Fundamentals snapshot
CNO · NYQ · Financial Services · Insurance - Life
Current price
$55.57
52-week range
$38.22 - $57.59
Market cap
$5.14B
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 $3.00B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
CNO Financial Group provides insurance products, such as health and life insurance, and retirement plans called annuities (which pay out a steady income later in life) to middle-income Americans approaching or enjoying retirement. The company earns money by collecting premiums (regular payments from customers) for these policies, which can provide a stable and long-term source of revenue as the population ages.
CNO Financial Group started in 1979 as Security National of Indiana Corp. and grew by acquiring other insurance companies. A major turning point was its 2002 bankruptcy filing as Conseco, Inc., after which it reorganized to focus solely on the insurance industry. In 2010, the company rebranded to CNO Financial Group to reflect its new direction. Today, it's a holding company (a company that owns other companies' stock) for a group of insurance businesses focused on serving middle-income Americans.
CNO Financial Group is in the business of selling insurance and financial products that help people protect their health and save for the future. Think of them as a safety net for life's uncertainties, especially for Americans who are nearing or in retirement. They offer a range of products including life insurance, health insurance, and annuities (an agreement where an insurance company pays someone a regular income stream). Their products are sold through agents who meet with customers, as well as directly to people through TV commercials, mail, and online.
This is CNO's brand focused on people near or in retirement. Bankers Life agents meet with customers face-to-face to sell products like life insurance, supplemental health insurance (extra coverage for things that regular insurance might not pay for), and annuities. This segment provides personalized financial advice and solutions to help older Americans manage their income and health needs during their retirement years. It represents a significant part of CNO's business by connecting directly with its target customers.
Washington National provides supplemental health and life insurance to middle-income Americans, often through their jobs. This is known as the worksite market, where employees can sign up for extra insurance coverage as part of their benefits package. The products are designed to help pay for costs that regular health insurance doesn't cover, like expenses from an accident or a critical illness. This business is a key part of CNO's strategy to reach working individuals and families.
You may have seen their commercials on TV; Colonial Penn sells life insurance directly to consumers, primarily targeting retirees. They make the process simple with easy-to-understand policies that don't require a medical exam. This direct-to-consumer approach, using television, direct mail, and the internet, allows them to reach a broad audience of seniors looking for affordable life insurance options.
CNO's leadership is focused on serving the growing market of middle-income Americans who are approaching or in retirement. Their strategy involves offering a mix of products that provide both protection and a steady income stream for this group. They are also investing in their different sales channels, from dedicated agents to online platforms, to make it easier for customers to buy and manage their policies. The company aims to build long-term value by being a trusted financial partner for its customers throughout their retirement years.
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 $3.0B. 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 $4.55B 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
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know