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Fourth Quarter 2025 Financial and operating results for the period ended December 31, 2025 February 5, 2026 Unless otherwise specified, comparisons in this presentation are between 4Q24 and 4Q25. 1 IMPORTANT LEGAL INFORMATION Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about future results of operations and capital plans. We caution investor ...

分组1 - CNO Financial reported quarterly earnings of $1.47 per share, exceeding the Zacks Consensus Estimate of $1.2 per share, and showing an increase from $1.31 per share a year ago, resulting in an earnings surprise of +22.50% [1] - The company achieved revenues of $1.17 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 17.69% and increasing from $1.14 billion year-over-year [2] - CNO has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3] - CNO shares have gained about 0.1% since the beginning of the year, underperforming the S&P 500, which has gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.92 on revenues of $989.78 million, and for the current fiscal year, it is $4.32 on $4 billion in revenues [7] 分组3 - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for CNO was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Position - Total assets increased to $38,790.6 million in Q4 2025, up from $37,429.2 million in Q1 2025, reflecting a growth of 3.6%[5] - Total liabilities rose to $36,152.4 million in Q4 2025, compared to $34,874.1 million in Q1 2025, marking an increase of 3.7%[5] - Total shareholders' equity was $2,638.2 million in Q4 2025, slightly up from $2,555.1 million in Q1 2025, indicating an increase of 3.2%[5] - Cash and cash equivalents decreased to $956.1 million in Q4 2025 from $1,656.7 million in Q1 2025, a decline of 42.2%[5] Policyholder Accounts - Policyholder account balances reached $18,912.6 million in Q4 2025, up from $17,314.3 million in Q1 2025, representing a growth of 9.2%[5] - Future policy benefits were $11,898.0 million in Q4 2025, slightly down from $11,773.0 million in Q1 2025, a decrease of 1.1%[5] Revenue and Income - Total revenues for 2024 YTD reached $4,449.5 million, with Q4 2024 revenues at $1,097.2 million, a decrease of 4.5% compared to Q4 2023[8] - Net income for 2024 YTD was $420.8 million, with Q4 2024 net income at $182.9 million, reflecting a significant increase from $9.3 million in Q3 2024[9] - Insurance policy income for Q4 2024 was $643.6 million, showing a slight increase from $645.0 million in Q3 2024[8] - The total insurance product margin for 2024 YTD was $1,040.0 million, with Q4 2024 margin at $253.1 million, down from $282.2 million in Q3 2024[9] - Operating earnings before taxes for 2024 YTD were $550.8 million, with Q4 2024 earnings at $173.9 million, an increase from $153.5 million in Q3 2024[9] Expenses and Losses - Total benefits and expenses for 2024 YTD were $3,909.6 million, with Q4 2024 expenses at $976.3 million, reflecting an increase from $1,118.6 million in Q3 2024[8] - The company reported realized investment losses of $26.2 million for 2024 YTD, with Q4 losses at $21.6 million, compared to $12.9 million in Q3 2024[8] Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing product offerings, with new strategies expected to be discussed in future reports[3] - The company plans to continue focusing on market expansion and new product development to enhance future growth prospects[10] Investment Income - Investment income allocated to product lines showed a positive trend, contributing to overall financial stability and growth[3] - Net investment income for annuity products increased to $621.3 million YTD 2024, with Q4 2024 projected at $160.3 million[11] - Total investment income not allocated to product lines reached $167.9 million in Q4 2023, with a year-to-date total of $169.4 million[30] Insurance Product Performance - Insurance policy income for annuity products reached $35.5 million YTD 2024, with a quarterly increase to $11.2 million in Q3 2024[11] - Health insurance policy income totaled $1,661.4 million YTD 2024, with Q4 2024 expected to be $420.9 million[11] - Total insurance product margin for the year ended December 31, 2025, was $1,067.6 million, a decrease of 4.5% from $1,119.0 million in the previous year[39] Shareholder Information - Basic shares outstanding at the end of Q4 2024 were 101,619.0 thousand, down from 103,923.0 thousand in Q3 2024[23] - The company repurchased 1,233.7 thousand shares in Q4 2024, totaling 3,958.1 thousand shares repurchased YTD[23] Capital and Reserves - Total statutory capital, surplus, AVR & IMR was $2,199.4 million as of Q4 2024[27] - Risk-based capital ratio was 383% in Q4 2024, consistent with the previous quarter[27] - Capital and surplus totaled $1,865.2 million in Q4 2024, reflecting a slight increase from $1,839.8 million in Q3 2024[27] Yield and Investment Performance - Average yield on investments allocated to annuities rose from 4.61% in Q1 2024 to 4.89% in Q4 2024, indicating an increase of 0.28 percentage points[34] - Total average yield across all investments was 4.91% in Q4 2024, an increase from 4.70% in Q1 2024, representing a growth of 0.21 percentage points[34] Future Projections - The company plans to enhance its operational results by identifying the impact of significant items on net operating income for 2025[38] - The annuity margin for the year ended December 31, 2025, was $238.6 million, a decrease of 6.5% from $254.0 million in 2024[39]

Core Insights - CNO Financial Group reported strong financial results for Q4 and full year 2025, achieving its 14th consecutive quarter of strong insurance sales with total new annualized premiums increasing by 15% year-over-year [1][5] - Operating earnings per share grew by 11%, driven by strong insurance product margins, investment results, and disciplined expense management [1][5] - The company returned $386 million to shareholders in 2025, marking an 11% increase from 2024, supported by healthy free cash flow generation [1][5] Financial Performance - Q4 2025 net income was $93 million, or $0.95 per diluted share, while net operating income was $143 million, or $1.47 per diluted share [5][10] - For the full year 2025, net income was $229 million, or $2.30 per diluted share, and net operating income was $439 million, or $4.40 per diluted share [5][10] - The return on equity (ROE) for 2025 was 8.9%, with an operating ROE of 11.4% when excluding significant items [5][30] Shareholder Returns - The company repurchased $60 million of common stock during Q4 2025, with an average cost of $40.74 per share, and had authority to repurchase an additional $420.4 million [25] - Dividends paid on common stock totaled $16.2 million in Q4 2025 [25] Investment Portfolio - As of December 31, 2025, CNO's available-for-sale fixed maturity portfolio had a fair value of $23.9 billion, with net unrealized losses of $2.1 billion [23] - The allowance for credit losses was $36 million at the end of 2025 [23] Capital Position - The consolidated statutory risk-based capital ratio for CNO's U.S. insurance subsidiaries was estimated at 380% as of December 31, 2025 [24] - Book value per share increased to $27.92 at the end of 2025, compared to $24.75 at the end of 2024 [27]

Core Insights - CNO Financial Group has announced the promotions of Steve Janoson to Senior Vice President, Direct and Independent Distribution, and Rachel Spehler to Senior Vice President, Deputy General Counsel and Secretary, effective immediately [1]. Group 1: Promotions and Roles - Steve Janoson was previously Vice President, Direct and Independent Distribution since 2020 and has held various finance roles since joining CNO in 2014 [2]. - Rachel Spehler served as Vice President, Deputy General Counsel and Secretary since 2020 and has been General Counsel of CNO Bermuda Re since 2023, joining CNO in 2016 [2]. Group 2: Leadership Impact - Janoson's leadership has been crucial for the growth of direct and independent channels, contributing to the success of brands like Colonial Penn, Washington National, and Bankers Life [2]. - Spehler has shown exceptional leadership in legal strategy and corporate governance, significantly aiding CNO's success through her guidance on complex regulatory matters [3]. Group 3: Company Overview - CNO Financial Group provides life and health insurance, annuities, financial services, and workforce benefits solutions, managing 3.3 million policies and $38.3 billion in total assets [4]. - The company employs 3,300 associates, 4,900 exclusive agents, and over 6,500 independent partner agents to assist customers with financial decisions [4].

Core Viewpoint - CNO Financial Group, Inc. will report its fourth quarter and full year results for 2025 on February 5, 2026, with a conference call scheduled for February 6, 2026 to discuss these results [1]. Group 1: Financial Reporting - The results for the fourth quarter and full year ended December 31, 2025 will be announced after market close on February 5, 2026 [1]. - A conference call to discuss the results will take place at 11:00 a.m. Eastern Time on February 6, 2026 [1]. Group 2: Participation Details - Investors can participate in the conference call by registering online, which will provide call details and a registrant ID for attendance tracking [2]. - The conference call will also be available via a live webcast, accessible through the Investors section of the company's website [3]. - A replay of the conference call will be made available on the Investors section of the website after the event [4]. Group 3: Company Overview - CNO Financial Group, Inc. focuses on securing the future of middle-income America by providing life and health insurance, annuities, financial services, and workforce benefits solutions [5]. - The company manages 3.3 million policies and has total assets amounting to $38.3 billion [5]. - CNO employs 3,300 associates, 4,900 exclusive agents, and over 6,500 independent partner agents to assist customers with financial decisions [5].

Core Insights - CNO Financial Group has appointed Linda Gibson as a Director, expanding the board to 10 members [1][2] Group 1: Appointment Details - Linda Gibson brings over 30 years of experience in global investment management, previously serving as Chairperson and CEO of PGIM Quantitative Solutions [2] - Gibson's leadership expertise in investment strategy and asset management aligns with CNO's focus on sustained growth and long-term shareholder return [2] Group 2: Professional Background - Prior to PGIM, Gibson held various executive roles at OMAM Asset Management, including Executive Vice President and Head of Global Distribution [3] - Gibson has a bachelor's degree in mathematics from Bates College and a Juris Doctor degree from Boston University School of Law [4] Group 3: Company Overview - CNO Financial Group provides life and health insurance, annuities, and financial services, managing 3.3 million policies and $38.3 billion in total assets [5] - The company employs 3,300 associates and works with 4,900 exclusive agents and over 6,500 independent partner agents [5]

Core Insights - The article emphasizes the importance of the Zacks Rank system and the Style Scores system in identifying strong stocks, particularly for value investors [1][3] Company Analysis - CNO Financial Group (CNO) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A [3] - CNO has a Price-to-Book (P/B) ratio of 1.52, which is favorable compared to the industry average of 2.74. The P/B ratio has fluctuated between 1.31 and 1.75 over the past year, with a median of 1.50 [4] - The Price-to-Sales (P/S) ratio for CNO is 0.92, which is lower than the industry average of 1.12, indicating potential undervaluation [5] - Overall, CNO Financial Group is considered likely undervalued based on its financial metrics and strong earnings outlook, making it a standout in the value stock category [6]

Core Insights - CNO Financial Group, Inc. (CNO) is expected to experience continued growth due to strong collected premiums from annuity, life, and health products, along with rising new annualized premiums and higher fee revenues [1] - The company has a market capitalization of $4.2 billion and total assets of $38.3 billion, positioning it as a top-tier insurance company [2] Financial Performance - The Zacks Consensus Estimate for CNO Financial's 2025 earnings is $4.14 per share, reflecting a 4.3% year-over-year increase, with a further 4.4% increase projected for 2026 to $4.32 [3] - Revenue estimates for 2025 and 2026 are $3.78 billion and $3.9 billion, respectively, supported by improved collected premiums and higher fees [4] Investment and Technology - CNO has made significant investments in technology to enhance agent productivity and sales efficiency, utilizing digital tools and platforms to improve customer experience and attract younger customers [5] - The company's return on invested capital (ROIC) stands at 7.3%, well above the industry average of 2.1%, indicating superior capital efficiency [6] Capital Returns - CNO's capital returns remain strong, with approximately $411 million returned to shareholders through buybacks and dividends in 2024, and $259.9 million in share repurchases and $50 million in dividends during the first nine months of 2025 [7]