CNO Financial Group, Inc. Quarterly Report for the Period Ended March 31, 2024

Press release · 05/06 16:32
CNO Financial Group, Inc. Quarterly Report for the Period Ended March 31, 2024

CNO Financial Group, Inc. Quarterly Report for the Period Ended March 31, 2024

CNO Financial Group, Inc. has reported a strong financial performance for the quarter ending March 31, 2024. The company has filed all required reports under the Securities Exchange Act of 1934 and is not a shell company. They have registered securities such as Common Stock, Rights to purchase Series F Junior Participating Preferred Stock, and 5.125% Subordinated Debentures due 2060. The company is focused on maintaining compliance with financial accounting standards and continues to grow its shares of common stock outstanding.

Company Overview CNO Financial Group is a holding company for insurance companies that offer health insurance, annuities, life insurance, and financial services products. It focuses on serving middle-income pre-retirees and retirees.

Financial Highlights

  • Net income was $112.3 million in Q1 2024, compared to a net loss of $0.8 million in Q1 2023
  • Net operating income was $57.5 million in Q1 2024 compared to $58.6 million in Q1 2023
  • Total revenues were $14.9 million from variable interest entities (VIEs) in Q1 2024 compared to $23.7 million in Q1 2023

Insurance Product Performance

  • Annuity margin was $52.0 million in Q1 2024 compared to $57.3 million in Q1 2023
  • Health margin was $123.0 million in Q1 2024 compared to $116.5 million in Q1 2023
  • Life margin was $54.6 million in Q1 2024 compared to $47.4 million in Q1 2023

Investment Portfolio

  • Total fixed maturity investments were $21.6 billion as of March 31, 2024
  • Below-investment grade securities were 5.3% of the fixed maturity portfolio
  • Recognized $5.9 million of realized losses on sales of fixed maturity securities in Q1 2024

Capital Management

  • Repurchased 1.5 million shares for $40.0 million in Q1 2024
  • Paid dividends of $0.15 per share in Q1 2024 and increased dividend to $0.16 per share in Q2 2024
  • Debt to total capital ratio was 32.5% at March 31, 2024

The report summarizes the company’s financial performance, trends in the insurance segments, investment portfolio, and capital management strategies. Key metrics and events are highlighted to provide insights into the business.