CNO Financial (CNO)

Market Price (9/8/2026): $56.76 | Market Cap: $5.3 BilSector: Financials | Industry: Life & Health Insurance

CNO Financial (CNO)

Market Price (9/8/2026): $56.76
Market Cap: $5.3 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 6.5%, FCF Yield is 13%

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 -89%

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 21%

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 6.5%, FCF Yield is 13%
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 -89%
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 21%
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.

CNO in ETFs

Weight = CNO's share of each fund

VTI0.01%

ITOT0.01%

IWM0.17%

IJH0.14%

VIG0.02%

VYM0.02%

VB0.06%

AVUV0.53%

+15 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	9/8/26	2025	2024	2023	2022
Share Price			$56.76	$42.47	$37.21	$27.90	$22.85
Mkt Cap ($ Bil)			5.3	4.0	3.8	3.1	2.6
+ Debt ($ Bil)			4.6	4.1	4.5	4.2	3.9
- Cash ($ Bil)			1.3	1.0	1.7	0.8	0.1
TEV ($ Bil)			8.6	8.1	8.3	7.3	6.5
Valuation Ratios
P/S	1.3	1.3	1.1	0.9	0.9	0.8	0.7
P/EBIT	8.3	8.9	9.3	7.7	4.8	5.2	2.7
P/E	10.6	11.4	18.9	17.6	9.1	11.3	4.1
P/FCF	—	—	7.6	6.0	6.1	5.3	5.3
Sector Ratios (* = sector average)
P/S *			3.4	3.1	3.1	2.8	2.8
P/EBIT *			7.2	7.8	8.5	7.6	6.9
P/E *			11.9	11.0	11.6	10.1	9.4
P/FCF *			9.0	9.1	9.0	8.0	6.4

FYE: 12/31	Forward FYE		Now
	2027	2026	9/8/26
Share Price			$56.76
Mkt Cap ($ Bil)			5.3
+ Debt ($ Bil)			4.6
- Cash ($ Bil)			1.3
TEV ($ Bil)			8.6
Valuation Ratios
P/S	1.3	1.3	1.1
P/EBIT	8.3	8.9	9.3
P/E	10.6	11.4	18.9
P/FCF	—	—	7.6
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			7.2
P/E *			11.9
P/FCF *			9.0

FYE: 12/31	CNO [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$4.6 Bil	—
FY 2026 Sales	$4.1 Bil	—
FY 2027 Sales	$4.2 Bil	—
FY 2026 Sales Growth	-12.4%	—
FY 2027 Sales Growth	3.3%	13.2%
EARNINGS
LTM Net Income (GAAP) [3]	$279.6 Mil	—
FY 2026 Net Income (Non-GAAP)	$462.9 Mil	—
FY 2027 Net Income (Non-GAAP)	$497.0 Mil	—
FY 2027 Net Income Growth	7.4%	18.6%
FY 2026 EPS (Non-GAAP)	$4.74	—
FY 2027 EPS (Non-GAAP)	$5.09	—
FY 2027 EPS Growth	7.4%	—
VALUATION
FY 2026 P/S	1.3	1.7
FY 2027 P/S	1.3	—
FY 2026 P/E	11.4	7.7
FY 2027 P/E	10.6	—

[1] CNO forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	CNO	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	4.6
Rev Chg Q	11.6%	9.3%
Rev Chg LTM	6.0%	8.4%
Rev Chg 3Y Avg	6.0%	5.9%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.3
CFO/Rev LTM	15.0%	21.9%
Net Inc Mgn	6.0%	13.1%
VALUATION	MODERATE
P/S	1.1	3.2
P/CFO	7.6	15.5
P/FCF	7.6	19.8
P/E	18.9	23.2

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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

Price Chart

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Why The Stock Moved

Qualitative Assessment

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Updated on 9/1/2026

CNO Financial (CNO) stock has gained about 25% since 5/31/2026 because of the following key factors:

1. Exceptional Fiscal Q2 2026 Earnings and Raised Guidance. CNO Financial Group reported robust results for fiscal Q2 2026, which ended June 30, 2026, significantly surpassing analyst expectations. The company announced operating earnings per share (EPS) of $1.26, beating the consensus estimate of $0.97 by $0.29. Net income reached $126 million, or $1.33 per diluted share, representing a 45% year-over-year growth in operating EPS. Quarterly revenue also exceeded forecasts, rising 11.6% year-over-year to $1.29 billion against an expectation of $999.45 million. Following these strong results, management increased its full-year 2026 operating EPS guidance by 8% at the midpoint, revising the forecast to $4.60-$4.80 per share.

2. Sustained Organic Sales Momentum. The company demonstrated consistent operational strength, achieving its 16th consecutive quarter of sales growth. Total new annualized premiums (NAP) for life and health products increased by 7% in fiscal Q2 2026. CNO also reported quarterly records in Worksite Division NAP, annuity collected premiums, and client assets in brokerage and advisory, along with 14th and 16th consecutive quarters of agent count growth in its Consumer and Worksite divisions, respectively.

3. Enhanced Shareholder Returns. CNO Financial Group actively returned capital to shareholders through both dividends and share repurchases. The company repurchased $60 million of common stock during fiscal Q2 2026, acquiring 1.3 million shares at an average cost of $46.57 per share. Additionally, on May 6, 2026, CNO announced a $0.01 per share increase in its quarterly dividend, bringing it to $0.18 per share, marking the 14th consecutive annual increase.

4. Positive Analyst Upgrades and Price Target Revisions. Multiple financial analysts reacted positively to CNO's performance during this period. Keefe, Bruyette & Woods raised its price target for CNO Financial Group from $53.00 to $57.00 on August 3. Capital One Financial set a $70.00 price objective for the stock. Texas Capital Securities initiated coverage on August 26 with a "Buy" rating and a $70.00 price target, based on a 2027 return on equity estimate of 13.0%. These positive revisions contributed to investor confidence and buying interest.

5. Favorable Interest Rate Environment. The broader macroeconomic environment, characterized by elevated long-term Treasury yields, provided a tailwind for life insurers like CNO Financial Group. Rising interest rates, with the 10-year Treasury yield near 4.69% and the 30-year yield near a 19-year high of 5.33%, generally support improved net investment income for spread-based insurers, positively impacting their margins.

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Stock Movement Drivers

Fundamental Drivers

The 23.9% change in CNO stock from 5/31/2026 to 9/7/2026 was primarily driven by a 10.6% change in the company's Net Income Margin (%).

(LTM values as of)	5312026	9072026	Change
Stock Price ($)	45.80	56.75	23.9%
Change Contribution By:
Total Revenues ($ Mil)	4,513	4,647	3.0%
Net Income Margin (%)	5.4%	6.0%	10.6%
P/E Multiple	17.6	18.9	7.8%
Shares Outstanding (Mil)	94	93	0.9%
Cumulative Contribution			23.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/7/2026

	Return	Correlation
CNO	23.9%
Market (SPY)	1.8%	-3.7%
Sector (XLF)	12.6%	55.8%

Fundamental Drivers

The 36.8% change in CNO stock from 2/28/2026 to 9/7/2026 was primarily driven by a 17.8% change in the company's Net Income Margin (%).

(LTM values as of)	2282026	9072026	Change
Stock Price ($)	41.48	56.75	36.8%
Change Contribution By:
Total Revenues ($ Mil)	4,487	4,647	3.5%
Net Income Margin (%)	5.1%	6.0%	17.8%
P/E Multiple	17.2	18.9	9.9%
Shares Outstanding (Mil)	95	93	2.1%
Cumulative Contribution			36.8%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/7/2026

	Return	Correlation
CNO	36.8%
Market (SPY)	12.6%	22.0%
Sector (XLF)	13.6%	64.6%

Fundamental Drivers

The 46.2% change in CNO stock from 8/31/2025 to 9/7/2026 was primarily driven by a 51.0% change in the company's P/E Multiple.

(LTM values as of)	8312025	9072026	Change
Stock Price ($)	38.83	56.75	46.2%
Change Contribution By:
Total Revenues ($ Mil)	4,382	4,647	6.0%
Net Income Margin (%)	7.0%	6.0%	-13.7%
P/E Multiple	12.5	18.9	51.0%
Shares Outstanding (Mil)	99	93	5.8%
Cumulative Contribution			46.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/7/2026

	Return	Correlation
CNO	46.2%
Market (SPY)	20.4%	26.8%
Sector (XLF)	8.9%	65.8%

Fundamental Drivers

The 156.9% change in CNO stock from 8/31/2023 to 9/7/2026 was primarily driven by a 114.9% change in the company's P/E Multiple.

(LTM values as of)	8312023	9072026	Change
Stock Price ($)	22.09	56.75	156.9%
Change Contribution By:
Total Revenues ($ Mil)	3,908	4,647	18.9%
Net Income Margin (%)	7.3%	6.0%	-18.0%
P/E Multiple	8.8	18.9	114.9%
Shares Outstanding (Mil)	114	93	22.6%
Cumulative Contribution			156.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/7/2026

	Return	Correlation
CNO	156.9%
Market (SPY)	77.1%	52.2%
Sector (XLF)	76.6%	73.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CNO Return	10%	-2%	25%	36%	16%	35%	187%
Peers Return	8%	22%	16%	32%	1%	11%	125%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
CNO Win Rate	58%	42%	58%	50%	83%	56%
Peers Win Rate	62%	52%	60%	65%	53%	62%
S&P 500 Win Rate	75%	42%	67%	75%	67%	56%
Max Drawdowns [4]
CNO Max Drawdown	-20%	-35%	-21%	-11%	-16%	-11%
Peers Max Drawdown	-23%	-23%	-22%	-23%	-22%	-17%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[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 9/4/2026 (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%	23.8%
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

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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%	23.8%
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	4734.6%	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. (CNO) is an insurance holding company that develops, markets, and administers a diverse portfolio of insurance products across the United States. Its core business centers on providing financial protection and retirement solutions, primarily through health insurance, individual life insurance, and annuities. The company operates by serving individuals directly and engaging in worksite and group sales for businesses and associations.

CNO's product offerings include a variety of health insurance policies such as Medicare supplements, supplemental health, long-term care, and Medicare Advantage plans. In life insurance, it provides universal life, traditional whole life, graded benefit life, and term life products. Additionally, CNO offers a range of annuities, including fixed index, fixed interest, and single premium immediate annuities. The company primarily targets the senior and middle-income markets, delivering its products through its Bankers Life, Washington National, and Colonial Penn brands via agents, independent producers, and direct marketing channels.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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<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

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Better Bets vs. CNO Financial (CNO)

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Peer Outperformance in Life & Health Insurance

CNO has outperformed 79% of its 19 Life & Health Insurance peers over 5Y. Life & Health Insurance ranks 4th of 18 industries in Financials by median 5Y return.

Share of Life & Health Insurance constituents that CNO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

84%

of 19 industry peers · 45.2% return

89%

of 19 industry peers · 158.0% return

79%

of 19 industry peers · 170.2% return

No Life & Health Insurance peer with a comparable growth profile has beaten CNO by more than 20pp over 5Y.

Median price return by industry across the Financials sector, ranked by 5Y. Life & Health Insurance is CNO's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Investment Banking & Brokerage	13	9.8%	133.2%	146.5%	IBKR 503% · SNEX 243% · HOOD 205%
Reinsurance	6	22.3%	79.1%	126.4%	SPNT 167% · RGA 140% · MTG 130%
Diversified Banks	13	35.0%	137.5%	114.2%	CM 159% · JPM 156% · RY 147%
Life & Health Insurance ←	20	17.1%	58.5%	100.6%	JXN 511% · UNM 327% · FG 229%
Multi-Sector Holdings	6	4.2%	43.1%	80.4%	JONE 361% · JEF 84% · BRK-B 81%
Regional Banks	265	27.6%	88.1%	69.5%	GCBC 376% · ESQ 349% · VBNK 328%
Property & Casualty Insurance	42	11.5%	75.5%	68.2%	ASIC 2739900% · HRTG 422% · UVE 303%
Multi-line Insurance	9	13.4%	87.8%	56.7%	GNW 184% · L 101% · SLF 94%
Consumer Finance	30	10.1%	90.6%	37.6%	ENVA 609% · EZPW 406% · FCFS 168%
Financial Exchanges & Data	15	-0.2%	22.4%	32.4%	VIRT 222% · CBOE 155% · CME 79%
Insurance Brokers	16	-11.4%	2.0%	26.3%	LIFE 652% · AJG 91% · ARX 89%
Asset Management & Custody Banks	82	-9.8%	21.6%	22.8%	WT 344% · VCTR 295% · SII 294%
Diversified Financial Services	4	-0.5%	7.9%	16.0%	FRHC 165% · EQH 97% · TMS -65%
Commercial & Residential Mortgage Finance	12	-39.6%	30.5%	8.2%	FNMA 514% · FMCC 497% · ESNT 66%
Specialized Finance	3	15.7%	48.8%	-7.0%	EFC 37% · CACC -7% · HASI -16%
Mortgage REITs	33	-10.9%	11.0%	-11.5%	NREF 59% · RITM 53% · DX 41%
Diversified Capital Markets	21	-20.0%	-0.7%	-42.3%	BTCS 629% · OPY 209% · LPLA 151%
Transaction & Payment Processing Services	15	3.6%	0.7%	-42.9%	V 70% · MA 70% · CPAY 58%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	10-Day Rally Sends CNO Financial Stock Up 11%	06/18/2026
2	CNO Financial Stock Rockets 11% With 9-Day Winning Streak	06/17/2026
3	Why CNO Financial Stock Moved: CNO Stock Has Gained 103% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues	08/08/2025
4	CNO Financial (CNO) Valuation Ratios Comparison	08/08/2025
5	CNO Dip Buy Analysis	07/10/2025
6	CNO Financial Total Shareholder Return (TSR): 37.7% in 2024 and 20.6% 3-yr compounded annual returns (above peer average)	03/07/2025
7	null	02/28/2025
8	CNO Financial (CNO) Operating Cash Flow Comparison	02/17/2025
9	CNO Financial (CNO) Net Income Comparison	02/15/2025
10	Fundamental Metrics: ...	06/19/2024
11	ARTICLES
12	CNO Financial Stock On Fire: Up 11% With 10-Day Winning Streak	06/18/2026
13	CNO Financial Stock 9-Day Winning Spree: Stock Climbs 11%	06/17/2026

	Title
0	DASHBOARDS
1	10-Day Rally Sends CNO Financial Stock Up 11%
2	CNO Financial Stock Rockets 11% With 9-Day Winning Streak
3	Why CNO Financial Stock Moved: CNO Stock Has Gained 103% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
4	CNO Financial (CNO) Valuation Ratios Comparison
5	CNO Dip Buy Analysis
6	CNO Financial Total Shareholder Return (TSR): 37.7% in 2024 and 20.6% 3-yr compounded annual returns (above peer average)
7	null
8	CNO Financial (CNO) Operating Cash Flow Comparison
9	CNO Financial (CNO) Net Income Comparison
10	Fundamental Metrics: ...
11	ARTICLES
12	CNO Financial Stock On Fire: Up 11% With 10-Day Winning Streak
13	CNO Financial Stock 9-Day Winning Spree: Stock Climbs 11%

Trade Ideas

Select ideas related to CNO.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NX	Quanex Building Products	1.0	22.2%	50.5%
TYRA	Tyra Biosciences	1.9	15.2%	9.0%
AEHR	Aehr Test Systems	2.8	13.1%	327.2%
SNDK	SanDisk	255.8	11.9%	633.0%
GOLD	Gold.com	1.3	11.2%	36.6%
PSIX	Power Solutions International	0.9	11.2%	-29.1%
EOSE	Eos Energy Enterprises	1.3	10.9%	-66.1%
COHU	Cohu	2.4	10.3%	118.0%
CBRS	Cerebras Systems	31.7	10.3%	-32.5%
ALAB	Astera Labs	53.5	9.8%	86.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GWRE	Guidewire Software	13.7	-19.9%	-19.2%
LULU	Lululemon Athletica	11.6	-17.4%	-51.6%
FICO	Fair Isaac	21.1	-16.7%	-44.9%
PATH	UiPath	8.0	-16.6%	-7.3%
OXM	Oxford Industries	0.5	-15.7%	-5.2%
ABTC	American Bitcoin	0.6	-14.5%	-68.7%
ASAN	Asana	2.1	-12.7%	-35.7%
NXTT	Next Technology	0.8	-11.3%	-12.8%
BALY	Ballys	0.6	-10.7%	-44.7%
TRON	Tron	0.7	-9.8%	19.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SMMT	Summit Therapeutics	13.7	28.2%	0.7%
TARS	Tarsus Pharmaceuticals	3.9	26.5%	10.9%
CNH	CNH Industrial	17.8	23.3%	57.7%
FRVO	Fervo Energy	2.9	23.0%	-50.3%
BE	Bloom Energy	72.6	20.0%	191.0%
EOSE	Eos Energy Enterprises	1.3	19.0%	-66.1%
NX	Quanex Building Products	1.0	18.1%	50.5%
ODTX	Odyssey Therapeutics	0.9	18.1%	75.2%
SECZ	Securitize	1.1	18.0%	-39.7%
HUT	Hut 8	11.1	17.8%	103.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ADBT	Advasa	0.2	-93.3%	-94.7%
ALMS	Alumis	1.4	-50.4%	13.7%
RARE	Ultragenyx Pharmaceutical	1.6	-40.3%	-33.5%
TRON	Tron	0.7	-28.8%	19.4%
CXM	Sprinklr	1.4	-27.6%	-24.0%
CRDO	Credo Technology	31.5	-26.7%	18.5%
ENOV	Enovis	1.1	-25.5%	-30.3%
GWRE	Guidewire Software	13.7	-21.1%	-19.2%
OXM	Oxford Industries	0.5	-19.4%	-5.2%
FICO	Fair Isaac	21.1	-19.2%	-44.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NXTT	Next Technology	0.8	532.2%	-12.8%
MRNA	Moderna	57.9	170.2%	393.6%
CAPR	Capricor Therapeutics	0.5	124.9%	-67.4%
QMCO	Quantum	0.5	111.7%	283.4%
OABI	OmniAb	0.6	93.3%	134.1%
SENS	Senseonics	0.6	87.0%	74.5%
PURR	Hyperliquid Strategies	1.5	82.6%	242.1%
HTFL	HeartFlow	4.2	79.9%	67.8%
STDN	Standard Nuclear	2.4	79.3%	19.5%
ABCL	AbCellera Biologics	3.5	75.0%	234.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ALMS	Alumis	1.4	-60.1%	13.7%
IESC	IES	12.9	-47.4%	-17.1%
LASR	nLight	2.3	-46.9%	6.8%
CDNL	Cardinal Infrastructure	0.6	-41.8%	50.7%
RARE	Ultragenyx Pharmaceutical	1.6	-40.7%	-33.5%
AADX	Applied Aerospace & Defense	1.9	-39.2%	-32.0%
AEVA	Aeva Technologies	1.0	-37.9%	18.1%
FTK	Flotek Industries	0.9	-35.4%	36.6%
LINC	Lincoln Educational Services	0.8	-34.8%	6.2%
RXT	Rackspace Technology	0.8	-33.8%	228.6%

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	56.75	174.27	117.21	95.85	295.62	28.04	106.53
Mkt Cap	5.3	13.5	59.1	15.3	9.2	1.7	11.4
Rev LTM	4,647	6,192	18,286	13,245	3,431	4,553	5,419
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	699	1,232	2,647	693	842	397	771
FCF 3Y Avg	656	1,311	2,733	1,126	793	295	960
CFO LTM	699	1,392	2,647	830	892	434	861
CFO 3Y Avg	656	1,404	2,733	1,261	832	339	1,046

Growth & Margins

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
Rev Chg LTM	6.0%	5.2%	12.8%	3.3%	8.6%	-4.5%	5.6%
Rev Chg 3Y Avg	6.0%	7.1%	0.1%	3.2%	8.6%	-4.6%	4.6%
Rev Chg Q	11.6%	8.0%	-0.6%	0.1%	9.0%	-11.3%	4.1%
QoQ Delta Rev Chg LTM	3.0%	2.0%	-0.1%	0.0%	2.1%	-3.0%	1.0%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	15.0%	22.5%	14.5%	6.3%	26.0%	9.5%	14.8%
CFO/Rev 3Y Avg	14.7%	23.8%	15.2%	9.8%	26.2%	7.3%	15.0%
FCF/Rev LTM	15.0%	19.9%	14.5%	5.2%	24.5%	8.7%	14.8%
FCF/Rev 3Y Avg	14.7%	22.2%	15.2%	8.8%	25.0%	6.3%	15.0%

Valuation

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
Mkt Cap	5.3	13.5	59.1	15.3	9.2	1.7	11.4
P/S	1.1	2.2	3.2	1.2	2.7	0.4	1.7
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	9.3	8.2	9.8	13.7	8.8	-3.4	9.0
P/E	18.9	11.1	12.2	21.8	11.6	-3.3	11.9
P/CFO	7.6	9.7	22.3	18.4	10.3	3.8	10.0
Total Yield	6.5%	9.7%	10.2%	6.6%	10.2%	-25.4%	8.1%
Dividend Yield	1.3%	0.7%	2.0%	2.0%	1.5%	4.6%	1.8%
FCF Yield 3Y Avg	17.4%	13.4%	5.0%	9.3%	9.2%	12.2%	10.8%
D/E	0.9	0.2	0.1	0.2	0.2	0.6	0.2
Net D/E	-0.9	0.2	-1.1	-2.1	-0.0	0.4	-0.5

Returns

	CNO	GL	AFL	UNM	PRI	KMPR	Median
Name	CNO Fina.	Globe Li.	Aflac	Unum	Primerica	Kemper
1M Rtn	2.9%	-5.2%	-5.5%	5.8%	-7.6%	-0.5%	-2.8%
3M Rtn	18.7%	11.1%	2.2%	10.8%	12.9%	16.4%	12.0%
6M Rtn	38.9%	23.2%	7.5%	33.0%	17.9%	-6.0%	20.6%
12M Rtn	45.2%	25.7%	11.9%	33.1%	10.0%	-45.9%	18.8%
3Y Rtn	158.0%	63.8%	66.9%	115.2%	53.2%	-36.0%	65.4%
1M Excs Rtn	2.2%	-6.4%	-7.1%	6.6%	-9.2%	-5.0%	-5.7%
3M Excs Rtn	14.4%	5.1%	-4.9%	6.5%	7.1%	10.1%	6.8%
6M Excs Rtn	23.2%	8.6%	-8.1%	17.4%	1.3%	-24.3%	4.9%
12M Excs Rtn	24.1%	5.5%	-8.5%	15.6%	-8.9%	-64.8%	-1.5%
3Y Excs Rtn	86.7%	-11.7%	-3.7%	39.2%	-17.8%	-107.6%	-7.7%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/6/2026	2/24/2026	2/26/2025	2/23/2024	2/24/2023	2/24/2022	2/24/2021
Key Financials
Total Revenue	4,647	4,487	4,446	4,147	3,577	4,122	3,821
Net Income	280	229	421	276	631	570	302
EPS	2.97	2.35	3.96	2.44	5.45	4.44	2.12
Growth Rates
Total Revenue Growth	6.0%	0.9%	7.2%	15.9%	-13.2%	7.9%	-4.8%
Net Income Growth	-8.5%	-45.5%	52.2%	-56.2%	10.6%	89.0%	-26.3%
Margins
Net Income Margin	6.0%	5.1%	9.5%	6.7%	17.6%	13.8%	7.9%
Cash & Debt
Total Cash	9,256	8,578	24,387	22,281	20,423	24,905	23,438
Total Debt	4,552	4,052	4,520	4,151	3,883	4,001	3,930
Net Debt / (Cash)	-4,704	-4,527	-19,867	-18,130	-16,540	-20,904	-19,507
Cash Flows & CapEx
Net Cash from Operations	699	676	628	583	495	598	736
Total CapEx	0	0	0	0	0	0	0
Free Cash from Operations	699	676	628	583	495	598	736
Returns to Shareholders
Dividends	66	66	68	68	65	66	67
Share Repurchases	255	331	300	166	190	408	268

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	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
Filing Date	8/6/2026	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
Key Financials Quarterly
Total Revenue	1,285	1,030	1,143	1,189	1,152	1,004	1,097	1,130	1,066	1,153	1,170	948
Net Income	126	38	93	23	92	22	183	9	116	112	36	167
EPS	1.35	0.40	0.98	0.24	0.93	0.21	1.62	0.09	1.08	1.03	0.33	1.48
Key Financials TTM
Total Revenue TTM	4,647	4,513	4,487	4,442	4,382	4,297	4,446	4,519	4,337	4,294	4,147	3,950
Net Income TTM	280	246	229	319	306	330	421	274	432	390	276	278
Growth Rates Quarterly
Total Revenue Growth	11.6%	2.5%	4.2%	5.2%	8.0%	-12.9%	-6.3%	19.2%	4.2%	14.6%	20.2%	4.7%
Net Income Growth	37.1%	75.3%	-49.2%	148.4%	-21.1%	-80.9%	403.9%	-94.4%	57.8%	14137.5%	-4.5%	-4.9%
Margins Quarterly
Net Income Margin	9.8%	3.7%	8.1%	1.9%	8.0%	2.1%	16.7%	0.8%	10.9%	9.7%	3.1%	17.7%
Cash & Debt
Total Cash	9,256	9,108	8,578	8,599	8,253	8,840	24,387	9,189	8,941	7,890	22,281	20,766
Total Debt	4,552	4,302	4,052	4,051	4,129	4,398	4,520	4,305	4,523	3,896	4,151	4,148
Net Debt / (Cash)	-4,704	-4,806	-4,527	-4,548	-4,124	-4,442	-19,867	-4,884	-4,418	-3,994	-18,130	-16,618
Cash Flows Quarterly
FCF from Operations	157	149	196	198	146	137	191	231	111	95	177	183
Cash Flows TTM
FCF from Operations TTM	699	688	676	671	704	670	628	613	565	596	583	567
Returns to Shareholders Quarterly
Dividends	17	17	16	16	17	17	16	17	17	17	17	17
Share Repurchases	61	73	60	61	100	110	92	90	60	59	70	40
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Health	1,963	1,918	1,891	1,911	1,955
Life	1,073	1,052	1,027	1,001	986
Annuity	661	600	545	503	488
Investment income not allocated to product lines	507	450	336	258	265
Fee revenue	185	190	178	169	148
Change in market values of the underlying options supporting the fixed indexed annuity and life	119	254	132	-205	220
Revenues related to earnings attributable to Variable interest entities (VIEs)	24	32	71	45	27
Fee revenue related to divested business	7	0	0
Amounts netted in expenses not allocated to product lines	4	3	37	30	15
Investment gains (losses)	-55	-50	-69	-135	19
Total	4,487	4,450	4,147	3,577	4,122

Operating Income by Segment

$ Mil	2015	2008
Bankers Life	370	172
Washington National	112
Colonial Penn	6	25
Corporate operations	-64
Conseco Insurance Group		121
Corporate		-65
Total	423	253

Net Income by Segment

$ Mil	2015	2014	2013	2011	2010
Bankers Life	885	957	1,006	766	759
Washington National	254	276	206	190	185
Colonial Penn	43	42	40	41	39
Corporate operations	11	15
Corporate			40	13	19
Other CNO Business			342	344	365
Total	1,193	1,290	1,634	1,354	1,367

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Annuity	13,692	13,001	12,082	11,324	13,289
Investments not allocated to product lines	10,880	10,599	8,712	8,203	7,093
Health	9,367	9,117	9,512	9,222	10,559
Life	4,331	4,195	4,154	4,090	4,686
Assets of our other non-life companies	359	680	399	293	384
Assets of our non-life companies included in the fee income segment	161	258	244	208	194
Total	38,791	37,849	35,102	33,339	36,204

Price Behavior

Price Behavior

Market Price	$56.75
Market Cap ($ Bil)	5.3
First Trading Date	09/10/2003
Distance from 52W High	0.0%
	50 Days	200 Days
DMA Price	$53.85	$45.88
DMA Trend	up	up
Distance from DMA	5.4%	23.7%
	3M	1YR
Volatility	17.7%	20.9%
Downside Capture	-51.63	9.94
Upside Capture	37.51	51.08
Correlation (SPY)	-0.9%	26.6%

CNO Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.31	0.42	-0.13	0.26	0.43	0.87
Up Beta	0.38	0.43	0.00	0.44	0.80	0.98
Down Beta	1.23	0.58	-0.49	0.16	0.36	1.01
Up Capture	9%	52%	37%	45%	40%	61%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	11	24	39	74	144	415
Down Capture	31%	19%	-56%	-11%	17%	84%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	10	18	24	52	104	328

[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	43.0%	20.9%	1.61	-
Sector ETF (XLF)	8.8%	14.6%	0.35	65.9%
Equity (SPY)	19.7%	12.8%	1.13	26.4%
Gold (GLD)	24.6%	29.2%	0.75	-8.4%
Commodities (DBC)	43.8%	20.3%	1.67	-19.3%
Real Estate (VNQ)	9.1%	13.6%	0.39	35.0%
Bitcoin (BTCUSD)	-28.1%	43.8%	-0.63	16.5%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNO
CNO	20.6%	28.2%	0.67	-
Sector ETF (XLF)	10.1%	18.4%	0.41	73.8%
Equity (SPY)	12.8%	17.2%	0.57	55.7%
Gold (GLD)	19.1%	18.8%	0.82	-0.4%
Commodities (DBC)	10.7%	19.5%	0.43	10.7%
Real Estate (VNQ)	1.7%	18.9%	-0.01	48.4%
Bitcoin (BTCUSD)	10.2%	52.6%	0.38	19.5%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNO
CNO	15.9%	34.0%	0.52	-
Sector ETF (XLF)	13.6%	22.1%	0.56	80.2%
Equity (SPY)	15.3%	17.9%	0.72	65.7%
Gold (GLD)	12.4%	16.3%	0.62	-1.2%
Commodities (DBC)	7.9%	18.1%	0.35	22.9%
Real Estate (VNQ)	4.8%	20.7%	0.19	57.2%
Bitcoin (BTCUSD)	63.7%	66.2%	1.03	15.5%

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Short Interest

Short Interest: As Of Date	8142026
Short Interest: Shares Quantity	1.7 Mil
Short Interest: % Change Since 7312026	8.7%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	2.8 days
Basic Shares Quantity	93.2 Mil
Short % of Basic Shares	1.8%

Returns Analyses

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Earnings Returns History

Updated 9/1/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	3.0%	3.7%	3.5%
4/30/2026	0.4%	3.3%	3.4%
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%
...
SUMMARY STATS
# Positive	14	13	14
# Negative	10	11	10
Median Positive	2.7%	3.0%	5.3%
Median Negative	-3.1%	-2.8%	-6.4%
Max Positive	10.7%	12.1%	20.5%
Max Negative	-11.0%	-12.6%	-14.7%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/30/2026	3.0%	3.7%	3.5%
4/30/2026	0.4%	3.3%	3.4%
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%
SUMMARY STATS
# Positive	14	13	14
# Negative	10	11	10
Median Positive	2.7%	3.0%	5.3%
Median Negative	-3.1%	-2.8%	-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
06/30/2026	08/06/2026	10-Q
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

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Report Date	Filing Date	Filing
06/30/2026	08/06/2026	10-Q
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
03/31/2022	05/06/2022	10-Q
12/31/2021	02/24/2022	10-K
09/30/2021	11/04/2021	10-Q
06/30/2021	08/06/2021	10-Q
03/31/2021	05/07/2021	10-Q
12/31/2020	02/24/2021	10-K
09/30/2020	11/06/2020	10-Q
06/30/2020	08/07/2020	10-Q
03/31/2020	05/11/2020	10-Q
12/31/2019	02/25/2020	10-K
09/30/2019	11/06/2019	10-Q

Recent Forward Guidance

Updated 7/31/2026

Latest: Q2 2026 Earnings Reported 7/30/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Operating EPS Growth	Reported		8.0%				Raised

Prior: Q1 2026 Earnings Reported 4/30/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Share Repurchases	Reported		360.40 Mil

Q4 2025 Earnings Reported 2/5/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2027 ROE Target	Reported						Affirmed	Guidance: 0.02 for 2027

Q3 2025 Earnings Reported 11/3/2025

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

Insider Activity

Updated 9/2/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	55.11	3,919	215,980	1,444,402	Form
2	Detoro, Karen J	President, Worksite Division	Direct	Sell	9022026	55.12	5,964	328,729	2,009,080	Form
3	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	54.73	4,060	222,207	1,648,930	Form
4	Detoro, Karen J	President, Worksite Division	Direct	Sell	9022026	54.73	9,336	511,003	2,321,517	Form
5	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	54.99	6,560	360,716	1,879,900	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	55.11	3,919	215,980	1,444,402	Form
2	Detoro, Karen J	President, Worksite Division	Direct	Sell	9022026	55.12	5,964	328,729	2,009,080	Form
3	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	54.73	4,060	222,207	1,648,930	Form
4	Detoro, Karen J	President, Worksite Division	Direct	Sell	9022026	54.73	9,336	511,003	2,321,517	Form
5	Linnenbringer, Jeanne L	Chief Operations Officer	Direct	Sell	9022026	54.99	6,560	360,716	1,879,900	Form
6	Detoro, Karen J	President, Worksite Division	Direct	Sell	9022026	54.98	9,374	515,366	2,432,788	Form
7	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	7012026	51.31	1,891	97,027	3,966,263	Form
8	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	7012026	51.48	86,048	4,429,457	8,970,515	Form
9	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	6112026	50.00	5,750	287,500	3,959,550	Form
10	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	6112026	49.00	3,308	162,092	3,880,359	Form
11	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	6042026	47.00	4,808	225,976	3,877,453	Form
12	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.54	11,060	437,346	8,482,923	Form
13	Goldberg, Scott L	President, Consumer Division	Direct	Sell	3232026	39.97	11,060	442,078	8,574,717	Form
14	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	2182026	43.05	43,021	1,852,101	11,947,800	Form
15	Zimpfer, Matthew J	General Counsel	Direct	Sell	2182026	43.05	33,800	1,455,141	13,257,150	Form
16	Franzese, Yvonne K	Chief Human Resources Officer	Direct	Sell	2182026	43.17	9,000	388,557	1,513,731	Form
17	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	2182026	43.17	45,357	1,957,867	13,836,636	Form
18	Zimpfer, Matthew J	General Counsel	Direct	Sell	2182026	43.17	23,570	1,017,413	13,292,285	Form
19	Zimpfer, Matthew J	General Counsel	Direct	Sell	2122026	42.93	30,970	1,329,582	13,220,136	Form
20	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	1022026	41.99	31,430	1,319,639	8,226,267	Form
21	Tarasi, Rocco F Iii	Chief Marketing Officer	Direct	Sell	12152025	42.60	9,283	395,439	3,149,367	Form
22	Franzese, Yvonne K	Chief Human Resources Officer	Direct	Sell	11252025	41.00	3,000	123,000	886,297	Form
23	Bhojwani, Gary C	Chief Executive Officer	Direct	Sell	11212025	39.97	31,430	1,256,342	9,088,033	Form
24	Johnson, Eric R	Chief Investment Officer	Direct	Sell	11132025	41.24	48,665	2,007,013	27,695,332	Form

Investor Activity (13F)

Updated Sep 8, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Paradice Investment Management LLC	$11.2 Mil	2.1%	23	Hold	13F

Active Manager

Active Manager

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Paradice Investment Management LLC	$11.2 Mil	2.1%	23	Hold	13F

CNO Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	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

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

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Core Cache Last Updated: 9/7/2026

CNO Financial (CNO)

Market Price (9/8/2026): $56.76 | Market Cap: $5.3 BilSector: Financials | Industry: Life & Health Insurance

CNO Financial (CNO)

Market Price (9/8/2026): $56.76Market Cap: $5.3 BilSector: FinancialsIndustry: Life & Health Insurance

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

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In The Past

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Investor Activity (13F)

CNO Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

Market Price (9/8/2026): $56.76
Market Cap: $5.3 Bil
Sector: Financials
Industry: Life & Health Insurance