Fundamentals snapshot
CNO · NYQ · Financial Services · Insurance - Life
Current price
$57.67
52-week range
$38.99 - $57.70
Market cap
$5.29B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $3.17B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
CNO Financial Group sells insurance products like health, life, and retirement plans primarily to middle-income Americans nearing or in retirement. Their money mainly comes from selling these policies, and understanding their financial health is important for investors looking for stability in the insurance sector.
CNO Financial Group started in 1979 as Security National of Indiana Corp.. It went through a period of significant growth and acquisitions in the 1990s, later facing bankruptcy protection in 2002 and emerging in 2003. In 2010, it was renamed CNO Financial Group. The company's history is marked by its focus on serving the middle-income market in the United States with insurance and financial products.
CNO Financial Group develops, markets, and administers a variety of insurance and financial products. These are designed to help middle-income Americans, particularly those nearing or in retirement, secure their financial future. The company offers products that aim to protect their health, income, and retirement needs. CNO operates through several well-known brands, including Bankers Life, Colonial Penn, and Washington National.
The Bankers Life segment focuses on serving the middle-income senior market, which includes individuals who are near or in retirement. This part of the business offers a range of products such as Medicare supplement insurance (which helps cover costs not paid by Medicare), interest-sensitive life insurance (a type of life insurance where the cash value can grow with interest), traditional life insurance, fixed annuities (a contract that provides a guaranteed stream of income, often for retirement), and long-term care insurance. These products are sold through a dedicated team of career agents, financial advisors, and sales managers who operate from community-based sales offices. This segment is a significant part of CNO's overall business, providing essential insurance and retirement solutions to its target demographic.
Colonial Penn is a brand under CNO Financial Group that specializes in making insurance simple and accessible, particularly for individuals looking for life insurance solutions. While specific details on its size relative to the whole company are not detailed, it's known for its direct-to-consumer marketing, often utilizing television advertising to reach its audience. This approach aims to simplify the insurance buying process for customers who may not have extensive financial knowledge.
Washington National Insurance Company is another key brand within CNO Financial Group, contributing to the company's offerings in life insurance, annuities, and supplemental health insurance. This segment plays a role in providing a broad portfolio of products designed to meet the needs of middle-income consumers and employers. While its exact revenue share isn't specified, it operates alongside Bankers Life and Colonial Penn to deliver insurance solutions across various channels, including direct-to-consumer and through agents.
CNO Financial Group's current strategy focuses on accelerating profitable growth by optimizing customer-centric business alignment and expanding its omnichannel delivery model, which combines virtual and in-person sales and service. Management is also looking to extract more potential from its Optavise Worksite business, which provides voluntary insurance benefits to employees. Key priorities include enhancing growth and profitability, optimizing capital generation, and leveraging technology to improve efficiency and customer reach. The company believes its focus on the underserved middle market, favorable demographic trends, and a strong distribution network position it well for the future.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $3.2B. Interest coverage 2.3x.
CNO Financial Group, Inc.'s profit covers its interest bill about 2.3 times over. which is weaker than most peers shown here.
Total debt $4.81B Interest coverage 2.27x This is the baseline the peer rows are being compared against.
Total debt $3.99B Interest coverage 5.47x +141% vs CNO Carries about 2.4x more debt cushion than CNO.
Total debt $3.43B Interest coverage 11.17x +392% vs CNO Carries about 4.9x more debt cushion than CNO.
Total debt $11.80B Interest coverage 4.12x +81% vs CNO Carries about 1.8x more debt cushion than CNO.
Total debt $1.80B Interest coverage 41.68x +1,735% vs CNO Carries about 18.4x more debt cushion than CNO.
Total debt $2.28B Interest coverage 5.12x +126% vs CNO Carries about 2.3x more debt cushion than CNO.
What you should know
The numbers
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Valuation
Profitability
Health
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Cash flow
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What you should know