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CNO Financial Group (CNO) investor relations material
CNO Financial Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Delivered record new annualized premiums of $125 million, up 26% year-over-year, with double-digit insurance sales growth in both Consumer and Worksite divisions, marking the 13th consecutive quarter of strong insurance sales.
Operating earnings per diluted share rose 16% to $1.29, driven by favorable insurance product margins and solid investment results; net operating income for Q3 2025 was $127.2 million.
Announced exit from the Worksite Division fee services business, expected to complete in 1H 2026, to focus on core insurance and improve operating ROE and earnings.
Executed a second Bermuda reinsurance treaty, seeding $1.8 billion of supplemental health reserves, supporting future ROE improvement and capital efficiency.
Net income for Q3 2025 was $23.1 million, up from $9.3 million in Q3 2024, despite non-economic accounting impacts from market volatility.
Financial highlights
Book value per diluted share excluding AOCI increased 6% to $38.10; book value per common share at September 30, 2025, was $27.24.
Returned $76 million to shareholders in Q3 and $310 million year-to-date via share repurchases and dividends.
Operating ROE (trailing 12 months) was 12.1%; excluding significant items, 11.2%.
Net operating income per diluted share was $1.29, up from $1.11 in 3Q24.
Expense ratio was 18.6% for the quarter and 19.0% on a trailing 12-month basis.
Outlook and guidance
Raised 2027 operating ROE target to 200 basis points improvement (from 150), with a 50 basis point improvement expected in 2025, off a 10% 2024 run rate.
Narrowed 2025 operating EPS guidance to $3.75–$3.85, maintaining the midpoint.
Raised excess cash flow to holding company guidance to $365–$385 million for 2025.
Expense ratio expected at ~19%, and effective tax rate between 22%–22.5%.
Target consolidated RBC ratio of 375% and minimum holding company liquidity of $150 million.
Expected ROE impact from Worksite fee exit?
Impact of unrealized losses on future capital?
Key drivers for increased 2027 ROE target?
How does Worksite fee services exit impact core business?
Capital deployment strategy given elevated cash
Sustainable drivers for D2C sales growth?
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Next CNO Financial Group earnings date
Q4 20256 Feb, 2026
Next CNO Financial Group earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
CNO Financial Group Inc provides insurance and financial services to middle-income Americans. Its offerings include life insurance, annuities, supplemental health insurance, and long-term care insurance through subsidiaries like Bankers Life and Colonial Penn. The company is headquartered in Carmel, Indiana, and its shares are listed on the NYSE.
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