CNO Financial Group, Inc. (CNO) SEC Filings & Earnings Calls
EquiReason read 12 CNO Financial Group, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-01 — Investor briefing presentation on Worksite Division and Medicare business; no new financial guidance or material event disclosed..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 5.0B
- P/E TTM
- 18.4
- Dividend yield
- 1.3%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Aug 202610-QCNO Financial raised FY2026 operating EPS guidance to $4.60-$4.80 from $4.25-$4.45, narrowed expense ratio, and lowered tax rate assumption.open
Figures in the filing · each found in the filing text
| Net operating income · Q2-2026 | $120M | +37% y/y |
| Total insurance product margin · Q2-2026 | $279M | +11% y/y |
| Annuity margin · annuity · Q2-2026 | $61M | +11% y/y |
| Health margin · health · Q2-2026 | $147M | +10% y/y |
| Life margin · life · Q2-2026 | $71M | +12% y/y |
| Operating ROE · 2026-06-30 | 13.1% | |
| Expense ratio · H1-2026 | 18.7% |
Guidance
FY2026 operating EPS guided $4.60-$4.80 (prior $4.25-$4.45); expense ratio 18.8%-19.0% (prior 18.8%-19.2%); effective tax rate ~21.5% (prior 22.5%)
Raised FY2026 operating EPS guidance, narrowed expense ratio, lowered tax rate; operating ROE expected to exceed 12% target.
Risks flagged
Tariff/geopolitical uncertainty may impact inflation and market volatility
“Consumer and economic uncertainty due to rapid changes in global trade policies, including the imposition of tariffs and potential changes to existing tariffs, and geopolitical actions are also causing market volatility and heightening inflationary concerns.” · word for word
Net realized investment losses
“Net realized investment losses for the three and six months ended June 30, 2026 were $13.6 million and $28.8 million.” · word for word
30 Jul 20268-K · 2.02Net income $126M; Net operating income $120M; Book value per share $27.96; Guidance: 2026 operating EPS guidance raised by 8% at the midpointearningsopen
Figures in the filing · each found in the filing text
| Net income · Q2-2026 | $126M | |
| Net operating income · Q2-2026 | $120M | |
| Book value per share · Q2-2026 | $27.96 | |
| Book value per diluted share ex AOCI · Q2-2026 | $39.92 | +5% y/y |
| Return on equity (ROE) · Q2-2026 | 10.9% | |
| Operating ROE ex significant items · Q2-2026 | 13.1% | |
| Total new annualized premiums (NAP) · Q2-2026 | 7.0% |
Guidance
2026 operating EPS guidance raised by 8% at the midpoint
CNO raised 2026 operating EPS guidance by 8% at the midpoint, citing strong underlying fundamentals and continued profitability improvement.
Risks flagged
Net realized investment losses from disposals and impairments of $13.6M in the quarter.
“Net realized investment losses from disposals, impairments and change in allowance for credit losses (0.14) │ (13.6)” · word for word
Expenses related to TechMod initiative of $9.7M in the quarter.
“Expenses related to TechMod initiative (0.10) │ (9.7)” · word for word
7 May 202610-QNet operating income $101M (+25% y/y); Insurance product margin $257M (+3% y/y); Operating ROE 12.2; Guidance: Operating EPS guided $4.25-$4.45; expense ratio 18.8%-19.2%; free cash flow $200M-$250M; operating ROE target +200bps through 202open
Figures in the filing · each found in the filing text
| Net operating income · Q1-2026 | $101M | +25% y/y |
| Insurance product margin · Q1-2026 | $257M | +3% y/y |
| Operating ROE · Q1-2026 | 12.2% | |
| Expense ratio · Q1-2026 | 18.9% | |
| Annuity margin · Annuity · Q1-2026 | $59M | +7% y/y |
| Health margin · Health · Q1-2026 | $133M | +5% y/y |
| Life margin · Life · Q1-2026 | $66M | -4% y/y |
| Fee income · Q1-2026 | $11M | |
| Investment income not allocated to product lines · Q1-2026 | $42M | +10% y/y |
| Net income · Q1-2026 | $38M | +75% y/y |
Guidance
Operating EPS guided $4.25-$4.45; expense ratio 18.8%-19.2%; free cash flow $200M-$250M; operating ROE target +200bps through 2027
CNO reaffirmed FY2026 guidance: operating EPS $4.25-$4.45, expense ratio 18.8%-19.2%, free cash flow $200M-$250M, and operating ROE improvement target of 200bps through 2027. TechMod initiative expected to cost ~$170M over three years, with ~$76M in 2026.
Risks flagged
Interest rate risk
“exposure to interest rate risk, including interest rate volatility, may negatively impact our results of operations, financial position or cash flow” · word for word
Regulatory risk from NAIC RBC changes
“The NAIC has been assessing the RBC treatment of CLOs and in March 2026 released an initial proposal for new C-1 (asset risk) factors for CLOs in the life RBC formula to take effect for year-end 2026.” · word for word
Medicare supplement margin pressure
“The decrease in the Medicare supplement margin is primarily due to higher benefit ratios partially offset by growth in the block.” · word for word
Tariff and trade policy uncertainty
“Consumer and economic uncertainty due to rapid changes in global trade policies, including the imposition of tariffs and potential changes to existing tariffs, and geopolitical actions are also causing market volatility and heightening concerns regarding inflation.” · word for word
30 Apr 20268-K · 2.02Net operating income $101M (+25% y/y); Return on equity 9.5; Operating ROE excluding significant items 12.2earningsopen
Figures in the filing · each found in the filing text
| Net operating income · Q1-2026 | $101M | +25% y/y |
| Return on equity · Q1-2026 | 9.5% | |
| Operating ROE excluding significant items · Q1-2026 | 12.2% | |
| Book value per share · Q1-2026 | $26.64 | |
| Book value per diluted share excluding AOCI · Q1-2026 | $38.98 | |
| Total new annualized premiums · Q1-2026 | 11.0% | |
| Medicare policies sold · Medicare · Q1-2026 | 24.0% | |
| Income from insurance products · Q1-2026 | $97M | +11% y/y |
| Fee income · Q1-2026 | $11M | |
| Weighted average diluted shares outstanding · Q1-2026 | 96,100,000 | -7% y/y |
Risks flagged
TechMod initiative expenses impacting net income
“Expenses related to TechMod initiative of $13.7 million in Q1 2026”
Market volatility affecting investment results
“Net realized investment losses from disposals, impairments and change in allowance for credit losses of $15.2 million” · word for word
26 Mar 2026DEF 14AProxy statement for 2026 annual meeting, disclosing executive compensation structure and 2025 financial results.open
Figures in the filing · each found in the filing text
| Total Revenues · FY2025 | $4.50B | |
| Net Income · FY2025 | $229M | -46% y/y |
| Net Operating Income · FY2025 | $439M | +2% y/y |
| Operating ROE (excl. significant items) · FY2025 | 11.4% | |
| Total New Annualized Premium (NAP) · FY2025 | 15.0% | |
| Free Cash Flow · FY2025 | $366M | |
| Share Repurchases · FY2025 | $320M | |
| Book Value Per Diluted Share (ex-AOCI) · FY2025 | $38.81 | +4% y/y |
| Expense Ratio (excl. significant items) · FY2025 | 18.9% |
Guidance
2025 guidance metrics exceeded, including 11.4% operating ROE excluding significant items
Company exceeded 2025 guidance metrics, with record sales and improved margins. No explicit forward guidance provided, but tone is positive.
Risks flagged
Goodwill and Intangible Asset Impairment
“Net income decreased in 2025 due to non-economic accounting impacts resulting from market volatility and a goodwill and intangible asset impairment.” · word for word
Market Volatility Impact on Net Income
“Net income decreased in 2025 due to non-economic accounting impacts resulting from market volatility and a goodwill and intangible asset impairment.” · word for word
24 Feb 202610-KNet Operating Income $439M (+2% y/y); Net Income $229M (-46% y/y); Annuity Margin $239M (-13% y/y)open
Figures in the filing · each found in the filing text
| Net Operating Income · FY2025 | $439M | +2% y/y |
| Net Income · FY2025 | $229M | -46% y/y |
| Annuity Margin · Annuity · FY2025 | $239M | -13% y/y |
| Health Margin · Health · FY2025 | $557M | +8% y/y |
| Life Margin · Life · FY2025 | $272M | +9% y/y |
| Fee Income · Fee Income · FY2025 | $15M | -49% y/y |
| Investment Income Not Allocated to Product Lines · FY2025 | $169M | +1% y/y |
| Operating Earnings Before Taxes · FY2025 | $553M | +0% y/y |
| Net Operating Income Per Diluted Share · FY2025 | $4.40 | +11% y/y |
| Net Income Per Diluted Share · FY2025 | $2.30 | -41% y/y |
Risks flagged
Goodwill Impairment Risk
“Goodwill and other asset impairment (101.9)” · word for word
Annuity Margin Decline
“Annuity margin $238.6 in 2025 vs $274.2 in 2024, a decline of 13.0%.”
Fee Income Decline from Business Exit
“Fee income 15.2 in 2025 vs 30.0 in 2024, down 49.3% due to exit from fee services business.”
11 Feb 20268-K · 5.02, 7.01Quarterly dividend per share $0.17open
Figures in the filing · each found in the filing text
| Quarterly dividend per share · Q1-2026 | $0.17 |
5 Feb 20268-K · 2.02Net operating income per diluted share $1.47 (+12% y/y); Net income per diluted share $0.95 (-45% y/y); Total new annualized premiums (NAP) 15; Guidance: Achieved all 2025 guidance metricsearningsopen
Figures in the filing · each found in the filing text
| Net operating income per diluted share · Q4-2025 | $1.47 | +12% y/y |
| Net income per diluted share · Q4-2025 | $0.95 | -45% y/y |
| Total new annualized premiums (NAP) · FY2025 | 15.0% | |
| Operating return on equity · FY2025 | 11.4% | |
| Book value per diluted share excluding AOCI · Q4-2025 | $38.81 |
Guidance
Achieved all 2025 guidance metrics
Exceeded 2025 guidance; strong sales momentum and earnings growth
6 Nov 202510-QCNO reported Q3 2025 net operating income of $127.2M, up from $119.2M in Q3 2024, with improved operating ROE and narrowed guidance.earningsopen
Figures in the filing · each found in the filing text
| Net operating income · Q3-2025 | $127M | +7% y/y |
| Operating ROE · Q3-2025 | 11.2% | |
| Insurance product margin · Q3-2025 | $301M | +7% y/y |
| Health margin · Health · Q3-2025 | $157M | +23% y/y |
| Annuity margin · Annuity · Q3-2025 | $73M | -20% y/y |
| Life margin · Life · Q3-2025 | $71M | +12% y/y |
| Expense ratio · 9M-2025 | 19.2% | |
| Net investment income · Q3-2025 | $500M | +10% y/y |
| Goodwill impairment · Q3-2025 | $97M |
Guidance
Operating EPS guidance narrowed to $3.75-$3.85 from $3.70-$3.90; excess cash flow guidance raised to $365M-$385M from $200M-$250M; operating ROE target increased to 200 bps improvement through 2027 fr
Narrowed EPS guidance, raised excess cash flow and ROE targets, reflecting confidence in core insurance business and benefits from Bermuda transactions.
Risks flagged
Goodwill impairment risk
“Goodwill of $69.5 million and other assets, primarily intangible assets, of $27.2 million were fully impaired as of September 30, 2025.” · word for word
Interest rate volatility
“exposure to interest rate risk, including interest rate volatility, may negatively impact our results of operations, financial position or cash flow” · word for word
Regulatory changes
“the NAIC adopted a principle-based reserving framework for non-variable annuities... could result in more volatile and less predictable reserve and capital levels” · word for word
3 Nov 20258-K · 2.02Net income $23M (+148% y/y); Net operating income $127M (+7% y/y); Total new annualized premiums (NAP) 26; Guidance: Increasing run rate operating ROE target by 50bps to 200bps total improvement through 2027earningsopen
Figures in the filing · each found in the filing text
| Net income · Q3-2025 | $23M | +148% y/y |
| Net operating income · Q3-2025 | $127M | +7% y/y |
| Total new annualized premiums (NAP) · Q3-2025 | 26.0% | |
| Life NAP · Life · Q3-2025 | 32.0% | |
| Health NAP · Health · Q3-2025 | 20.0% | |
| Consumer Division NAP · Consumer · Q3-2025 | 27.0% | |
| Worksite Division NAP · Worksite · Q3-2025 | 20.0% | |
| Annuity account value · Annuity · Q3-2025 | 8.0% | |
| Client assets in brokerage and advisory · Q3-2025 | 28.0% | |
| Book value per diluted share ex AOCI · Q3-2025 | $38.10 | +6% y/y |
Guidance
Increasing run rate operating ROE target by 50bps to 200bps total improvement through 2027
Raising ROE target, strong sales growth, and strategic actions to streamline operations indicate positive outlook.
Risks flagged
Goodwill and asset impairments from prior acquisitions (Web Benefits Design, DirectPath) indicate past acquisition challenges.
“recognized third quarter non-cash goodwill and other asset impairments that relate to the acquisitions of Web Benefits Design and DirectPath” · word for word
Exit of fee services side of Worksite business will reduce fee revenue by ~$30M annually, though expected to increase pre-tax income by ~$20M.
“exit from this business to reduce annual fee revenue by roughly $30 million (<1% of total revenue) and increase annual pre-tax income by roughly $20 million” · word for word
CNO Financial Group, Inc. — questions
- What did CNO Financial Group, Inc. file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-09-01 — Investor briefing presentation on Worksite Division and Medicare business; no new financial guidance or material event disclosed.
Every figure on this page comes from CNO Financial Group, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.