Tearsheet

CNO Financial (CNO)

Market Price (5/13/2026): $46.15 | Market Cap: $4.3 Bil
Sector: Financials | Industry: Life & Health Insurance

CNO Financial (CNO)

Market Price (5/13/2026): $46.15
Market Cap: $4.3 Bil
Sector: Financials
Industry: Life & Health Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 16%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -111%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Fintech & Digital Payments. Themes include Geriatric Care, Online Banking & Lending, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Key risks
CNO key risks include [1] an acute earnings sensitivity to both high and low interest rate environments due to its specific liabilities from embedded derivatives and annuities.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 16%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -111%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
3	Low stock price volatility Vol 12M is 22%
4	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Fintech & Digital Payments. Themes include Geriatric Care, Online Banking & Lending, Show more.
5	Trading close to highs Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6	Key risks CNO key risks include [1] an acute earnings sensitivity to both high and low interest rate environments due to its specific liabilities from embedded derivatives and annuities.

Valuation, Metrics & Events

	5/13/26	2025	2024	2023	2022
Share Price CYE	$46.15	$42.47	$37.21	$27.90	$22.85
Market Cap CYE ($ Bil)	4.3	4.0	3.8	3.1	2.6
Total Debt ($ Bil)	4.3	4.1	4.5	4.2	3.9
Total Cash ($ Bil)	1.1	1.0	1.7	0.8	0.1
Enterprise Value ($ Bil)	7.5	8.1	8.3	7.3	6.5
Valuation Ratios
P/S TTM	1.0	0.9	0.9	0.8	0.7
P/EBIT TTM	8.1	7.7	4.8	5.2	2.7
P/E TTM	17.7	17.6	9.1	11.3	4.1
P/FCF TTM	6.3	6.0	6.1	5.3	5.3
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1	2.8	2.8
P/EBIT TTM (Sector)	6.9	8.1	8.5	7.8	8.5
P/E TTM (Sector)	11.2	11.0	11.5	10.0	9.5
P/FCF TTM (Sector)	8.4	9.0	9.0	8.0	6.6

	5/13/26	2025	2024
Share Price CYE	$46.15	$42.47	$37.21
Market Cap CYE ($ Bil)	4.3	4.0	3.8
Total Debt ($ Bil)	4.3	4.1	4.5
Total Cash ($ Bil)	1.1	1.0	1.7
Enterprise Value ($ Bil)	7.5	8.1	8.3
Valuation Ratios
P/S TTM	1.0	0.9	0.9
P/EBIT TTM	8.1	7.7	4.8
P/E TTM	17.7	17.6	9.1
P/FCF TTM	6.3	6.0	6.1
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1
P/EBIT TTM (Sector)	6.9	8.1	8.5
P/E TTM (Sector)	11.2	11.0	11.5
P/FCF TTM (Sector)	8.4	9.0	9.0

	CNO	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	4.5
Rev Chg Q	2.5%	8.7%
Rev Chg LTM	5.0%	7.4%
Rev Chg 3Y Avg	6.6%	5.8%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.2
CFO/Rev LTM	15.2%	21.0%
Net Inc Mgn	5.4%	13.0%
VALUATION	LOW
P/S	1.0	3.2
P/CFO	6.3	15.0
P/FCF	6.3	19.2
P/E	17.7	23.5

AI Analysis | Feedback

Metric	Value	Date	Source
Total New Annualized Premiums (NAP)	125 million	11032025	Link
Annuity Account Value	An increase of 8% year-over-year	11032025	Link
Client Assets in Brokerage and Advisory	Over $5 billion	11052025	Link
Number of Policies	3.2 million	9102025	Link
Number of Associates	3400	9102025	Link
Number of Exclusive Agents	4900	9102025	Link
Number of Independent Partner Agents	More than 6,000	9102025	Link

Recent
4/30/2026	Earnings Release	Rev: $1.0 Bil (A) vs. $1.0 Bil (E) EPS: 1.29 (A) vs. $0.91 (E)
Upcoming
6/10/2026	Dividend	Amount: $0.18 Payment On: 6/24/2026
7/27/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.01 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

CNO Financial (CNO) stock has gained about 10% since 1/31/2026 because of the following key factors:

1. CNO Financial Group's strong first-quarter 2026 operating earnings and revenue surpassed analyst expectations. The company reported operating earnings per share (EPS) of $1.05, significantly exceeding the forecast of $0.94 by 11.7%, and representing a 33% increase year-over-year. Additionally, revenue reached $1.03 billion, outperforming expectations of $1.01 billion by 1.98%. This robust financial performance signaled operational strength and profitability.

2. The company demonstrated sustained sales momentum across its product portfolio and distribution channels. CNO Financial Group achieved its 15th consecutive quarter of sales growth, with total new annualized premiums (NAP) increasing by 11% year-over-year in Q1 2026. Growth was particularly strong in Medicare policies sold, which increased by 24% in the quarter. This consistent growth in key segments underscores effective operational strategies.

Show more

Holding a concentrated position? Know your true downside before the momentum shifts.

Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 10.3% change in CNO stock from 1/31/2026 to 5/12/2026 was primarily driven by a 39.6% change in the company's P/E Multiple.

(LTM values as of)	1312026	5122026	Change
Stock Price ($)	41.88	46.17	10.3%
Change Contribution By:
Total Revenues ($ Mil)	4,442	4,513	1.6%
Net Income Margin (%)	7.2%	5.4%	-24.3%
P/E Multiple	12.7	17.7	39.6%
Shares Outstanding (Mil)	97	94	2.7%
Cumulative Contribution			10.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026

	Return	Correlation
CNO	10.3%
Market (SPY)	3.6%	52.8%
Sector (XLF)	-3.0%	71.9%

Fundamental Drivers

The 16.3% change in CNO stock from 10/31/2025 to 5/12/2026 was primarily driven by a 38.2% change in the company's P/E Multiple.

(LTM values as of)	10312025	5122026	Change
Stock Price ($)	39.69	46.17	16.3%
Change Contribution By:
Total Revenues ($ Mil)	4,382	4,513	3.0%
Net Income Margin (%)	7.0%	5.4%	-22.0%
P/E Multiple	12.8	17.7	38.2%
Shares Outstanding (Mil)	99	94	4.8%
Cumulative Contribution			16.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026

	Return	Correlation
CNO	16.3%
Market (SPY)	5.5%	37.8%
Sector (XLF)	-0.7%	67.4%

Fundamental Drivers

The 23.8% change in CNO stock from 4/30/2025 to 5/12/2026 was primarily driven by a 94.2% change in the company's P/E Multiple.

(LTM values as of)	4302025	5122026	Change
Stock Price ($)	37.29	46.17	23.8%
Change Contribution By:
Total Revenues ($ Mil)	4,446	4,513	1.5%
Net Income Margin (%)	9.5%	5.4%	-42.5%
P/E Multiple	9.1	17.7	94.2%
Shares Outstanding (Mil)	103	94	9.3%
Cumulative Contribution			23.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026

	Return	Correlation
CNO	23.8%
Market (SPY)	30.4%	44.9%
Sector (XLF)	7.4%	69.1%

Fundamental Drivers

The 118.5% change in CNO stock from 4/30/2023 to 5/12/2026 was primarily driven by a 361.5% change in the company's P/E Multiple.

(LTM values as of)	4302023	5122026	Change
Stock Price ($)	21.13	46.17	118.5%
Change Contribution By:
Total Revenues ($ Mil)	3,577	4,513	26.2%
Net Income Margin (%)	17.6%	5.4%	-69.1%
P/E Multiple	3.8	17.7	361.5%
Shares Outstanding (Mil)	114	94	21.6%
Cumulative Contribution			118.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026

	Return	Correlation
CNO	118.5%
Market (SPY)	78.7%	55.3%
Sector (XLF)	63.2%	73.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CNO Return	10%	-2%	25%	36%	16%	8%	130%
Peers Return	8%	22%	16%	32%	1%	1%	105%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
CNO Win Rate	58%	42%	58%	50%	83%	40%
Peers Win Rate	62%	52%	60%	65%	53%	52%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
CNO Max Drawdown	-5%	-29%	-10%	-9%	-4%	-6%
Peers Max Drawdown	-10%	-14%	-11%	-13%	-13%	-9%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: GL, AFL, UNM, PRI, KMPR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)

Event	CNO	S&P 500
2025 US Tariff Shock
% Loss	-12.6%	-18.8%
% Gain to Breakeven	14.4%	23.1%
Time to Breakeven	210 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-21.1%	-6.7%
% Gain to Breakeven	26.7%	7.1%
Time to Breakeven	201 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-30.6%	-24.5%
% Gain to Breakeven	44.2%	32.4%
Time to Breakeven	176 days	427 days
2020 COVID-19 Crash
% Loss	-53.5%	-33.7%
% Gain to Breakeven	115.0%	50.9%
Time to Breakeven	214 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-34.3%	-19.2%
% Gain to Breakeven	52.2%	23.7%
Time to Breakeven	686 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-17.2%	-12.2%
% Gain to Breakeven	20.7%	13.9%
Time to Breakeven	21 days	62 days

Compare to GL, AFL, UNM, PRI, KMPR

In The Past

CNO Financial's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	CNO	S&P 500
2023 SVB Regional Banking Crisis
% Loss	-21.1%	-6.7%
% Gain to Breakeven	26.7%	7.1%
Time to Breakeven	201 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-30.6%	-24.5%
% Gain to Breakeven	44.2%	32.4%
Time to Breakeven	176 days	427 days
2020 COVID-19 Crash
% Loss	-53.5%	-33.7%
% Gain to Breakeven	115.0%	50.9%
Time to Breakeven	214 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-34.3%	-19.2%
% Gain to Breakeven	52.2%	23.7%
Time to Breakeven	686 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-36.2%	-17.9%
% Gain to Breakeven	56.8%	21.8%
Time to Breakeven	165 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-24.6%	-15.4%
% Gain to Breakeven	32.6%	18.2%
Time to Breakeven	153 days	125 days
2008-2009 Global Financial Crisis
% Loss	-97.9%	-53.4%
% Gain to Breakeven	4735.4%	114.4%
Time to Breakeven	1546 days	1085 days
Summer 2007 Credit Crunch
% Loss	-32.8%	-8.6%
% Gain to Breakeven	48.9%	9.5%
Time to Breakeven	2947 days	47 days

Compare to GL, AFL, UNM, PRI, KMPR

In The Past

CNO Financial's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CNO Financial (CNO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe CNO Financial:

Imagine it as a company similar to **Aflac**, but for seniors and middle-income individuals, also offering life insurance and annuities in addition to supplemental health products.
Think of it as **Humana**, but also providing a full range of life insurance and annuities specifically for seniors and middle-income customers.

AI Analysis | Feedback

Health Insurance: Provides various health-related insurance policies, including Medicare supplement, supplemental health, long-term care, and Medicare Advantage plans.
Annuities: Offers a range of annuity products, such as fixed index, fixed interest, and single premium immediate annuities, to provide guaranteed income streams.
Life Insurance: Delivers individual life insurance policies, encompassing universal life, traditional life (whole, term), and other interest-sensitive products.

AI Analysis | Feedback

Major Customers of CNO Financial (CNO)

CNO Financial Group primarily sells its insurance and annuity products directly to individuals. Based on the company description, its major customer categories include:

Seniors and Retirees: The company extensively targets the senior market with products such as Medicare supplement, Medicare Advantage plans, supplemental health, and long-term care insurance, as well as annuities, specifically catering to retirees and older self-employed individuals.
Middle-Income Individuals: CNO focuses on individuals within the middle-income demographic for a range of its life insurance, health insurance, and annuity products.
Employees and Members of Businesses/Groups: Through its worksite and group sales channels, CNO provides products to employees of businesses, associations, and other membership groups, interacting with these customers at their places of employment.

AI Analysis | Feedback

Null

AI Analysis | Feedback

Gary C. Bhojwani, Chief Executive Officer

Gary C. Bhojwani became Chief Executive Officer of CNO Financial Group on January 1, 2018, having previously served as President of the company from April 2016 through December 2017. Prior to joining CNO, Mr. Bhojwani held senior leadership positions at Allianz, including being a member of the Board of Management of Allianz SE and chairman of Allianz of America, Allianz Life Insurance Company, and Fireman's Fund Insurance Company from 2012 to 2015. He also served as Chief Executive Officer of Allianz Life Insurance Company of North America from 2007 through 2012 and as Chief Executive Officer of Lincoln General Insurance Company from 2002 to 2004. Notably, Mr. Bhojwani founded Avalon Risk Management in 1998, serving as its Chief Executive Officer until 2002, and also founded Gcb LLC in 2015, where he was CEO until 2016.

Paul H. McDonough, Chief Financial Officer

Paul H. McDonough was appointed Chief Financial Officer for CNO Financial Group in March 2019. He brings nearly 30 years of public company finance experience and 20 years in the insurance industry. Before joining CNO, he served as Executive Vice President and Chief Financial Officer for OneBeacon Insurance Group from 2005 to 2017. Mr. McDonough was also Chief Financial Officer at BJ's Wholesale Club in 2005 and held various treasury leadership roles at The St. Paul Companies (now Travelers). His earlier career included finance and strategic planning positions at Sears and Chevron, and he proudly served as an Officer in the U.S. Navy and Navy Reserve for six years.

Scott L. Goldberg, President, Consumer Division

Scott L. Goldberg serves as the President of the Consumer Division at CNO Financial Group. He previously held the position of President of Bankers Life and Casualty Company, a CNO Financial Group subsidiary.

Matthew J. Zimpfer, Executive Vice President and General Counsel

Matthew J. Zimpfer was appointed Executive Vice President and General Counsel of CNO Financial Group in June 2008. In addition, he currently serves as the President of CNO Bermuda Re, the company's Bermuda-based captive reinsurer. Mr. Zimpfer joined CNO in January 1998, taking on various legal roles including interim general counsel and vice president and deputy general counsel. His professional background prior to CNO includes being a managing partner at Zimpfer Klineman & Wright, in-house counsel at Progressive Insurance Company, and a law clerk and associate at White & Raub.

Eric R. Johnson, Chief Investment Officer and President, 40|86 Advisors, Inc.

Eric R. Johnson holds the titles of Chief Investment Officer at CNO Financial Group and President of 40|86 Advisors, Inc., a wholly-owned registered investment advisor subsidiary of CNO.

AI Analysis | Feedback

Here are the key risks to CNO Financial (CNO):

Regulatory and Legal Challenges: CNO Financial operates in a highly regulated industry, and changes to regulations pose a significant risk to its business model. Potential shifts in fiduciary standards, state-level Medicare Advantage commission rules, or risk-based capital requirements could disrupt product distribution, increase compliance costs, and necessitate substantial adjustments to business practices. The company is subject to various legal and regulatory proceedings, which can lead to financial penalties, increased expenses, and reputational damage.
Economic and Market Conditions, including Interest Rate Fluctuations: CNO's profitability is significantly influenced by broader economic factors, particularly interest rates and market volatility. Prolonged low interest rates can reduce the net spread between investment earnings and interest credited to products like annuities, impacting profitability. Conversely, periods of increasing interest rates may lead to higher policy loans, surrenders, and withdrawals as policyholders seek better returns elsewhere, potentially forcing CNO to sell invested assets at depressed prices and realize losses. General economic downturns, inflation, and market instability can also depress demand for life insurance, annuities, and other insurance products, while leading to higher lapses or surrenders.
Intense Competition and Distribution Model Disruption: CNO faces substantial competition from companies that often have greater market share, higher ratings, and more extensive financial resources and distribution networks. This competitive pressure can affect pricing, distribution share, and the company's ability to attract and retain customers. Furthermore, CNO's business model heavily relies on its high-touch agent distribution, and any reclassification of products or limits on agent compensation could disrupt this core aspect of its operations and market position.

AI Analysis | Feedback

The proliferation of direct-to-consumer, AI-powered digital insurance platforms that offer simplified, personalized, and automated purchasing processes for health, life, and annuity products, potentially bypassing CNO's traditional agent networks and direct marketing channels by offering superior convenience and cost efficiency.

AI Analysis | Feedback

null

AI Analysis | Feedback

CNO Financial Group (CNO) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

Consistent Sales Growth in Core Insurance Products: CNO Financial has demonstrated sustained sales momentum across its core insurance offerings, including life, health, and annuities, within its Consumer and Worksite Divisions. The company reported record total new annualized premiums, with double-digit increases in life, supplemental health, and annuities. This growth is underpinned by CNO's dedicated focus on the middle-income market.
Expansion in the Senior Market and Medicare-related Products: CNO is strategically positioned to capitalize on the increasing demographic of Americans turning 65, driving demand for Medicare Supplement, Medicare Advantage/Part D, and long-term care alternatives. The company is actively scaling its Bankers Life distribution network into fast-growing Sun Belt and Midwest metropolitan areas to further penetrate this market.
Growth in Worksite and Voluntary Benefits: The Worksite Division is a significant contributor to CNO's revenue growth, having achieved record sales and consistent new annualized premium growth. Management anticipates annual worksite sales growth of 12% to 15%, driven by the rising demand for voluntary benefits and the integration of comprehensive benefits communication and enrollment services for small-to-mid employers.
Investment in Technology and Digital Transformation: CNO Financial is investing in technology to enhance its distribution and operational efficiency. This includes developing AI-driven agent tools, implementing end-to-end eApp adoption, and improving omnichannel enrollment platforms to boost agent productivity, refine targeting, and improve participation rates in worksite benefits. These digital advancements are expected to improve sales effectiveness and broaden customer reach.
Product Innovation and Diversification: CNO is expanding its product portfolio to meet evolving consumer needs and market conditions. This includes widening its product strategy to offer supplemental health and fixed indexed annuities, particularly calibrated for higher interest rate environments. Additionally, the introduction of new simplified-issue life products designed for younger families aims to shorten issuance times and expand CNO's market presence beyond its traditional senior-focused lines.

AI Analysis | Feedback

<h3>Share Repurchases</h3>
<ul>
  <li>CNO returned $386 million to shareholders in 2025, an 11% increase over 2024, through buybacks and dividends.</li>
  <li>The Board authorized an additional $500 million for share repurchases in February 2025, with approximately $240.3 million of remaining repurchase capacity as of December 31, 2024.</li>
  <li>As of December 31, 2025, CNO had authority to repurchase up to an additional $420.4 million of common stock.</li>
</ul>
<h3>Outbound Investments</h3>
<ul>
  <li>CNO acquired a minority interest in Victory Park Capital (VPC) in September 2025 and committed a minimum of $600 million in capital to VPC's investment strategies.</li>
  <li>In April 2022, CNO acquired a strategic minority interest in Rialto Capital, a commercial real estate investment and asset management platform, and committed to invest in Rialto-managed vehicles.</li>
  <li>CNO acquired DirectPath, LLC, an employee benefits management services provider, in February 2021 for approximately $50 million.</li>
</ul>
<h3>Capital Expenditures</h3>
<ul>
  <li>CNO Financial Group is engaged in a technology modernization initiative, with $75 million expected to be deployed in 2026.</li>
  <li>In 2025, approximately $20 million was deployed towards this technology modernization.</li>
  <li>The primary focus of these capital expenditures is on digital investment to enhance agent productivity, operational efficiency, reduce costs, and support growth initiatives like digital-first distribution and AI-driven agent tools.</li>
</ul>

Interactive Breakdown

null

null

Better Bets vs. CNO Financial (CNO)

null

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Why CNO Financial Stock Moved: CNO Stock Has Gained 103% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
2	CNO Financial (CNO) Valuation Ratios Comparison	08/08/2025
3	CNO Dip Buy Analysis	07/10/2025
4	CNO Financial Total Shareholder Return (TSR): 37.7% in 2024 and 20.6% 3-yr compounded annual returns (above peer average)	03/07/2025
5	null	02/28/2025
6	CNO Financial (CNO) Operating Cash Flow Comparison	02/17/2025
7	CNO Financial (CNO) Net Income Comparison	02/15/2025
8	Fundamental Metrics: ...	06/19/2024

	Title
0	ARTICLES

Trade Ideas

Select ideas related to CNO.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
EEFT_4302026_Dip_Buyer_ValueBuy	04302026	EEFT	Euronet Worldwide	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04242026	HOMB	Home BancShares	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.5%	1.5%	0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	7.1%	7.1%	0.0%
NP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NP	Neptune Insurance	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	3.9%	3.9%	0.0%
JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-4.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
VSTS	Vestis	1.6	29.0%	79.9%
PACS	PACS	6.4	28.6%	6.8%
VPG	Vishay Precision	1.1	28.5%	122.3%
AEVA	Aeva Technologies	1.2	22.9%	43.8%
PLSE	Pulse Biosciences	1.6	22.1%	69.7%
SIBN	SI-BONE	0.6	19.7%	-29.5%
RAL	Ralliant	6.7	19.4%	16.3%
WEN	Wendy's	1.5	16.9%	-3.4%
EIKN	Eikon Therapeutics	0.6	15.9%	-23.1%
QUBT	Quantum Computing	2.6	15.7%	14.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSIX	Power Solutions International	0.9	-39.2%	-33.5%
GTM	ZoomInfo Technologies	1.3	-32.8%	-60.1%
MVST	Microvast	0.5	-30.2%	-49.6%
HROW	Harrow	1.1	-23.7%	-40.8%
UAA	Under Armour	2.1	-17.0%	1.2%
UA	Under Armour	2.1	-16.7%	2.1%
VIA	Via Transportation	1.1	-16.6%	-51.3%
CBLL	CeriBell	0.6	-16.5%	-23.6%
FLNC	Fluence Energy	2.8	-15.7%	7.6%
NVTS	Navitas Semiconductor	4.3	-15.0%	169.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
INOD	Innodata	3.0	101.8%	80.7%
FLNC	Fluence Energy	2.8	67.7%	7.6%
XMTR	Xometry	4.3	51.4%	41.1%
RKLB	Rocket Lab	67.4	49.3%	68.5%
POET	POET Technologies	1.7	49.1%	116.9%
WEST	Westrock Coffee	0.8	48.6%	112.5%
WOLF	Wolfspeed	1.5	46.7%	208.6%
LXRX	Lexicon Pharmaceuticals	0.9	46.1%	109.6%
FLEX	Flex	51.5	44.8%	131.2%
BLMN	Bloomin Brands	0.7	44.4%	34.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TRDA	Entrada Therapeutics	0.3	-54.8%	-30.7%
FWRD	Forward Air	0.3	-46.1%	-63.3%
PSIX	Power Solutions International	0.9	-45.0%	-33.5%
PRIM	Primoris Services	6.1	-44.2%	-8.7%
FSLY	Fastly	2.9	-41.2%	86.9%
GTM	ZoomInfo Technologies	1.3	-38.1%	-60.1%
KVYO	Klaviyo	4.4	-38.1%	-55.5%
LMB	Limbach	0.8	-36.6%	-7.1%
AORT	Artivion	1.1	-35.7%	-49.4%
PAHC	Phibro Animal Health	1.5	-35.0%	-1.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MXL	MaxLinear	8.1	331.4%	427.4%
BAND	Bandwidth	1.5	192.2%	220.0%
FCEL	FuelCell Energy	0.8	150.2%	133.8%
INOD	Innodata	3.0	136.1%	80.7%
WOLF	Wolfspeed	1.5	122.4%	208.6%
XMTR	Xometry	4.3	96.9%	41.1%
NVTS	Navitas Semiconductor	4.3	96.0%	169.6%
HPP	Hudson Pacific Properties	0.8	95.4%	10.2%
DOCN	DigitalOcean	14.3	95.0%	223.6%
KOPN	Kopin	1.0	91.1%	128.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EMBC	Embecta	0.2	-63.2%	-70.9%
CAR	Avis Budget	5.3	-59.4%	17.3%
FWRD	Forward Air	0.3	-52.4%	-63.3%
PSIX	Power Solutions International	0.9	-51.3%	-33.5%
TRDA	Entrada Therapeutics	0.3	-48.7%	-30.7%
CABO	Cable One	0.3	-48.1%	-55.3%
ULH	Universal Logistics	0.3	-44.2%	-19.3%
TMDX	TransMedics	2.2	-43.6%	-47.4%
AORT	Artivion	1.1	-40.1%	-49.4%
VISN	Vistance Networks	2.6	-39.0%	-36.2%

Peer Comparisons

Peers to compare with:

Financials

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
Mkt Price	46.17	154.91	116.16	81.16	273.77	30.82	98.66
Mkt Cap	4.3	12.2	59.6	13.3	8.7	1.8	10.4
Rev LTM	4,513	6,074	18,310	13,241	3,360	4,693	5,383
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	688	1,230	2,934	539	834	460	761
FCF 3Y Avg	651	1,315	2,843	1,064	782	259	923
CFO LTM	688	1,385	2,934	675	861	493	774
CFO 3Y Avg	651	1,408	2,843	1,198	812	306	1,005

Growth & Margins

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
Rev Chg LTM	5.0%	4.0%	6.8%	4.4%	6.4%	0.3%	4.7%
Rev Chg 3Y Avg	6.6%	6.6%	-0.6%	3.5%	8.2%	-4.4%	5.0%
Rev Chg Q	2.5%	5.3%	27.7%	8.3%	8.4%	-7.6%	6.8%
QoQ Delta Rev Chg LTM	0.6%	1.3%	5.5%	2.0%	2.1%	-1.9%	1.6%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	15.2%	22.8%	16.0%	5.1%	25.6%	10.5%	15.6%
CFO/Rev 3Y Avg	14.9%	24.2%	15.5%	9.4%	26.1%	6.5%	15.2%
FCF/Rev LTM	15.2%	20.2%	16.0%	4.1%	24.8%	9.8%	15.6%
FCF/Rev 3Y Avg	14.9%	22.6%	15.5%	8.4%	25.1%	5.6%	15.2%

Valuation

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
Mkt Cap	4.3	12.2	59.6	13.3	8.7	1.8	10.4
P/S	1.0	2.0	3.3	1.0	2.6	0.4	1.5
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	8.1	7.6	10.2	11.1	8.4	26.1	9.3
P/E	17.7	10.3	12.9	17.0	11.2	43.2	14.9
P/CFO	6.3	8.8	20.3	19.7	10.1	3.7	9.4
Total Yield	7.2%	10.4%	9.8%	8.2%	10.5%	6.6%	9.0%
Dividend Yield	1.5%	0.7%	2.0%	2.3%	1.6%	4.3%	1.8%
FCF Yield 3Y Avg	17.9%	12.0%	5.2%	8.7%	9.0%	10.9%	10.0%
D/E	1.0	0.2	0.1	0.3	0.2	0.5	0.3
Net D/E	-1.1	-1.3	-1.1	-2.4	-0.0	0.3	-1.1

Returns

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
1M Rtn	9.3%	6.2%	4.9%	6.5%	4.8%	-1.0%	5.6%
3M Rtn	7.7%	9.4%	0.8%	13.8%	3.8%	-4.2%	5.7%
6M Rtn	13.6%	17.6%	3.2%	7.6%	8.0%	-16.1%	7.8%
12M Rtn	21.6%	29.4%	12.4%	2.8%	1.8%	-51.6%	7.6%
3Y Rtn	133.5%	48.5%	87.6%	99.8%	58.0%	-25.4%	72.8%
1M Excs Rtn	0.8%	-2.5%	-3.9%	-1.7%	-5.0%	-11.4%	-3.2%
3M Excs Rtn	1.1%	2.8%	-5.8%	7.2%	-2.8%	-10.8%	-0.9%
6M Excs Rtn	2.9%	7.7%	-7.1%	-4.9%	-0.7%	-25.2%	-2.8%
12M Excs Rtn	-6.5%	-2.6%	-18.8%	-27.5%	-27.2%	-81.4%	-23.0%
3Y Excs Rtn	50.6%	-32.1%	4.6%	19.9%	-22.0%	-106.0%	-8.7%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/7/2026	2/24/2026	2/26/2025	2/23/2024	2/24/2023	2/24/2022	2/24/2021
Key Financials
Total Revenue	4,513	4,487	4,446	4,147	3,577	4,122	3,821
Net Income	246	229	421	276	631	570	302
EPS	2.55	2.35	3.96	2.44	5.45	4.44	2.12
Growth Rates
Total Revenue Growth	5.0%	0.9%	7.2%	15.9%	-13.2%	7.9%	-4.8%
Net Income Growth	-25.6%	-45.5%	52.2%	-56.2%	10.6%	89.0%	-26.3%
Margins
Net Income Margin	5.4%	5.1%	9.5%	6.7%	17.6%	13.8%	7.9%
Cash & Debt
Total Cash	9,108	8,578	24,387	22,281	20,423	24,905	23,438
Total Debt	4,302	4,052	4,520	4,151	3,883	4,001	3,930
Net Debt / (Cash)	-4,806	-4,527	-19,867	-18,130	-16,540	-20,904	-19,507
Cash Flows
Net Cash from Operations	688	676	628	583	495	598	736
Free Cash from Operations	688	676	628	583	495	598	736
Returns to Shareholders
Dividends	66	66	68	68	65	66	67
Share Repurchases	294	331	300	166	190	408	268

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/7/2026	2/24/2026	11/6/2025	8/6/2025	5/7/2025	2/26/2025	11/7/2024	8/9/2024	5/6/2024	2/23/2024	11/8/2023	8/9/2023
Key Financials Quarterly
Total Revenue	1,030	1,143	1,189	1,152	1,004	1,097	1,130	1,066	1,153	1,170	948	1,023
Net Income	38	93	23	92	22	183	9	116	112	36	167	74
EPS	0.40	0.98	0.24	0.93	0.21	1.62	0.09	1.08	1.03	0.33	1.48	0.64
Key Financials TTM
Total Revenue TTM	4,513	4,487	4,442	4,382	4,297	4,446	4,519	4,337	4,294	4,147	3,950	3,908
Net Income TTM	246	229	319	306	330	421	274	432	390	276	278	287
Growth Rates Quarterly
Total Revenue Growth	2.5%	4.2%	5.2%	8.0%	-12.9%	-6.3%	19.2%	4.2%	14.6%	20.2%	4.7%	19.6%
Net Income Growth	75.3%	-49.2%	148.4%	-21.1%	-80.9%	403.9%	-94.4%	57.8%	14137.5%	-4.5%	-4.9%	-68.4%
Margins Quarterly
Net Income Margin	3.7%	8.1%	1.9%	8.0%	2.1%	16.7%	0.8%	10.9%	9.7%	3.1%	17.7%	7.2%
Cash & Debt
Total Cash	9,108	8,578	8,599	8,253	8,840	24,387	9,189	8,941	7,890	22,281	20,766	21,417
Total Debt	4,302	4,052	4,051	4,129	4,398	4,520	4,305	4,523	3,896	4,151	4,148	3,980
Net Debt / (Cash)	-4,806	-4,527	-4,548	-4,124	-4,442	-19,867	-4,884	-4,418	-3,994	-18,130	-16,618	-17,437
Cash Flows Quarterly
FCF from Operations	149	196	198	146	137	191	231	111	95	177	183	142
Cash Flows TTM
FCF from Operations TTM	688	676	671	704	670	628	613	565	596	583	567	552
Returns to Shareholders Quarterly
Dividends	17	16	16	17	17	16	17	17	17	17	17	17
Share Repurchases	73	60	61	100	110	92	90	60	59	70	40	30
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Annuity	13,006	12,006	10,971	13,289	13,074
Investments not allocated to product lines	10,598	8,712	8,857	7,093	6,426
Health	9,117	9,512	9,020	10,559	10,931
Life	4,195	4,154	3,784	4,686	4,422
Assets of our other non-life companies	680	399	293	384	371
Assets of our non-life companies included in the fee income segment	258	244	208	194	117
Total	37,853	35,027	33,133	36,204	35,340

Price Behavior

Price Behavior

Market Price	$46.17
Market Cap ($ Bil)	4.4
First Trading Date	09/10/2003
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$42.47	$40.76
DMA Trend	up	up
Distance from DMA	8.7%	13.3%
	3M	1YR
Volatility	20.9%	22.4%
Downside Capture	0.32	0.32
Upside Capture	87.76	70.50
Correlation (SPY)	53.0%	44.7%

CNO Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.66	0.72	0.87	0.66	0.82	0.97
Up Beta	0.83	0.68	1.15	1.16	1.11	1.03
Down Beta	1.97	0.71	0.86	0.58	0.79	1.05
Up Capture	63%	81%	87%	57%	59%	84%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	16	25	38	69	142	409
Down Capture	-72%	65%	65%	43%	77%	95%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	6	18	26	54	108	337

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNO
CNO	24.4%	22.5%	0.89	-
Sector ETF (XLF)	5.1%	14.6%	0.12	69.1%
Equity (SPY)	28.3%	12.5%	1.80	45.0%
Gold (GLD)	41.3%	26.9%	1.26	-10.6%
Commodities (DBC)	47.5%	18.0%	2.10	-18.3%
Real Estate (VNQ)	12.8%	13.5%	0.65	36.5%
Bitcoin (BTCUSD)	-21.0%	41.7%	-0.46	19.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNO
CNO	14.5%	28.6%	0.49	-
Sector ETF (XLF)	8.7%	18.6%	0.35	75.0%
Equity (SPY)	12.9%	17.1%	0.59	57.6%
Gold (GLD)	21.0%	17.9%	0.95	1.3%
Commodities (DBC)	13.4%	19.1%	0.57	14.2%
Real Estate (VNQ)	3.9%	18.8%	0.11	48.5%
Bitcoin (BTCUSD)	7.2%	55.9%	0.34	18.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNO
CNO	12.1%	34.4%	0.42	-
Sector ETF (XLF)	12.7%	22.1%	0.53	80.3%
Equity (SPY)	15.1%	18.0%	0.72	66.6%
Gold (GLD)	13.4%	15.9%	0.70	-2.7%
Commodities (DBC)	9.7%	17.7%	0.46	24.7%
Real Estate (VNQ)	5.6%	20.7%	0.24	56.6%
Bitcoin (BTCUSD)	68.2%	66.8%	1.07	15.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	2.3 Mil
Short Interest: % Change Since 4152026	17.5%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	4.2 days
Basic Shares Quantity	94.1 Mil
Short % of Basic Shares	2.5%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/30/2026	0.4%	3.3%
2/5/2026	5.5%	2.1%	-2.7%
11/3/2025	4.3%	3.3%	1.8%
7/28/2025	-1.6%	-4.6%	4.4%
4/28/2025	-4.8%	-6.4%	-6.2%
2/6/2025	2.6%	3.7%	-3.1%
10/31/2024	4.4%	12.0%	14.4%
7/29/2024	10.7%	2.1%	9.2%
...
SUMMARY STATS
# Positive	14	13	14
# Negative	11	12	10
Median Positive	2.7%	3.0%	7.8%
Median Negative	-4.0%	-2.7%	-6.4%
Max Positive	10.7%	12.1%	20.5%
Max Negative	-11.0%	-12.6%	-14.7%

	Forward Returns
4/30/2026	0.4%	3.3%
2/5/2026	5.5%	2.1%	-2.7%
11/3/2025	4.3%	3.3%	1.8%
7/28/2025	-1.6%	-4.6%	4.4%
4/28/2025	-4.8%	-6.4%	-6.2%
2/6/2025	2.6%	3.7%	-3.1%
10/31/2024	4.4%	12.0%	14.4%
7/29/2024	10.7%	2.1%	9.2%
4/29/2024	-2.1%	3.0%	2.7%
2/6/2024	2.8%	-0.3%	0.5%
11/6/2023	1.9%	0.5%	10.1%
7/31/2023	-5.3%	-2.2%	-9.2%
5/1/2023	-0.4%	-4.7%	-4.6%
2/7/2023	0.8%	0.5%	-6.5%
10/31/2022	0.1%	-1.4%	6.4%
8/1/2022	-4.0%	-1.3%	-1.4%
5/2/2022	-11.0%	-12.6%	-14.7%
2/8/2022	-1.7%	-3.8%	-10.1%
10/27/2021	-4.1%	0.0%	-9.2%
7/28/2021	0.5%	-2.3%	6.2%
4/28/2021	0.9%	1.0%	3.0%
2/9/2021	-2.0%	-2.8%	11.6%
11/2/2020	6.5%	12.1%	20.5%
8/4/2020	6.3%	10.9%	13.4%
5/5/2020	-7.0%	-2.7%	15.3%
SUMMARY STATS
# Positive	14	13	14
# Negative	11	12	10
Median Positive	2.7%	3.0%	7.8%
Median Negative	-4.0%	-2.7%	-6.4%
Max Positive	10.7%	12.1%	20.5%
Max Negative	-11.0%	-12.6%	-14.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
12/31/2025	02/24/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/06/2024	10-Q
12/31/2023	02/23/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/09/2023	10-Q
03/31/2023	05/10/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	08/05/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/5/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Annual Fee Revenue Reduction		30.00 Mil		0		Affirmed	Guidance: 30.00 Mil for 2026
2026 Annual Pre-tax Income Increase		20.00 Mil		0		Affirmed	Guidance: 20.00 Mil for 2026
2027 ROE Target						Affirmed	Guidance: 0.02 for 2027
2027 ROE Improvement Target		0.02		0	0	Affirmed	Guidance: 0.02 for 2027

Prior: Q3 2025 Earnings Reported 11/3/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Annual Fee Revenue Reduction		30.00 Mil
2026 Annual Pre-tax Income Increase		20.00 Mil
2027 ROE Improvement Target		0.02

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.54	11,060	437,346	8,482,923	Form
2	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.97	11,060	442,078	8,574,717	Form
3	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	2182026	43.05	43,021	1,852,101	11,947,800	Form
4	Zimpfer, Matthew J	General Counsel	Direct	Sell	2182026	43.05	33,800	1,455,141	13,257,150	Form
5	Franzese, Yvonne K	Chief Human Resources Officer	Direct	Sell	2182026	43.17	9,000	388,557	1,513,731	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.54	11,060	437,346	8,482,923	Form
2	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.97	11,060	442,078	8,574,717	Form
3	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	2182026	43.05	43,021	1,852,101	11,947,800	Form
4	Zimpfer, Matthew J	General Counsel	Direct	Sell	2182026	43.05	33,800	1,455,141	13,257,150	Form
5	Franzese, Yvonne K	Chief Human Resources Officer	Direct	Sell	2182026	43.17	9,000	388,557	1,513,731	Form
6	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	2182026	43.17	45,357	1,957,867	13,836,636	Form
7	Zimpfer, Matthew J	General Counsel	Direct	Sell	2182026	43.17	23,570	1,017,413	13,292,285	Form
8	Zimpfer, Matthew J	General Counsel	Direct	Sell	2122026	42.93	30,970	1,329,582	13,220,136	Form
9	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	1022026	41.99	31,430	1,319,639	8,226,267	Form
10	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	12152025	42.60	9,283	395,439	3,149,367	Form
11	Franzese, Yvonne K	Chief Human Resources Officer	Direct	Sell	11252025	41.00	3,000	123,000	886,297	Form
12	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	11212025	39.97	31,430	1,256,342	9,088,033	Form
13	Johnson, Eric R	Chief Investment Officer	Direct	Sell	11132025	41.24	48,665	2,007,013	27,695,332	Form
14	Detoro, Karen J	President, Worksite Division	Direct	Sell	8152025	37.85	9,228	349,262	1,584,132	Form
15	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	8152025	37.85	3,457	130,846	1,167,430	Form
16	Detoro, Karen J	President, Worksite Division	Direct	Sell	8152025	37.98	6,509	247,204	1,940,071	Form
17	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	8152025	37.98	4,862	184,656	1,302,731	Form
18	Detoro, Karen J	President, Worksite Division	Direct	Sell	8152025	37.96	9,920	376,551	2,186,123	Form
19	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	8152025	37.96	6,420	243,703	1,486,624	Form
20	Mead, Michael E	Chief Information Officer	Direct	Sell	7072025	37.97	12,581	477,645	597,161	Form
21	Mead, Michael E	Chief Information Officer	Direct	Sell	7072025	38.20	12,389	473,257	1,081,436	Form

CNO Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing CNO?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CNO Makes & Who Pays

TTM figures based on

CNO Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

Life & Health Insurance Resources

Insurance Business America

A.M. Best

National Underwriter

Insurance News

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

CNO Financial (CNO)

Market Price (5/13/2026): $46.15 | Market Cap: $4.3 BilSector: Financials | Industry: Life & Health Insurance

CNO Financial (CNO)

Market Price (5/13/2026): $46.15Market Cap: $4.3 BilSector: FinancialsIndustry: Life & Health Insurance

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About CNO Financial (CNO)

Major Customers of CNO Financial (CNO)

Interactive Breakdown

Better Bets vs. CNO Financial (CNO)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

CNO Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Market Price (5/13/2026): $46.15 | Market Cap: $4.3 Bil
Sector: Financials | Industry: Life & Health Insurance

Market Price (5/13/2026): $46.15
Market Cap: $4.3 Bil
Sector: Financials
Industry: Life & Health Insurance