CNO Financial Group, Inc. CNO
CNO is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in this report refer to CNO and its subsidiaries. Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries.
We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. As of December 31, 2025, we had total assets of $38.8 billion and shareholders' equity of $2.6 billion (which included an accumulated other comprehensive loss of $1.1 billion). For the year ended December 31, 2025, we had revenues of $4.5 billion and net income of $229.3 million. See our consolidated financial statements and accompanying footnotes for additional financial information about the Company and its segments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.49B | $4.45B | $4.15B | $3.58B | $4.12B | $3.82B | $4.02B | $4.31B | $4.30B | $3.99B |
| Operating income | $553.2M | $550.8M | $459.5M | $466.7M | $514.7M | $463.8M | $368.3M | $381.2M | $454.7M | — |
| Interest expense | $230.9M | $254.4M | $238.6M | $137.0M | $95.4M | $108.8M | $152.3M | $149.8M | $123.7M | $116.4M |
| Pre-tax income | $293.4M | $539.9M | $356.8M | $816.5M | $733.1M | $344.3M | $274.2M | -$264.8M | $480.5M | $353.2M |
| Income tax | $64.1M | $119.1M | $80.3M | $185.9M | $162.8M | $42.5M | $135.2M | $50.2M | $304.9M | $5.0M |
| Net income | $229.3M | $420.8M | $276.5M | $630.6M | $570.3M | $301.8M | $409.4M | -$315.0M | $175.6M | $358.2M |
| EPS, basic | 2.35 | 3.96 | 2.44 | 5.45 | 4.44 | 2.12 | 2.62 | -1.90 | 1.03 | 2.03 |
| EPS, diluted | 2.30 | 3.89 | 2.40 | 5.36 | 4.35 | 2.11 | 2.61 | -1.90 | 1.02 | 2.01 |
| Shares, diluted (wtd. avg.) | $99.8M | $108.1M | $115.1M | $117.7M | $131.1M | $143.2M | $157.1M | $165.5M | $172.1M | $178.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $983.5M | $2.00B | $889.0M | $644.9M | $731.7M | $991.9M | $654.7M | $656.6M | $757.3M | $668.2M |
| Goodwill | $69.5M | — | — | — | — | — | — | — | — | — |
| Total assets | $38.79B | $37.85B | $35.03B | $33.13B | $36.20B | $35.34B | $33.61B | $31.44B | $33.11B | $31.98B |
| Long-term debt | — | — | — | — | — | — | — | $916.8M | $914.6M | $912.9M |
| Total liabilities | $36.15B | $35.33B | $32.81B | $31.36B | $30.94B | $29.86B | $28.95B | $28.07B | $28.26B | $27.49B |
| Retained earnings | $2.42B | $2.25B | $1.90B | $1.69B | $1.13B | $752.3M | $517.9M | $193.5M | $576.7M | $650.1M |
| Total equity | $2.64B | $2.52B | $2.22B | $1.77B | $3.68B | $5.48B | $4.68B | $3.37B | $4.85B | $4.49B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $675.7M | $627.7M | $582.9M | $495.4M | $598.3M | $735.5M | $696.7M | $317.8M | $633.3M | $775.7M |
| Depreciation and amortisation | $318.5M | $292.4M | $267.4M | $248.5M | $236.6M | $303.9M | $267.9M | $292.2M | $265.4M | $275.0M |
| Investing cash flow | -$1.67B | -$1.49B | -$872.3M | -$1.78B | -$1.53B | -$608.4M | -$555.6M | -$525.7M | -$270.2M | -$930.4M |
| Financing cash flow | -$22.6M | $1.97B | $533.5M | $1.20B | $667.6M | $210.1M | -$143.0M | $107.2M | -$274.0M | $26.2M |
| Dividends paid | $66.2M | $67.7M | $68.1M | $64.8M | $65.7M | $67.0M | $67.1M | $64.8M | $59.6M | $54.8M |
| Buybacks | $331.4M | $300.2M | $166.1M | $190.1M | $407.8M | $268.3M | $254.5M | $108.0M | $168.3M | $210.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001224608-26-000017.
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