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CNO Financial Group
CNO Financial Group (CNO) investor relations material
CNO Financial Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Delivered record full-year results, exceeding or meeting all 2025 guidance metrics, with strong sales momentum and record new annualized premiums up 15% year-over-year.
Achieved 14th consecutive quarter of sales growth and 12th consecutive quarter of producing agent count growth.
Operating EPS rose 11% year-over-year to $4.40, or 6% to $4.02 excluding significant items; operating ROE reached 11.4% excluding significant items.
Returned $386 million to shareholders, up 11% from the prior year, and executed a second reinsurance transaction with a Bermuda affiliate.
Maintained focus on the underserved middle-income market, leveraging a captive agent distribution model for competitive advantage.
Financial highlights
Operating earnings per diluted share rose 11% to $4.40; full-year operating EPS excluding significant items was $4.02, above guidance.
Book value per diluted share, excluding AOCI, reached $38.81, a 7% CAGR over three years.
Expense ratio for the year was 18.9%, better than guidance.
Annuity collected premium rose 9%, and client assets in brokerage/advisory grew 24% year-over-year.
Net operating income for 2025 was $439.2 million, up from $429.3 million in 2024; net income was $229.3 million, down from $420.8 million due to non-operating items.
Outlook and guidance
2026 operating EPS expected between $4.25 and $4.45, an 8% increase at midpoint.
Targeting 200 bps improvement in run rate ROE by 2027, with 2026 guidance aligned to this trajectory.
Expense ratio expected between 18.8%-19.2%; effective tax rate around 22.5%.
Free cash flow guidance of $200–$250 million, net of tech modernization investments.
Entering 2026 with a strong capital position and a clear path to achieving the 2027 ROE target.
Explain the GAAP ROE decline vs. operating ROE
What is the remaining duration of TechMod expenses?
How do unrealized losses impact investment strategy?
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Next CNO Financial Group earnings date
Q1 202628 Apr, 2026
CNO Financial Group
Next CNO Financial Group earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
CNO Financial Group Inc provides insurance and financial services to middle-income Americans. Its offerings include life insurance, annuities, supplemental health insurance, and long-term care insurance through subsidiaries like Bankers Life and Colonial Penn. The company is headquartered in Carmel, Indiana, and its shares are listed on the NYSE.
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