CNO Financial Group 1Q 2025 Financial Supplement Highlights

The quarterly financial supplement for 1Q 2025 from CNO Financial Group provides an in-depth analysis of the company's statutory and operational financial performance. The report includes comprehensive consolidated balance sheets, statements of operations, and margins from various insurance products including annuities, health, and life insurance segments. It underscores investment income trends, premium collections, policyholder account activities, and statutory capital details alongside risk-based capital ratios.

Key highlights include a detailed breakdown of insurance product margins which integrate insurance policy income, allocated investment income, and policy benefits with operating expenses. There is a noted increase in book value per common share, reflecting shareholder equity growth excluding accumulated other comprehensive losses. The report presents net operating income with distinctions between operating earnings and impacts of significant items like actuarial adjustments exemplified by reserve changes and impairment related expenses. Investment returns demonstrate varying yields across fixed indexed annuities, fixed interest annuities, and other annuity products, alongside health and life insurance segments averaging around 4.7% to 4.9%. Capital and surplus components also detail asset valuation and interest maintenance reserves aligning with statutory capital requirements.

The analysis includes variable interest entity impacts and management's focus on non-GAAP measures like income from insurance products and net operating income, providing insight into underlying business performance without volatility from market value adjustments. Overall, CNO's financial metrics indicate steady operational income, controlled expenses, and a balanced investment portfolio underpinning its insurance product liabilities. The data supports ongoing evaluation of insurance product profitability, investment allocation efficiency, and risk management.