CNO Financial Group, Inc.
- Open
- 55.36
- Day high
- 55.36
- Day low
- 54.66
- Prev close
- 55.37
- Volume
- 1.5M
- Mkt cap
- $5.1B
- P/E (TTM)
- 18.4
- EPS (TTM)
- $2.97
- P/B
- 2.0
- P/S
- 1.1
- Yield
- 1.26%
- Per share
- $0.69
- ▼Insiders net selling -$5.2M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
CNO Financial Group, Inc. (CNO) is a Financial Services company listed on NYSE. The stock is up 40% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 1 published research article covering CNO.
CNO Financial Group, Inc. (CNO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CNO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.97 | $1.26 | +29.6% | $1.3B | +28.6% |
| May 1, 2026 | $0.91 | $1.29 | +41.8% | $1.0B | +2.6% |
| Feb 5, 2026 | $1.20 | $1.47 | +22.5% | $1.1B | +16.3% |
| Feb 6, 2025 | $1.06 | $1.31 | +23.6% | $1.1B | +13.1% |
| Oct 31, 2024 | $0.84 | $1.11 | +32.1% | $1.1B | +18.0% |
| May 1, 2023 | $0.65 | $0.51 | -21.5% | $1.0B | +8.6% |
| Feb 7, 2023 | $0.56 | $0.56 | +0.0% | $974M | +7.0% |
| Oct 31, 2022 | $0.48 | $0.49 | +2.1% | $905M | +1.3% |
| Aug 1, 2022 | $0.48 | $0.85 | +77.1% | $855M | -5.6% |
| May 2, 2022 | $0.57 | $0.42 | -26.3% | $843M | -8.6% |
| Feb 8, 2022 | $0.61 | $0.87 | +42.6% | $1.1B | +18.6% |
| Jul 28, 2021 | $0.56 | $0.66 | +17.9% | $1.1B | +11.7% |
CNO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Tarasi Rocco F. IIIofficer: Chief Marketing Officer | Sell | 1,891 | $51.31 |
| Jul 1, 2026 | Bhojwani Gary C.director, officer: Chief Executive Officer | Option | 44,250 | $21.06 |
| Jul 1, 2026 | Bhojwani Gary C.director, officer: Chief Executive Officer | Sell | 44,250 | $51.48 |
| Jul 1, 2026 | Bhojwani Gary C.director, officer: Chief Executive Officer | Sell | 41,798 | $51.48 |
| Jun 11, 2026 | Tarasi Rocco F. IIIofficer: Chief Marketing Officer | Sell | 5,750 | $50.00 |
| Jun 11, 2026 | Tarasi Rocco F. IIIofficer: Chief Marketing Officer | Option | 5,750 | $21.06 |
| Jun 11, 2026 | Tarasi Rocco F. IIIofficer: Chief Marketing Officer | Sell | 3,308 | $49.00 |
| Jun 8, 2026 | Goldberg Scott L.officer: President, Consumer Division | Tax | 396 | $47.12 |
| Jun 4, 2026 | Tarasi Rocco F. IIIofficer: Chief Marketing Officer | Sell | 4,808 | $47.00 |
| May 13, 2026 | Foss David Bdirector | Grant | 3,574 | $46.17 |
| May 13, 2026 | Gibson Linda T.director | Grant | 3,574 | $46.17 |
| May 13, 2026 | Ragavan Chetlur Sdirector | Grant | 3,574 | $46.17 |
| May 13, 2026 | Brown Archie Mdirector | Grant | 3,574 | $46.17 |
| May 13, 2026 | Shebik Steven Edirector | Grant | 3,574 | $46.17 |
| May 13, 2026 | Maurer Daniel Rdirector | Grant | 6,043 | $46.17 |
Source: CNO SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full CNO insider & 13F page →CNO Financial Group, Inc. company profile
Overview
CNO Financial Group, Inc. (NYSE:CNO) is a specialized insurance company founded in 1979 and headquartered in Carmel, Indiana. The company has evolved from its origins to become a focused provider of insurance and financial products targeting middle-income Americans, particularly seniors and pre-retirees. CNO operates through well-established brand names including Bankers Life, Washington National, and Colonial Penn, distributing products through multiple channels including field agents, direct marketing, and worksite sales. The company went public in 2003 and has built a reputation for serving underserved market segments with tailored insurance solutions.
Business
CNO Financial Group operates in the life insurance industry, specifically focusing on supplemental insurance products and annuities for middle-income Americans aged 50 and older. The company's business is organized into two primary divisions that serve distinct market segments. The Consumer Division represents the larger portion of CNO's business, generating approximately 70-75% of total revenue. This division offers a comprehensive suite of products including Medicare Supplement insurance (which helps cover costs not paid by traditional Medicare), supplemental health insurance (covering specific diseases, accidents, and hospital stays), long-term care insurance, life insurance products, and annuities. Annuities are financial products that provide guaranteed income streams, particularly appealing to retirees seeking predictable income. The division also operates a growing brokerage and advisory services business that manages client assets and provides financial planning services. The Worksite Division accounts for approximately 25-30% of revenue and focuses on selling insurance products directly to employees at their workplace through employer-sponsored programs. This division offers critical illness insurance, accident insurance, hospital indemnity coverage, and life insurance products. The worksite model allows CNO to reach customers efficiently through group enrollment processes at businesses, associations, and membership organizations. CNO also provides Medicare Advantage plans, which are private insurance alternatives to traditional Medicare that often include additional benefits like prescription drug coverage. The company has expanded its carrier partnerships to offer customers more plan options in this growing market segment.
Revenue model
CNO Financial Group generates revenue through multiple streams within the insurance industry business model. The primary revenue sources include insurance premiums collected from policyholders, investment income earned on the company's large investment portfolio (which holds reserves to pay future claims), and fees from brokerage and advisory services. The company's customers are primarily middle-income Americans aged 50 and older who purchase insurance products either directly through agents and direct marketing channels, or through employer-sponsored worksite programs. Premium payments provide the immediate cash flow, while CNO invests these funds in bonds, real estate, and other investments to generate additional income over time. The company also earns commissions and fees from Medicare Advantage plan sales and asset management services. Several factors significantly impact CNO's profitability margins. Interest rate environments are crucial - higher rates allow the company to earn more on new investments, improving spreads between investment income and policy obligations. Claims experience directly affects margins, particularly in long-term care where favorable trends have boosted recent profitability. Demographic trends provide a structural tailwind, with approximately 11,000 Americans turning 65 daily, expanding the target market. Competition from other insurers and alternative financial products can pressure pricing and market share. Regulatory changes in healthcare and insurance can impact product demand and profitability. Investment market performance affects both the company's investment returns and the attractiveness of annuity products to customers. Agent productivity and retention influence distribution costs and sales growth, while technology investments can improve operational efficiency but require significant upfront capital.
Competitive moat
CNO Financial Group operates with a moderate competitive moat built primarily around its specialized market focus and distribution capabilities. The company's strongest defensive position comes from its deep expertise in serving the middle-income senior market, a segment that many larger insurers have moved away from due to lower profit margins per customer. This specialization has allowed CNO to develop tailored products, underwriting expertise, and distribution channels specifically designed for this demographic. The company's multi-channel distribution network provides some competitive advantage, particularly its field agent force that can provide face-to-face service to customers who prefer personal interaction over digital channels. The worksite distribution model also creates some stickiness through employer relationships and group enrollment efficiencies. However, CNO's moat is not particularly strong or durable. The insurance industry is highly competitive with low barriers to entry for well-capitalized competitors. Product differentiation is limited in standardized insurance markets like Medicare Supplement, where CNO competes primarily on price and service. Regulatory constraints limit pricing flexibility and product innovation. The company faces ongoing competitive pressure from larger, better-capitalized insurers who could easily enter CNO's market segments if they chose to do so. Technology disruption poses a growing threat as digital-native insurers and fintech companies develop more efficient distribution models and automated underwriting processes. Demographic shifts toward more tech-savvy seniors could erode the value of CNO's traditional agent-based distribution model. The company's relatively small size compared to industry giants also limits its ability to invest in technology and compete on scale efficiencies.
Risks & safety
CNO Financial Group presents a moderate margin of safety profile with mixed risk factors across different financial metrics. **Liquidity and Solvency:** • Strong liquidity position with $928 million in cash and short-term investments as of Q1 2025 • Robust regulatory capital with Risk-Based Capital (RBC) ratio of 379%, well above minimum requirements • Positive free cash flow generation of $628 million in 2024 • High debt-to-equity ratio of 1.74, reflecting typical insurance industry capital structure where policy liabilities constitute most "debt" **Valuation Metrics:** • Trading at 76.6x trailing P/E ratio (Q1 2025), elevated due to temporarily depressed earnings • More reasonable 9.8x P/E based on full-year 2024 earnings • Price-to-book ratio of 1.66, reasonable for insurance company • EV/EBITDA of 20.1x appears high but reflects quarterly volatility **Other Considerations:** • Operating return on equity of 11.9% demonstrates reasonable profitability • Consistent dividend payments with 12 consecutive years of increases • Exposure to interest rate and credit risk through large investment portfolio • Regulatory oversight provides some stability but limits flexibility
Recent development
Over the past few years, CNO Financial Group has undertaken several strategic initiatives to modernize its operations and improve profitability. The company has committed to a $170 million technology modernization program over three years, focused on migrating legacy mainframe systems to cloud-based SaaS solutions. This transformation aims to improve operational efficiency and enable faster adoption of new technologies. CNO has expanded its geographic footprint, particularly in the Worksite division, and has grown its producing agent count consistently for eight consecutive quarters through Q4 2024. The company has also diversified its distribution channels, reducing reliance on traditional TV advertising in favor of digital marketing and web-based customer acquisition. In terms of product development, CNO has launched new offerings including the Optavise Clear product and expanded its Medicare Advantage carrier partnerships to provide customers with more plan options. The company has also grown its brokerage and advisory services business, with client assets increasing significantly to $4.1 billion by the end of 2024. A significant strategic move was the establishment of a Bermuda reinsurance affiliate, which allows CNO to optimize its capital structure and potentially improve returns. The company has also focused on expense management initiatives, including workforce reductions, management layer elimination, and increased outsourcing of back-office functions. CNO has set an ambitious target of improving its operating return on equity by 150 basis points over the next three years through these various operational improvements and strategic initiatives.
CNO company profile · for informational purposes only — not investment advice.
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