$CNO

CNO Financial Group, Inc.

CIK:0001224608|SEC Filings

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Insurance policy income	$ 680.7	$ 651.3	$ 1,354.1	$ 1,302.0
Net investment income:
General account assets	411.9	378.3	806.9	753.4
Policyholder and other special-purpose portfolios	185.1	105.4	120.2	41.8
Investment losses:
Realized investment losses	(8.6)	(21.3)	(16.4)	(25.1)
Other investment gains (losses)	(6.1)	2.9	(21.0)	(0.1)
Total investment losses	(14.7)	(18.4)	(37.4)	(25.2)
Fee revenue and other income	22.2	34.9	71.0	83.6
Total revenues	1,285.2	1,151.5	2,314.8	2,155.6
Benefits and expenses:
Insurance policy benefits	742.5	658.4	1,319.1	1,228.4
Liability for future policy benefits remeasurement gain	(15.3)	(12.8)	(21.8)	(25.0)
Change in fair value of market risk benefits	(8.3)	(10.9)	2.4	4.4
Interest expense	55.3	59.1	106.2	121.1
Amortization of deferred acquisition costs and present value of future profits	74.9	68.6	149.1	136.0
Gain on extinguishment of borrowings related to variable interest entities	0.0	0.0	0.0	(1.5)
Other operating costs and expenses	276.4	271.1	551.7	546.4
Total benefits and expenses	1,125.5	1,033.5	2,106.7	2,009.8
Income before income taxes	159.7	118.0	208.1	145.8
Income tax expense	33.8	26.2	44.5	32.5
Net income	$ 125.9	$ 91.8	$ 163.6	$ 113.3
Basic:
Weighted average shares outstanding (in shares)	93,194	98,572	93,636	99,658
Net income (in dollars per share)	$ 1.35	$ 0.93	$ 1.75	$ 1.14
Diluted:
Weighted average shares outstanding (in shares)	94,952	100,386	95,545	101,728
Net income (in dollars per share)	$ 1.33	$ 0.91	$ 1.71	$ 1.11

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Insurance policy income	$ 1,229.6	$ 1,182.4
Net investment income	772.6	748.2
Fee revenue and other income	96.1	98.5
Insurance policy benefits	(832.3)	(822.9)
Interest expense	(104.3)	(114.4)
Deferrable policy acquisition costs and sales inducements	(251.8)	(244.8)
Other operating costs	(583.5)	(564.5)
Income taxes	(21.0)	(0.3)
Net cash provided by operating activities	305.4	282.2
Cash flows from investing activities:
Sales of investments	6,499.8	1,716.9
Maturities and redemptions of investments	1,810.7	1,263.1
Purchases of investments	(9,088.3)	(3,631.2)
Other, net	(10.0)	(9.2)
Net cash used by investing activities	(787.8)	(660.4)
Cash flows from financing activities:
Payments on notes payable	0.0	(500.0)
Issuance of common stock	6.6	7.1
Payments to repurchase common stock	(134.2)	(210.6)
Common stock dividends paid	(33.8)	(33.6)
Payments on financing arrangements	(8.1)	(7.6)
Amounts received for deposit products	1,532.9	1,234.1
Withdrawals from deposit products	(1,058.5)	(1,402.1)
Issuance of investment borrowings:
Federal Home Loan Bank	776.8	526.8
Payments on investment borrowings:
Federal Home Loan Bank	(276.8)	(273.8)
Related to variable interest entities	0.0	(143.8)
Net cash provided (used) by financing activities	804.9	(803.5)
Net increase (decrease) in cash and cash equivalents	322.5	(1,181.7)
Cash and cash equivalents - unrestricted and including held by variable interest entities, beginning of period	983.5	1,997.7
Cash and cash equivalents - unrestricted and including held by variable interest entities, end of period	$ 1,306.0	$ 816.0

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: June 30, 2026 - $41.5 and December 31, 2025 - $36.0; amortized cost: June 30, 2026 - $26,580.2 and December 31, 2025 - $25,776.4)	$ 24,495.7	$ 23,886.8
Equity securities at fair value	337.2	389.2
Mortgage loans (net of allowance for credit losses: June 30, 2026 - $17.0 and December 31, 2025 - $20.9)	3,356.3	3,256.8
Policy loans	144.2	140.9
Trading securities	258.6	294.8
Investments held by variable interest entities (net of allowance for credit losses: June 30, 2026 - $1.6 and December 31, 2025 - $0.6; amortized cost: June 30, 2026 - $296.2 and December 31, 2025 - $294.1)	292.3	293.0
Other invested assets	1,858.6	1,737.0
Total investments	30,742.9	29,998.5
Cash and cash equivalents - unrestricted	1,289.7	956.1
Cash and cash equivalents held by variable interest entities	16.3	27.4
Accrued investment income	302.5	286.0
Present value of future profits	135.5	143.6
Deferred acquisition costs and sales inducements	2,508.1	2,397.3
Reinsurance receivables (net of allowance for credit losses: June 30, 2026 - $1.0 and December 31, 2025 - $1.0)	3,568.5	3,677.5
Income tax assets, net	709.7	713.3
Assets held in separate accounts	3.0	2.8
Other assets	585.0	588.1
Total assets	39,861.2	38,790.6
Liabilities for insurance products:
Policyholder account balances	19,640.9	18,912.6
Future policy benefits	11,784.7	11,898.0
Market risk benefit liability	50.6	48.1
Liability for life insurance policy claims	61.8	58.4
Unearned and advanced premiums	219.0	228.0
Liabilities related to separate accounts	3.0	2.8
Other liabilities	957.1	952.8
Investment borrowings	2,941.7	2,441.7
Borrowings related to variable interest entities	274.5	274.4
Notes payable – direct corporate obligations	1,336.3	1,335.6
Total liabilities	37,269.6	36,152.4
Commitments and Contingencies (Note 14)
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: June 30, 2026 – 92,696,990; December 31, 2025 – 94,484,339)	0.9	0.9
Additional paid-in capital	1,227.4	1,336.3
Accumulated other comprehensive loss	(1,182.8)	(1,115.0)
Retained earnings	2,546.1	2,416.0
Total shareholders' equity	2,591.6	2,638.2
Total liabilities and shareholders' equity	$ 39,861.2	$ 38,790.6