CNO Financial Group Inc Stock Research

Market Summary

USD21.12+0.16

Delayed

0.76%

CNO Alerts

1 major insider sales recently.
Big fall in earnings (Y/Y)

CNO Stock Price

CNO RSI Chart

CNO Valuation

Market Cap

2.4B

Price/Earnings (Trailing)

6.09

Price/Sales (Trailing)

0.68

EV/EBITDA

1.77

Price/Free Cashflow

4.87

CNO Price/Sales (Trailing)

CNO Profitability

EBT Margin

14.46%

Return on Equity

28.33%

Return on Assets

1.19%

Free Cashflow Yield

20.51%

CNO Fundamentals

CNO Revenue

Revenue (TTM)

3.6B

Revenue Y/Y

-9.42%

Revenue Q/Q

7.54%

CNO Earnings

Earnings (TTM)

396.8M

Earnings Y/Y

-62.52%

Earnings Q/Q

-58.67%

Price Action

52 Week Range

16.5626.35

(Low)(High)

Last 7 days

-2.7%

Last 30 days

-15.6%

Last 90 days

-7.6%

Trailing 12 Months

-15.7%

CNO Financial Health

CNO Investor Care

Dividend Yield

2.47%

Dividend/Share (TTM)

0.48

Buy Backs (1Y)

5.01%

Diluted EPS (TTM)

3.37

Peers (Alternatives to CNO Financial Group)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PGR	82.1B	49.6B	-1.45%	23.08%	113.76	1.65	4.00%	-78.47%
MET	42.3B	69.9B	-23.30%	-20.83%	16.68	0.61	-1.66%	-61.26%
AFL	39.6B	19.5B	-8.02%	-0.58%	9.42	2.03	-11.78%	-2.87%
TRV	38.3B	36.9B	-11.40%	-9.04%	13.47	1.04	5.94%	-22.39%
PFG	17.4B	17.5B	-18.79%	0.52%	3.62	1	22.64%	181.28%
MID-CAP
RGA	10.0B	16.3B	-13.53%	18.41%	37	0.61	-2.40%	0.97%
UNM	7.6B	12.0B	-9.63%	24.94%	5.75	0.63	-0.19%	59.45%
AIZ	6.0B	10.2B	-13.09%	-37.50%	21.54	0.58	0.05%	-79.62%
CNO	2.4B	3.6B	-15.59%	-15.74%	6.09	0.68	-13.23%	-10.02%
GNW	2.4B	7.5B	-20.83%	27.35%	3.86	0.31	-4.15%	-32.63%
TRUP	1.6B	905.2M	-29.71%	-58.57%	-35.21	1.74	29.50%	-25.73%
SMALL-CAP
HMN	1.4B	1.4B	-10.42%	-18.96%	-523.07	0.98	3.97%	-101.82%
PLMR	1.3B	327.1M	-8.98%	-16.27%	25.76	4.11	39.88%	13.79%
JRVR	776.0M	813.7M	-6.42%	-3.67%	25.05	0.95	5.28%	117.92%

Financials for CNO Financial Group

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-2.8%	3,577	3,678	3,741	3,959	4,122
EBITDA	-10.8%	1,000	1,121	1,069	942	-
EBITDA Margin	-8.3%	0.28*	0.30*	0.50*	0.24*	-
Earnings Before Taxes	-15.2%	517	610	601	527	568
EBT Margin	-12.8%	0.14*	0.17*	0.28*	0.13*	-
Interest Expenses	21.5%	137	113	99.00	95.00	95.00
Net Income	-15.4%	397	469	464	406	441
Net Income Margin	-13.0%	0.11*	0.13*	0.22*	0.10*	-
Free Cahsflow	9.2%	495	454	527	565	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.9%	33,339	33,037	33,836	35,468	36,204
Cash Equivalents	16.5%	645	554	619	594	732
Liabilities	0.6%	31,938	31,739	31,624	31,777	30,945
Shareholder's Equity	7.9%	1,401	1,298	2,212	3,691	5,260
Retained Earnings	1.9%	1,459	1,432	1,343	1,224	1,127
Additional Paid-In Capital	0.2%	2,034	2,031	2,033	2,086	2,184
Shares Outstanding	0.0%	114	114	115	117	120

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	9.2%	495	454	527	565	598
Cashflow From Investing	22.5%	-1,781	-2,298	-2,206	-2,202	-1,526
Cashflow From Financing	-24.4%	1,199	1,586	1,584	1,492	668
Dividend Payments	0.5%	65.00	65.00	65.00	66.00	66.00
Buy Backs	-32.1%	190	280	385	412	408

Risks for CNO

What is the probability of a big loss on CNO?

70%

Probability that CNO Financial Group stock will be more than 20% underwater in next one year

52.7%

Probability that CNO Financial Group stock will be more than 30% underwater in next one year.

20.4%

Probability that CNO Financial Group stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CNO drawdown profile look like?

Y-axis is the maximum loss one would have experienced if CNO Financial Group was unfortunately bought at previous high price.

Drawdowns

Returns for CNO

Cumulative Returns on CNO

8.2%

10-Year Cumulative Returns

4.4%

7-Year Cumulative Returns

2.1%

5-Year Cumulative Returns

25.4%

3-Year Cumulative Returns

What are the long-term rolling returns for CNO?

FIve years rolling returns for CNO Financial Group.

Annualized Returns

Which funds bought or sold CNO recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	110	1,156,940	1,846,940	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-47.21	-7,000	12,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-4.17	605,013	3,375,010	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	98,000	464,000	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.92	-55,064	241,936	0.01%
2023-02-21	MACQUARIE GROUP LTD	reduced	-2.00	592,000	3,295,000	-%
2023-02-17	TRUIST FINANCIAL CORP	new	-	932,636	932,636	-%
2023-02-16	MAVERICK CAPITAL LTD	added	26.2	118,045	313,045	0.01%
2023-02-15	MetLife Investment Management, LLC	reduced	-1.11	605,344	2,958,340	0.02%
2023-02-15	HOWE & RUSLING INC	sold off	-100	-4,000	-	-%

Latest Funds Activity

Are funds buying CNO calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CNO

No. of Funds

CNO Financial Group News

Schedule 13G FIlings of CNO Financial Group

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	fuller & thaler asset management, inc.	6.37%	7,289,612	SC 13G/A
Feb 09, 2023	blackrock inc.	13.3%	15,179,705	SC 13G/A
Feb 09, 2023	vanguard group inc	12.13%	13,871,812	SC 13G/A
Jan 26, 2023	blackrock inc.	13.3%	15,179,705	SC 13G/A
Jan 23, 2023	pzena investment management llc	6.66%	7,627,617	SC 13G/A
Jan 20, 2023	blackrock inc.	13.3%	15,179,705	SC 13G/A
Feb 09, 2022	vanguard group inc	11.08%	13,660,551	SC 13G/A
Feb 08, 2022	fuller & thaler asset management, inc.	5.68%	6,999,775	SC 13G
Feb 08, 2022	dimensional fund advisors lp	4.8%	5,967,483	SC 13G/A
Jan 31, 2022	blackrock inc.	11.9%	14,614,072	SC 13G/A

CNO Fair Value

CNO Financial Group fair value in different scenarios

The table shows the Fair Value estimates for CNO Financial Group for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	3.90 -81.53%	10.49 -50.33%	19.61 -7.15%	30.28 43.37%
Current Inflation	0.13 -99.38%	2.74 -87.03%	8.77 -58.48%	16.16 -23.48%	25.22 19.41%
Very High Inflation	- -	1.25 -94.08%	6.58 -68.84%	12.00 -43.18%	19.21 -9.04%

Historical CNO Financial Group Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of CNO Financial Group

View All Filings

Date Filed	Form Type	Document
Mar 06, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	8-K	Current Report
Feb 24, 2023	10-K	Annual Report
Feb 23, 2023	8-K	Current Report
Feb 21, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4/A	Insider Trading
Feb 16, 2023	4	Insider Trading

Latest Insider Trading transactions for CNO

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-06	Zimpfer Matthew J.	sold	-85,516	25.8514	-3,308	evp and general counsel
2023-03-01	Goldberg Scott L.	sold	-59,039	25.6804	-2,299	president, consumer division
2023-02-27	Zimpfer Matthew J.	sold	-109,000	26.0268	-4,188	evp and general counsel
2023-02-21	Zimpfer Matthew J.	sold	-90,865	25.0593	-3,626	evp and general counsel
2023-02-16	Byers Michael B	sold (taxes)	-15,142	25.45	-595	president, worksite
2023-02-14	Zimpfer Matthew J.	acquired	478,159	25.57	18,700	evp and general counsel
2023-02-14	Mead Michael E.	sold (taxes)	-93,867	25.57	-3,671	chief information officer
2023-02-14	TARASI ROCCO F III	sold (taxes)	-185,587	25.57	-7,258	chief marketing officer
2023-02-14	TARASI ROCCO F III	acquired	613,680	25.57	24,000	chief marketing officer
2023-02-14	DeToro Karen	sold (taxes)	-185,408	25.57	-7,251	chief actuary

About CNO Financial Group

Gary C. Bhojwani

www.cnoinc.com

3350

CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It offers Medicare supplement, supplemental health, and long-term care insurance policies; life insurance; and annuities, as well as Medicare advantage plans to individuals through phone, online, mail, and face-to-face. The company also focuses on worksite and group sales for businesses, associations, and other membership groups by interacting with customers at their place of employment. In addition, it provides fixed index annuities; fixed interest annuities, including fixed rate single and flexible premium deferred annuities; single premium immediate annuities; supplemental health products, such as specified disease, accident, and hospital indemnity products; and long-term care plans primarily to retirees and older self-employed individuals in the middle-income market. Further, the company offers universal life and other interest-sensitive life products; and traditional life policies that include whole life, graded benefit life, term life, and single premium whole life products, as well as graded benefit life insurance products. CNO Financial Group, Inc. markets its products under the Bankers Life, Washington National, and Colonial Penn brand names. The company sells its products through agents, independent producers, and direct marketing. CNO Financial Group, Inc. was founded in 1979 and is headquartered in Carmel, Indiana.

CNO Income Statement

2022-12-31

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Insurance policy income	$ 2,499.8	$ 2,523.4	$ 2,511.3
Net investment income:
General account assets	1,179.0	1,140.2	1,079.0
Policyholder and other special-purpose portfolios	(163.1)	280.5	143.5
Investment gains (losses):
Realized investment gains (losses)	(17.9)	21.3	(18.4)
Other investment gains (losses)	(117.5)	(2.2)	(17.8)
Total investment gains (losses)	(135.4)	19.1	(36.2)
Fee revenue and other income	196.5	159.0	123.5
Total revenues	3,576.8	4,122.2	3,821.1
Benefits and expenses:
Insurance policy benefits	1,658.3	2,190.7	2,157.9
Interest expense	137.0	95.4	108.8
Amortization	309.6	281.1	268.1
Other operating costs and expenses	954.6	987.3	942.0
Total benefits and expenses	3,059.5	3,554.5	3,476.8
Income before income taxes	517.3	567.7	344.3
Income tax expense (benefit):
Tax expense on period income	120.5	126.7	76.5
Valuation allowance for deferred tax assets and other tax items	0.0	0.0	(34.0)
Net income	$ 396.8	$ 441.0	$ 301.8
Basic:
Weighted average shares outstanding (in shares)	115,733	128,400	142,096
Net income (in USD per share)	$ 3.43	$ 3.43	$ 2.12
Diluted:
Weighted average shares outstanding (in shares)	117,717	131,126	143,164
Net income (in USD per share)	$ 3.37	$ 3.36	$ 2.11

CNO Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: 2022 - $56.0 and 2021 - $7.6; amortized cost: 2022 - $23,384.2 and 2021 - $21,867.6)	$ 20,353.4	$ 24,805.4
Equity securities at fair value	135.3	131.1
Mortgage loans (net of allowance for credit losses: 2022 - $8.0 and 2021 - $5.6)	1,411.9	1,218.6
Policy loans	121.6	120.2
Trading securities	207.9	227.2
Investments held by variable interest entities (net of allowance for credit losses: 2022 - $5.5 and 2021 - $3.7; amortized cost: 2022 - $1,134.2 and 2021 - $1,206.8)	1,077.6	1,199.6
Other invested assets	1,034.7	1,224.0
Total investments	24,342.4	28,926.1
Cash and cash equivalents - unrestricted	575.7	632.1
Cash and cash equivalents held by variable interest entities	69.2	99.6
Accrued investment income	235.6	216.4
Present value of future profits	212.2	222.6
Deferred acquisition costs	1,913.4	1,112.0
Reinsurance receivables (net of allowance for credit losses: 2022 - $2.0 and 2021 - $3.0)	4,241.7	4,354.3
Income tax assets, net	1,165.5	118.3
Assets held in separate accounts	2.7	3.9
Other assets	580.8	519.1
Total assets	33,339.2	36,204.4
Liabilities for insurance products:
Policyholder account liabilities	14,858.3	13,689.7
Future policy benefits	11,809.1	11,670.7
Liability for policy and contract claims	456.5	501.8
Unearned and advanced premiums	235.0	246.7
Liabilities related to separate accounts	2.7	3.9
Other liabilities	693.9	830.9
Investment borrowings	1,639.5	1,715.8
Borrowings related to variable interest entities	1,104.6	1,147.9
Notes payable – direct corporate obligations	1,138.8	1,137.3
Total liabilities	31,938.4	30,944.7
Commitments and Contingencies
Shareholders' equity:
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: 2022 - 114,343,070 and 2021 - 120,377,152)	1.1	1.2
Additional paid-in capital	2,033.8	2,184.2
Accumulated other comprehensive income	(2,093.1)	1,947.1
Retained earnings	1,459.0	1,127.2
Total shareholders' equity	1,400.8	5,259.7
Total liabilities and shareholders' equity	$ 33,339.2	$ 36,204.4