Cno Financial Group IncCno Financial Group Inc
Cno Financial Group Inc

Cno Financial Group Inc

CNO
Financials·Insurance

CNO Financial Group, Inc. is an insurance holding company, which engages in developing, marketing, and administering health insurance, annuity, individual life insurance and other insurance products. It operates through the following segments: Bankers Life, Washington National, and Colonial Penn. The Bankers Life segment markets and distributes Medicare supplement insurance, interest-sensitive life insurance, traditional life insurance, fixed annuities and long-term care insurance products to the middle-income senior market through a dedicated field force of career agents and sales managers supported by a network of community-based sales offices. The Washington National segment markets and distributes supplemental health including specified disease, accident and hospital indemnity insurance products and life insurance to middle-income consumers at home and at the worksite. The Colonial Penn segment markets primarily graded benefit and simplified issue life insurance directly to customers in the senior middle-income market through television advertising, direct mail, internet, and telemarketing. The company was founded in 1979 and is headquartered in Carmel, IN.

Indiana; U.S.A
Market cap
$5BNo data
Revenue
$4.5B+0.9% YoY
Net income
$229.3M−43.2% YoY
Free cash flow
$675.7M+7.6% YoY

Market

Listed stock
CNOPriceNYSE
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Financial performance

Revenue
$4.5B+0.9% YoY
Operating income
$553.2M+0.4% YoY
Net income
$229.3M−43.2% YoY
Free cash flow
$675.7M+7.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $4.1B, 2022 $3.6B, 2023 $4.1B, 2024 $4.4B, 2025 $4.5B. Operating income: 2021 $470.6M, 2022 $357.1M, 2023 $459.5M, 2024 $550.8M, 2025 $553.2M. Net income: 2021 $441M, 2022 $396.8M, 2023 $276.5M, 2024 $404M, 2025 $229.3M. Free cash flow: 2021 $598.3M, 2022 $495.4M, 2023 $582.9M, 2024 $627.7M, 2025 $675.7M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
0.9%−645 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $470.6M, 2022-12-31 $357.1M, 2023-12-31 $459.5M, 2024-12-31 $550.8M, 2025-12-31 $553.2M. Net income: 2021-12-31 $441M, 2022-12-31 $396.8M, 2023-12-31 $276.5M, 2024-12-31 $404M, 2025-12-31 $229.3M. Free cash flow: 2021-12-31 $598.3M, 2022-12-31 $495.4M, 2023-12-31 $582.9M, 2024-12-31 $627.7M, 2025-12-31 $675.7M

Growth heatmap

2022202320242025CAGR
Revenue
-13.2%
+15.9%
+7.3%
+0.9%
+2.1%
Gross profit
-2.9%
+0.0%
+8.4%
-35.2%
-9.1%
Operating income
-24.1%
+28.7%
+19.9%
+0.4%
+4.1%
Free cash flow
-17.2%
+17.7%
+7.7%
+7.6%
+3.1%

Earnings quality

Operating cash flow
$675.7M+7.6% YoY
Net income
$229.3M−43.2% YoY
Free cash flow
$675.7M+7.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 295%, 2024-12-31 155%, 2023-12-31 211%, 2022-12-31 125%, 2021-12-31 136%. Free cash flow: 2025-12-31 295%, 2024-12-31 155%, 2023-12-31 211%, 2022-12-31 125%, 2021-12-31 136%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data