CNO Financial Group Reports First Quarter 2025 Results

Core Insights - CNO Financial Group reported a net income of $13.7 million, or$0.13 per diluted share, for Q1 2025, a significant decrease from $112.3 million, or$1.01 per diluted share, in Q1 2024. The decline was attributed to non-economic accounting impacts from market volatility [1][6] - The company's net operating income for Q1 2025 was $81.1 million, or$0.79 per diluted share, representing a 41% increase from $57.5 million, or$0.52 per diluted share, in Q1 2024. Significant items positively impacted both net income and net operating income by $5.3 million, or$0.05 per diluted share, in Q1 2025 [1][5][12] Financial Summary - Total revenues for Q1 2025 were $1,004.1 million, down from$1,156.5 million in Q1 2024. Insurance policy income increased to $650.7 million from$628.4 million, while net investment income from general account assets rose to $375.1 million from$301.9 million [28][29] - The company returned $116.8 million to shareholders, with a book value per share of$25.33, up 6% from the previous year. The return on equity (ROE) was reported at 12.1%, with an operating ROE of 12.6% [5][19][21] Operational Highlights - CNO's annuity collected premiums increased by 12%, and client assets in brokerage and advisory services rose by 16%. The Consumer Division's new annualized premiums (NAP) grew by 9%, with Medicare Supplement NAP up 24% [5] - The Worksite Division's NAP increased by 11%, and the producing agent count rose by 8%, indicating strong operational performance across key business segments [5] Investment Portfolio - As of March 31, 2025, CNO's fixed maturity portfolio had a fair value of $23.3 billion, with net unrealized losses of$2.3 billion. The allowance for credit losses was $38.9 million [15][18] - The consolidated statutory risk-based capital ratio for U.S.-based insurance subsidiaries was estimated at 379$99.9 million of common stock during Q1 2025, with an average cost of $40.24 per share. As of March 31, 2025, CNO had 99.9 million shares outstanding and authority to repurchase an additional$640.4 million of common stock [17][19]