CNO Financial Group (CNO) Q3 2026 earnings summary

Executive summary

• Operating EPS rose 47% YoY to $1.90; adjusted for significant items, EPS was $1.42, up 48%. FY26 guidance increased to $5.05–$5.15.

• Sales grew for a 17th consecutive quarter and producing-agent counts for a 15th; $77 million was returned to shareholders.

• Net income was $161.1 million vs. $23.1 million; net operating income was $179.1 million vs. $127.2 million.

Financial highlights

• Net operating income excluding significant items was $134.2 million vs. $95.0 million; adjusted EPS was $1.42 vs. $0.96.

• Insurance product margin excluding significant items rose 7% to $276.7 million from $259.2 million.

• Total net investment income rose 13%; unallocated investment income was $68.1 million vs. $39.5 million.

• Q3 revenue was $1,086.0 million vs. $1,188.7 million; investment losses totaled $64.7 million, including $32.6 million realized losses.

• Book value per diluted share excluding AOCI was $41.29, up 8%; $77 million was returned to shareholders.

Outlook and guidance

• FY26 operating EPS guidance, excluding significant items, increased to $5.05–$5.15, with the midpoint up 9%.

• FY26 expense ratio guidance narrowed to 18.6%–18.8%; effective tax-rate guidance is ~20.5%.

• FY26 free cash flow guidance is $220–$240 million; fee-income outlook is ~$25 million.

• Operating ROE in 2026 is expected to exceed the prior 12% year-end 2027 target; new long-term targets are expected in February 2027.

• Capital targets remain RBC of 360%–390%, holding-company liquidity of at least $150 million, and debt-to-total-capital of 25%–28%.