NYSE : CNO
CNO Financial Group, Inc. — Financial statements
Financials · Insurance - Life · United States
Last price 55.17 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.10B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.70B | 2.62B | 2.56B | 2.51B | 2.50B | 2.52B |
| Total Interest & Dividend Income | 1.80B | 1.72B | 1.75B | 1.50B | 1.02B | 1.42B |
| Gain (Loss) on Sale of Investments | -128.60M | -54.70M | -49.90M | -69.00M | -135.40M | 19.10M |
| Other Revenue | 164.80M | 196.10M | 192.10M | 210.60M | 196.50M | 159.00M |
| Total Revenue | 4.54B | 4.49B | 4.45B | 4.15B | 3.58B | 4.12B |
| Policy Benefits | 2.38B | 2.47B | 2.35B | 2.28B | 1.46B | 2.11B |
| Policy Acquisition & Underwriting Costs | 298.00M | 278.00M | 251.20M | 227.40M | 212.80M | 198.20M |
| Other Operating Expenses | 1.10B | 1.12B | 1.06B | 1.05B | 950.90M | 981.80M |
| Total Operating Expenses | 3.78B | 3.86B | 3.66B | 3.55B | 2.62B | 3.29B |
| Operating Income | 768.60M | 624.70M | 794.30M | 595.40M | 953.50M | 828.50M |
| Interest Expense | -217.50M | -230.90M | -254.40M | -238.60M | -137.00M | -95.40M |
| EBT Excluding Unusual Items | 551.10M | 393.80M | 539.90M | 356.80M | 816.50M | 733.10M |
| Merger & Restructuring Charges | -5.20M | -5.20M | ||||
| Impairment of Goodwill | 27.20M | -69.50M | ||||
| Asset Writedown | -27.20M | -27.20M | ||||
| Other Unusual Items | 1.50M | |||||
| Pretax Income | 545.90M | 293.40M | 539.90M | 356.80M | 816.50M | 733.10M |
| Income Tax Expense | 128.30M | 64.10M | 119.10M | 80.30M | 185.90M | 162.80M |
| Net Income | 417.60M | 229.30M | 420.80M | 276.50M | 630.60M | 570.30M |
| Net Income to Common | 417.60M | 229.30M | 420.80M | 276.50M | 630.60M | 570.30M |
| Shares Outstanding (Basic) | 93.65M | 97.76M | 106.14M | 113.28M | 115.73M | 128.40M |
| Shares Outstanding (Diluted) | 95.66M | 99.82M | 108.12M | 115.12M | 117.72M | 131.13M |
| EPS (Basic) | 4.46 | 2.35 | 3.96 | 2.44 | 5.45 | 4.44 |
| EPS (Diluted) | 4.36 | 2.30 | 3.89 | 2.40 | 5.36 | 4.35 |
| Dividend Per Share | 0.70 | 0.67 | 0.63 | 0.59 | 0.55 | 0.51 |
| Operating Margin | 16.91% | 13.92% | 17.85% | 14.36% | 26.66% | 20.10% |
| Profit Margin | 9.19% | 5.11% | 9.46% | 6.67% | 17.63% | 13.84% |
| EBITDA | 1.23B | 943.20M | 1.09B | 862.80M | 1.20B | 1.07B |
| EBITDA Margin | 26.96% | 21.02% | 24.42% | 20.81% | 33.61% | 25.84% |
| D&A For EBITDA | 456.68M | 318.50M | 292.40M | 267.40M | 248.50M | 236.60M |
| EBIT | 768.60M | 624.70M | 794.30M | 595.40M | 953.50M | 828.50M |
| EBIT Margin | 16.91% | 13.92% | 17.85% | 14.36% | 26.66% | 20.10% |
| Effective Tax Rate | 23.50% | 21.85% | 22.06% | 22.51% | 22.77% | 22.21% |
| Revenue as Reported | 4.54B | 4.49B | 4.45B | 4.15B | 3.58B | 4.12B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 23.99B | 24.18B | 23.16B | 22.27B | 21.43B | 26.00B |
| Investments in Equity & Preferred Securities | 328.00M | 1.08B | 272.40M | 96.90M | 135.30M | 131.10M |
| Policy Loans | 145.60M | 140.90M | 135.30M | 128.50M | 121.60M | 120.20M |
| Other Investments | 1.91B | 190.70M | 713.50M | 736.70M | 724.00M | 727.50M |
| Total Investments | 30.04B | 29.14B | 27.10B | 25.52B | 24.03B | 28.43B |
| Cash & Equivalents | 1.41B | 956.10M | 1.66B | 774.50M | 575.70M | 632.10M |
| Reinsurance Recoverable | 3.48B | 3.68B | 3.85B | 4.04B | 4.22B | 4.35B |
| Other Receivables | 1.06B | 286.00M | 286.40M | 251.50M | 235.60M | 216.40M |
| Deferred Policy Acquisition Cost | 2.57B | 2.40B | 2.16B | 1.94B | 1.77B | 1.11B |
| Separate Account Assets | 2.90M | 2.80M | 3.30M | 3.10M | 2.70M | 3.90M |
| Property, Plant & Equipment | 83.60M | 90.70M | 85.30M | 46.60M | 48.20M | |
| Restricted Cash | 12.00M | 27.40M | 341.00M | 114.50M | 69.20M | 99.60M |
| Other Current Assets | 325.10M | 306.50M | 238.30M | 64.70M | 233.60M | |
| Long-Term Deferred Tax Assets | 711.70M | 786.60M | 937.10M | 1.06B | 112.20M | |
| Other Long-Term Assets | 728.00M | 1.18B | 1.27B | 1.11B | 1.06B | 962.50M |
| Total Assets | 39.31B | 38.79B | 37.85B | 35.03B | 33.13B | 36.20B |
| Insurance & Annuity Liabilities | 30.81B | 29.21B | 27.83B | 26.03B | 25.18B | 23.64B |
| Unpaid Claims | 63.00M | 58.40M | 61.10M | 62.10M | 64.10M | 501.80M |
| Unearned Premiums | 227.20M | 228.00M | 226.80M | 218.90M | 235.00M | 246.70M |
| Current Portion of Long-Term Debt | 361.80M | |||||
| Current Portion of Leases | 25.40M | |||||
| Long-Term Debt | 4.81B | 3.69B | 4.52B | 4.15B | 3.88B | 4.00B |
| Long-Term Leases | 67.30M | |||||
| Separate Account Liability | 2.90M | 2.80M | 3.30M | 3.10M | 2.70M | 3.90M |
| Other Current Liabilities | 1.60B | 1.47B | 1.38B | 1.30B | 1.72B | |
| Other Long-Term Liabilities | 1.07B | 908.20M | 1.22B | 965.90M | 705.20M | 830.90M |
| Total Liabilities | 36.98B | 36.15B | 35.33B | 32.81B | 31.36B | 30.94B |
| Common Stock | 900.00K | 900.00K | 1.00M | 1.10M | 1.10M | 1.20M |
| Additional Paid-In Capital | 1.18B | 1.34B | 1.63B | 1.89B | 2.03B | 2.18B |
| Retained Earnings | 2.69B | 2.42B | 2.25B | 1.90B | 1.69B | 1.13B |
| Comprehensive Income & Other | -1.55B | -1.11B | -1.37B | -1.58B | -1.96B | 1.95B |
| Shareholders' Equity | 2.32B | 2.64B | 2.52B | 2.22B | 1.77B | 5.26B |
| Total Liabilities & Equity | 39.31B | 38.79B | 37.85B | 35.03B | 33.13B | 36.20B |
| Filing Date Shares Outstanding | 91.70M | 94.28M | 100.88M | 108.99M | 114.22M | 118.47M |
| Total Common Shares Outstanding | 91.70M | 94.48M | 101.62M | 109.36M | 114.34M | 120.38M |
| Total Debt | 4.81B | 4.14B | 4.52B | 4.15B | 3.88B | 4.00B |
| Net Cash (Debt) | -3.40B | -3.19B | -2.86B | -3.38B | -3.31B | -3.37B |
| Net Cash Per Share | -35.59 | -31.94 | -26.48 | -29.33 | -28.09 | -25.69 |
| Book Value Per Share | 25.34 | 27.92 | 24.75 | 20.26 | 15.47 | 43.69 |
| Tangible Book Value | 2.32B | 2.64B | 2.52B | 2.22B | 1.77B | 5.26B |
| Tangible Book Value Per Share | 25.34 | 27.92 | 24.75 | 20.26 | 15.47 | 43.69 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 229.30M | 420.80M | 276.50M | 630.60M | 570.30M | |
| Depreciation & Amortization | 318.50M | 292.40M | 267.40M | 248.50M | 236.60M | |
| Gain (Loss) on Sale of Investments | 54.70M | 49.90M | 69.00M | 135.40M | -19.10M | |
| Stock-Based Compensation | 25.90M | 23.20M | 23.30M | |||
| Change in Insurance Reserves / Liabilities | 618.10M | 534.70M | 449.70M | -374.70M | 269.00M | |
| Change in Other Net Operating Assets | -220.50M | -334.00M | -170.70M | 138.70M | -347.60M | |
| Other Operating Activities | 47.10M | 86.40M | 45.60M | 52.90M | 193.30M | |
| Operating Cash Flow | 675.70M | 627.70M | 582.90M | 495.40M | 598.30M | |
| Investment in Securities | -1.66B | -1.48B | -835.70M | -1.72B | -1.45B | |
| Other Investing Activities | -3.20M | -13.50M | -36.60M | -61.20M | -75.30M | |
| Investing Cash Flow | -1.67B | -1.49B | -872.30M | -1.78B | -1.53B | |
| Long-Term Debt Issued | 776.80M | 1.58B | 995.50M | 285.00M | 795.80M | |
| Total Debt Repaid | -1.25B | -1.21B | -730.60M | -405.70M | -727.80M | |
| Net Debt Issued (Repaid) | -469.60M | 370.00M | 264.90M | -120.70M | 68.00M | |
| Issuance of Common Stock | 11.60M | 11.20M | 13.20M | 13.50M | 21.50M | |
| Repurchases of Common Stock | -331.40M | -300.20M | -166.10M | -190.10M | -407.80M | |
| Common Dividends Paid | -66.20M | -67.70M | -68.10M | -64.80M | -65.70M | |
| Other Financing Activities | -15.40M | -14.40M | 74.10M | -1.00M | ||
| Financing Cash Flow | -22.60M | 1.97B | 533.50M | 1.20B | 667.60M | |
| Net Cash Flow | -1.01B | 1.11B | 244.10M | -86.80M | -260.20M | |
| Levered Free Cash Flow | 1.20B | 529.74M | 508.40M | 237.81M | 985.49M | |
| Unlevered Free Cash Flow | 1.34B | 688.74M | 657.52M | 323.44M | 1.05B | |
| Cash Interest Paid | 230.30M | 259.20M | 232.50M | 120.90M | 92.80M | |
| Cash Income Tax Paid | 37.70M | 55.10M | 59.10M | 33.90M | -19.80M | |
| Change in Working Capital | -101.70M | -245.00M | -98.90M | -572.00M | -382.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.29B | 4.05B | 3.84B | 3.13B | 2.61B | 2.94B |
| Enterprise Value | 8.69B | 6.88B | 6.98B | 6.82B | 6.01B | 6.23B |
| PE Ratio | 13.23 | 17.66 | 9.13 | 11.32 | 4.14 | 5.16 |
| PS Ratio | 1.16 | 0.90 | 0.86 | 0.76 | 0.73 | 0.71 |
| PB Ratio | 2.28 | 1.53 | 1.53 | 1.41 | 1.48 | 0.56 |
| P/OCF Ratio | 7.57 | 5.99 | 6.12 | 5.37 | 5.28 | 4.91 |
| EV/Sales Ratio | 1.91 | 1.53 | 1.57 | 1.64 | 1.68 | 1.51 |
| EV/EBITDA Ratio | 7.09 | 7.30 | 6.42 | 7.90 | 5.00 | 5.85 |
| EV/EBIT Ratio | 11.31 | 11.02 | 8.79 | 11.45 | 6.30 | 7.52 |
| Debt / Equity Ratio | 2.07 | 1.57 | 1.80 | 1.87 | 2.19 | 0.76 |
| Debt / EBITDA Ratio | 3.62 | 3.95 | 4.16 | 4.81 | 3.23 | 3.76 |
| Net Debt / Equity Ratio | 1.47 | 1.21 | 1.14 | 1.52 | 1.87 | 0.64 |
| Net Debt / EBITDA Ratio | 2.78 | 3.38 | 2.63 | 3.91 | 2.75 | 3.16 |
| Quick Ratio | 8.28 | 0.55 | 1.11 | 0.60 | 0.49 | 0.35 |
| Current Ratio | 21.36 | 2.45 | 3.84 | 3.40 | 3.37 | 2.33 |
| Asset Turnover | 0.12 | 0.12 | 0.12 | 0.12 | 0.10 | 0.12 |
| Return on Equity (ROE) | 16.93% | 8.90% | 17.79% | 13.88% | 17.94% | 10.62% |
| Return on Assets (ROA) | 1.24% | 1.02% | 1.36% | 1.09% | 1.72% | 1.45% |
| Return on Invested Capital (ROIC) | 8.23% | 7.07% | 9.24% | 7.68% | 9.88% | 6.90% |
| Earnings Yield | 7.56% | 5.66% | 10.96% | 8.83% | 24.12% | 19.40% |
| Dividend Yield | 1.25% | 1.56% | 1.67% | 2.06% | 2.41% | 2.09% |
| Payout Ratio | 16.52% | 28.87% | 16.09% | 24.63% | 10.28% | 11.52% |
| Buyback Yield / Dilution | 6.04% | 7.67% | 6.09% | 2.20% | 10.23% | 8.41% |
| Total Shareholder Return | 7.29% | 9.23% | 7.75% | 4.26% | 12.63% | 10.50% |