Total shareholders’ equity declined 5.3% from the 2025-end level to $2.5 billion.
Book value per common share was $26.64, which decreased 4.6% from the figure at 2025-end.
Operating return on equity, excluding significant items, improved 30 bps year over year to 12.2% at the first-quarter end.
CNO Financial’s Share Repurchase & Dividend UpdateCNO Financial rewarded its shareholders with $60 million in the form of share buybacks and $17.1 million in dividends during the first quarter.
As of March 31, 2026, the company had a leftover repurchase capacity of $360.4 million.
CNO Reaffirms 2026 GuidanceCNO Financial reaffirmed its full-year 2026 guidance, indicating confidence in the current operating trajectory. The company still anticipates operating EPS to be in the range of $4.25-$4.45, the mid-point of which indicates a 1.1% decline from the 2025 reported figure of $4.40.
For 2026, management still estimates excess cash flow of $200-$250 million to the holding company.
The company continues to project the expense ratio to be in the band of 18.8-19.2% for 2026. It estimates the effective tax rate to be around 22.5%. Management still aims to achieve leverage within the band of 25-28%.
CNO’s Zacks RankCNO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
How Did Peers Perform?Several companies in the insurance space, including RenaissanceRe Holdings Ltd. (RNR - Free Report) , AMERISAFE, Inc. (AMSF - Free Report) and The Hartford Insurance Group, Inc. (HIG - Free Report) , have already reported their financial results for the March quarter of 2026. Here’s how they had performed:
RenaissanceRe reported first-quarter 2026 operating income of $13.75 per share, which surpassed the Zacks Consensus Estimate by 24.2%. The bottom line improved from the year-ago quarter’s operating loss of $1.49. Total operating revenues declined 16.6% year over year to $2.6 billion. The top line missed the consensus mark by 10.6%. RNR’s quarterly earnings were aided by a decline in expenses and strong underwriting performance in both segments. Improved combined ratio and fee income contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments.
AMERISAFE reported first-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. The bottom line declined 16.7% year over year. Operating revenues increased 7.9% year over year to $81.75 million but missed the consensus estimate by 0.9%. AMSF’s quarterly result was affected by higher expenses and weaker underwriting margins, with additional pressure from lower fee income and weaker investment income. Stronger premium growth partially offsets the downside.
Hartford posted first-quarter fiscal 2026 core earnings per share of $3.09, up 40.5% from $2.20 in the prior-year quarter. The figure missed the Zacks Consensus Estimate of $3.29 by 6.1%. Operating revenues totaled $5.09 billion, up 7% year over year, but missed the consensus mark by 2.1%. HIG’s weaker-than-expected results were caused by less favorable prior-year reserve development, higher expenses and pressure in Employee Benefits. The negatives were partially offset by high demand for expensive risk events, stronger investment income and a massive turnaround in Personal Insurance.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced today that its Board of Directors has approved a $0.01 per share increase in its quarterly dividend. This marks the 14th consecutive annual increase by the company. The Board declared a quarterly cash dividend of $0.18 per share on the company's common shares. The dividend will be payable June 24, 2026, to shareholders of record at the close of business on June 10, 2026.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
Key Takeaways CNO Financial raised its quarterly dividend 5.9% to 18 cents per share, to be paid June 24, 2026.CNO Financial's dividend yield of 1.57% is below the industry average of 2.52%.CNO Financial bought back $60M in Q1 and had $360.4M left under its repurchase program. Insurer CNO Financial Group, Inc. (CNO - Free Report) recently announced a 5.9% increase in its quarterly cash dividend to 18 cents per share from 17 cents paid out earlier. The increased amount will be paid out on June 24, 2026, to its shareholders on record as of June 10, 2025. However, based on the closing price of $45.90 per share on May 7, the stock has a dividend yield of 1.57%, lower than the industry average of 2.52%. This leaves more room for future dividend growth.
This move signals the 14th annual dividend hike by the company. If we look back at the last reported quarter, CNOpaid out dividends worth $17.1 million. Furthermore, it bought back 1.4 million shares for $60 million in the first quarter. It had around $360.4 million left from the current buyback program as of March 31, 2026.
Now, let’s check its financial position, which enables it to take shareholder-friendly moves.
Its operating cash flow increased 17.7% in 2023, 7.7% in 2024, 7.6% in 2025 and 8.9% in the first quarter of 2026. CNO Financial exited the first quarter with unrestricted cash and cash equivalents of $1.1 billion, which rose 18.1% from the 2025-end level.
However, the debt burden keeps increasing. At first quarter-end, long-term debt reached above $4 billion from $3.8 billion at 2025-end. Its debt-to-capital was 34.8% at the first-quarter end, which deteriorated 120 basis points from the 2025-end figure.
Nevertheless, given its continued sales momentum, focus on the middle-income market and growing insurance product margin, its financial strength is likely to improve in the future.
Shares of the company have jumped 8% so far this year, outperforming the industry average of 3.9% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key PicksCNO currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader insurance space are Hamilton Insurance Group, Ltd. (HG - Free Report) , Aegon Ltd. (AEG - Free Report) and Radian Group Inc. (RDN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Hamilton Insurance’s current-year earnings of $3.46 per share increased by 4 cents over the past 60 days. HG beat earnings estimates in each of the trailing four quarters, with the average surprise being 84.8%. The consensus estimate for current-year revenues is pegged at $2.8 billion.
The consensus estimate for Aegon’s current-year earnings is pegged at 28 cents, which remained stable over the past week. The consensus mark for AEG’s current-year revenues of $22.4 billion implies a 110.5% year-over-year surge.
The consensus estimate for Radian Group’s current-year earnings is pegged at $4.79 per share, which indicates 7.6% year-over-year growth. It beat earnings estimates in each of the trailing four quarters, with the average surprise being 10.7%. The consensus estimate for RDN’s current-year revenues is pegged at $1.2 billion.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) announced that at the company's annual meeting held earlier today, its shareholders:
Elected nine directors (Gary C. Bhojwani, Archie M. Brown, David B. Foss, Linda T. Gibson, Adrianne B. Lee, Daniel R. Maurer, Chetlur S. Ragavan, Steven E. Shebik and Jessica A. Turner) to each serve a one-year term expiring at next year's annual meeting. Approved, by non-binding advisory vote, the executive compensation of the company's named executive officers as disclosed in the proxy statement for the annual meeting. Ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2026. About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39 billion in total assets. Our 3,300 associates, 5,000 exclusive agents and more than 7,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
Key Takeaways CNO posted its 15th straight sales growth quarter, led by Medicare and supplemental health products.CNO's Q1 2026 new annualized premiums rose 11.1%, while Medicare policies sold climbed 24%.CNO faces pressure from rising benefit costs and a debt-to-capital ratio above industry levels. CNO Financial Group, Inc. (CNO - Free Report) is strategically positioned for growth, supported by strong collected premiums from life and health products, rising new annualized premiums and higher fee revenues. A diversified product portfolio, technological advancements and improved insurance policy income drive further momentum. Shares of CNO have risen 22% in the past year against the industry’s decline of 1.2%.
CNO — with a market cap of $4.4 billion — operates throughout the United States to develop, administer and market annuity, supplemental health and individual life insurance and other insurance products. Its forward 12-month P/E ratio of 10.45X is higher than the industry average of 9X.
Courtesy of solid prospects, this presently Zacks Rank #3 (Hold) stock is worth retaining at the moment.
Let’s delve deeper.
CNO’s Growth DriversCNO Financial continues to benefit from its focused strategy around middle-income customers, supported by its captive agent distribution network and diversified insurance portfolio. The company delivered its 15th consecutive quarter of sales growth, with strong momentum in Medicare Supplement, supplemental health and worksite products.
Total collected premiums rose 1.8% year over year in the first quarter of 2026, along with 3.5% growth in total insurance policy income, aided by improved performance from life and health products. In the same quarter, total new annualized premiums rose 11.1% year over year and total Medicare policies sold increased 24%, reflecting continued consumer focus on Medicare offerings. Demographic trends, including the growing senior population and rising healthcare protection needs, continue to support long-term demand for its offerings.
Technology investments are also becoming a bigger part of CNO’s strategy. The company is investing in data analytics and artificial intelligence to improve customer experience and agent productivity. For instance, Colonial Penn’s call center is using AI-powered tools to route customer inquiries more efficiently, helping reduce wait times and improve sales conversions. At the same time, CNO continues expanding its recruiting efforts, geographic reach and digital marketing capabilities, particularly in direct-to-consumer life insurance channels, where non-television lead sources are driving a larger share of sales.
CNO Financial has demonstrated a strong commitment to shareholder returns through consistent capital distribution. In first-quarter 2026, the company repurchased $60 million worth of shares and paid $17.1 million in dividends.
Estimates for CNOThe Zacks Consensus Estimate for CNO Financial’s 2026 earnings is pegged at $4.36 per share, indicating a 6.9% year-over-year increase. The consensus mark for revenues is pegged at $4 billion for 2026. Furthermore, it beat earnings estimates in each of the past four quarters, with an average surprise of 16.9%.
Risks for CNO StockThere are some factors, however, that investors should keep a careful eye on.
The company faces escalating expenses due to higher insurance policy benefits. Total benefits and expenses increased 3.7% year over year in 2024, 7.3% in 2025 and 0.5% in the first three months of 2026. CNO Financial’s balance sheet reflects a relatively high level of leverage. At the end of first-quarter 2026, its long-term debt-to-capital ratio stood at 61.7%, more than double the industry average of 28.7%. Unrestricted cash and cash equivalents were $1.2 billion at the end of the first quarter, while long-term debt amounted to $4 billion.
Better-Ranked PlayersSome better-ranked stocks in the broader insurance space are Octave Specialty Group, Inc. (OSG - Free Report) , First American Financial Corporation (FAF - Free Report) and The Hanover Insurance Group, Inc. (THG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Octave Specialty Group’s current-year earnings of 40 cents per share has witnessed one upward revision in the past seven days against none in the opposite direction. OSG’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 464.4%. The consensus estimate for current-year revenues is pegged at $358.9 million.
The consensus estimate for First American Financial’s current-year earnings is pegged at $6.72, which signals 11.1% year-over-year growth. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 22%. The consensus mark for FAF’s current-year revenues of $8 billion implies a 7.8% year-over-year jump.
The consensus estimate for Hanover Insurance’s current-year earnings is pegged at $18.45 per share, which has witnessed four upward revisions in the past 30 days against none in the opposite direction. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 28.5%. The consensus estimate for THG’s current-year revenues is pegged at $7 billion, which implies a 4.7% year-over-year jump.
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company to watch right now is CNO Financial Group (CNO - Free Report) . CNO is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.
Another valuation metric that we should highlight is CNO's P/B ratio of 1.52. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.60. Within the past 52 weeks, CNO's P/B has been as high as 1.75 and as low as 1.31, with a median of 1.50.
Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. CNO has a P/S ratio of 0.97. This compares to its industry's average P/S of 1.03.
These are only a few of the key metrics included in CNO Financial Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CNO looks like an impressive value stock at the moment.
Key Takeaways A ratings-upgrade screen highlights 3 stocks after notable broker recommendation bumps in four weeks.TNDM sells Mobi and t:slim X2 pumps with Control-IQ; 2026 earnings are expected to soar 73.3%.DELL sees fiscal 2027 earnings up 41.2%, while CNO Financial expects 2026 earnings growth of 9.3%. U.S. equities have shown resilience year to date, though gains have been highly uneven. After recovering from early volatility, markets have moved higher as strong corporate earnings, AI-driven optimism and a still-supportive economy have helped offset broader macro concerns. Investor sentiment has continued to shift with changing Fed-rate expectations, swings in Treasury yields, oil-price volatility, geopolitical risks (particularly Middle East tensions) and evolving tariff policies.
As such, it is difficult for retail investors to select stocks for generating solid returns over time. One way to cut short this task is to follow brokers’ recommendations. In this regard, stocks such as Tandem Diabetes Care, Inc. (TNDM - Free Report) , Dell Technologies Inc. (DELL - Free Report) and CNO Financial Group (CNO - Free Report) are worth considering.
Broker opinions are shaped by a broad research framework that combines direct management access, detailed analysis of public disclosures, earnings-call participation and sector-level intelligence. This enables brokers to evaluate a company’s fundamentals not in isolation, but in the context of macroeconomic trends, industry conditions, competitive positioning and peer performance.
A broker upgrade typically signals a meaningful improvement in an analyst’s expectations. This change may be driven by stronger guidance, favorable channel checks, improving demand trends, margin recovery, better execution or revised operating assumptions. When such positives are not yet fully reflected in consensus estimates or market pricing, an upgrade may indicate a potential inflection point in earnings momentum or valuation sentiment.
That said, a broker upgrade should not be viewed in isolation. It is best used as one input within a broader decision-making process. Sustainable long-term returns depend on several factors, including business quality, valuation, industry structure, competitive advantages, growth catalysts, execution risks and an investor’s own risk appetite, time horizon and portfolio objectives.
Selecting the Winning StrategyWe have a screening strategy that may help you identify potential winners.
Broker Rating Upgrades (Four Weeks) of 1% or More: The screen selects stocks that have witnessed broker rating upgrades of 1% or more over the past four weeks.
Current Price Greater Than $5: The stocks must trade above $5.
Average 20-Day Volume Greater Than 100,000: A large trading volume guarantees that the stock is easily tradable.
Zacks Rank Equal to #1 (Strong Buy) or 2 (Buy): Despite good or bad market conditions, stocks with a Zacks Rank #1 or 2 have a proven record of success. You can see the complete list of today’s Zacks #1 Rank stocks here.
VGM Score of A or B: Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
3 Stocks With Upgraded Broker Ratings to Bet OnSan Diego-based Tandem designs, develops and markets products for people with insulin-dependent diabetes. TNDM’s pump portfolio features the Tandem Mobi and t:slim X2, both of which feature Control-IQ advanced hybrid closed-loop technology.
Tandem’s 2026 earnings are expected to soar 73.3% year over year. TNDM, which currently carries a Zacks Rank #2, has witnessed a 4.2% upward revision in broker ratings over the past four weeks.
Dell, based in Round Rock, TX, is a leading provider of servers, storage and PCs. DELL offers secure, integrated solutions that extend from the edge to the core to the cloud.
DELL’s fiscal 2027 earnings are projected to jump 41.2% on a year-over-year basis. Dell, sporting a Zacks Rank #1 at present, has witnessed a 8% upward revision in broker ratings over the past four weeks.
Based in Carmel, IN, CNO Financial is a top-tier holding company for a group of insurance companies operating throughout the United States. CNO develops, administers and markets annuity, supplemental health and individual life insurance and other insurance products.
CNO Financial’s 2026 earnings are expected to rise 9.3% year over year. CNO, which currently carries a Zacks Rank #2, has witnessed a 14.3% upward revision in broker ratings over the past four weeks.
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A strong stock as of late has been CNO Financial (CNO - Free Report) . Shares have been marching higher, with the stock up 4.1% over the past month. The stock hit a new 52-week high of $48.13 in the previous session. CNO has gained 12.8% since the start of the year compared to the 0.8% gain for the Zacks Finance sector and the -5.6% return for the Zacks Insurance - Multi line industry.
What's Driving the Outperformance?The stock has a great record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on April 30, 2026, CNO reported EPS of $1.29 versus consensus estimate of $0.91.
For the current fiscal year, CNO is expected to post earnings of $4.46 per share on $3.99 in revenues. This represents a 9.31% change in EPS on a -11.73% change in revenues. For the next fiscal year, the company is expected to earn $4.89 per share on $4.11 in revenues. This represents a year-over-year change of 9.75% and 3.03%, respectively.
Valuation MetricsCNO may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
CNO has a Value Score of A. The stock's Growth and Momentum Scores are D and C, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 10.7X current fiscal year EPS estimates, which is a premium to the peer industry average of 9.5X. On a trailing cash flow basis, the stock currently trades at 7X versus its peer group's average of 9.3X. This is good enough to put the company in the top echelon of all stocks we cover from a value perspective, making CNO an interesting choice for value investors.
Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, CNO currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if CNO fits the bill. Thus, it seems as though CNO shares could have a bit more room to run in the near term.
How Does CNO Stack Up to the Competition?Shares of CNO have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Ategrity Specialty Insurance Company Holdings (ASIC - Free Report) . ASIC has a Zacks Rank of #2 (Buy) and a Value Score of A, a Growth Score of B, and a Momentum Score of B.
Earnings were strong last quarter. Ategrity Specialty Insurance Company Holdings beat our consensus estimate by 27.50%, and for the current fiscal year, ASIC is expected to post earnings of $1.98 per share on revenue of $552.32 million.
Shares of Ategrity Specialty Insurance Company Holdings have gained 3.4% over the past month, and currently trade at a forward P/E of 10.27X and a P/CF of 13X.
The Insurance - Multi line industry is in the top 45% of all the industries we have in our universe, so it looks like there are some nice tailwinds for CNO and ASIC, even beyond their own solid fundamental situation.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One company to watch right now is CNO Financial Group (CNO - Free Report) . CNO is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.
Investors should also recognize that CNO has a P/B ratio of 1.52. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. CNO's current P/B looks attractive when compared to its industry's average P/B of 2.50. Over the past 12 months, CNO's P/B has been as high as 1.75 and as low as 1.31, with a median of 1.50.
Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CNO has a P/S ratio of 1.01. This compares to its industry's average P/S of 1.02.
These figures are just a handful of the metrics value investors tend to look at, but they help show that CNO Financial Group is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CNO feels like a great value stock at the moment.
